Notes to the 2021 annual financial statements

This annual report includes the balance sheet and profit and loss account of Witteveen+Bos N.V., as well as the general principles for preparing the consolidated figures. For a complete overview of the assets and results of Witteveen+Bos N.V., please refer to the consolidated 2021 annual report filed in the Trade Register of the Chamber of Commerce.

Preparation of consolidated annual financial statements

The annual statements have been drawn up in accordance with Part 9 of Book 2 of the Dutch Civil Code. The statements are based on historical costs.


Insofar as actual influence on policy-making exists, subsidiaries are included in the consolidated financial statements. Joint ventures are consolidated in proportion to the share held in the company.

Principles for valuation of assets and liabilities

Land and buildings are valued at cost of acquisition, minus cumulative depreciations and, if applicable, impairments. Depreciations are based on expected future service life and are calculated using a fixed percentage of the acquisition price while allowing for any residual value. Depreciation is applied from the date of first use. Land is not subject to depreciation. The costs of major maintenance are capitalised in accordance with the component approach. Depreciations are based on the component’s expected future service life and are calculated using a fixed percentage of the component’s acquisition price while allowing for any residual value attributable to the component.

Non-consolidated interests in partnerships and firm partnerships are accounted for under financial fixed assets. Participating interests are valued according to the equity method. Ongoing projects commissioned by third parties are valued on the basis of costs incurred, plus the profit attributable to completed projects and minus any losses foreseeable as at the balance sheet date. Profits attributable to completed projects are determined in proportion to the services provided as at the balance sheet date. The invoiced instalments relating to ongoing projects are deducted from the ongoing projects. Trade accounts receivables included in receivables are given minus a provision for doubtful accounts. Provisions are made for deferred tax liabilities, tax risks, warranty costs, claims, lawsuits and investigations, deferred employee remuneration, and liabilities related to participating interests.

Principles for determining consolidated financial result

Revenues and changes to ongoing projects include the services invoiced, excluding value added tax, and the changes to ongoing projects. Project revenues are determined in proportion to the services provided. Remuneration paid to the Board of Directors is included in salaries. The pension liabilities are valued in accordance with the ‘payable to the pension fund’ method.