Balance sheet
amounts x €1,000 | realisatie 2021 | begroting 2021 | realisatie 2020 | |
|---|---|---|---|---|
ASSETS | ||||
Fixed assets | ||||
- Tangible fixed assets | ||||
- buildings and grounds | 334,034 | 346,087 | 339,653 | |
- inventory and equipment | 28,320 | 32,156 | 26,501 | |
- information systems | 712 | 609 | 893 | |
- Tangible fixed assets | 363,066 | 378,852 | 367,047 | |
- Financial fixed assets | 7 | 94 | 229 | |
363,073 | 378,946 | 367,276 | ||
Current assets | ||||
- Inventory | 315 | 200 | 194 | |
- Receivables | 19,808 | 23,000 | 19,698 | |
- Cash and cash equivalents | 75,592 | 20,000 | 57,594 | |
95,715 | 43,200 | 77,486 | ||
Total assets | 458,788 | 422,146 | 444,762 | |
LIABILITIES | ||||
Equity | 241,973 | 230,883 | 247,252 | |
Provisions | 27,614 | 22,203 | 26,366 | |
Long-term liabilities | 7,782 | 7,639 | 7,973 | |
Loan o/g | 0 | 1,421 | 0 | |
Current liabilities | 181,419 | 160,000 | 163,171 | |
Total liabilities | 458,788 | 422,146 | 444,762 |
Explanation of the most important developments in the 2021 balance sheet compared to the 2020 balance sheet
The tangible fixed assets decreased slightly compared to 2020 (€4.0 million) because investments were slightly lower than the depreciation of existing assets. The increase in cash and cash equivalents was mainly caused by the increase in current liabilities (€16.7 million), including an increase in work in progress (€9.9 million) and NPO funding (€4.8 million). The cash flow overview for 2021 and 2020 is as follows:
amounts x €1,000 | 2021 | 2020 |
|---|---|---|
Operating result (excl. financial costs) | -5.1 | -1.1 |
Depreciation* | 30.5 | 27.0 |
Cash flow | 25.4 | 25.9 |
Changes to provisions | 1.2 | -4.8 |
Changes to net working capital | 15.8 | 11.0 |
Cash flow from operating activities | 42.4 | 32.1 |
Cash flow from investment activities | -24.3 | -47.4 |
Cash flow from funding activities | -0.1 | -0.4 |
Change in cash and cash equivalents | 18.2 | -15.7 |
* Excludes Faculty of Medical Sciences/Radboud university medical center |
Equity decreased due to the negative result. The higher provisions are mainly due to allocations related to higher obligations concerning legionella and fire-resistant facilities.
Explanation of the most important developments in the 2021 balance sheet realisation compared to the 2021 budget
Tangible fixed assets were lower than budgeted due to under-investments (especially HEN ++ and the Energy Policy Plan). Cash and cash equivalents showed a higher balance than budgeted due to these under-investments (€16.8 million lower), higher working capital (a positive difference of €23.8 million) and a better result (a positive difference of €6.5 million) than budgeted.
The cash flow statement for 2021 (realised and budgeted in € million) is as follows:
2021 | |||
|---|---|---|---|
Realised | Budgeted | ||
Operating result | -5.1 | -11.6 | |
Depreciation* | 30.5 | 29.6 | |
Cash flow | 25.4 | 18.0 | |
Changes to provisions | 1.2 | -5.0 | |
Changes to net working capital | 15.8 | -7.1 | |
Cash flow from operating activities | 42.4 | 5.9 | |
Cash flow from investment activities | -24.3 | -41.9 | |
Cash flow from funding activities | -0.1 | 1.1 | |
Change in cash and cash equivalents | 18.0 | -34.9 | |
* Excludes Faculty of Medical Sciences/Radboud university medical center | |||
The current liabilities are higher than budgeted due to more advances received for R&D projects, the write-off of unspent NPO resources, and a higher liability for leave balances and holiday pay at the end of the financial year (due to an increase in staff).
