Notes to the income statement

The BOIP recorded a positive result of €922,000 (2014: €654,000 negative). The improvement of the result is the consequence of the Headquarters Agreement and positive developments in respect of deposits and renewals.

• The budgets included in the summary financial statements have not been audited.
• Revenue relates to the revenue derived from services rendered in the financial year.
• The cost price of these services is allocated to the same period. If the bottom-line result of a service cannot be determined in a reliable manner, but is expected to be positive, only the revenue amounting to the sum of the costs is recognised. If these costs cannot be reliably determined, revenues are not recognised in the interim period but on completion of the service. However, the costs already incurred are recognised in the income statement.

• Under IPSAS, the BOIP has a defined benefit scheme which means a debt position must be included for future general salary increases (indexed career average scheme) and future guarantee costs. In total, the debt amounts to €13,445,000.
• At €15,895,000 turnover markedly exceeded the budget (€13,819,000). Higher turnover involving deposits (€461,000) and renewals (€676,000), as well as a contribution to the marketing campaign of the Ministry of Economic Affairs are the prime causes of this.
• At €15,695,000 staff costs also markedly exceeded the budget (€13,611,000). As a result of the IPSAS rules, the pension costs accounted for were €1,108,000 higher than expected.
• At €895,000 depreciation costs (budget: €1,261,000) were well within the budget because the depreciation of some (sub-) projects started later than expected.

• Other costs rose in the financial year to €3,321,000 (budget: €2,801,000) because no provision had been made for the marketing campaign when the budget was drawn up.