Annual Report 2022
Financial performance

Total income

Total income increased by 5 million to € 124 million. This increase was driven mainly by acquisitions, in addition to organic business growth in various portfolios, and selective tariff adjustments.

Operating result

Operating result decreased by 3 million to 25 million, reflecting higher operating expenses which were partly offset by higher contribution of acquisitions and organic business growth.

Operating expenses

Operating expenses increased by 8 million to 102 million. This was mainly due to acquisitions and investments (including IT investments) to support the (future) organic growth of the business.

Result before tax

The IFRS result before tax increased by 5 million to 15 million, due to a less negative impact of incidentals in 2022 resulting from an impairment of goodwill in the previous year. The incidental items also include start-up costs.