8. Explanatory notes to the distinguished items of the consolidated balance sheet

Assets

Fixed assets

1.1.1.	Intangible assets

1.1.1.3	Goodwill

	Purchase price	Jan. 1, 2022	7,097,496
	Depreciation	Jan. 1, 2022	-5,470,986
	Book value	Jan. 1, 2022	1,626,510

	Investments	2022	-
	Disinvestments purchase price	2022	-
	Disinvestments depreciation	2022	-
	Depreciation	2022	-354,875

	Purchase price	Dec. 31, 2022	7,097,496
	Depreciation	Dec. 31, 2022	-5,825,861
	Book value	Dec. 31, 2022	1,271,635

Goodwill is depreciated over a period of 20 years.

1.1.2.	Tangible fixed assets			Dec. 31, 2022	31-12-2021

1.1.2.1.	Buildings			122,954,701	122,446,053
1.1.2.2.	Grounds			17,178,373	16,991,650
1.1.2.3.	Inventory and equipment			12,122,829	13,771,331
				152,255,903	153,209,035


1.1.2.1	Buildings		Buildings	Buildings under construction	Total buildings

	Purchase price	Jan. 1, 2022	212,755,445	6,343,756	219,099,202
	Depreciation	Jan. 1, 2022	-96,653,149	-	-96,653,149
	Book value	Jan. 1, 2022	116,102,297	6,343,756	122,446,053

	Investments	2022	5,368,926	3,437,319	8,806,245
	Disinvestments purchase price	2022	428,613	-	428,613
	Disinvestments depreciation	2022	-428,613	-	-428,613
	Depreciation	2022	-8,297,597	-	-8,297,597

	Purchase price	Dec. 31, 2022	217,695,759	9,781,075	227,476,834
	Depreciation	Dec. 31, 2022	-104,522,132	-	-104,522,132
	Book value	Dec. 31, 2022	113,173,626	9,781,075	122,954,701

Buildings are capitalized as assets at the beginning of the fiscal year (01-01).

Buildings under construction consist of Marga Klompé, intended for education and self-study (€6.1 million), renovation of server room (€0.8 million), Mindlabs new construction (€, 0.8 million) and other (€1.9 million).

The disinvestment (€0.4 million) relates to fully depreciated assets within TIAS.

1.1.2.2	Grounds		Grounds	Development grounds	Total grounds

	Purchase price	Jan. 1, 2022	14,289,569	5,765,745	20,055,314
	Depreciation	Jan. 1, 2022	-	-3,063,663	3,063,663-
	Book value	Jan. 1, 2022	14,289,569	2,702,081	16,991,650

	Investments	2022	-	581,031	581,031
	Disinvestments purchase price	2022	-	-	-
	Disinvestments depreciation	2022	-	-	-
	Depreciation	2022	-	-394,309	-394,309

	Purchase price	Dec. 31, 2022	14,289,569	6,346,776	20,636,345
	Depreciation	Dec. 31, 2022	-	-3,457,972	-3,457,972
	Book value	Dec. 31, 2022	14,289,569	2,888,804	17,178,373

1.1.2.3.	Inventory and equipment		Inventory and equipment

	Purchase price	Jan. 1, 2022	31,597,349
	Depreciation	Jan. 1, 2022	-17,826,018
	Book value	Jan. 1, 2022	13,771,331

	Investments	2022	4,024,247
	Disinvestments purchase price	2022	4,220,817
	Disinvestments depreciation	2022	-4,220,817
	Depreciation	2022	-5,672,750

	Purchase price	Dec. 31, 2022	31,400,779
	Depreciation	Dec. 31, 2022	-19,277,951
	Book value	Dec. 31, 2022	12,122,829

Inventory and equipment with a book value of nil as of January 1 are included as disinvestments at the end of the fiscal year and accounted for as such. At Tilburg University this involves an amount of €3.8 million and for TIAS an amount of €0.4 million.

Inventory and equipment will be capitalized as of 2022 as of the date they are put into service (up to and including 2021, capitalization was as of January 1 of the fiscal year). This improves understanding of actual depreciation charges.

The following depreciation percentages are used within Tilburg University (unless otherwise explained):

Land	0%
Grounds development	5% - 10%
Buildings	1,7% - 3,3% - 5% - 10%
Equipment and inventory	10% - 25 %

1.1.3.	Financial fixed assets	Book value Dec. 31, 2021	Investments 2022	Disinvestments 2022	Result 2022	Book value Dec. 31, 2022

1.1.3.1.	Participating interests in group companies
1.1.3.1.4.	Participating interest in Starterslift (TiU Knowledge Transfer)	7,719	-	-	4,228	11,947
1.1.3.7.	Securities
1.1.3.7.3.	Other bonds	1,533,407	-	7,750	-30,572	1,495,085
	Total Financial fixed assets	1,541,126	-	7,750	-26,344	1,507,032

TiU Holding has a 100% participating interest in TiU Knowledge Transfer B.V. TiU Knowledge Transfer B.V. manages Tilburg University's private activities for the promotion of social significance. TiU Knowledge Transfer B.V. has a 44% participating interest in Starterslift Investment B.V.

The current value of the securities on December 31, 2022 is €1.507.032. All securities are listed on the stock exchange and freely available. The sum of the revaluations is disclosed in the explanatory notes to equity.

Current assets

1.2.2.	Receivables	Dec. 31, 2022	Dec. 31, 2021

1.2.2.1.	Debtors	8,636,740	8,897,216
1.2.2.9.	Valuation of projects in progress	622,846	340,853
	Subtotal Receivables	9,259,586	9,238,069

	Accrued assets
1.2.2.11.	Taxes and social security contributions	32,911	-
1.2.2.12.	Prepaid expenses	5,062,478	5,321,978
1.2.2.13.	Advances granted	66,755	56,875
1.2.2.14.	Interest receivable	1,568	15
1.2.2.15.	Accrued assets other:
	Revenues to be received	3,578,146	2,601,550
	Revenues to be received from subsidy projects	3,938,785	3,573,822
	Other accrued assets	-	940
	Subtotal Accrued assets	12,680,643	11,555,180
1.2.2.16.	Provision for bad debts	-211,715	-214,056
	Total Receivables	21,728,513	20,579,193

As of 2022, the balance sheet total of projects in progress is recorded as a netted item per project, either as valuation of projects in progress or as advance installments of projects in progress . The comparative figures for 2021 have been adjusted accordingly.

Prepaid expenses mainly relate to licenses, software, and rent.

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

1.2.4.	Liquid assets	Dec. 31, 2022	Dec. 31, 2021

1.2.4.1.	Cash	18,364	17,782
1.2.4.2.1.	Bank accounts	6,049,320	12,929,737
1.2.4.2.2.	Deposit	13,143,157	16,043,917
1.2.4.3.	Treasury Banking	78,880,331	37,520,679
	Total Liquid assets	98,091,172	66,512,116

Cash includes a bank guarantee in the amount of €508,870 (of which €200,000 at TIAS). The remaining liquid assets are freely available. Tilburg University has placed its liquidity with the Ministry of Finance as of July 2021 in the framework of Treasury Banking.

Liabilities

2.1.	Equity capital	Balance Dec. 31, 2020	Appropriation result 2021	Other movements 2021	Balance Dec. 31, 2021	Appropriation result 2022	Other movements 2022	Balance Dec. 31, 2022

2.1.1.	Group equity
2.1.1.1.	General reserve
2.1.1.1.1.	General reserve (public)	107,439,080	3,269,796	4,549,648	115,258,524	6,209,915	856,544	122,324,986
2.1.1.1.2.	General reserve (private)	8,973,991	81,790	-	9,055,781	-258,282	-88,816	8,708,683
2.1.1.1.3.	General reserve participating interests (private)	3,256,643	612,882	-	3,869,525	455,885	-	4,325,410
2.1.1.1.4.	General reserve consolidated related parties	1,962,638	152,856	-	2,115,494	-83,472	-1,639,688	392,334
	Total General reserve	121,632,352	4,117,324	4,549,648	130,299,324	6,324,046	-871,960	135,751,413

2.1.1.2.	Earmarked reserves public
2.1.1.2.	Earmarked reserves public	17,287,050	-	-4,549,648	12,737,402	-	-767,728	11,969,673
2.1.1.2.4	Earmarked reserves consolidated related parties	-	-	-	-	-	1,639,688	1,639,688
	Total Earmarked reserve	17,287,050	-	-4,549,648	12,737,402	-	871,960	13,609,361

2.1.1.6.	Revaluation reserve	156,500	-	25,850	182,350	-	-7,750	174,600
	Total Group equity	139,075,902	4,117,324	25,850	143,219,076	6,324,046	-7,750	149,535,374

2.1.2.	Third-party interests	645,290	62,148	-	707,438	84,330	-	791,768

	Total Equity	139,721,192	4,179,472	25,850	143,926,514	6,408,376	-7,750	150,327,142

In addition to reserves for housing and ICT (€0.8 million) and decentralized conditions of employment (€2.2 million), the earmarked reserves at Schools and Divisions consist mainly of reserves for university strategy projects and projects charged to the units' own reserves (€9 million). All reserves are based on approved project proposals.

The earmarked reserve for the University Fund concerns named funds and amounts to €1.6 million.

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

2.2.	Provisions	Balance Dec. 31, 2021	Movements 2022	Withdrawals 2022	Allocations 2022	Release 2022	Balance Dec. 31, 2022	Balance < 1 yr.	Balance > 1yr.

2.2.1.	Personnel provisions
2.2.1.1.	Reorganization provision	418,099	-	229,998	-	163,524	24,577	24,577	-
2.2.1.2.	Long-term savings leave	2,083,853	-	271,369	274,364	-	2,086,848	347,808	1,739,040
2.2.1.3.	WGA Self-insurance	325,552	-	137,779	251,474	-	439,247	95,787	343,459
2.2.1.4.	Service Milestone provision	2,005,270	-	155,730	451,919	64,424	2,237,035	166,840	2,070,196
2.2.1.5.	Severance pay	874,370	-	649,511	712,630	382,374	555,115	524,074	31,041
2.2.1.6.	Long-term sick leave	548,715	-	483,829	614,628	29,090	650,424	532,729	117,695
2.2.1.7.	Other personnel provisions	1,261,383	-	680,031	1,282,994	421,047	1,443,299	946,029	497,270
	Total Personnel provisions	7,517,241	-	2,608,247	3,588,009	1,060,459	7,436,545	2,637,844	4,798,700

2.2.4.	Other provisions	265,000	-	-	-	-	265,000	165,000	100,000

	Total Provisions	7,782,241	-	2,608,247	3,588,009	1,060,459	7,701,545	2,802,844	4,898,700

Provisions are stated at nominal value, as the time value of money is not material. Personnel provisions for reorganization and severance pay have decreased. The reorganization provision is expected to expire next year. The provision for severance pay has decreased due to the favorable labor market in which former employees have found jobs more quickly. The increase in the WIA is caused by the increase in persons requiring the addition of a large amount. This also applies to the provision for the long-term sick. The other provisions remained the same.

2.4.	Current liabilities	Dec. 31, 2022	Dec. 31, 2021

2.4.7.1.	Instalments received in advance on projects in progress	412,396	536,046
2.4.7.2.	Loss provision for projects in progress	830,267	552,176
2.4.8.	Creditors	9,290,730	6,125,076
2.4.9.1.	Payroll tax	6,672,373	6,238,770
2.4.9.2.	Social security premiums	1,836,113	1,725,907
2.4.9.3.	Turnover tax	629,520	1,377,419
2.4.9.4.	Corporate income tax	-	227,637
2.4.10.	Pensions	2,599,000	2,397,423
2.4.11.	Budget holder funds	1,937,751	2,418,737
	Subtotal Current liabilities	24,208,151	21,599,191

	Accrued liabilities
2.4.13.1.	Tuition fees received in advance	21,097,643	11,729,590
2.4.13.2.	Contract education tuition fees received in advance	16,311,350	17,237,612
2.4.14.	Subsidies received in advance OCW	103,619	133,550
2.4.16.1.	Revenues Subsidy projects received in advance	19,172,796	11,687,881
2.4.16.2.	Revenues Netspar received in advance	5,480,981	5,755,968
2.4.16.3.	Revenues Starter grants received in advance	3,518,018	-
2.4.16.4.	Revenues Incentive grants received in advance	2,653,543	-
2.4.16.5.	Revenues Sector Plan funds received in advance	1,675,623	-
2.4.16.6.	Revenues from NPO funds received in advance	3,467,361	2,815,000
2.4.16.7.	Revenues received in advance Other	2,869,686	4,769,529
2.4.17.	Vacation pay and holiday leave	10,990,635	9,966,408
2.4.19.	Other accrued liabilities	5,276,162	6,064,494
	Total Accruals and deferred revenues	92,617,417	70,160,033

	Total Current liabilities	116,825,568	91,759,224

The tuition prepayment item has increased from last year. This increase is due to the elimination of tuition reduction for all students related to COVID-19.

The balance sheet item advance grant project revenues has increased compared to last year. This increase is mainly related to funds received in advance for projects starting in 2023.

Revenues received in advance for starter and incentive grants and Sector Plan funds relate to unspent funds allocated under the Administrative Agreement between universities and OCW. NPO funds relate to both education and research.

Debts have a maturity of less than one year.

Earmarked target subsidies OCW

G1 Accounting for subsidies with any surplus added to the lump sum.

Description reference	Allocation Date		The activities were fully implemented and completed in accordance with the grant decision at the end of the reporting year.

Grant scheme for additional help in the classroom	COHO21-20009	04-08-2021	Yes

G2A Subsidies that may only be used for the purpose for which the subsidy was made, ending at the end of the reporting year.

Description	Assignment reference	Date	Amount of assignment	Received up to and including previous reporting year	Total eligible costs up to and including previous reporting year	Balance as of January 1 reporting year	Received in reporting year	Eligible costs in reporting year	To be settled as of December 31 fiscal year under review

Higher education COVID-19 jobs subsidy scheme	COHO10040	13/04/2021	261,085	261,085	172,907	88,178	-	-	88,178
Prof. learning communities	PLG 2013 15	02/12/2013	200,000	200,000	197,197	2,803	-	-	2,803
Prof. learning communities	PLG 2013 11	02/12/2013	200,000	200,000	199,547	453	-	-	453
Supervision of starting lecturers	BSL 2013 03	02/12/2013	1,296,000	1,296,000	1,283,816	12,184	-	-	12,184
			1,957,085	1,957,085	1,853,467	103,618	-	-	103,618

The amounts accounted for in Model G2A are unspent funds and should be repaid in full. The determination of subsidies awarded in 2013 has still not taken place despite frequent contact. The determination of the 1st tranche subsidy for COVID-19 jobs has not yet been received.

Off-balance sheet rights and obligations

Multi-year financial commitments

Lease obligations

Tilburg University has several lease agreements for the rental of commercial buildings and grounds. The agreements have expiration dates of April 14, 2023, September 30, 2024, November 30, 2024, November 30, 2024, March 31, 2025, August 31, 2025, and March 31, 2033, respectively. The total obligation is €6,528,430, of which €1,909,144 relates to 2023, €3,110,675 relates to the period 2024-2027, and €1,508,611 relates to the period after 2027.

In addition, TIAS Business School B.V. has a lease agreement for a period from April 1, 2017 to March 31, 2032 with a commitment of €835,174 for 2023, €3,605,072 for the period 2024-2027, and €4,261,605 for the period thereafter. Within the first five years TIAS has the right to return 50% of the second floor. If this is exercised, a penalty of €250,000 must be paid to Trappenburch C.V. A bank guarantee of €200,000 has been issued for this purpose.

Tangible fixed assets

Regarding the realization of the Marga Klompé building, Tilburg University entered into a contract with a construction company in 2021 for an amount of €16,641,426. An obligation of €10,499,115 remains outstanding at the end of the fiscal year. The expected completion of the Marga Klompé building is at the end of 2023.

Others

Tilburg University has an off-balance sheet liability for maintenance and other contracts totaling €3,100,451. The contract value of expiring contracts in 2023 is €362,000, and between 2024 and 2025, it is €2,738,451.

The off-balance sheet liabilities related to the fiscal unity

The Tilburg University Foundation together with TiU Holding B.V., TIAS Business School B.V., and KUB Career Services B.V. form a fiscal unity for VAT purposes. Pursuant to the Tax Collection Act, the Foundation and the aforementioned legal entities are each jointly and severally liable for tax owed in this respect by the combination.