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Economic value

Business results

Our revenues exceeded the billion threshold in 2020/2021 reaching €1,032 million. The growth rate was 1.6% (2019/2020: €1,015 million). The primary drivers of the revenue growth were our ability to deliver larger, more complex projects to strategic clients, and our MDM platforms. This supported Consulting in realising a healthy growth of +5.9%. Strong growth of +16.6% was realised by Financial Advisory, while Audit & Assurance realised a growth of +8.4%. Risk Advisory revenues overall declined despite an increase in revenues realised by employees which was offset by a decline in revenues realised by contractors. Finally our Tax & Legal business revenues were almost at par to last year following a strong last quarter. Our result before tax and management fee amounted to  €202.3 million (2019/2020:  €146.7 million).

As a percentage of revenues, our result before tax and management fee increased to 19.6% from 14.4% in 2019/2020. This result is a consequence of a stable workforce combined with a higher productivity ratio. Furthermore, our cost levels were impacted during the COVID-19 pandemic, learning continued in a virtual manner and travel and out of pocket cost decreased. We have continued or increased our investments in innovation and technology at local and global levels and invested in SWIFT, our global SAP S/4Hana® platform. We have also continued, albeit on a smaller scale, to deploy external contractors. The increase in productivity, and consequently our profitability, also benefitted our levels of variable compensation for employees. This is higher at €52.1 million compared to the €33.3 million made available in 2019/2020. The commitment and flexibility in this exceptional year was rewarded by a one-off ‘thank you’ bonus for all employees.

Solvency and liquidity

Solvency based on equity, membership capital and subordinated loans (group’s capital base) was 18.1 % (16.5%). Our credit facilities were increased  to €150 million (2019/2020: €96 million). Our year-end cash balance increased to +€44 million and the net cash flow improved. Our working capital defined as the sum of unbilled services, advanced billings and accounts receivable increased to €325 million, which is €56 million higher than last year, partially due to the implementation of a new ERP system. Economic developments have not adversely impacted our cash position nor our working capital and the options provided by the government to delay tax payments was not used. For a full overview of and detailed notes to our financial performance, please see the Financial Statements, which are annexed to this report.

Economic developments have not adversely impacted our cash position nor our working capital and the options provided by the government to delay tax payments was not used.


As a responsible business, Deloitte aims to comply with the letter and the spirit of Dutch tax legislation. To enhance our transparency on this topic, we have adopted a Tax policy, that can be found in the Annexes of this report.

Our Tax policy addresses the three main types of national taxation that are applicable to us: corporate tax, tax on wages and value added tax.

Corporate tax

Deloitte’s partners/owners charge Deloitte a management fee through a personal management company These management fees are fully taxable at the level of the individual management company, in accordance with the regular Dutch corporate income tax rates. Deloitte’s remaining profit is taxable at Deloitte level, subject to the regular Dutch corporate income tax rates.

All filings for corporate income tax returns from Deloitte and the individual management companies of the partners/owners are prepared centrally by Deloitte in line with the guidelines agreed with the Dutch Tax Authority (DTA). Cross-border projects or other international services are fine-tuned with Chief Tax Officers in other countries to ensure Deloitte meets local rules and regulations.

Wage tax

All relevant filings are carried out in a timely manner and in accordance with local rules and regulations. Meetings are held regularly with specialists from the DTA to discuss pending and new tax issues, such as charging travel expenses, cost reimbursements and the so-called free space in the wage tax declaration.

All cross-border work situations (including secondments, projects and expats) are handled by a dedicated group of specialists to ensure that Deloitte and its employees meet all Dutch and local requirements.

Value added tax

On all incoming and outgoing transactions, we follow the rules and guidelines for value added tax (VAT). Specific transactions are subject to strict protocols to ascertain that VAT is reported correctly. VAT is also subject to the self-initiated sample as described above, and findings are reported to the DTA in full transparency.


Our main contribution to the financial world is the impact that is the result of our client work. Through our Audit & Assurance activities, we provide reliability and transparency, and help reduce risks by providing audited facts, where our Tax & Legal business ensures compliance with tax and other legislations. For our advisory business, the services offered by Consulting, Risk Advisory and Financial Advisory enable cost savings, risk reduction and facilitation of growth, optimisation and focus on innovation by our clients. These activities allow companies and governments to increase their impact and enhance their resilience, thereby stimulating responsible business and contributing to their financial performance.

Our main contribution to the financial world is the impact that is the result of our client work.

We increasingly note that the market demands a shift from point solutions to integrated approaches, where part of the work is automated through, for example, robotics and other smart solutions. We believe that our work with clients makes them more impactful, more responsible, more successful and increasingly resilient. Improving the efficiency and effectiveness of our clients’ organisations may result in the replacement of existing jobs or functions, which can have a negative influence on employment.

The financial capital needed to run our business is raised through revenues from our services, partner investments, and where needed, complemented by external credit facilities. Hence, all our capitals depend on our ability to add value and thus result in a profitable performance. Through operating our business, we redistribute our earnings by paying salaries, purchasing goods and services, pay taxes, etcetera. Please see our infographic on how we add and distribute economic value.

Economic value added and distributed

Please see below a visualisation of the economic value added and distributed.

Innovation and digitalisation facilitate a globalised and interconnected world. Digital solutions are causing radical changes to the global labour market. Herein lies our contribution to SDG8, which is two-fold; both due to and through our people. The employment we offer, and the change we facilitate in existing infrastructures through our support in innovation and automation, allow us to have a positive impact on work and economic growth. Our Economic Value Added and Distributed reflects our economic contribution to SDG8.