About Deloitte

Deloitte Netherlands is the Dutch firm of Deloitte North and South Europe (NSE) and as such is a separate and independent legal entity. Deloitte Netherlands operates in the Netherlands and in the Dutch Caribbean. For a full list of subsidiaries, please see Notes 4. Consolidated Group companies of the Company finanical statements in Annex 1.

Headcount of Deloitte in the Netherlands and the Dutch Caribbean

In the Netherlands, we employ more than 7,600 people (excluding contractors) in 15 different offices around the country. This makes us one of the leading Dutch professional services providers in the areas of audit and assurance, consulting, tax and related services. Our practitioners work in multidisciplinary teams to help resolve our clients challenges and realise opportunities.

Deloitte NSE

Deloitte NSE brings together more than 75,000 professionals. Together, we make an even greater impact in each of our markets. By working as a unified firm and leveraging our combined network, we can achieve more – for our clients, our people and the communities we work in. As an organisation that advises and audits organisations across industries and sectors around the world, ours is a business built on trust.

Deloitte NSE comprises the following 30 countries: the Netherlands (incl. Deloitte Dutch Caribbean), the UK & Switzerland, Ireland, Belgium, Finland, Denmark, Sweden, Norway, Iceland, Italy, Greece, Malta, Gibraltar, Libya, Palestinian ruled territories, Cyprus, Lebanon, Jordan, Iraq, Egypt, Saudi Arabia, Kuwait, Bahrain, Qatar, the Republic of the Sudan, the United Arab Emirates, Oman and Yemen.

Deloitte Global

Our global organisation has grown to over 460,000 people in more than 150 countries and territories, serving nearly 90% of Fortune Global 500® companies and almost all the Amsterdam Exchange Index companies, providing assurance services or, to non-audit clients, advisory services. We believe our professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way towards a stronger economy, a more equitable society and a more sustainable world.

Our leadership in 2024/2025 (per May 31, 2025)

Our leadership structure consists of a Supervisory Board, Executive Board and Executive Committee.

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Rianne Jans (CFO) left Deloitte on July 1, 2025. She is replaced on an interim basis by Ad Veken.

Business results

This fiscal year, we achieved a modest revenue growth of 1.2%, despite facing market uncertainties and economic challenges. While some of our business lines experienced growth, others encountered headwinds, resulting in a varied performance across the organisation.

Our Tax & Legal business successfully pursued a strategy focused on profitable growth, delivering a 2% increase in revenue alongside improved billing rates. In Audit & Assurance, revenue grew by approximately 2% adjusted for changes in our business structure, reflecting steady demand for our services. Although the Technology & Transformation business did not record revenue growth this year, we made significant progress in enhancing operational performance, notably by leveraging our international network to improve service delivery. Meanwhile, the Strategy Risk & Transactions Advisory business faced challenging market conditions, which impacted its revenue growth.

A key element of our strategy remains the transformation of service delivery through greater utilisation of our Global Delivery Network (GDN). We increased our reliance on the GDN this year, enabling us to deliver services more efficiently and consistently across markets.

Financially, our efforts to streamline operations and optimise costs have yielded positive results. Our result before tax and management fees improved to 13.0% of revenues, up from 11.5% in the previous fiscal year. This improvement was supported by a reduction in headcount, which led to a €25.0 million decrease in overall salary costs. By the end of the year, we had reduced the size of our client-serving staff by approximately 7%, with a corresponding adjustment in the number of partners to align with the current organisational structure. To maintain our competitive position in the talent market, we enhanced our Employee Value Proposition during the year, which has been critical to attracting and retaining skilled professionals. For the fiscal year 2024/2025, variable compensation expenses were maintained at €39.9 million, consistent with the prior year.

These cost-control measures and workforce realignments contributed to improved operational efficiency, culminating in a result before tax and management fees of €182.7 million, compared to €159.7 million in 2023/2024.

Solvency and liquidity

Solvency based on equity, membership capital and subordinated loans (the Group's capital base) is 22.3% (2023/2024: 23.3%). Our solvency remains strong and has slightly decreased as a result of the reduced number of partners. Our working capital, defined as the sum of unbilled services, advanced billings and accounts receivable, increased with €27.2 million to a total of €348.1 million at year end. This balance is impacted by a number of large projects. Improving working capital and reducing the balance of unbilled services remains a key focus.

Our year-end cash balance was €89.0 million and was impacted by the higher working capital and repayments of subordinated loans. During the year, we have not used our credit facilities and we are in compliance with our covenants. In April 2025, we renewed our financing facilities including an extended end date.

For a full overview of and detailed notes on our financial performance, please see the Financial Statements, which are annexed to this report.

Taxation

As a responsible business, our policy is to comply fully with both 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.

To ensure Deloitte’s compliance with all laws and regulations, regular meetings with Dutch Tax Authority (DTA) are scheduled to pro-actively discuss our questions and potential issues for all three mentioned taxes.

Furthermore, we annually perform a randomly selected sample test in our financials (outgoing payments) to test the compliance of the relevant tax aspects. The DTA is involved throughout this process and receives an integral report on findings and identified improvements.

Corporate tax

Deloitte’s partners/owners charge Deloitte a management fee through a personal management company. These management fees - after deduction of, amongst other costs, a so-called customary salary for the partner - 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, and also subject to the regular Dutch corporate income tax rates.

Wage tax

All relevant filings are submitted timely and in accordance with Dutch rules and regulations.

All cross-border work situations (including secondments, projects, and expatriates) are handled by a dedicated group of specialists in the Netherlands as well as abroad, 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, such as invoices outside of The Netherland (within or outside EU) and invoices for exempt services, are subject to strict protocols to ascertain that VAT is reported correctly.