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Trend in results

The net result for 2021 was €28 million (2020: €17 million), a return of 2.7% (2020: 1.7%). The improvement relative to 2020 has a number of causes. One important reason is the increase in turnover of 5.6% and the improvement in margin on this turnover. A margin improvement that was also partly caused by a number of releases in 2021 of reservations that were included in 2020. The companies in the Netherlands also benefited from the one-off reduction in social security costs. In addition, the increase in turnover in 2021 (5.6% compared to 2020) did not lead to a significant increase in costs at an indirect level, as a result of which the indirect cost percentage decreased. Furthermore, in 2021 most companies chose to postpone short-term investments and expenses, such as filling vacancies or starting projects, for as long as possible, Due to the ongoing uncertainty around the development of the coronavirus crisis.

From the beginning of 2022, Vebego started catching up on the investments in the organisation, especially in the context of the Designing our Future project; these are expected to lead to a lower result in 2022. Later in this chapter, we will discuss the expectations for 2022 in more detail.