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1 We have changed the presentation. Irrevocable payment commitments (IPCs) under the Single Resolution Fund (SRF) are now presented as Other financial assets at
\u00a0 amortised cost instead of Cash and cash equivalents. This reclassification resulted in an impact of approximately \u20ac7.1\u00a0million on the 2024 comparative figures. The
\u00a0 comparative figure for 2024 has been adjusted accordingly.
2 We have changed the presentation. Certain amounts due to or from banks are no longer included in Cash and cash equivalents, as these amounts are not available on
\u00a0 demand. This reclassification resulted in an impact of approximately \u20ac20.2\u00a0million on the 2024 comparative figures. The comparative figure for 2024 has been adjusted
\u00a0 accordingly.
3 We have changed the presentation. To improve readability, certain line items are now presented separately instead of being aggregated. The comparative figure for
\u00a0 2024 has been adjusted accordingly.
The table below provides a reconciliation of changes in\u00a0
liabilities arising from financing activities.
Reconciliation of liabilities arising from
financing activities in 2025
Subordinated
loans
Issued debt
securities
Financial
liabilities at fair
value through
profit or loss
Lease liabilities
Total
At 1 January
153,825
1,491,254
464,776
45,157
2,155,011
Cash flows
\u2014
\u2014
22,369
-15,029
7,340
Fair value changes (non-cash changes)
-380
2,545
23,874
64,308
90,347
At 31 December
153,445
1,493,799
511,018
94,436
2,252,698
Reconciliation of liabilities arising from
financing activities in 2024
Subordinated
loans
Issued debt
securities
Financial
liabilities at fair
value through
profit or loss
Lease liabilities
Total
At 1 January
170,238
1,473,639
466,217
38,606
2,148,699
Cash flows
-15,996
\u2014
-21,640
-14,180
-51,816
Fair value changes (non-cash changes)
-417
17,615
20,199
20,731
58,128
At 31 December
153,825
1,491,254
464,776
45,157
2,155,011
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-460": { "value": "We have changed the presentation. Irrevocable payment commitments (IPCs) under the Single Resolution Fund (SRF) are now presented as Other financial assets at
\u00a0 amortised cost instead of Cash and cash equivalents. This reclassification resulted in an impact of approximately \u20ac7.1\u00a0million on the 2024 comparative figures. The
\u00a0 comparative figure for 2024 has been adjusted accordingly.
2 We have changed the presentation. Certain amounts due to or from banks are no longer included in Cash and cash equivalents, as these amounts are not available on
\u00a0 demand. This reclassification resulted in an impact of approximately \u20ac20.2\u00a0million on the 2024 comparative figures. The comparative figure for 2024 has been adjusted
\u00a0 accordingly.
3 We have changed the presentation. To improve readability, certain line items are now presented separately instead of being aggregated. The comparative figure for
\u00a0 2024 has been adjusted accordingly.
4 We have changed the presentation. Certain amounts due to or from banks are no longer included in Cash and cash equivalents for purposes of the cash flow statement
\u00a0 reconciliation. This reclassification resulted in an impact of approximately \u20ac20.2\u00a0million on the net change in Cash and cash equivalents and Balances at central
\u00a0 banks. The comparative figure for 2024 has been adjusted accordingly.
1\u00a0 We have changed the presentation. Lombard loans have been reclassified from Loans to Security\u2011backed loans and settlement receivables to better reflect the
\u00a0 underlying collateral. This reclassification resulted in an impact of approximately \u20ac534 million on the 2024 comparative figures. The comparative figure for\u00a0 2024 has
\u00a0 been adjusted accordingly.
2 We have expanded the disclosure to include financial collateral related to derivatives, as presented in the netting table of financial assets and liabilities. Financial
\u00a0 \u00a0 collateral amounting to approximately \u20ac185 million is disclosed separately. This information was not previously presented. The addition of this disclosure has no impact
\u00a0 \u00a0 \u00a0 on the statement of financial position, profit or equity.
5 We have adjusted the presentation of certain financial assets to better reflect the fair value hierarchy. As a result, Financial assets measured at fair value through other
\u00a0 comprehensive income amounting to approximately \u20ac238.5 million have been reclassified within the fair value hierarchy. This reclassification has no impact on profit or
\u00a0 equity. The comparative figures for 2024 have been adjusted accordingly.
1\u00a0 We have changed the presentation. Irrevocable payment commitments (IPCs) under the Single Resolution Fund (SRF) are now presented as Other financial assets at
\u00a0 amortised cost instead of Cash and cash equivalents. This reclassification resulted in an impact of approximately \u20ac7.1 million on the 2024 comparative figures. The
\u00a0 comparative figure for 2024 has been adjusted accordingly.
3 We have changed the presentation. Lombard loans have been reclassified from Loans to Security\u2011backed loans and settlement receivables to better reflect the
\u00a0 underlying collateral. This reclassification resulted in an impact of approximately \u20ac534 million on the 2024 comparative figures. The comparative figure for 2024 has
\u00a0 been adjusted accordingly.
A change in presentation has been applied, resulting in the
reclassification of comparative figures. IPCs under SRF,
formerly included in Cash and cash equivalents, are now
presented as Other financial assets at amortised cost. The
IPC cash collateral amounted to \u20ac7.1\u00a0million at year-end
2025 (2024: \u20ac7.1\u00a0million).
In 2025, the presentation of other commitments was
adjusted to better reflect the actual commitments of the
group. As a result, the 2024 comparative figures were
adjusted, resulting in a decrease of approximately \u20ac22.9
million
1 We have changed the presentation. An amount of approximately \u20ac58 million relating to irrevocable lease commitments, previously disclosed but not included in the
\u00a0 total, has been included in the total commitments for 2024.
A change in presentation has been applied, resulting in the
reclassification of comparative figures. Irrevocable payment
commitments (IPCs) under the Single Resolution Fund (SRF),
formerly included in Cash and cash equivalents, are now
presented as Other assets.
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Accounting policies
General
Van Lanschot Kempen NV (\"Van\u00a0Lanschot Kempen\") is an
independent specialist wealth manager . Van Lanschot
Kempen has its registered office at Hooge Steenweg 29,
5211 JN \u00b4s\u00a0Hertogenbosch, the Netherlands. Van Lanschot
Kempen is a public limited company incorporated under
Dutch law and registered under number 16038212 at the
Chamber of Commerce. Depositary receipts for Class A
ordinary shares are publicly traded on the Euronext markets.
The consolidated financial statements of Van Lanschot
Kempen at 31 December 2025 were prepared by the
Management Board and approved by the Supervisory Board
on 25\u00a0February 2026, and will be submitted\u00a0 for adoption to
the annual general meeting (AGM) on 21\u00a0May\u00a02026.
Basis of preparation
The consolidated financial statements of Van Lanschot
Kempen and its subsidiaries have been prepared in
accordance with IFRS Accounting Standards as adopted by
the EU, and with Part 9, Book 2 of the Dutch Civil Code.
Unless stated otherwise, assets and liabilities are measured
at historical cost.
Continuity
The Management Board has assessed the ability of
Van\u00a0Lanschot Kempen to continue its operations and
concluded that Van Lanschot Kempen is able to do so for the
foreseeable future. Moreover, the Management Board has
not identified any events or conditions that may cast
significant doubt on our \u2013 i.e. Van\u00a0Lanschot Kempen's \u2013
ability to continue as a going concern. The consolidated
financial statements have been prepared on this basis.
Economic context
In 2025, we continued to see the impact of geopolitical
uncertainty, not least with the introduction of new US tariffs
and their impact on global trade. Ongoing investment in new
technologies and rapid developments in AI presented both
risks and opportunities. Inflation declined in 2025, and we
also saw commodities markets and major stock indices reach
all-time highs.
Inflation in the Netherlands and Belgium remained above
the inflation rate in the euro area. In the Netherlands,
inflation stood at 3.3%, driven mainly by higher housing
costs and a broad increase in the prices of goods and
services. Belgium recorded an inflation rate of 2.5%, mainly
reflecting price increases in hospitality services. Corporate
balance sheets generally remained healthy and consumer
spending stayed strong, supported in part by real wage
growth.
In the workforce, ongoing demographic shifts mean there
are as many as five generations working at the same time,
bringing diverse perspectives, capabilities and needs.
Meanwhile, attracting talent in specialist areas such as IT
and private banking remains challenging.
Consolidation continued in the European wealth
management space, driven by regulatory pressure, margin
compression, and the need for scale. Top-tier banking
institutions and private equity firms were prominent in M&A
activity. This trend is reshaping the industry and opens
opportunities for strategic growth.
Overall, Van Lanschot Kempen's capital and liquidity
positions remain robust, with a net result of \u20ac157,4 million in
2025 (2024: \u20ac141.9 million).
Functional and reporting currency
The consolidated financial statements are denominated in
euros, Van Lanschot Kempen's functional and reporting
currency. Unless stated otherwise, all amounts are
presented in thousands of euros. The totals may not always
match the sum of the individual values due to rounding.
Changes to comparative figures
Some amounts may differ from previously published reports;
in material cases, explanations are given.
Presentation of off-balance commitments
To improve transparency, reduce duplication and present
related information in one place, all off-balance sheet items
are included in the \"Commitments and contingent liabilities\"
section of the Notes to the consolidated financial statements
and the \"Commitments and contingent liabilities\" section of
the Notes to the company financial statements.
Changes in accounting policies
The accounting policies adopted in the preparation of our
consolidated financial statements for the year ended
31\u00a0December 2025 remain unchanged from the prior year,
except for the adoption of new standards and
interpretations effective from 1 January 2025 and the early
adoption of the Annual Improvements to IFRS Accounting
Standards \u2013 Volume 11.
Changes in published IFRS Accounting Standards and
interpretations
The IFRS Accounting Standards listed below became
effective from 1\u00a0January 2025 and have been applied to our
financial statements for 2025. The application of these
standards had no material impact on Van Lanschot Kempen\u2019s
equity or result. Application of the amended standards
generally entails amendment or expansion of notes.
Lack of Exchangeability \u2013 Amendments to IAS 21
The amendments specify how an entity should assess
whether a currency is exchangeable and how it should
determine a spot exchange rate when exchangeability is
lacking. Based on our analysis, the amendment does not have
a material impact on the results or equity of the company.
Annual Improvements to IFRS Accounting Standards \u2013
Volume 11
The amendments described below are part of the Annual
Improvements to IFRS Accounting Standards \u2013 Volume 11
and are effective for annual periods beginning on or after
1\u00a0January 2026. We decided to early adopt these
amendments. Based on our analysis, the application of these
standards had no material impact on Van Lanschot Kempen\u2019s
equity or result.
Hedge Accounting by a First-time Adopter \u2013 Amendments
to IFRS 1
IFRS 1 has been updated to include cross-references to the
qualifying criteria for hedge accounting under IFRS 9. The
purpose of these changes is to eliminate inconsistencies
between the two standards and reduce potential confusion
regarding hedge accounting requirements. The amendments
are effective for annual reporting periods beginning on or
after 1 January 2026, with early adoption permitted.
Gain or Loss on Derecognition \u2013 Amendments to IFRS 7
The amendments update the language on unobservable
inputs in paragraph B38 of IFRS 7 and include a cross
reference to paragraphs 72 and 73 of IFRS 13 Fair Value
Measurement.
Introduction \u2013 Amendments to Guidance on implementing
IFRS 7
The amendments to paragraph IG1 clarify that the guidance
does not necessarily illustrate all the requirements in the
referenced paragraphs of IFRS 7, nor does it create
additional requirements.
Disclosure of Deferred Difference between Fair Value and
Transaction Price \u2013 Amendments to Guidance on
implementing IFRS 7
Paragraph IG14 has been amended mainly to make the
wording consistent with the requirements in paragraph 28
of IFRS 7 and with the concepts and terminology used in
IFRS 9 and IFRS 13.
Credit Risk Disclosures \u2013 Amendments to Guidance on
implementing IFRS 7
Paragraph IG20B has been amended to simplify the
explanation of which aspects of the IFRS requirements are
not illustrated in the example.
Lessee Derecognition of Lease Liabilities \u2013 Amendments to
IFRS 9
Paragraph 2.1 has been amended to clarify that, when a
lessee has determined that a lease liability has been
terminated in accordance with IFRS 9, the lessee is required
to apply paragraph 3.3.3 and recognise any resulting gain or
loss in profit or loss.
Transaction Price \u2013 Amendments to IFRS 9
Paragraph 5.1.3 has been amended to replace the reference
to \"transaction price as defined by IFRS 15 Revenue from
Contracts with Customers\" with \"the amount determined by
applying IFRS 15\". The term has also been deleted from
Appendix A of IFRS 9 to address potential confusion.
Determination of a \"De Facto Agent\" \u2013 Amendments to
IFRS 10 Consolidated Financial Statements
Paragraph B74 has been amended to clarify that the
relationship described in paragraph B74 is just one example
of various relationships that might exist between the
investor and other parties acting as de facto agents for the
investor.
Cost method \u2013 Amendments to IAS 7 Statement of Cash
Flows
Paragraph 37 has been amended to replace the term \"cost
method\" with \"at cost\", following the prior deletion of the
definition of \"cost method\".
Published IFRS Accounting Standards and interpretations
not yet effective
In addition to the IFRS Accounting Standards and
interpretations referred to above, a number of IFRS
Accounting Standards and interpretations are new or have
been amended, and apply to financial statements for periods
beginning on or after 1\u00a0January 2026. We have not applied
the standards outlined below in the 2025 financial
statements. Unless stated otherwise, standards will be
applied as soon as they become effective and have been
endorsed by the EU.
Classification and Measurement of Financial Instruments \u2013
Amendments to IFRS 9 and IFRS 7
The amendments clarify the requirements for derecognition
of a financial liability on the settlement date using an
electronic payment system. They clarify how to assess the
contractual cash flow characteristics of financial assets,
including those with ESG-linked features and other similar
contingent features. Additional disclosures are required for
financial assets and liabilities with contractual terms that
reference a contingent event (including those that are ESG-
linked) and equity instruments designated at fair value
through other comprehensive income. Finally, the
amendments clarify the treatment of non-recourse assets
and contractually linked instruments. The amendments are
effective for annual periods beginning on or after
1\u00a0January\u00a02026. Entities can early adopt the amendments
that relate to the classification of financial assets plus the
related disclosures and apply the other amendments later.
The amendments are not expected to have a material impact
on the results or equity of the company.
Presentation and Disclosure in Financial Statements \u2013
IFRS\u00a018
IFRS 18 replaces IAS 1 and responds to investor demand for
better information about an entity\u2019s financial performance.
The standard sets out the general and specific requirements
for the presentation of financial statements and for
disclosures in the notes. This includes the requirement to
classify all income and expenses in the statement of profit or
loss into one of five categories (three being new) and to
present three mandatory subtotals (two being new). The
standard requires disclosure of management-defined
performance measures in one single note to the primary
financial statements. Enhanced guidance is provided on the
aggregation and disaggregation of information across the
financial statements. IFRS 18 results in amendments to
other standards, including IAS 7, Statement of Cash Flows.
The amendments are effective for annual periods beginning
on or after 1 January 2027. Earlier application is permitted.
The amendments are expected to impact presentation and
disclosure requirements for the financial statements,
including the statement of income, but will not materially
impact our results.
Significant accounting judgements and
estimates
We have identified those accounting policies which involve
the most complex or subjective decisions or assessments. In
the process of applying these accounting policies, we use
estimates, assumptions and judgements which can have a
significant impact on the amounts recognised in the financial
statements. These estimates and assumptions are based on
the most recent information available and include the impact
of the uncertain economic circumstances caused by global
unrest among other factors. Actual amounts may differ in
the future. Where applicable, the impact of the uncertain
economic circumstances on our assumptions are explained
further in the consolidated financial statements. The most
significant estimates and assumptions relate to the
determination of significant influence, fair value of financial
instruments, acquisitions, impairments of financial assets,
and impairments of goodwill and other intangible assets.
Determination of significant influence
We have applied critical judgement to determine significant
influence in companies in which we hold minority interests
smaller than 20%. Our influence on the financial and
operating policy decisions at some minority interests is more
in line with that in an associate, e.g. veto rights in decisions
on the issuance of new shares and decisions on amendments
to the Articles of Association. For that reason, we classify
these as associates and apply equity accounting instead of
IFRS 9 fair value accounting. For further information, see the
disclosure on Investments in associates using the equity
method.
Determination of fair value
The fair value of financial instruments not traded in an active
market is determined on the basis of cash flow, option and
other valuation models. These models are based on the
market circumstances prevailing at the reporting date.
Estimates mainly relate to future cash flows and discount
rates. For the fair value level classification and more details,
see \u201cRisk management\u201d, under Note 14, Public and private
sector liabilities
Acquisitions
In the case of acquisitions, it is necessary to determine the
fair value of the acquired assets (including any intangible
assets and goodwill acquired), as well as of liabilities and
obligations not recognised in the statement of financial
position. Estimates are used for this, particularly for those
items not traded in an active market. Management
consideration is also needed to determine the moment
control changes and thus the moment of consolidation of an
acquired entity.
Impairments of financial assets
We recognise a loss allowance for expected credit losses
(ECL) on financial assets measured at amortised cost or fair
value through other comprehensive income (OCI), as well as
for financial guarantees and loan commitments. When there
has been no significant deterioration in credit risk since
initial recognition, ECL is recognised based on a 12-month
expected credit loss (Stage 1). When a significant increase in
credit risk has occurred, ECL is recognised based on a
lifetime expected credit loss (Stage 2). For impaired loans
(Stage 3), a lifetime ECL is recognised. The impairments of
financial assets are determined as a critical estimate. For
more information on deterioration in credit risk, see \u201cRisk
management\u201d, under 3.8, Loss allowance for expected credit
losses.
Impairments of goodwill and other intangible assets
We calculate the recoverable amount for each cash-
generating unit (CGU) or group of CGUs as the higher of the
fair value of the asset less costs of disposal and its value in
use. If either of these amounts exceeds the carrying amount,
an impairment is not necessary and the other value does not
have to be calculated. The value-in-use calculation reflects
an estimate of future cash flows, baseline scenario analysis
and discount rates. The fair value less costs of disposal
calculation uses price-earnings multiples of our peer group
and future cash flows. Future cash flow estimates are based
on our strategic plans and different types of investigation
into possible trends. Events and factors that could have a
significant impact on these estimates include market
expectations, effects of mergers and acquisitions,
competitive conditions, client behaviour and changes in
client relationships, cost structure, trends in interest rates
and risks, and other circumstances specific to the industry
and sector. We carried out an annual impairment test on
goodwill arising from acquisitions in prior years. For more
information on the assumptions used, see Note\u00a010,
\"Goodwill and other intangible assets\". In addition, an annual
test is carried out for indications of impairment of other
intangible assets with a finite useful life.
Other accounting estimates
Impairments of non-financial assets
The recoverable amount of a non-financial asset is the higher
of the fair value of the asset less costs of disposal and its
value in use. This fair value less costs to sell is the price that
would be received on the sale of an asset or paid on the
transfer of a liability in an orderly transaction between
market participants at the valuation date. To determine
whether assets are impaired, the individual assets are
allocated to the lowest level at which cash flows can be
identified (CGUs). Non-financial assets that have been
subject to impairment, other than goodwill paid, are
reviewed annually to determine whether the impairment can
be reversed. Non-financial assets, other than goodwill paid,
are tested for impairment annually by assessing whether
there are any indications that these assets are impaired.
Deferred tax assets
Deferred tax assets are recognised only if it is probable that
taxable profits will be realised in the near future against
which these temporary differences can be offset. Estimates
are used when determining future taxable profits, since
these are inherently subject to uncertainty.
Actuarial assumptions for provisions
Pension liabilities are determined using actuarial
calculations. These calculations use assumptions regarding
elements such as the discount rate, future trends in salaries
and returns on investments. These assumptions are subject
to estimation uncertainty. See Note 17, Provisions.
Other provisions
Other provisions are determined on the basis of the most
recent estimates of the expected costs. The timing of the
cash outflow related to these provisions is by nature
uncertain, given the unpredictability of the outcome and
time required to conclude these claims and obligations. In
determining these provisions, where applicable, we take into
consideration the opinion of legal experts.
Summary of material accounting policies
Basis of consolidation
Subsidiaries
Our consolidated financial statements comprise the financial
statements of Van Lanschot Kempen and its subsidiaries.
These have been prepared at 31 December 2025 using
accounting policies consistent with those used in the
previous year, and their financial year is concurrent with the
calendar year.
Subsidiaries (including the consolidated structured entities)
are associates in which we exercise decisive control.
Van\u00a0Lanschot Kempen has decisive control over an entity
when it has power over that entity and is exposed to or has
rights to variable income from its involvement in the entity,
and is able to use its power over the entity to influence the
entity\u2019s income. The assessment of control is based on the
actual relationship between Van\u00a0Lanschot Kempen and the
entity. Factors taken into account include existing and
potential voting rights. A right is a material right if its holder
is able to exercise that right in practice.
We have power over an entity if its existing and potential
voting rights amount to more than 50%. If these rights
amount to less than 50%, we determine whether we have
power over the entity pursuant to contractual agreements.
In making this assessment, a distinction is drawn between
substantive and protective rights. Substantive rights are
rights which enable the decision-making power of an
enterprise to be influenced directly and which give us
decisive control over an entity. Examples include the right to
appoint and dismiss members of the Management Board,
and to set the level of their remuneration. Protective rights
are rights which protect the interests of an entity in another
entity, but which do not directly confer decision-making
powers. Protective rights do not give us decisive control
over an entity. When acquiring non-controlling interests, we
in principle include only protective rights in the contractual
agreement. These are rights of approval which enable us to
protect our minority position without acquiring decision-
making power. Examples of protective rights are rights of
approval in respect of the issue of shares and effecting
significant acquisitions.
Intra-group transactions are eliminated in the consolidation
process. Subsidiaries are consolidated from the date of
incorporation or acquisition, being the date on which
Van\u00a0Lanschot Kempen acquires control, and are
consolidated until the date that such control ceases.
We consolidate interests in investment funds if we have
power over the investment fund and are exposed to or have
rights to variable income stemming from our involvement
and are able to use our power over the investment fund to
influence the variable income. The assessment of control is
based on the actual relationship between Van Lanschot
Kempen and the investment fund. We take into account our
interest for our own account and our own role, or that of one
of our group companies, as fund manager.
In the case of subsidiaries not fully controlled by
Van\u00a0Lanschot Kempen, the non-controlling interest in equity
is presented separately in the consolidated statement of
financial position as a component of total equity.
The profit or loss for the reporting period that can be
attributed to the non-controlling interest is disclosed
separately.
Acquisitions
Acquisitions are recognised using the acquisition method.
Accordingly, the cost of an acquisition is allocated to the fair
value of the acquired assets (inclusive of any intangible
assets not previously recognised in the statement of
financial position), liabilities and obligations not recognised
in the statement of financial position.
Goodwill, being the difference between the cost of the
acquisition (including assumed debts) and our interest in the
fair value of acquired assets, liabilities and obligations not
recognised in the statement of financial position at the
acquisition date, is capitalised as an intangible asset. If this
difference is negative (negative goodwill), it is taken directly
to the statement of income. Goodwill is not amortised. For
more information on its valuation, see Note 10, \"Goodwill
and other intangible assets\".
A non-controlling interest in the company acquired is
recognised at the fair value prevailing on the acquisition date
or at the proportionate share in the identifiable assets and
liabilities of the company acquired. Results of companies
acquired are disclosed in the statement of income from the
date at which control is obtained.
Adjustments to the fair value of acquired assets and
liabilities at the acquisition date which are identified within
12 months of the acquisition may lead to adjustment of
goodwill. Adjustments identified after expiry of one year are
disclosed in the statement of income.
On disposal of group companies, the difference between the
sale proceeds and the acquisition cost (including goodwill) is
included in the statement of income together with any
unrealised gains or losses.
Foreign currencies
Functional currency
Items in the statement of financial position pertaining to
each group company are stated in the currency of the
economic environment in which the entity operates (i.e. the
functional currency).
Group companies
The assets, liabilities, income and expenses of group
companies that use a functional currency other than the
reporting currency are translated as follows:
\u2013 Assets and liabilities are translated using the closing
exchange rate at the reporting date;
\u2013 Income and expenses are translated using the rate
prevailing on the transaction date;
\u2013 Remaining exchange-related gains or losses are
recognised as a separate component of equity.
Upon consolidation, exchange-related gains or losses arising
from monetary items forming part of a net investment in
foreign subsidiaries are recognised in equity. Exchange-
related gains or losses on borrowings and other items
designated as hedging instruments for such investments are
also recognised in equity.
Transactions and line items
On initial recognition, transactions in foreign currencies are
translated into the functional currency at the exchange rates
prevailing on the transaction date. Translation differences
arising on the settlement of such transactions or on the
translation of monetary assets and liabilities denominated in
foreign currencies are recognised in the statement of
income, except where they are recognised in equity as
qualifying cash flow hedges or qualifying net investment
hedges in foreign subsidiaries.
In general, translation differences in the statement of
income are included in the result on financial transactions.
Translation differences on non-monetary items measured at
fair value through profit or loss are reported as part of the
fair value gain or loss. Non-monetary items are translated
into the reporting currency at the same time as the
determination of their fair value. By translation on the
reporting date, currency translation differences on non-
monetary items measured at fair value through other
comprehensive income are included in the revaluation
reserve in equity.
Non-monetary items not measured at fair value are
translated at the exchange rate prevailing on the original
transaction date.
Measurement & recognition
Recognition of financial assets in the statement of financial
position
The following financial assets are recognised on the
transaction date, i.e. the date on which we undertake to
purchase or sell the asset concerned, and are settled
according to standard market conventions:
\u2013 Purchases of financial assets designated at fair value
through profit or loss whose value is subject to change;
\u2013 Financial assets at fair value through other
comprehensive income;
\u2013 Other financial assets at amortised cost.
Loans and advances are recognised on the settlement date,
i.e. the date on which we receive the asset.
Derecognition of financial assets and liabilities in the
statement of financial position
Financial assets are derecognised when:
\u2013 Our rights to the cash flows from the asset expire;
\u2013 We have retained the right to receive the cash flows
from an asset, but have an obligation to pay these in full
to a third party under a special agreement;
\u2013 We have transferred our rights to the cash flows from
the asset and have transferred substantially all the risks
and rewards;
\u2013 We have not transferred substantially all the risks and
rewards but have transferred control over the asset.
If we have transferred our rights to the cash flows from an
asset, but have not transferred substantially all the risks and
rewards of the asset and have not transferred control, the
asset is recognised as long as we have continued
involvement in the asset.
A financial liability is derecognised as soon as the obligation
under the liability is discharged, cancelled or expired.
Special purpose entities
We have placed parts of our loan portfolio in special purpose
entities (SPEs), which comprise only covered bond
companies. If we have effective control over an SPE, it is
consolidated. We have control over an entity when we have
power over that entity and are exposed to or have rights to
variable income from our involvement in the entity and are
able to use our power over the entity to influence the
entity\u2019s income.
The accounting principles followed by Van Lanschot Kempen
are applied when consolidating SPEs.
Transfers of financial assets
All or a part of a financial asset is transferred if:
\u2013 The contractual rights to receive the cash flows from
that financial asset are transferred; or
\u2013 The contractual rights to receive the cash flows from
that financial asset are retained, but a contractual
obligation is assumed to pay the cash flows to one or
more recipients under an arrangement.
Derivatives
A derivative is initially recognised at fair value on the
effective date of the contract. After initial recognition, the
derivative is subsequently remeasured at fair value and
changes in value are taken to the statement of income under
Result on financial transactions. Fair values are based on
stock exchange prices, cash flow models, or option and other
valuation models, excluding accrued interest.
Hedge accounting
We use derivatives, such as interest rate swaps, to hedge our
exposure to interest rate risks. The carrying amount of
assets and liabilities which are hedged through fair value
hedging and which would otherwise be recognised at cost is
adjusted for changes in the fair value that can be attributed
to the hedged risks. Any gains or losses arising from changes
in the fair value of derivatives not relating to the hedged
risks are taken directly to the statement of income.
At the inception of a hedge transaction, we formally
designate and document the hedge relationship and the
financial risk management objective when entering into the
hedge transaction.
The documentation includes identification of the hedging
instrument, the hedged item or transaction, the nature of the
risk being hedged and how we will assess the hedging
instrument\u2019s effectiveness in offsetting the exposure to
risks.
Hedges that qualify for hedge accounting are recognised as
follows:
Fair value hedges
Fair value hedges are hedges of the exposure to changes in
the fair value of an asset or liability arising as a result of
interest rate changes. Changes in the value of the hedging
instrument are taken to the statement of income.
Any change in the fair value of the hedged item is also
recognised in the statement of income, in so far as the
hedging instrument has been effective in the preceding
period.
A hedge relationship ends if the hedging instrument is sold,
expires or is exercised, or if the hedging transaction no
longer meets the criteria for hedge accounting, with the
remaining value adjustment of the hedged item amortised
through profit or loss until the end of its term.
We apply micro fair value hedge accounting and macro fair
value hedge accounting.
Micro fair value hedges
We apply hedge accounting for micro fair value hedges
based on IFRS 9. A fair value hedge is classified as a micro
fair value hedge when the hedged item (or group of items) is
a distinctively identifiable asset or liability hedged by one or
a few hedging instruments. Debt securities at fair value
through other comprehensive income and issued debt
securities are hedged for interest rate risk in a micro fair
value hedge. Effectiveness is assessed and documented on a
monthly basis to determine that the hedge has been highly
effective throughout the financial reporting periods for
which it was intended. If necessary, adjustments are made to
the hedge relationship.
Macro fair value hedges
We apply macro fair value hedges for fixed rate mortgages.
A portfolio of mortgages is identified, comprising
homogeneous loans based on their contractual interest
rates, maturity and other risk characteristics. Mortgages
within the identified portfolio are allocated into repricing
term buckets based on expected repricing dates rather than
contractual repricing dates. The hedging instruments are
designated on a monthly basis appropriately to those
repricing term buckets.
Such hedges are considered to be effective if we may expect,
both upon inception and during the term of the hedge, that
changes in the fair value or cash flows of the hedged item will
be almost fully offset by changes in the fair value or cash
flows of the hedging instrument, in so far as they relate to
the hedged risk, and the actual outcome is within a range of
80-125%. Effectiveness is assessed and documented on a
monthly basis to determine that the hedge has been highly
effective throughout the financial reporting periods for
which it was intended. We apply the EU carve-out on
portfolio fair value hedges.
Cash flow hedges
Cash flow hedges are hedges of the exposure to fluctuations
in the cash flow of an asset, liability or future transaction
arising as a result of interest rate changes and/or inflation.
The portion of the gain or loss on the hedging instrument
that has been determined to be an effective hedge is
recognised directly in equity until the hedged item affects
the statement of income, while the ineffective portion is
recognised in the statement of income.
If the hedging instrument expires or is sold, or if it can no
longer be designated as a hedge, accumulated gains and
losses remain in equity until the expected future transaction
is taken to the statement of income. If the expected future
transaction is no longer likely to take place, the accumulated
result is transferred directly from equity to the statement of
income.
Embedded derivatives
Financial assets with embedded derivatives are considered
in their entirety when determining whether their cash flows
are solely payment of principal and interest.
If the hybrid contract contains a host that is not an asset in
the scope of IFRS 9, the embedded derivatives are separated
from the host contract and treated as separate derivatives
when:
\u2013 The economic characteristics are not closely related to
those of the host contract;
\u2013 A separate instrument with the same terms would meet
the definition of a derivative;
\u2013 The hybrid contract is not measured at fair value through
profit or loss.
Day 1 profit
Discrepancies between the transaction price and the fair
value may arise if valuation techniques are applied at the
time of the transaction. Such a discrepancy is referred to as a
Day 1 profit. Any resulting profit or loss is recognised
directly in the statement of income if the valuation method is
based on observable inputs in an active market. In the event
of unobservable inputs, the gain or loss is amortised over the
term of the transaction.
Netting of financial assets and liabilities
Financial assets and liabilities are netted and presented in
the consolidated financial statements at the net amount
when we have a legally enforceable right to offset the
recognised amounts and there is an intention to settle on a
net basis, or to realise the asset and settle the liability
simultaneously. See 3.7, Risk management.
Statement of financial position
Cash and cash equivalents and balances at central banks
Cash and cash equivalents and balances at central banks
comprise, at nominal value, cash in hand and deposits with a
term of less than three months, investments readily
convertible into a known amount of cash with an
insignificant risk of value changes, balances at central banks
and balances withdrawable on demand at other banks in
respect of which the risk of value changes is insignificant.
The minimum reserve requirement amount is included in this
item.
Due from banks
Amounts due from banks are initially recognised at fair value
and subsequently at amortised cost using the effective
interest method.
Derivatives
Derivatives are carried at fair value. The positive and
negative values of derivatives are shown separately on the
face of the statement of financial position on the assets side
and the liabilities side, respectively. The values of derivatives
with a positive and negative value, concluded with the same
counterparty, are only netted if the cash flows are settled on
a net basis and this is permitted under law. Changes in the
value of derivatives are taken directly to Result on financial
transactions. If the hedge is completely effective, the net
impact on the statement of income is nil. The difference, in so
far as this remains within the ranges set, reflects
ineffectiveness and is taken to the statement of income. The
interest on derivatives is recognised in other interest income
and other interest expense.
Derivatives include:
\u2013 The fair value of derivatives held for trading
Derivatives held for trading include transactions for own
account whereby the aim is to actively sell them in the
short term. Client option positions whereby offsetting
market transactions are conducted for all option
positions held by our clients on a one-on-one basis are
also included in this item.
\u2013 Economic hedges
Economic hedges are derivatives used to manage risks
without applying hedge accounting.
\u2013 Structured product derivatives
Structured product derivatives are instruments to hedge
structured products sold to clients, without application
of hedge accounting.
\u2013 Derivatives with application of hedge accounting
These are derivatives used as hedging instruments in the
application of hedge accounting.
Financial assets at fair value through profit or loss
Assets that do not meet the criteria for amortised cost or fair
value through other comprehensive income (FVOCI) are
measured at fair value through profit or loss (FVPL).
Additionally, any instrument for which the contractual cash
flow characteristics are not solely payments of principal and
interest (SPPI) are measured at FVPL. No restrictions are set
for sales within the fair value through profit or loss portfolio.
Interest earned on these assets is recognised under other
interest income. All other realised and unrealised gains and
losses on remeasuring debt instruments at fair value are
recognised under Result on financial transactions. All
realised and unrealised gains and losses on remeasuring
equity instruments at fair value are recognised under
Income from securities and associates.
Financial assets at fair value through profit or loss include
financial assets from trading activities. These are
transactions for our own account whereby the aim is to
actively sell these instruments in the short term. Financial
assets from trading activities consist of the trading portfolio
of both equity instruments and debt instruments. The
financial assets from trading activities are recognised at fair
value with effect from the trade date and value adjustments
are taken to the statement of income under Result on
financial transactions.
Financial assets at fair value through other comprehensive
income
A debt instrument that is held within the hold to collect and
sell business model and meets the SPPI test is measured at
fair value, with fair value adjustments recognised in Other
comprehensive income unless the asset is designated at fair
value through profit or loss. Sales as a result of managing
everyday liquidity needs, maintaining a particular interest
yield profile on the secondary market, or to match the
duration and sales required by regulators, are consistent
with the objective of the hold to collect and sell portfolio.
Under FVOCI, a financial asset is measured at its fair value
and changes in the carrying amount are taken through OCI,
except for the recognition of impairment gains or losses,
interest revenue and currency gains and losses on the
instrument\u2019s amortised cost, which are recognised in the
statement of income. When the financial asset is
derecognised, the cumulative gain or loss previously
recognised in OCI is reclassified from equity to the
statement of income and recognised in Result on financial
transactions. Interest income from these financial assets is
included in Interest income using the effective interest
method.
Loans and advances to the public and private sectors
Loans and advances to the public and private sectors are
initially recognised at fair value plus transaction costs
directly attributable to the acquisition of the financial asset.
Subsequently, loans and advances that are under a hold to
collect business model and that meet the SPPI criteria are
accounted for as amortised cost less any allowance for
impairment. The loss allowance for expected credit losses is
recognised in the statement of income. Amortisation takes
place using the effective interest rate method.
Other financial assets at amortised cost
A debt instrument that is held within the hold to collect
business model and meets the SPPI test is measured at
amortised cost unless the asset is designated at fair value
through profit or loss. Under this measurement category, the
financial asset is initially recognised at fair value plus
transaction costs that are directly attributable to the
acquisition of the financial asset, and subsequently at
amortised cost less the principal repayments, plus or minus
the cumulative amortisation using the effective interest
method of any difference between that initial amount and
the maturity amount and adjusted for any impairment
allowance. The impairment is recognised in the statement of
income. Interest income from these financial assets is
included in Interest income using the effective interest rate
method. The cash collateral for irrevocable payment
commitments to the Single Resolution Fund (SRF) is
presented in this item.
Investments in associates using the equity method
These investments have been designated by management as
transactions held indefinitely, and as a result of the acquired
control can be classified as investments in associates using
the equity method. These are investments in entities where
we have significant influence but not control. If there is a
change in the equity of the associate, we recognise our share
in this change and include it in Other comprehensive income.
This also applies to results of associates recognised in our
statement of income.
In the first year of investment, investments classified as
investments in associates using the equity method are
recognised at cost, and where applicable are adjusted for any
changes in the value of the associate\u2019s individual receivables
and payables occurring after the acquisition, measured using
the policies applied by Van Lanschot Kempen.
The recoverable amount of the investments in associates
using the equity method is determined each quarter. The
valuation methods applied to assess the carrying value are
the capitalisation method (peer group analysis), the
discounted cash flow method and the disclosed net asset
value method. An impairment is recognised if the
recoverable amount is lower than the carrying amount.
The capitalisation method determines the value of a
business by multiplying EBIT and EBITDA by a multiplier
factor derived from similar listed companies (the peer
group), if applicable also taking account of a discount for
poor liquidity and minority shareholdings. EBIT and EBITDA
are adjusted for one-off items where applicable.
The discounted cash flow method calculates the enterprise
value by discounting the forecast operational cash flows at a
discount rate for the planning period and a final value based
on extrapolation of the operating profit.
The discount rate is determined on the basis of the discount
rate of listed companies with a high degree of similarity and
on the specific characteristics of the company. If applicable,
the discounted cash flow method takes account of a discount
for poor liquidity and minority shareholdings.
The company\u2019s net debt is then deducted from the value
resulting from the capitalisation method and/or discounted
cash flow method and multiplied by the share in the capital
structure to derive the shareholder value from the
enterprise value.
The disclosed net asset value method determines the value
of a company based on the statement of financial position.
If our share in the associate\u2019s losses is equal to or exceeds
our interest in the associate, no further losses are recognised
unless we have assumed obligations or made payments for
these associates.
Property and equipment
Property and equipment comprise buildings in own use,
right-of-use assets, operation system software and IT,
communication and safety equipment, renovation &
refurbishment, and furniture & fixtures. Property and
equipment are initially carried at cost and subsequently
measured at historical cost less accumulated depreciation
and accumulated impairments. The carrying value includes
the costs for replacement of part of the existing property as
soon as these costs are incurred, but excludes day-to-day
servicing costs. Depreciation is calculated on a straight-line
basis over the useful life of the asset.
Lease contracts which we entered into as a lessee are
classified as right-of-use assets. Right-of-use assets are
presented as part of Property and equipment in the
statement of financial position and are measured at cost,
comprising the following:
\u2013 The amount of the initial measurement of the lease
liability;
\u2013 Any lease payments made at or before the
commencement date less any lease incentives received;
\u2013 Any initial direct costs;
\u2013 Restoration costs.
Depreciation is applied using the same method as for wholly
owned tangible assets.
The recoverable amount of individual property items within
the different CGUs or group of CGUs is determined every
year, irrespective of whether there is any indication of
impairment, and more often if market conditions so dictate.
The recoverable amount is the higher of the fair value less
costs to sell or the value in use. The value-in-use method is
used to determine the recoverable amount of the CGU to
which the asset belongs, unless the asset no longer
generates any cash flows at all. In that case, the fair value
less costs to sell is determined by an independent surveyor.
If the recoverable amount is below the carrying amount, an
impairment is recognised for the difference between the
carrying amount and the higher of the fair value less costs to
sell and the value in use.
Estimated useful life of property and equipment (years)
Buildings
25-40
Right-of-use assets
1-10
Operating system software and IT
3-5
Communication equipment
5
Safety equipment
15
Renovation & refurbishment
10-15
Furniture & fixtures
5-10
Operating system software expenses are capitalised if they
are identifiable, if there is a likelihood that future economic
benefits will flow to Van Lanschot Kempen and if costs can
be measured reliably.
Goodwill and other intangible assets
Goodwill represents the difference between the fair value of
the acquired assets (including intangible assets) and
liabilities, and the purchase price paid (excluding acquisition
costs). Goodwill paid is included in the financial statements
at cost less any accumulated impairment losses. Goodwill
paid is tested for impairment annually or whenever events or
changes in circumstances indicate that the carrying value
may be impaired. An impairment is calculated based on the
difference between the carrying value and the recoverable
amount of the CGU to which the goodwill relates. A CGU\u2019s
recoverable amount is the higher of its fair value less costs of
disposal and its value in use. If either of these amounts
exceeds the carrying amount, an impairment is not
necessary.
The fair value less costs of disposal uses price-earnings
multiples for our peer group and estimated future cash
flows. The value in use is determined by discounting the
future equity cash flows generated by each CGU or group of
CGUs to their net present value using a cost of equity for
each CGU or group of CGUs. If the recoverable amount of a
CGU is lower than its carrying amount, goodwill is impaired.
The impairment is first applied in full to the goodwill and
then pro rata to the individual assets.
Other intangible assets with a finite useful life, such as client
relationships, brand names and application software, are
capitalised at cost and amortised on a straight-line basis over
their respective useful lives. For acquired intangible assets,
an annual useful life test is conducted to assess indications of
impairment. For client relationships, volume changes in
assets under management (AuM) are assessed.
For acquired brand names and application software, the
future continuation of these intangible assets is evaluated.
Estimated useful life of intangible assets (years)
Client relationships
5-20
Brand names
5-20
Application software
3-5
Tax assets and liabilities
Tax assets and liabilities are stated at face value. Current
and deferred tax assets and liabilities are offset if they relate
to the same tax authority, concern the same type of tax, if it
is permitted under law to offset these tax positions and if the
tax positions are expected to be settled simultaneously.
Deferred taxes are recognised on the face of the statement
of financial position if the valuation of an asset or liability
temporarily differs from the valuation for tax purposes.
Deferred taxes are calculated using the tax rates prevailing
on the reporting date. Deferred tax assets are recognised
only if it is probable that taxable profits will be realised in the
near future against which these temporary differences can
be offset.
Deferred tax assets and liabilities are assessed at every
reporting date and derecognised to the extent necessary.
This derecognition will be reversed if it is probable that
sufficient taxable profits will be available.
Changes in the value of investments at fair value through
other comprehensive income and movements in the value of
derivatives forming part of a cash flow hedge are recognised
in equity net of deferred tax. Deferred tax assets and
liabilities cease to be recognised when these movements in
value are realised. Current tax is taken to the statement of
income on realisation of the change in value.
Other assets
Other assets comprise interest receivables, commission
receivables and other receivables, and are carried at the
lower of cost or the recoverable amount. This recoverable
amount is the estimated selling or settlement price in the
ordinary course of business less the relevant variable costs
to sell. The recoverable amount less the relevant variable
costs to sell is based on the appraisal value as determined by
an independent surveyor if applicable. Other assets are
initially recognised at fair value excluding transaction costs.
After initial recognition, they are recognised at amortised
cost using the effective interest method.
Due to banks
Amounts due to banks are initially recognised at fair value
excluding transaction costs. After their initial recognition,
they are recognised at amortised cost using the effective
interest method.
Public and private sector liabilities
Public and private sector liabilities are initially recognised at
fair value excluding transaction costs. After their initial
recognition, they are recognised at amortised cost using the
effective interest method.
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss
comprise financial instruments which management believes
should be recognised at fair value through profit or loss
based on one of the following reasons:
\u2013 Designation eliminates or significantly reduces
inconsistencies in measurement and recognition which
would otherwise arise as a result of liabilities being
valued or income and expenses being recognised under
different accounting policies; or
\u2013 The contract in which the financial instrument is included
contains one or more embedded derivatives and the
entire contract is recognised at fair value through profit
or loss. This is only permitted if the embedded derivative
has significant influence on the contractually agreed cash
flows.
The valuation takes account of our own credit risk. Own
credit risk is recognised in equity under the line item Other
reserves. See also Note 21, Total equity. The remaining
amount of change in the fair value of the financial liabilities
at fair value is recognised in Result on financial transactions
and Net interest income for the interest charges on medium-
term notes.
Financial liabilities at fair value through profit or loss include
financial liabilities from trading activities. These are
transactions for own account whereby the aim is to
repurchase these instruments in the short term. These
instruments are stated at fair value, with changes in value
recognised in the statement of income under Result on
financial transactions. This line item comprises short
positions on the trading portfolio in both equity instruments
and debt instruments. Recognition is from the date on which
the contract is concluded.
Issued debt securities
Issued debt securities are initially recognised at fair value
excluding transaction costs. After initial recognition, issued
debt securities are carried at amortised cost using the
effective interest method. Repurchase of our own debt
securities is offset in the consolidated financial statements
against the liability; the difference between the cost and the
carrying amount based on the remaining term is taken to the
statement of income.
Provisions
A provision is a liability of uncertain timing and/or amount. A
provision is included in the statement of financial position if
we have an obligation as a result of a past event, it is
probable that an outflow of resources will be required to
settle the obligation, and a reliable estimate can be made.
Provisions are discounted if the time value of money for the
liability has a material effect. The most material types of
provisions are the provision for pensions, provisions for
long-service benefits and restructuring provisions.
Provision for pensions
We operate defined benefit plans and defined contribution
plans. Under defined contribution plans, contributions to
pension providers are taken to the statement of income as
staff costs. We have no further payment obligations with
respect to defined contribution plans once the contributions
have been paid.
A defined benefit plan is a pension plan which defines the
amount of pension benefit that an employee will receive on
retirement. Factors such as age, years of service and salary
are taken into account when determining the amounts to be
paid. The provision for defined benefit plans is the present
value of the defined benefit obligation at the reporting date
less the fair value of plan assets.
Differences between the expected and actual return on plan
assets, actuarial gains and losses and changes in the effect of
the asset ceiling are recognised directly in equity; net
interest is recognised under Other interest expense in the
statement of income.
Provisions for long-service benefits
Employees receive anniversary pay to mark a long-service
anniversary of 25 and 40 years. The obligation is calculated
on an actuarial basis.
Restructuring provision
A provision for restructuring is recognised only if the
recognition criteria are met. We have a constructive
obligation if we have a detailed formal restructuring plan
identifying at least the business or part of the business
concerned, the principal locations affected, the number of
employees affected, a detailed estimate of the expenditure
to be undertaken and a suitable timeframe. Employees are
also notified of the main features of the plan.
Other liabilities
Other liabilities are initially recognised at fair value
excluding transaction costs. After their initial recognition,
they are recognised at amortised cost using the effective
interest method.
Lease liabilities are presented in the statement of financial
position as part of Other liabilities. Interest payments and
amortisation in the year are charged to the statement of
income on a straight-line basis over the term of the lease.
Lease liabilities consist of interest and amortisation
payments and are initially measured at the present value of
the remaining lease payments, discounted using the lessee\u2019s
incremental borrowing rate.
Subordinated loans
Subordinated loans are initially recognised at fair value
excluding transaction costs. After initial recognition, they
are carried at amortised cost. Purchases of our own
subordinated loans are offset against the liability in the
consolidated financial statements. The difference between
cost and the carrying amount based on the remaining term is
taken to the statement of income.
Equity
Direct costs of new share issues are deducted from equity,
taking account of taxes.
When we purchase treasury shares, the purchase price,
including direct transaction costs after tax, is deducted from
equity. Treasury shares that we purchase do not qualify for
profit or dividend and are not included in the calculation of
earnings per share.
Statement of income
General
Revenue is recognised when it is likely that the economic
benefits will flow to Van Lanschot Kempen and the revenue
can be measured reliably. Costs are allocated as far as
possible to the period in which the services were rendered
or to the relevant proceeds. .
Net interest income
This item consists of income earned on lending and costs of
borrowing, derivatives, related commission, and other
income/expense similar to interest. The amortisation of
remaining value adjustments on mortgage portfolios of fair
value hedges which expired in the past is presented under
Interest income.
Interest income and interest expense are recognised in the
statement of income on an accrual basis, using the effective
interest method. The effective interest rate is the rate that
exactly discounts estimated cash flows over the life of the
financial instrument, or a shorter period when appropriate,
to the net carrying amount of the financial asset or liability.
When calculating the effective interest rate, we take into
account all contractual terms of the financial instrument (for
example early repayment) but not future losses due to
uncollectible amounts.
Income from securities and associates
All dividends received from investments in equity
instruments are recognised directly in the statement of
income under Other income from securities and associates
when they are made payable. Our share in the results of
equity-valued associates is recognised under Income from
securities and associates using the equity method. Dividends
received are deducted from the carrying amount of the
equity-valued associate. Due to the fact that these
investments in associates using the equity method are part
of our investment strategy, we present income from these as
part of our operating activities. This line item also includes
results realised on the sale of associates using the equity
method, which are recognised upon closing of the
transaction.
Net commission income
This item comprises the income, other than income similar to
interest, earned on wealth management services provided to
third parties. It also includes fees charged to managed
investment funds. Commission paid to third parties is
accounted for as commission expense. We receive
commission for the wide range of services we provide to
clients. This can be divided into commission on a transaction
basis and periodic commission charged to the client during
the year. We recognise performance obligations as delivery
of service for management fees and completion of service
for investment banking activities. Payments are due based
on milestones for these performance obligations.
Commission on a transaction basis
Commission income on a transaction basis is recognised in
the periods in which we provide the services. Transaction
commission for which we only provide a service on the
transaction date (e.g. commission on buying and selling
shares) is taken directly to the statement of income.
Periodic commission
Periodic commission (e.g. management fees) is recognised in
the statement of income in the period in which the services
are provided.
Result on financial transactions
Result on securities trading includes realised and unrealised
value differences on gains and losses on financial
instruments relating to the securities trading portfolio.
Exchange and price gains and losses on trading in other
financial instruments are recognised under Result on foreign
currency trading. Gains and losses due to ineffectiveness in
hedge accounting are recognised under Unrealised gains/
losses on derivatives under hedge accounting. When
financial assets at fair value through OCI are derecognised,
the cumulative gain or loss is reclassified to Realised gains or
losses on financial assets at fair value through other
comprehensive income. Result on economic hedges includes
realised and unrealised gains and losses on derivatives that
are not included in a hedge accounting model. Result on
financial instruments at fair value through profit or loss
comprises unrealised value differences and interest
expenses on financial liabilities at fair value through profit or
loss with the exception of the interest charges on medium-
term notes, which are recognised under Net interest income.
Other income
Other income comprises income from categories not listed
above, for example income resulting from the consolidation
of non-banking subsidiaries.
Staff costs
Staff costs comprise wages and salaries, pension and early
retirement costs, other social security costs and other staff
costs such as remuneration in the form of share-based
employee benefits.
Share-based payments
Employees may be eligible to receive remuneration in the
form of share-based payments. The cost of equity-settled
transactions with employees is measured by reference to the
fair value at the date on which the equity instruments are
granted. The fair value is determined based on the share
price on the grant date, taking into account the discounted
value of expected dividends over the vesting period. The
cost of equity-settled transactions is recognised, together
with a corresponding increase in equity, in the period in
which the employee\u2019s performance criteria are fulfilled,
ending on the date on which the employee becomes fully
entitled to the award (the vesting date).
Share options
Van Lanschot Kempen has operated a share option plan
since 2025. The number of outstanding option rights
amounted to 16,628 at 31 December 2025. The exercise
period runs from 1 January 2029 to 20 May 2030 and
options may only be exercised during open periods. We hold
shares in order to hedge our commitments in respect of
these option rights. Van Lanschot Kempen meets its
obligations under its share and option plans primarily by
drawing on its stock of shares.
Partnership plan and partnership investment incentive
The partnership plan is a participation plan that allows key
senior staff to contribute to and participate in the success of
Van Lanschot Kempen. Its purpose is to anchor leadership
more broadly in our organisation, to further encourage
ownership and entrepreneurial spirit, and to create more
long-term alignment with our shareholders and clients.
Partners' contributions remain in the partnership during
their full tenure as a partner. Partners receive a discount of
18.5% as their interest is subject to a lock-up period of five
years. This discount is accounted for as an equity-settled
share-based payment and is recognised immediately as an
expense, with a corresponding increase in equity.
The purpose of the partnership investment incentive is to
enhance return perspectives. If awarded, a partnership
investment incentive will apply with respect to the
contributions made in the relevant contribution round for
five financial years and will be calculated at the end of each
of those years in accordance with the partnership
investment incentive formula.
Since the entitlement to the partnership investment
incentive for a financial year is subject to continued service
until the end of the financial year and the actual
performance achieved, the estimated cost is recognised over
the relevant vesting period.
The partnership investment incentive will be paid to
partners in two components: 70% in Van Lanschot Kempen
shares and 30% in cash. The portion settled in shares is
accounted for as an equity-settled share-based payment and
the portion settled in cash is accounted for as a long-term
employee benefit.
Other administrative expenses
Other administrative expenses are allocated to the period in
which the products and services are delivered.
Depreciation and amortisation
Depreciation and amortisation costs are determined on the
basis of estimated useful life and charged to the statement of
income.
Impairments
This item comprises the balance of the required impairments
and reversals of such impairments, including those on
financial instruments, on investments in associates using the
equity method, on property and equipment, and on goodwill
and other intangible assets.
Income tax
Tax on operating profit is recognised in the statement of
income in accordance with applicable tax law in the
jurisdictions in which we operate. Tax effects of any losses
incurred in certain jurisdictions are recognised as assets
when it is probable that sufficient future profits will be
available in the relevant jurisdiction against which these
losses can be offset.
Earnings per ordinary share
Earnings per ordinary share are calculated by dividing the
profit for the year available to ordinary shareholders by the
weighted average number of ordinary shares outstanding
during the period (ignoring treasury shares). Diluted
earnings per ordinary share are calculated by dividing the
profit available to ordinary shareholders by the weighted
average number of ordinary shares outstanding during the
period, adjusted for possible dilution as a result of, for
example, outstanding option rights.
Statement of cash flows
The statement of cash flows is prepared using the indirect
method. It distinguishes between cash flows from operating,
investing and financing activities. Cash flows from operating
activities include net changes in loans and advances,
deposits from/with banks, public and private sector
liabilities, and dividends received from investments in equity
instruments. Investing activities include acquisition,
redemption and sales of debt instruments, equity
investments, associates using the equity method, property
and equipment, goodwill and other intangible assets, and
dividend received from investments in associates using the
equity method. Financing activities include issues and
repayments of share plans, debt instruments and issued debt
securities, and dividends and capital returns paid to
shareholders. Cash and cash equivalents comprise, at face
value, all cash in hand, balances at central banks and
balances withdrawable on demand at other banks. Investing
and financing transactions that do not require the use of
cash or cash equivalents are excluded from the statement of
cash flows.
Commitments not recognised in the
statement of financial position
This includes contingent liabilities that are carried at the
contract value and relate in particular to guarantees and
irrevocable letters of credit. This item consists of unused
overdraft facilities, sale and repurchase commitments,
irrevocable payment commitments for leases not yet
commenced, irrevocable commitments for SRF\u00a0and all other
obligations resulting from irrevocable commitments that
could give rise to loans or other assets.
Other commitments represent a potential credit risk, but of
a type for which it is either not probable that this will lead to
an outflow of resources or for which no reliable estimate can
be made. For the commitments not recognised in the
statement of financial position, see \u201cCommitments and
contingent liabilities\u201d in the supplementary notes.
Segment information
The different operating segments form the basis for our
primary segmentation. An operating segment is a business
unit that can earn revenues and incur expenses and whose
operating results are regularly reviewed by management or
the chief operating decision-maker and for which discrete
financial information is available. Additional information is
reported geographically based on where the business
activities are located. Intra-segment transactions are
conducted on commercial terms and market conditions (at
arm\u2019s length).
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-537": { "value": "
General
Van Lanschot Kempen NV (\"Van\u00a0Lanschot Kempen\") is an
independent specialist wealth manager . Van Lanschot
Kempen has its registered office at Hooge Steenweg 29,
5211 JN \u00b4s\u00a0Hertogenbosch, the Netherlands. Van Lanschot
Kempen is a public limited company incorporated under
Dutch law and registered under number 16038212 at the
Chamber of Commerce. Depositary receipts for Class A
ordinary shares are publicly traded on the Euronext markets.
The consolidated financial statements of Van Lanschot
Kempen at 31 December 2025 were prepared by the
Management Board and approved by the Supervisory Board
on 25\u00a0February 2026, and will be submitted\u00a0 for adoption to
the annual general meeting (AGM) on 21\u00a0May\u00a02026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-538": { "value": "Van Lanschot Kempen NV (\"Van\u00a0Lanschot Kempen\") is an independent specialist wealth manager", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-539": { "value": "Van Lanschot Kempen NV (\"Van\u00a0Lanschot Kempen\")", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-540": { "value": "Hooge Steenweg 29, 5211 JN \u00b4s\u00a0Hertogenbosch, the Netherlands", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-541": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-542": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-543": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-544": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-545": { "value": "
The consolidated financial statements of Van Lanschot
Kempen at 31 December 2025 were prepared by the
Management Board and approved by the Supervisory Board
on 25\u00a0February 2026, and will be submitted\u00a0 for adoption to
the annual general meeting (AGM) on 21\u00a0May\u00a02026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-546": { "value": "
Basis of preparation
The consolidated financial statements of Van Lanschot
Kempen and its subsidiaries have been prepared in
accordance with IFRS Accounting Standards as adopted by
the EU, and with Part 9, Book 2 of the Dutch Civil Code.
Unless stated otherwise, assets and liabilities are measured
at historical cost.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-547": { "value": "
The consolidated financial statements of Van Lanschot
Kempen and its subsidiaries have been prepared in
accordance with IFRS Accounting Standards as adopted by
the EU, and with Part 9, Book 2 of the Dutch Civil Code.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-548": { "value": "
Continuity
The Management Board has assessed the ability of
Van\u00a0Lanschot Kempen to continue its operations and
concluded that Van Lanschot Kempen is able to do so for the
foreseeable future. Moreover, the Management Board has
not identified any events or conditions that may cast
significant doubt on our \u2013 i.e. Van\u00a0Lanschot Kempen's \u2013
ability to continue as a going concern. The consolidated
financial statements have been prepared on this basis.
Economic context
In 2025, we continued to see the impact of geopolitical
uncertainty, not least with the introduction of new US tariffs
and their impact on global trade. Ongoing investment in new
technologies and rapid developments in AI presented both
risks and opportunities. Inflation declined in 2025, and we
also saw commodities markets and major stock indices reach
all-time highs.
Inflation in the Netherlands and Belgium remained above
the inflation rate in the euro area. In the Netherlands,
inflation stood at 3.3%, driven mainly by higher housing
costs and a broad increase in the prices of goods and
services. Belgium recorded an inflation rate of 2.5%, mainly
reflecting price increases in hospitality services. Corporate
balance sheets generally remained healthy and consumer
spending stayed strong, supported in part by real wage
growth.
In the workforce, ongoing demographic shifts mean there
are as many as five generations working at the same time,
bringing diverse perspectives, capabilities and needs.
Meanwhile, attracting talent in specialist areas such as IT
and private banking remains challenging.
Consolidation continued in the European wealth
management space, driven by regulatory pressure, margin
compression, and the need for scale. Top-tier banking
institutions and private equity firms were prominent in M&A
activity. This trend is reshaping the industry and opens
opportunities for strategic growth.
Overall, Van Lanschot Kempen's capital and liquidity
positions remain robust, with a net result of \u20ac157,4 million in
2025 (2024: \u20ac141.9 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-549": { "value": "
Functional and reporting currency
The consolidated financial statements are denominated in
euros, Van Lanschot Kempen's functional and reporting
currency. Unless stated otherwise, all amounts are
presented in thousands of euros. The totals may not always
match the sum of the individual values due to rounding.
Functional currency
Items in the statement of financial position pertaining to
each group company are stated in the currency of the
economic environment in which the entity operates (i.e. the
functional currency).
Group companies
The assets, liabilities, income and expenses of group
companies that use a functional currency other than the
reporting currency are translated as follows:
\u2013 Assets and liabilities are translated using the closing
exchange rate at the reporting date;
\u2013 Income and expenses are translated using the rate
prevailing on the transaction date;
\u2013 Remaining exchange-related gains or losses are
recognised as a separate component of equity.
Upon consolidation, exchange-related gains or losses arising
from monetary items forming part of a net investment in
foreign subsidiaries are recognised in equity. Exchange-
related gains or losses on borrowings and other items
designated as hedging instruments for such investments are
also recognised in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-550": { "value": "
Changes in accounting policies
The accounting policies adopted in the preparation of our
consolidated financial statements for the year ended
31\u00a0December 2025 remain unchanged from the prior year,
except for the adoption of new standards and
interpretations effective from 1 January 2025 and the early
adoption of the Annual Improvements to IFRS Accounting
Standards \u2013 Volume 11.
Changes in published IFRS Accounting Standards and
interpretations
The IFRS Accounting Standards listed below became
effective from 1\u00a0January 2025 and have been applied to our
financial statements for 2025. The application of these
standards had no material impact on Van Lanschot Kempen\u2019s
equity or result. Application of the amended standards
generally entails amendment or expansion of notes.
Lack of Exchangeability \u2013 Amendments to IAS 21
The amendments specify how an entity should assess
whether a currency is exchangeable and how it should
determine a spot exchange rate when exchangeability is
lacking. Based on our analysis, the amendment does not have
a material impact on the results or equity of the company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-551": { "value": "
Annual Improvements to IFRS Accounting Standards \u2013
Volume 11
The amendments described below are part of the Annual
Improvements to IFRS Accounting Standards \u2013 Volume 11
and are effective for annual periods beginning on or after
1\u00a0January 2026. We decided to early adopt these
amendments. Based on our analysis, the application of these
standards had no material impact on Van Lanschot Kempen\u2019s
equity or result.
Hedge Accounting by a First-time Adopter \u2013 Amendments
to IFRS 1
IFRS 1 has been updated to include cross-references to the
qualifying criteria for hedge accounting under IFRS 9. The
purpose of these changes is to eliminate inconsistencies
between the two standards and reduce potential confusion
regarding hedge accounting requirements. The amendments
are effective for annual reporting periods beginning on or
after 1 January 2026, with early adoption permitted.
Gain or Loss on Derecognition \u2013 Amendments to IFRS 7
The amendments update the language on unobservable
inputs in paragraph B38 of IFRS 7 and include a cross
reference to paragraphs 72 and 73 of IFRS 13 Fair Value
Measurement.
Introduction \u2013 Amendments to Guidance on implementing
IFRS 7
The amendments to paragraph IG1 clarify that the guidance
does not necessarily illustrate all the requirements in the
referenced paragraphs of IFRS 7, nor does it create
additional requirements.
Disclosure of Deferred Difference between Fair Value and
Transaction Price \u2013 Amendments to Guidance on
implementing IFRS 7
Paragraph IG14 has been amended mainly to make the
wording consistent with the requirements in paragraph 28
of IFRS 7 and with the concepts and terminology used in
IFRS 9 and IFRS 13.
Credit Risk Disclosures \u2013 Amendments to Guidance on
implementing IFRS 7
Paragraph IG20B has been amended to simplify the
explanation of which aspects of the IFRS requirements are
not illustrated in the example.
Lessee Derecognition of Lease Liabilities \u2013 Amendments to
IFRS 9
Paragraph 2.1 has been amended to clarify that, when a
lessee has determined that a lease liability has been
terminated in accordance with IFRS 9, the lessee is required
to apply paragraph 3.3.3 and recognise any resulting gain or
loss in profit or loss.
Transaction Price \u2013 Amendments to IFRS 9
Paragraph 5.1.3 has been amended to replace the reference
to \"transaction price as defined by IFRS 15 Revenue from
Contracts with Customers\" with \"the amount determined by
applying IFRS 15\". The term has also been deleted from
Appendix A of IFRS 9 to address potential confusion.
Determination of a \"De Facto Agent\" \u2013 Amendments to
IFRS 10 Consolidated Financial Statements
Paragraph B74 has been amended to clarify that the
relationship described in paragraph B74 is just one example
of various relationships that might exist between the
investor and other parties acting as de facto agents for the
investor.
Cost method \u2013 Amendments to IAS 7 Statement of Cash
Flows
Paragraph 37 has been amended to replace the term \"cost
method\" with \"at cost\", following the prior deletion of the
definition of \"cost method\".
Published IFRS Accounting Standards and interpretations
not yet effective
In addition to the IFRS Accounting Standards and
interpretations referred to above, a number of IFRS
Accounting Standards and interpretations are new or have
been amended, and apply to financial statements for periods
beginning on or after 1\u00a0January 2026. We have not applied
the standards outlined below in the 2025 financial
statements. Unless stated otherwise, standards will be
applied as soon as they become effective and have been
endorsed by the EU.
Classification and Measurement of Financial Instruments \u2013
Amendments to IFRS 9 and IFRS 7
The amendments clarify the requirements for derecognition
of a financial liability on the settlement date using an
electronic payment system. They clarify how to assess the
contractual cash flow characteristics of financial assets,
including those with ESG-linked features and other similar
contingent features. Additional disclosures are required for
financial assets and liabilities with contractual terms that
reference a contingent event (including those that are ESG-
linked) and equity instruments designated at fair value
through other comprehensive income. Finally, the
amendments clarify the treatment of non-recourse assets
and contractually linked instruments. The amendments are
effective for annual periods beginning on or after
1\u00a0January\u00a02026. Entities can early adopt the amendments
that relate to the classification of financial assets plus the
related disclosures and apply the other amendments later.
The amendments are not expected to have a material impact
on the results or equity of the company.
Presentation and Disclosure in Financial Statements \u2013
IFRS\u00a018
IFRS 18 replaces IAS 1 and responds to investor demand for
better information about an entity\u2019s financial performance.
The standard sets out the general and specific requirements
for the presentation of financial statements and for
disclosures in the notes. This includes the requirement to
classify all income and expenses in the statement of profit or
loss into one of five categories (three being new) and to
present three mandatory subtotals (two being new). The
standard requires disclosure of management-defined
performance measures in one single note to the primary
financial statements. Enhanced guidance is provided on the
aggregation and disaggregation of information across the
financial statements. IFRS 18 results in amendments to
other standards, including IAS 7, Statement of Cash Flows.
The amendments are effective for annual periods beginning
on or after 1 January 2027. Earlier application is permitted.
The amendments are expected to impact presentation and
disclosure requirements for the financial statements,
including the statement of income, but will not materially
impact our results.
", "dimensions": { "concept": "vlk:DescriptionOfAccountingPolicyExplainingOfNewStandardsOrInterpretationsNotApplied", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-552": { "value": "
Significant accounting judgements and
estimates
We have identified those accounting policies which involve
the most complex or subjective decisions or assessments. In
the process of applying these accounting policies, we use
estimates, assumptions and judgements which can have a
significant impact on the amounts recognised in the financial
statements. These estimates and assumptions are based on
the most recent information available and include the impact
of the uncertain economic circumstances caused by global
unrest among other factors. Actual amounts may differ in
the future. Where applicable, the impact of the uncertain
economic circumstances on our assumptions are explained
further in the consolidated financial statements. The most
significant estimates and assumptions relate to the
determination of significant influence, fair value of financial
instruments, acquisitions, impairments of financial assets,
and impairments of goodwill and other intangible assets.
Determination of significant influence
We have applied critical judgement to determine significant
influence in companies in which we hold minority interests
smaller than 20%. Our influence on the financial and
operating policy decisions at some minority interests is more
in line with that in an associate, e.g. veto rights in decisions
on the issuance of new shares and decisions on amendments
to the Articles of Association. For that reason, we classify
these as associates and apply equity accounting instead of
IFRS 9 fair value accounting. For further information, see the
disclosure on Investments in associates using the equity
method.
Determination of fair value
The fair value of financial instruments not traded in an active
market is determined on the basis of cash flow, option and
other valuation models. These models are based on the
market circumstances prevailing at the reporting date.
Estimates mainly relate to future cash flows and discount
rates. For the fair value level classification and more details,
see \u201cRisk management\u201d, under Note 14, Public and private
sector liabilities
Acquisitions
In the case of acquisitions, it is necessary to determine the
fair value of the acquired assets (including any intangible
assets and goodwill acquired), as well as of liabilities and
obligations not recognised in the statement of financial
position. Estimates are used for this, particularly for those
items not traded in an active market. Management
consideration is also needed to determine the moment
control changes and thus the moment of consolidation of an
acquired entity.
Impairments of financial assets
We recognise a loss allowance for expected credit losses
(ECL) on financial assets measured at amortised cost or fair
value through other comprehensive income (OCI), as well as
for financial guarantees and loan commitments. When there
has been no significant deterioration in credit risk since
initial recognition, ECL is recognised based on a 12-month
expected credit loss (Stage 1). When a significant increase in
credit risk has occurred, ECL is recognised based on a
lifetime expected credit loss (Stage 2). For impaired loans
(Stage 3), a lifetime ECL is recognised. The impairments of
financial assets are determined as a critical estimate. For
more information on deterioration in credit risk, see \u201cRisk
management\u201d, under 3.8, Loss allowance for expected credit
losses.
Impairments of goodwill and other intangible assets
We calculate the recoverable amount for each cash-
generating unit (CGU) or group of CGUs as the higher of the
fair value of the asset less costs of disposal and its value in
use. If either of these amounts exceeds the carrying amount,
an impairment is not necessary and the other value does not
have to be calculated. The value-in-use calculation reflects
an estimate of future cash flows, baseline scenario analysis
and discount rates. The fair value less costs of disposal
calculation uses price-earnings multiples of our peer group
and future cash flows. Future cash flow estimates are based
on our strategic plans and different types of investigation
into possible trends. Events and factors that could have a
significant impact on these estimates include market
expectations, effects of mergers and acquisitions,
competitive conditions, client behaviour and changes in
client relationships, cost structure, trends in interest rates
and risks, and other circumstances specific to the industry
and sector. We carried out an annual impairment test on
goodwill arising from acquisitions in prior years. For more
information on the assumptions used, see Note\u00a010,
\"Goodwill and other intangible assets\". In addition, an annual
test is carried out for indications of impairment of other
intangible assets with a finite useful life.
Other accounting estimates
Impairments of non-financial assets
The recoverable amount of a non-financial asset is the higher
of the fair value of the asset less costs of disposal and its
value in use. This fair value less costs to sell is the price that
would be received on the sale of an asset or paid on the
transfer of a liability in an orderly transaction between
market participants at the valuation date. To determine
whether assets are impaired, the individual assets are
allocated to the lowest level at which cash flows can be
identified (CGUs). Non-financial assets that have been
subject to impairment, other than goodwill paid, are
reviewed annually to determine whether the impairment can
be reversed. Non-financial assets, other than goodwill paid,
are tested for impairment annually by assessing whether
there are any indications that these assets are impaired.
Deferred tax assets
Deferred tax assets are recognised only if it is probable that
taxable profits will be realised in the near future against
which these temporary differences can be offset. Estimates
are used when determining future taxable profits, since
these are inherently subject to uncertainty.
Actuarial assumptions for provisions
Pension liabilities are determined using actuarial
calculations. These calculations use assumptions regarding
elements such as the discount rate, future trends in salaries
and returns on investments. These assumptions are subject
to estimation uncertainty. See Note 17, Provisions.
Other provisions
Other provisions are determined on the basis of the most
recent estimates of the expected costs. The timing of the
cash outflow related to these provisions is by nature
uncertain, given the unpredictability of the outcome and
time required to conclude these claims and obligations. In
determining these provisions, where applicable, we take into
consideration the opinion of legal experts", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-553": { "value": "
Determination of fair value
The fair value of financial instruments not traded in an active
market is determined on the basis of cash flow, option and
other valuation models. These models are based on the
market circumstances prevailing at the reporting date.
Estimates mainly relate to future cash flows and discount
rates. For the fair value level classification and more details,
see \u201cRisk management\u201d, under Note 14, Public and private
sector liabilities
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-554": { "value": "
Impairments of financial assets
We recognise a loss allowance for expected credit losses
(ECL) on financial assets measured at amortised cost or fair
value through other comprehensive income (OCI), as well as
for financial guarantees and loan commitments. When there
has been no significant deterioration in credit risk since
initial recognition, ECL is recognised based on a 12-month
expected credit loss (Stage 1). When a significant increase in
credit risk has occurred, ECL is recognised based on a
lifetime expected credit loss (Stage 2). For impaired loans
(Stage 3), a lifetime ECL is recognised. The impairments of
financial assets are determined as a critical estimate. For
more information on deterioration in credit risk, see \u201cRisk
management\u201d, under 3.8, Loss allowance for expected credit
losses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-555": { "value": "
Impairments of non-financial assets
The recoverable amount of a non-financial asset is the higher
of the fair value of the asset less costs of disposal and its
value in use. This fair value less costs to sell is the price that
would be received on the sale of an asset or paid on the
transfer of a liability in an orderly transaction between
market participants at the valuation date. To determine
whether assets are impaired, the individual assets are
allocated to the lowest level at which cash flows can be
identified (CGUs). Non-financial assets that have been
subject to impairment, other than goodwill paid, are
reviewed annually to determine whether the impairment can
be reversed. Non-financial assets, other than goodwill paid,
are tested for impairment annually by assessing whether
there are any indications that these assets are impaired.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-556": { "value": "
Basis of consolidation
Subsidiaries
Our consolidated financial statements comprise the financial
statements of Van Lanschot Kempen and its subsidiaries.
These have been prepared at 31 December 2025 using
accounting policies consistent with those used in the
previous year, and their financial year is concurrent with the
calendar year.
Subsidiaries (including the consolidated structured entities)
are associates in which we exercise decisive control.
Van\u00a0Lanschot Kempen has decisive control over an entity
when it has power over that entity and is exposed to or has
rights to variable income from its involvement in the entity,
and is able to use its power over the entity to influence the
entity\u2019s income. The assessment of control is based on the
actual relationship between Van\u00a0Lanschot Kempen and the
entity. Factors taken into account include existing and
potential voting rights. A right is a material right if its holder
is able to exercise that right in practice.
We have power over an entity if its existing and potential
voting rights amount to more than 50%. If these rights
amount to less than 50%, we determine whether we have
power over the entity pursuant to contractual agreements.
In making this assessment, a distinction is drawn between
substantive and protective rights. Substantive rights are
rights which enable the decision-making power of an
enterprise to be influenced directly and which give us
decisive control over an entity. Examples include the right to
appoint and dismiss members of the Management Board,
and to set the level of their remuneration. Protective rights
are rights which protect the interests of an entity in another
entity, but which do not directly confer decision-making
powers. Protective rights do not give us decisive control
over an entity. When acquiring non-controlling interests, we
in principle include only protective rights in the contractual
agreement. These are rights of approval which enable us to
protect our minority position without acquiring decision-
making power. Examples of protective rights are rights of
approval in respect of the issue of shares and effecting
significant acquisitions.
Intra-group transactions are eliminated in the consolidation
process. Subsidiaries are consolidated from the date of
incorporation or acquisition, being the date on which
Van\u00a0Lanschot Kempen acquires control, and are
consolidated until the date that such control ceases.
We consolidate interests in investment funds if we have
power over the investment fund and are exposed to or have
rights to variable income stemming from our involvement
and are able to use our power over the investment fund to
influence the variable income. The assessment of control is
based on the actual relationship between Van Lanschot
Kempen and the investment fund. We take into account our
interest for our own account and our own role, or that of one
of our group companies, as fund manager.
In the case of subsidiaries not fully controlled by
Van\u00a0Lanschot Kempen, the non-controlling interest in equity
is presented separately in the consolidated statement of
financial position as a component of total equity.
The profit or loss for the reporting period that can be
attributed to the non-controlling interest is disclosed
separately.
Acquisitions
Acquisitions are recognised using the acquisition method.
Accordingly, the cost of an acquisition is allocated to the fair
value of the acquired assets (inclusive of any intangible
assets not previously recognised in the statement of
financial position), liabilities and obligations not recognised
in the statement of financial position.
Goodwill, being the difference between the cost of the
acquisition (including assumed debts) and our interest in the
fair value of acquired assets, liabilities and obligations not
recognised in the statement of financial position at the
acquisition date, is capitalised as an intangible asset. If this
difference is negative (negative goodwill), it is taken directly
to the statement of income. Goodwill is not amortised. For
more information on its valuation, see Note 10, \"Goodwill
and other intangible assets\".
A non-controlling interest in the company acquired is
recognised at the fair value prevailing on the acquisition date
or at the proportionate share in the identifiable assets and
liabilities of the company acquired. Results of companies
acquired are disclosed in the statement of income from the
date at which control is obtained.
Adjustments to the fair value of acquired assets and
liabilities at the acquisition date which are identified within
12 months of the acquisition may lead to adjustment of
goodwill. Adjustments identified after expiry of one year are
disclosed in the statement of income.
On disposal of group companies, the difference between the
sale proceeds and the acquisition cost (including goodwill) is
included in the statement of income together with any
unrealised gains or losses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-557": { "value": "
Subsidiaries
Our consolidated financial statements comprise the financial
statements of Van Lanschot Kempen and its subsidiaries.
These have been prepared at 31 December 2025 using
accounting policies consistent with those used in the
previous year, and their financial year is concurrent with the
calendar year.
Subsidiaries (including the consolidated structured entities)
are associates in which we exercise decisive control.
Van\u00a0Lanschot Kempen has decisive control over an entity
when it has power over that entity and is exposed to or has
rights to variable income from its involvement in the entity,
and is able to use its power over the entity to influence the
entity\u2019s income. The assessment of control is based on the
actual relationship between Van\u00a0Lanschot Kempen and the
entity. Factors taken into account include existing and
potential voting rights. A right is a material right if its holder
is able to exercise that right in practice.
We have power over an entity if its existing and potential
voting rights amount to more than 50%. If these rights
amount to less than 50%, we determine whether we have
power over the entity pursuant to contractual agreements.
In making this assessment, a distinction is drawn between
substantive and protective rights. Substantive rights are
rights which enable the decision-making power of an
enterprise to be influenced directly and which give us
decisive control over an entity. Examples include the right to
appoint and dismiss members of the Management Board,
and to set the level of their remuneration. Protective rights
are rights which protect the interests of an entity in another
entity, but which do not directly confer decision-making
powers. Protective rights do not give us decisive control
over an entity. When acquiring non-controlling interests, we
in principle include only protective rights in the contractual
agreement. These are rights of approval which enable us to
protect our minority position without acquiring decision-
making power. Examples of protective rights are rights of
approval in respect of the issue of shares and effecting
significant acquisitions.
Intra-group transactions are eliminated in the consolidation
process. Subsidiaries are consolidated from the date of
incorporation or acquisition, being the date on which
Van\u00a0Lanschot Kempen acquires control, and are
consolidated until the date that such control ceases.
We consolidate interests in investment funds if we have
power over the investment fund and are exposed to or have
rights to variable income stemming from our involvement
and are able to use our power over the investment fund to
influence the variable income. The assessment of control is
based on the actual relationship between Van Lanschot
Kempen and the investment fund. We take into account our
interest for our own account and our own role, or that of one
of our group companies, as fund manager.
In the case of subsidiaries not fully controlled by
Van\u00a0Lanschot Kempen, the non-controlling interest in equity
is presented separately in the consolidated statement of
financial position as a component of total equity.
The profit or loss for the reporting period that can be
attributed to the non-controlling interest is disclosed
separately.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-559": { "value": "
Acquisitions
Acquisitions are recognised using the acquisition method.
Accordingly, the cost of an acquisition is allocated to the fair
value of the acquired assets (inclusive of any intangible
assets not previously recognised in the statement of
financial position), liabilities and obligations not recognised
in the statement of financial position.
Goodwill, being the difference between the cost of the
acquisition (including assumed debts) and our interest in the
fair value of acquired assets, liabilities and obligations not
recognised in the statement of financial position at the
acquisition date, is capitalised as an intangible asset. If this
difference is negative (negative goodwill), it is taken directly
to the statement of income. Goodwill is not amortised. For
more information on its valuation, see Note 10, \"Goodwill
and other intangible assets\".
A non-controlling interest in the company acquired is
recognised at the fair value prevailing on the acquisition date
or at the proportionate share in the identifiable assets and
liabilities of the company acquired. Results of companies
acquired are disclosed in the statement of income from the
date at which control is obtained.
Adjustments to the fair value of acquired assets and
liabilities at the acquisition date which are identified within
12 months of the acquisition may lead to adjustment of
goodwill. Adjustments identified after expiry of one year are
disclosed in the statement of income.
On disposal of group companies, the difference between the
sale proceeds and the acquisition cost (including goodwill) is
included in the statement of income together with any
unrealised gains or losses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-558": { "value": "
Acquisitions
Acquisitions are recognised using the acquisition method.
Accordingly, the cost of an acquisition is allocated to the fair
value of the acquired assets (inclusive of any intangible
assets not previously recognised in the statement of
financial position), liabilities and obligations not recognised
in the statement of financial position.
Goodwill, being the difference between the cost of the
acquisition (including assumed debts) and our interest in the
fair value of acquired assets, liabilities and obligations not
recognised in the statement of financial position at the
acquisition date, is capitalised as an intangible asset. If this
difference is negative (negative goodwill), it is taken directly
to the statement of income. Goodwill is not amortised", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-560": { "value": "
On disposal of group companies, the difference between the
sale proceeds and the acquisition cost (including goodwill) is
included in the statement of income together with any
unrealised gains or losses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-561": { "value": "
Transactions and line items
On initial recognition, transactions in foreign currencies are
translated into the functional currency at the exchange rates
prevailing on the transaction date. Translation differences
arising on the settlement of such transactions or on the
translation of monetary assets and liabilities denominated in
foreign currencies are recognised in the statement of
income, except where they are recognised in equity as
qualifying cash flow hedges or qualifying net investment
hedges in foreign subsidiaries.
In general, translation differences in the statement of
income are included in the result on financial transactions.
Translation differences on non-monetary items measured at
fair value through profit or loss are reported as part of the
fair value gain or loss. Non-monetary items are translated
into the reporting currency at the same time as the
determination of their fair value. By translation on the
reporting date, currency translation differences on non-
monetary items measured at fair value through other
comprehensive income are included in the revaluation
reserve in equity.
Non-monetary items not measured at fair value are
translated at the exchange rate prevailing on the original
transaction date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-563": { "value": "
Derecognition of financial assets and liabilities in the
statement of financial position
Financial assets are derecognised when:
\u2013 Our rights to the cash flows from the asset expire;
\u2013 We have retained the right to receive the cash flows
from an asset, but have an obligation to pay these in full
to a third party under a special agreement;
\u2013 We have transferred our rights to the cash flows from
the asset and have transferred substantially all the risks
and rewards;
\u2013 We have not transferred substantially all the risks and
rewards but have transferred control over the asset.
If we have transferred our rights to the cash flows from an
asset, but have not transferred substantially all the risks and
rewards of the asset and have not transferred control, the
asset is recognised as long as we have continued
involvement in the asset.
A financial liability is derecognised as soon as the obligation
under the liability is discharged, cancelled or expired.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-562": { "value": "
Derecognition of financial assets and liabilities in the
statement of financial position
Financial assets are derecognised when:
\u2013 Our rights to the cash flows from the asset expire;
\u2013 We have retained the right to receive the cash flows
from an asset, but have an obligation to pay these in full
to a third party under a special agreement;
\u2013 We have transferred our rights to the cash flows from
the asset and have transferred substantially all the risks
and rewards;
\u2013 We have not transferred substantially all the risks and
rewards but have transferred control over the asset.
If we have transferred our rights to the cash flows from an
asset, but have not transferred substantially all the risks and
rewards of the asset and have not transferred control, the
asset is recognised as long as we have continued
involvement in the asset.
Financial assets at fair value through profit or loss
Assets that do not meet the criteria for amortised cost or fair
value through other comprehensive income (FVOCI) are
measured at fair value through profit or loss (FVPL).
Additionally, any instrument for which the contractual cash
flow characteristics are not solely payments of principal and
interest (SPPI) are measured at FVPL. No restrictions are set
for sales within the fair value through profit or loss portfolio.
Interest earned on these assets is recognised under other
interest income. All other realised and unrealised gains and
losses on remeasuring debt instruments at fair value are
recognised under Result on financial transactions. All
realised and unrealised gains and losses on remeasuring
equity instruments at fair value are recognised under
Income from securities and associates.
Financial assets at fair value through profit or loss include
financial assets from trading activities. These are
transactions for our own account whereby the aim is to
actively sell these instruments in the short term. Financial
assets from trading activities consist of the trading portfolio
of both equity instruments and debt instruments. The
financial assets from trading activities are recognised at fair
value with effect from the trade date and value adjustments
are taken to the statement of income under Result on
financial transactions.
Financial assets at fair value through other comprehensive
income
A debt instrument that is held within the hold to collect and
sell business model and meets the SPPI test is measured at
fair value, with fair value adjustments recognised in Other
comprehensive income unless the asset is designated at fair
value through profit or loss. Sales as a result of managing
everyday liquidity needs, maintaining a particular interest
yield profile on the secondary market, or to match the
duration and sales required by regulators, are consistent
with the objective of the hold to collect and sell portfolio.
Under FVOCI, a financial asset is measured at its fair value
and changes in the carrying amount are taken through OCI,
except for the recognition of impairment gains or losses,
interest revenue and currency gains and losses on the
instrument\u2019s amortised cost, which are recognised in the
statement of income. When the financial asset is
derecognised, the cumulative gain or loss previously
recognised in OCI is reclassified from equity to the
statement of income and recognised in Result on financial
transactions. Interest income from these financial assets is
included in Interest income using the effective interest
method.
Loans and advances to the public and private sectors
Loans and advances to the public and private sectors are
initially recognised at fair value plus transaction costs
directly attributable to the acquisition of the financial asset.
Subsequently, loans and advances that are under a hold to
collect business model and that meet the SPPI criteria are
accounted for as amortised cost less any allowance for
impairment. The loss allowance for expected credit losses is
recognised in the statement of income. Amortisation takes
place using the effective interest rate method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-564": { "value": "
A financial liability is derecognised as soon as the obligation
under the liability is discharged, cancelled or expired
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss
comprise financial instruments which management believes
should be recognised at fair value through profit or loss
based on one of the following reasons:
\u2013 Designation eliminates or significantly reduces
inconsistencies in measurement and recognition which
would otherwise arise as a result of liabilities being
valued or income and expenses being recognised under
different accounting policies; or
\u2013 The contract in which the financial instrument is included
contains one or more embedded derivatives and the
entire contract is recognised at fair value through profit
or loss. This is only permitted if the embedded derivative
has significant influence on the contractually agreed cash
flows.
The valuation takes account of our own credit risk. Own
credit risk is recognised in equity under the line item Other
reserves. See also Note 21, Total equity. The remaining
amount of change in the fair value of the financial liabilities
at fair value is recognised in Result on financial transactions
and Net interest income for the interest charges on medium-
term notes.
Financial liabilities at fair value through profit or loss include
financial liabilities from trading activities. These are
transactions for own account whereby the aim is to
repurchase these instruments in the short term. These
instruments are stated at fair value, with changes in value
recognised in the statement of income under Result on
financial transactions. This line item comprises short
positions on the trading portfolio in both equity instruments
and debt instruments. Recognition is from the date on which
the contract is concluded.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-566": { "value": "
Derivatives
A derivative is initially recognised at fair value on the
effective date of the contract. After initial recognition, the
derivative is subsequently remeasured at fair value and
changes in value are taken to the statement of income under
Result on financial transactions. Fair values are based on
stock exchange prices, cash flow models, or option and other
valuation models, excluding accrued interest.
Hedge accounting
We use derivatives, such as interest rate swaps, to hedge our
exposure to interest rate risks. The carrying amount of
assets and liabilities which are hedged through fair value
hedging and which would otherwise be recognised at cost is
adjusted for changes in the fair value that can be attributed
to the hedged risks. Any gains or losses arising from changes
in the fair value of derivatives not relating to the hedged
risks are taken directly to the statement of income.
At the inception of a hedge transaction, we formally
designate and document the hedge relationship and the
financial risk management objective when entering into the
hedge transaction.
The documentation includes identification of the hedging
instrument, the hedged item or transaction, the nature of the
risk being hedged and how we will assess the hedging
instrument\u2019s effectiveness in offsetting the exposure to
risks.
Hedges that qualify for hedge accounting are recognised as
follows:
Fair value hedges
Fair value hedges are hedges of the exposure to changes in
the fair value of an asset or liability arising as a result of
interest rate changes. Changes in the value of the hedging
instrument are taken to the statement of income.
Any change in the fair value of the hedged item is also
recognised in the statement of income, in so far as the
hedging instrument has been effective in the preceding
period.
A hedge relationship ends if the hedging instrument is sold,
expires or is exercised, or if the hedging transaction no
longer meets the criteria for hedge accounting, with the
remaining value adjustment of the hedged item amortised
through profit or loss until the end of its term.
We apply micro fair value hedge accounting and macro fair
value hedge accounting.
Micro fair value hedges
We apply hedge accounting for micro fair value hedges
based on IFRS 9. A fair value hedge is classified as a micro
fair value hedge when the hedged item (or group of items) is
a distinctively identifiable asset or liability hedged by one or
a few hedging instruments. Debt securities at fair value
through other comprehensive income and issued debt
securities are hedged for interest rate risk in a micro fair
value hedge. Effectiveness is assessed and documented on a
monthly basis to determine that the hedge has been highly
effective throughout the financial reporting periods for
which it was intended. If necessary, adjustments are made to
the hedge relationship.
Macro fair value hedges
We apply macro fair value hedges for fixed rate mortgages.
A portfolio of mortgages is identified, comprising
homogeneous loans based on their contractual interest
rates, maturity and other risk characteristics. Mortgages
within the identified portfolio are allocated into repricing
term buckets based on expected repricing dates rather than
contractual repricing dates. The hedging instruments are
designated on a monthly basis appropriately to those
repricing term buckets.
Such hedges are considered to be effective if we may expect,
both upon inception and during the term of the hedge, that
changes in the fair value or cash flows of the hedged item will
be almost fully offset by changes in the fair value or cash
flows of the hedging instrument, in so far as they relate to
the hedged risk, and the actual outcome is within a range of
80-125%. Effectiveness is assessed and documented on a
monthly basis to determine that the hedge has been highly
effective throughout the financial reporting periods for
which it was intended. We apply the EU carve-out on
portfolio fair value hedges.
Cash flow hedges
Cash flow hedges are hedges of the exposure to fluctuations
in the cash flow of an asset, liability or future transaction
arising as a result of interest rate changes and/or inflation.
The portion of the gain or loss on the hedging instrument
that has been determined to be an effective hedge is
recognised directly in equity until the hedged item affects
the statement of income, while the ineffective portion is
recognised in the statement of income.
If the hedging instrument expires or is sold, or if it can no
longer be designated as a hedge, accumulated gains and
losses remain in equity until the expected future transaction
is taken to the statement of income. If the expected future
transaction is no longer likely to take place, the accumulated
result is transferred directly from equity to the statement of
income.
Embedded derivatives
Financial assets with embedded derivatives are considered
in their entirety when determining whether their cash flows
are solely payment of principal and interest.
If the hybrid contract contains a host that is not an asset in
the scope of IFRS 9, the embedded derivatives are separated
from the host contract and treated as separate derivatives
when:
\u2013 The economic characteristics are not closely related to
those of the host contract;
\u2013 A separate instrument with the same terms would meet
the definition of a derivative;
\u2013 The hybrid contract is not measured at fair value through
profit or loss.
Day 1 profit
Discrepancies between the transaction price and the fair
value may arise if valuation techniques are applied at the
time of the transaction. Such a discrepancy is referred to as a
Day 1 profit. Any resulting profit or loss is recognised
directly in the statement of income if the valuation method is
based on observable inputs in an active market. In the event
of unobservable inputs, the gain or loss is amortised over the
term of the transaction.
Derivatives
Derivatives are carried at fair value. The positive and
negative values of derivatives are shown separately on the
face of the statement of financial position on the assets side
and the liabilities side, respectively. The values of derivatives
with a positive and negative value, concluded with the same
counterparty, are only netted if the cash flows are settled on
a net basis and this is permitted under law. Changes in the
value of derivatives are taken directly to Result on financial
transactions. If the hedge is completely effective, the net
impact on the statement of income is nil. The difference, in so
far as this remains within the ranges set, reflects
ineffectiveness and is taken to the statement of income. The
interest on derivatives is recognised in other interest income
and other interest expense.
Derivatives include:
\u2013 The fair value of derivatives held for trading
Derivatives held for trading include transactions for own
account whereby the aim is to actively sell them in the
short term. Client option positions whereby offsetting
market transactions are conducted for all option
positions held by our clients on a one-on-one basis are
also included in this item.
\u2013 Economic hedges
Economic hedges are derivatives used to manage risks
without applying hedge accounting.
\u2013 Structured product derivatives
Structured product derivatives are instruments to hedge
structured products sold to clients, without application
of hedge accounting.
\u2013 Derivatives with application of hedge accounting
These are derivatives used as hedging instruments in the
application of hedge accounting.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-565": { "value": "
Derivatives
A derivative is initially recognised at fair value on the
effective date of the contract. After initial recognition, the
derivative is subsequently remeasured at fair value and
changes in value are taken to the statement of income under
Result on financial transactions. Fair values are based on
stock exchange prices, cash flow models, or option and other
valuation models, excluding accrued interest.
Hedge accounting
We use derivatives, such as interest rate swaps, to hedge our
exposure to interest rate risks. The carrying amount of
assets and liabilities which are hedged through fair value
hedging and which would otherwise be recognised at cost is
adjusted for changes in the fair value that can be attributed
to the hedged risks. Any gains or losses arising from changes
in the fair value of derivatives not relating to the hedged
risks are taken directly to the statement of income.
At the inception of a hedge transaction, we formally
designate and document the hedge relationship and the
financial risk management objective when entering into the
hedge transaction.
The documentation includes identification of the hedging
instrument, the hedged item or transaction, the nature of the
risk being hedged and how we will assess the hedging
instrument\u2019s effectiveness in offsetting the exposure to
risks.
Hedges that qualify for hedge accounting are recognised as
follows:
Fair value hedges
Fair value hedges are hedges of the exposure to changes in
the fair value of an asset or liability arising as a result of
interest rate changes. Changes in the value of the hedging
instrument are taken to the statement of income.
Any change in the fair value of the hedged item is also
recognised in the statement of income, in so far as the
hedging instrument has been effective in the preceding
period.
A hedge relationship ends if the hedging instrument is sold,
expires or is exercised, or if the hedging transaction no
longer meets the criteria for hedge accounting, with the
remaining value adjustment of the hedged item amortised
through profit or loss until the end of its term.
We apply micro fair value hedge accounting and macro fair
value hedge accounting.
Micro fair value hedges
We apply hedge accounting for micro fair value hedges
based on IFRS 9. A fair value hedge is classified as a micro
fair value hedge when the hedged item (or group of items) is
a distinctively identifiable asset or liability hedged by one or
a few hedging instruments. Debt securities at fair value
through other comprehensive income and issued debt
securities are hedged for interest rate risk in a micro fair
value hedge. Effectiveness is assessed and documented on a
monthly basis to determine that the hedge has been highly
effective throughout the financial reporting periods for
which it was intended. If necessary, adjustments are made to
the hedge relationship.
Macro fair value hedges
We apply macro fair value hedges for fixed rate mortgages.
A portfolio of mortgages is identified, comprising
homogeneous loans based on their contractual interest
rates, maturity and other risk characteristics. Mortgages
within the identified portfolio are allocated into repricing
term buckets based on expected repricing dates rather than
contractual repricing dates. The hedging instruments are
designated on a monthly basis appropriately to those
repricing term buckets.
Such hedges are considered to be effective if we may expect,
both upon inception and during the term of the hedge, that
changes in the fair value or cash flows of the hedged item will
be almost fully offset by changes in the fair value or cash
flows of the hedging instrument, in so far as they relate to
the hedged risk, and the actual outcome is within a range of
80-125%. Effectiveness is assessed and documented on a
monthly basis to determine that the hedge has been highly
effective throughout the financial reporting periods for
which it was intended. We apply the EU carve-out on
portfolio fair value hedges.
Cash flow hedges
Cash flow hedges are hedges of the exposure to fluctuations
in the cash flow of an asset, liability or future transaction
arising as a result of interest rate changes and/or inflation.
The portion of the gain or loss on the hedging instrument
that has been determined to be an effective hedge is
recognised directly in equity until the hedged item affects
the statement of income, while the ineffective portion is
recognised in the statement of income.
If the hedging instrument expires or is sold, or if it can no
longer be designated as a hedge, accumulated gains and
losses remain in equity until the expected future transaction
is taken to the statement of income. If the expected future
transaction is no longer likely to take place, the accumulated
result is transferred directly from equity to the statement of
income.
Embedded derivatives
Financial assets with embedded derivatives are considered
in their entirety when determining whether their cash flows
are solely payment of principal and interest.
If the hybrid contract contains a host that is not an asset in
the scope of IFRS 9, the embedded derivatives are separated
from the host contract and treated as separate derivatives
when:
\u2013 The economic characteristics are not closely related to
those of the host contract;
\u2013 A separate instrument with the same terms would meet
the definition of a derivative;
\u2013 The hybrid contract is not measured at fair value through
profit or loss.
Day 1 profit
Discrepancies between the transaction price and the fair
value may arise if valuation techniques are applied at the
time of the transaction. Such a discrepancy is referred to as a
Day 1 profit. Any resulting profit or loss is recognised
directly in the statement of income if the valuation method is
based on observable inputs in an active market. In the event
of unobservable inputs, the gain or loss is amortised over the
term of the transaction.
Derivatives
Derivatives are carried at fair value. The positive and
negative values of derivatives are shown separately on the
face of the statement of financial position on the assets side
and the liabilities side, respectively. The values of derivatives
with a positive and negative value, concluded with the same
counterparty, are only netted if the cash flows are settled on
a net basis and this is permitted under law. Changes in the
value of derivatives are taken directly to Result on financial
transactions. If the hedge is completely effective, the net
impact on the statement of income is nil. The difference, in so
far as this remains within the ranges set, reflects
ineffectiveness and is taken to the statement of income. The
interest on derivatives is recognised in other interest income
and other interest expense.
Derivatives include:
\u2013 The fair value of derivatives held for trading
Derivatives held for trading include transactions for own
account whereby the aim is to actively sell them in the
short term. Client option positions whereby offsetting
market transactions are conducted for all option
positions held by our clients on a one-on-one basis are
also included in this item.
\u2013 Economic hedges
Economic hedges are derivatives used to manage risks
without applying hedge accounting.
\u2013 Structured product derivatives
Structured product derivatives are instruments to hedge
structured products sold to clients, without application
of hedge accounting.
\u2013 Derivatives with application of hedge accounting
These are derivatives used as hedging instruments in the
application of hedge accounting.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-567": { "value": "
Hedge accounting
We use derivatives, such as interest rate swaps, to hedge our
exposure to interest rate risks. The carrying amount of
assets and liabilities which are hedged through fair value
hedging and which would otherwise be recognised at cost is
adjusted for changes in the fair value that can be attributed
to the hedged risks. Any gains or losses arising from changes
in the fair value of derivatives not relating to the hedged
risks are taken directly to the statement of income.
At the inception of a hedge transaction, we formally
designate and document the hedge relationship and the
financial risk management objective when entering into the
hedge transaction.
The documentation includes identification of the hedging
instrument, the hedged item or transaction, the nature of the
risk being hedged and how we will assess the hedging
instrument\u2019s effectiveness in offsetting the exposure to
risks.
Hedges that qualify for hedge accounting are recognised as
follows:
Fair value hedges
Fair value hedges are hedges of the exposure to changes in
the fair value of an asset or liability arising as a result of
interest rate changes. Changes in the value of the hedging
instrument are taken to the statement of income.
Any change in the fair value of the hedged item is also
recognised in the statement of income, in so far as the
hedging instrument has been effective in the preceding
period.
A hedge relationship ends if the hedging instrument is sold,
expires or is exercised, or if the hedging transaction no
longer meets the criteria for hedge accounting, with the
remaining value adjustment of the hedged item amortised
through profit or loss until the end of its term.
We apply micro fair value hedge accounting and macro fair
value hedge accounting.
Micro fair value hedges
We apply hedge accounting for micro fair value hedges
based on IFRS 9. A fair value hedge is classified as a micro
fair value hedge when the hedged item (or group of items) is
a distinctively identifiable asset or liability hedged by one or
a few hedging instruments. Debt securities at fair value
through other comprehensive income and issued debt
securities are hedged for interest rate risk in a micro fair
value hedge. Effectiveness is assessed and documented on a
monthly basis to determine that the hedge has been highly
effective throughout the financial reporting periods for
which it was intended. If necessary, adjustments are made to
the hedge relationship.
Macro fair value hedges
We apply macro fair value hedges for fixed rate mortgages.
A portfolio of mortgages is identified, comprising
homogeneous loans based on their contractual interest
rates, maturity and other risk characteristics. Mortgages
within the identified portfolio are allocated into repricing
term buckets based on expected repricing dates rather than
contractual repricing dates. The hedging instruments are
designated on a monthly basis appropriately to those
repricing term buckets.
Such hedges are considered to be effective if we may expect,
both upon inception and during the term of the hedge, that
changes in the fair value or cash flows of the hedged item will
be almost fully offset by changes in the fair value or cash
flows of the hedging instrument, in so far as they relate to
the hedged risk, and the actual outcome is within a range of
80-125%. Effectiveness is assessed and documented on a
monthly basis to determine that the hedge has been highly
effective throughout the financial reporting periods for
which it was intended. We apply the EU carve-out on
portfolio fair value hedges.
Cash flow hedges
Cash flow hedges are hedges of the exposure to fluctuations
in the cash flow of an asset, liability or future transaction
arising as a result of interest rate changes and/or inflation.
The portion of the gain or loss on the hedging instrument
that has been determined to be an effective hedge is
recognised directly in equity until the hedged item affects
the statement of income, while the ineffective portion is
recognised in the statement of income.
If the hedging instrument expires or is sold, or if it can no
longer be designated as a hedge, accumulated gains and
losses remain in equity until the expected future transaction
is taken to the statement of income. If the expected future
transaction is no longer likely to take place, the accumulated
result is transferred directly from equity to the statement of
income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-568": { "value": "
Day 1 profit
Discrepancies between the transaction price and the fair
value may arise if valuation techniques are applied at the
time of the transaction. Such a discrepancy is referred to as a
Day 1 profit. Any resulting profit or loss is recognised
directly in the statement of income if the valuation method is
based on observable inputs in an active market. In the event
of unobservable inputs, the gain or loss is amortised over the
term of the transaction.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognisingDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-569": { "value": "
Netting of financial assets and liabilities
Financial assets and liabilities are netted and presented in
the consolidated financial statements at the net amount
when we have a legally enforceable right to offset the
recognised amounts and there is an intention to settle on a
net basis, or to realise the asset and settle the liability
simultaneously. See 3.7, Risk management.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-570": { "value": "
Cash and cash equivalents and balances at central banks
Cash and cash equivalents and balances at central banks
comprise, at nominal value, cash in hand and deposits with a
term of less than three months, investments readily
convertible into a known amount of cash with an
insignificant risk of value changes, balances at central banks
and balances withdrawable on demand at other banks in
respect of which the risk of value changes is insignificant.
The minimum reserve requirement amount is included in this
item.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-571": { "value": "
Financial assets at fair value through profit or loss
Assets that do not meet the criteria for amortised cost or fair
value through other comprehensive income (FVOCI) are
measured at fair value through profit or loss (FVPL).
Additionally, any instrument for which the contractual cash
flow characteristics are not solely payments of principal and
interest (SPPI) are measured at FVPL. No restrictions are set
for sales within the fair value through profit or loss portfolio.
Interest earned on these assets is recognised under other
interest income. All other realised and unrealised gains and
losses on remeasuring debt instruments at fair value are
recognised under Result on financial transactions. All
realised and unrealised gains and losses on remeasuring
equity instruments at fair value are recognised under
Income from securities and associates.
Financial assets at fair value through profit or loss include
financial assets from trading activities. These are
transactions for our own account whereby the aim is to
actively sell these instruments in the short term. Financial
assets from trading activities consist of the trading portfolio
of both equity instruments and debt instruments. The
financial assets from trading activities are recognised at fair
value with effect from the trade date and value adjustments
are taken to the statement of income under Result on
financial transactions.
Financial assets at fair value through other comprehensive
income
A debt instrument that is held within the hold to collect and
sell business model and meets the SPPI test is measured at
fair value, with fair value adjustments recognised in Other
comprehensive income unless the asset is designated at fair
value through profit or loss. Sales as a result of managing
everyday liquidity needs, maintaining a particular interest
yield profile on the secondary market, or to match the
duration and sales required by regulators, are consistent
with the objective of the hold to collect and sell portfolio.
Under FVOCI, a financial asset is measured at its fair value
and changes in the carrying amount are taken through OCI,
except for the recognition of impairment gains or losses,
interest revenue and currency gains and losses on the
instrument\u2019s amortised cost, which are recognised in the
statement of income. When the financial asset is
derecognised, the cumulative gain or loss previously
recognised in OCI is reclassified from equity to the
statement of income and recognised in Result on financial
transactions. Interest income from these financial assets is
included in Interest income using the effective interest
method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-572": { "value": "
Investments in associates using the equity method
These investments have been designated by management as
transactions held indefinitely, and as a result of the acquired
control can be classified as investments in associates using
the equity method. These are investments in entities where
we have significant influence but not control. If there is a
change in the equity of the associate, we recognise our share
in this change and include it in Other comprehensive income.
This also applies to results of associates recognised in our
statement of income.
In the first year of investment, investments classified as
investments in associates using the equity method are
recognised at cost, and where applicable are adjusted for any
changes in the value of the associate\u2019s individual receivables
and payables occurring after the acquisition, measured using
the policies applied by Van Lanschot Kempen.
The recoverable amount of the investments in associates
using the equity method is determined each quarter. The
valuation methods applied to assess the carrying value are
the capitalisation method (peer group analysis), the
discounted cash flow method and the disclosed net asset
value method. An impairment is recognised if the
recoverable amount is lower than the carrying amount.
The capitalisation method determines the value of a
business by multiplying EBIT and EBITDA by a multiplier
factor derived from similar listed companies (the peer
group), if applicable also taking account of a discount for
poor liquidity and minority shareholdings. EBIT and EBITDA
are adjusted for one-off items where applicable.
The discounted cash flow method calculates the enterprise
value by discounting the forecast operational cash flows at a
discount rate for the planning period and a final value based
on extrapolation of the operating profit.
The discount rate is determined on the basis of the discount
rate of listed companies with a high degree of similarity and
on the specific characteristics of the company. If applicable,
the discounted cash flow method takes account of a discount
for poor liquidity and minority shareholdings.
The company\u2019s net debt is then deducted from the value
resulting from the capitalisation method and/or discounted
cash flow method and multiplied by the share in the capital
structure to derive the shareholder value from the
enterprise value.
The disclosed net asset value method determines the value
of a company based on the statement of financial position.
If our share in the associate\u2019s losses is equal to or exceeds
our interest in the associate, no further losses are recognised
unless we have assumed obligations or made payments for
these associates.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-573": { "value": "
Property and equipment
Property and equipment comprise buildings in own use,
right-of-use assets, operation system software and IT,
communication and safety equipment, renovation &
refurbishment, and furniture & fixtures. Property and
equipment are initially carried at cost and subsequently
measured at historical cost less accumulated depreciation
and accumulated impairments. The carrying value includes
the costs for replacement of part of the existing property as
soon as these costs are incurred, but excludes day-to-day
servicing costs. Depreciation is calculated on a straight-line
basis over the useful life of the asset.
Lease contracts which we entered into as a lessee are
classified as right-of-use assets. Right-of-use assets are
presented as part of Property and equipment in the
statement of financial position and are measured at cost,
comprising the following:
\u2013 The amount of the initial measurement of the lease
liability;
\u2013 Any lease payments made at or before the
commencement date less any lease incentives received;
\u2013 Any initial direct costs;
\u2013 Restoration costs.
Depreciation is applied using the same method as for wholly
owned tangible assets.
The recoverable amount of individual property items within
the different CGUs or group of CGUs is determined every
year, irrespective of whether there is any indication of
impairment, and more often if market conditions so dictate.
The recoverable amount is the higher of the fair value less
costs to sell or the value in use. The value-in-use method is
used to determine the recoverable amount of the CGU to
which the asset belongs, unless the asset no longer
generates any cash flows at all. In that case, the fair value
less costs to sell is determined by an independent surveyor.
If the recoverable amount is below the carrying amount, an
impairment is recognised for the difference between the
carrying amount and the higher of the fair value less costs to
sell and the value in use.
Estimated useful life of property and equipment (years)
Buildings
25-40
Right-of-use assets
1-10
Operating system software and IT
3-5
Communication equipment
5
Safety equipment
15
Renovation & refurbishment
10-15
Furniture & fixtures
5-10
Operating system software expenses are capitalised if they
are identifiable, if there is a likelihood that future economic
benefits will flow to Van Lanschot Kempen and if costs can
be measured reliably.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-575": { "value": "
Goodwill and other intangible assets
Goodwill represents the difference between the fair value of
the acquired assets (including intangible assets) and
liabilities, and the purchase price paid (excluding acquisition
costs). Goodwill paid is included in the financial statements
at cost less any accumulated impairment losses. Goodwill
paid is tested for impairment annually or whenever events or
changes in circumstances indicate that the carrying value
may be impaired. An impairment is calculated based on the
difference between the carrying value and the recoverable
amount of the CGU to which the goodwill relates. A CGU\u2019s
recoverable amount is the higher of its fair value less costs of
disposal and its value in use. If either of these amounts
exceeds the carrying amount, an impairment is not
necessary.
The fair value less costs of disposal uses price-earnings
multiples for our peer group and estimated future cash
flows. The value in use is determined by discounting the
future equity cash flows generated by each CGU or group of
CGUs to their net present value using a cost of equity for
each CGU or group of CGUs. If the recoverable amount of a
CGU is lower than its carrying amount, goodwill is impaired.
The impairment is first applied in full to the goodwill and
then pro rata to the individual assets.
Other intangible assets with a finite useful life, such as client
relationships, brand names and application software, are
capitalised at cost and amortised on a straight-line basis over
their respective useful lives. For acquired intangible assets,
an annual useful life test is conducted to assess indications of
impairment. For client relationships, volume changes in
assets under management (AuM) are assessed.
For acquired brand names and application software, the
future continuation of these intangible assets is evaluated.
Estimated useful life of intangible assets (years)
Client relationships
5-20
Brand names
5-20
Application software
3-5
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-574": { "value": "
Goodwill and other intangible assets
Goodwill represents the difference between the fair value of
the acquired assets (including intangible assets) and
liabilities, and the purchase price paid (excluding acquisition
costs). Goodwill paid is included in the financial statements
at cost less any accumulated impairment losses. Goodwill
paid is tested for impairment annually or whenever events or
changes in circumstances indicate that the carrying value
may be impaired. An impairment is calculated based on the
difference between the carrying value and the recoverable
amount of the CGU to which the goodwill relates. A CGU\u2019s
recoverable amount is the higher of its fair value less costs of
disposal and its value in use. If either of these amounts
exceeds the carrying amount, an impairment is not
necessary.
The fair value less costs of disposal uses price-earnings
multiples for our peer group and estimated future cash
flows. The value in use is determined by discounting the
future equity cash flows generated by each CGU or group of
CGUs to their net present value using a cost of equity for
each CGU or group of CGUs. If the recoverable amount of a
CGU is lower than its carrying amount, goodwill is impaired.
The impairment is first applied in full to the goodwill and
then pro rata to the individual assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-576": { "value": "
Other intangible assets with a finite useful life, such as client
relationships, brand names and application software, are
capitalised at cost and amortised on a straight-line basis over
their respective useful lives. For acquired intangible assets,
an annual useful life test is conducted to assess indications of
impairment. For client relationships, volume changes in
assets under management (AuM) are assessed.
For acquired brand names and application software, the
future continuation of these intangible assets is evaluated.
Estimated useful life of intangible assets (years)
Client relationships
5-20
Brand names
5-20
Application software
3-5
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-577": { "value": "
Tax assets and liabilities
Tax assets and liabilities are stated at face value. Current
and deferred tax assets and liabilities are offset if they relate
to the same tax authority, concern the same type of tax, if it
is permitted under law to offset these tax positions and if the
tax positions are expected to be settled simultaneously.
Deferred taxes are recognised on the face of the statement
of financial position if the valuation of an asset or liability
temporarily differs from the valuation for tax purposes.
Deferred taxes are calculated using the tax rates prevailing
on the reporting date. Deferred tax assets are recognised
only if it is probable that taxable profits will be realised in the
near future against which these temporary differences can
be offset.
Deferred tax assets and liabilities are assessed at every
reporting date and derecognised to the extent necessary.
This derecognition will be reversed if it is probable that
sufficient taxable profits will be available.
Changes in the value of investments at fair value through
other comprehensive income and movements in the value of
derivatives forming part of a cash flow hedge are recognised
in equity net of deferred tax. Deferred tax assets and
liabilities cease to be recognised when these movements in
value are realised. Current tax is taken to the statement of
income on realisation of the change in value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-578": { "value": "
Other assets
Other assets comprise interest receivables, commission
receivables and other receivables, and are carried at the
lower of cost or the recoverable amount. This recoverable
amount is the estimated selling or settlement price in the
ordinary course of business less the relevant variable costs
to sell. The recoverable amount less the relevant variable
costs to sell is based on the appraisal value as determined by
an independent surveyor if applicable. Other assets are
initially recognised at fair value excluding transaction costs.
After initial recognition, they are recognised at amortised
cost using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-579": { "value": "
Due to banks
Amounts due to banks are initially recognised at fair value
excluding transaction costs. After their initial recognition,
they are recognised at amortised cost using the effective
interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-580": { "value": "
Provisions
A provision is a liability of uncertain timing and/or amount. A
provision is included in the statement of financial position if
we have an obligation as a result of a past event, it is
probable that an outflow of resources will be required to
settle the obligation, and a reliable estimate can be made.
Provisions are discounted if the time value of money for the
liability has a material effect. The most material types of
provisions are the provision for pensions, provisions for
long-service benefits and restructuring provisions.
Provision for pensions
We operate defined benefit plans and defined contribution
plans. Under defined contribution plans, contributions to
pension providers are taken to the statement of income as
staff costs. We have no further payment obligations with
respect to defined contribution plans once the contributions
have been paid.
A defined benefit plan is a pension plan which defines the
amount of pension benefit that an employee will receive on
retirement. Factors such as age, years of service and salary
are taken into account when determining the amounts to be
paid. The provision for defined benefit plans is the present
value of the defined benefit obligation at the reporting date
less the fair value of plan assets.
Differences between the expected and actual return on plan
assets, actuarial gains and losses and changes in the effect of
the asset ceiling are recognised directly in equity; net
interest is recognised under Other interest expense in the
statement of income.
Provisions for long-service benefits
Employees receive anniversary pay to mark a long-service
anniversary of 25 and 40 years. The obligation is calculated
on an actuarial basis.
Restructuring provision
A provision for restructuring is recognised only if the
recognition criteria are met. We have a constructive
obligation if we have a detailed formal restructuring plan
identifying at least the business or part of the business
concerned, the principal locations affected, the number of
employees affected, a detailed estimate of the expenditure
to be undertaken and a suitable timeframe. Employees are
also notified of the main features of the plan.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-581": { "value": "
Other liabilities
Other liabilities are initially recognised at fair value
excluding transaction costs. After their initial recognition,
they are recognised at amortised cost using the effective
interest method.
Lease liabilities are presented in the statement of financial
position as part of Other liabilities. Interest payments and
amortisation in the year are charged to the statement of
income on a straight-line basis over the term of the lease.
Lease liabilities consist of interest and amortisation
payments and are initially measured at the present value of
the remaining lease payments, discounted using the lessee\u2019s
incremental borrowing rate.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-582": { "value": "
Lease liabilities are presented in the statement of financial
position as part of Other liabilities. Interest payments and
amortisation in the year are charged to the statement of
income on a straight-line basis over the term of the lease.
Lease liabilities consist of interest and amortisation
payments and are initially measured at the present value of
the remaining lease payments, discounted using the lessee\u2019s
incremental borrowing rate.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-583": { "value": "
Equity
Direct costs of new share issues are deducted from equity,
taking account of taxes.
When we purchase treasury shares, the purchase price,
including direct transaction costs after tax, is deducted from
equity. Treasury shares that we purchase do not qualify for
profit or dividend and are not included in the calculation of
earnings per share.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-584": { "value": "
When we purchase treasury shares, the purchase price,
including direct transaction costs after tax, is deducted from
equity. Treasury shares that we purchase do not qualify for
profit or dividend and are not included in the calculation of
earnings per share.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-585": { "value": "
General
Revenue is recognised when it is likely that the economic
benefits will flow to Van Lanschot Kempen and the revenue
can be measured reliably. Costs are allocated as far as
possible to the period in which the services were rendered
or to the relevant proceeds. .", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-586": { "value": "
Net interest income
This item consists of income earned on lending and costs of
borrowing, derivatives, related commission, and other
income/expense similar to interest. The amortisation of
remaining value adjustments on mortgage portfolios of fair
value hedges which expired in the past is presented under
Interest income.
Interest income and interest expense are recognised in the
statement of income on an accrual basis, using the effective
interest method. The effective interest rate is the rate that
exactly discounts estimated cash flows over the life of the
financial instrument, or a shorter period when appropriate,
to the net carrying amount of the financial asset or liability.
When calculating the effective interest rate, we take into
account all contractual terms of the financial instrument (for
example early repayment) but not future losses due to
uncollectible amounts.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-587": { "value": "
Net commission income
This item comprises the income, other than income similar to
interest, earned on wealth management services provided to
third parties. It also includes fees charged to managed
investment funds. Commission paid to third parties is
accounted for as commission expense. We receive
commission for the wide range of services we provide to
clients. This can be divided into commission on a transaction
basis and periodic commission charged to the client during
the year. We recognise performance obligations as delivery
of service for management fees and completion of service
for investment banking activities. Payments are due based
on milestones for these performance obligations.
Commission on a transaction basis
Commission income on a transaction basis is recognised in
the periods in which we provide the services. Transaction
commission for which we only provide a service on the
transaction date (e.g. commission on buying and selling
shares) is taken directly to the statement of income.
Periodic commission
Periodic commission (e.g. management fees) is recognised in
the statement of income in the period in which the services
are provided.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-588": { "value": "
Result on financial transactions
Result on securities trading includes realised and unrealised
value differences on gains and losses on financial
instruments relating to the securities trading portfolio.
Exchange and price gains and losses on trading in other
financial instruments are recognised under Result on foreign
currency trading. Gains and losses due to ineffectiveness in
hedge accounting are recognised under Unrealised gains/
losses on derivatives under hedge accounting. When
financial assets at fair value through OCI are derecognised,
the cumulative gain or loss is reclassified to Realised gains or
losses on financial assets at fair value through other
comprehensive income. Result on economic hedges includes
realised and unrealised gains and losses on derivatives that
are not included in a hedge accounting model. Result on
financial instruments at fair value through profit or loss
comprises unrealised value differences and interest
expenses on financial liabilities at fair value through profit or
loss with the exception of the interest charges on medium-
term notes, which are recognised under Net interest income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradingIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-589": { "value": "
Staff costs
Staff costs comprise wages and salaries, pension and early
retirement costs, other social security costs and other staff
costs such as remuneration in the form of share-based
employee benefits.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-590": { "value": "
Share-based payments
Employees may be eligible to receive remuneration in the
form of share-based payments. The cost of equity-settled
transactions with employees is measured by reference to the
fair value at the date on which the equity instruments are
granted. The fair value is determined based on the share
price on the grant date, taking into account the discounted
value of expected dividends over the vesting period. The
cost of equity-settled transactions is recognised, together
with a corresponding increase in equity, in the period in
which the employee\u2019s performance criteria are fulfilled,
ending on the date on which the employee becomes fully
entitled to the award (the vesting date).
Share options
Van Lanschot Kempen has operated a share option plan
since 2025. The number of outstanding option rights
amounted to 16,628 at 31 December 2025. The exercise
period runs from 1 January 2029 to 20 May 2030 and
options may only be exercised during open periods. We hold
shares in order to hedge our commitments in respect of
these option rights. Van Lanschot Kempen meets its
obligations under its share and option plans primarily by
drawing on its stock of shares.
Partnership plan and partnership investment incentive
The partnership plan is a participation plan that allows key
senior staff to contribute to and participate in the success of
Van Lanschot Kempen. Its purpose is to anchor leadership
more broadly in our organisation, to further encourage
ownership and entrepreneurial spirit, and to create more
long-term alignment with our shareholders and clients.
Partners' contributions remain in the partnership during
their full tenure as a partner. Partners receive a discount of
18.5% as their interest is subject to a lock-up period of five
years. This discount is accounted for as an equity-settled
share-based payment and is recognised immediately as an
expense, with a corresponding increase in equity.
The purpose of the partnership investment incentive is to
enhance return perspectives. If awarded, a partnership
investment incentive will apply with respect to the
contributions made in the relevant contribution round for
five financial years and will be calculated at the end of each
of those years in accordance with the partnership
investment incentive formula.
Since the entitlement to the partnership investment
incentive for a financial year is subject to continued service
until the end of the financial year and the actual
performance achieved, the estimated cost is recognised over
the relevant vesting period.
The partnership investment incentive will be paid to
partners in two components: 70% in Van Lanschot Kempen
shares and 30% in cash. The portion settled in shares is
accounted for as an equity-settled share-based payment and
the portion settled in cash is accounted for as a long-term
employee benefit.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-591": { "value": "
Depreciation and amortisation
Depreciation and amortisation costs are determined on the
basis of estimated useful life and charged to the statement of
income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-592": { "value": "
Impairments
This item comprises the balance of the required impairments
and reversals of such impairments, including those on
financial instruments, on investments in associates using the
equity method, on property and equipment, and on goodwill
and other intangible assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-593": { "value": "
Income tax
Tax on operating profit is recognised in the statement of
income in accordance with applicable tax law in the
jurisdictions in which we operate. Tax effects of any losses
incurred in certain jurisdictions are recognised as assets
when it is probable that sufficient future profits will be
available in the relevant jurisdiction against which these
losses can be offset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-594": { "value": "
Earnings per ordinary share
Earnings per ordinary share are calculated by dividing the
profit for the year available to ordinary shareholders by the
weighted average number of ordinary shares outstanding
during the period (ignoring treasury shares). Diluted
earnings per ordinary share are calculated by dividing the
profit available to ordinary shareholders by the weighted
average number of ordinary shares outstanding during the
period, adjusted for possible dilution as a result of, for
example, outstanding option rights.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-595": { "value": "
Statement of cash flows
The statement of cash flows is prepared using the indirect
method. It distinguishes between cash flows from operating,
investing and financing activities. Cash flows from operating
activities include net changes in loans and advances,
deposits from/with banks, public and private sector
liabilities, and dividends received from investments in equity
instruments. Investing activities include acquisition,
redemption and sales of debt instruments, equity
investments, associates using the equity method, property
and equipment, goodwill and other intangible assets, and
dividend received from investments in associates using the
equity method. Financing activities include issues and
repayments of share plans, debt instruments and issued debt
securities, and dividends and capital returns paid to
shareholders. Cash and cash equivalents comprise, at face
value, all cash in hand, balances at central banks and
balances withdrawable on demand at other banks. Investing
and financing transactions that do not require the use of
cash or cash equivalents are excluded from the statement of
cash flows.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-597": { "value": "
Commitments not recognised in the
statement of financial position
This includes contingent liabilities that are carried at the
contract value and relate in particular to guarantees and
irrevocable letters of credit. This item consists of unused
overdraft facilities, sale and repurchase commitments,
irrevocable payment commitments for leases not yet
commenced, irrevocable commitments for SRF\u00a0and all other
obligations resulting from irrevocable commitments that
could give rise to loans or other assets.
Other commitments represent a potential credit risk, but of
a type for which it is either not probable that this will lead to
an outflow of resources or for which no reliable estimate can
be made. For the commitments not recognised in the
statement of financial position, see \u201cCommitments and
contingent liabilities\u201d in the supplementary notes.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-596": { "value": "
Commitments not recognised in the
statement of financial position
This includes contingent liabilities that are carried at the
contract value and relate in particular to guarantees and
irrevocable letters of credit. This item consists of unused
overdraft facilities, sale and repurchase commitments,
irrevocable payment commitments for leases not yet
commenced, irrevocable commitments for SRF\u00a0and all other
obligations resulting from irrevocable commitments that
could give rise to loans or other assets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-598": { "value": "
Segment information
The different operating segments form the basis for our
primary segmentation. An operating segment is a business
unit that can earn revenues and incur expenses and whose
operating results are regularly reviewed by management or
the chief operating decision-maker and for which discrete
financial information is available. Additional information is
reported geographically based on where the business
activities are located. Intra-segment transactions are
conducted on commercial terms and market conditions (at
arm\u2019s length).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-601": { "value": "
Risk management
1. Risk, capital management and compliance
Our front-office functions are essential in delivering services
and products to our clients. The risk management function \u2013
which comprises Compliance, Financial Risk Management
and Non-Financial Risk Management \u2013 supports the front
office, clients and other stakeholders in ensuring that the
risks taken by Van Lanschot Kempen are controlled, and
comply with our risk appetite and legal requirements. This
section describes our risk appetite, the organisational and
governance arrangements that are in place regarding risk
management, and the three lines of defence principle. After
describing these general arrangements, the section continues
with the individual risk types.
1.1 Risk appetite
Solid capital and liquidity ratios are essential prerequisites for
a successful proposition to our clients and the financial
stability of Van Lanschot Kempen in general. This is reflected
in our risk appetite statement. We aim to have a simple and
transparent balance sheet.
We have a robust risk appetite framework in place covering
all significant risks facing our company. Every year, the
Management Board assesses and updates the risk appetite
statement, which translates our risk appetite into strategic
limits. The risk appetite statement is then submitted to the
Supervisory Board for review and approval. Quarterly risk
appetite reports serve as important monitoring instruments
for the continuous review of our risk profile.
1.2 Organisation of risk, capital management and
compliance
The purpose of our risk management framework is to identify
and analyse risks at an early stage, as well as to mitigate and
monitor those risks. Adequate internal control procedures
and reporting systems, including the application of standards
and limits, are key elements of our risk management
framework.
The organisation of our risk management framework is based
on the three lines of defence principle. Day-to-day
responsibility for risk management and control lies with the
front office and/or operational departments (the first line of
defence), including Internal Control and Finance, Reporting &
Control.
Compliance, Financial Risk Management and Non-Financial
Risk Management form the second line of defence for
financial and non-financial risks. These departments are
responsible for initiating risk policies and the supervision of
risks and controls within Van Lanschot Kempen.
Internal Audit forms the third line of defence and is
responsible for performing independent audits on activities
of the first and second lines. The department reports to the
Chair of the Management Board and to the Chair of the Audit
Committee. The three lines of defence set-up creates a clear,
balanced and appropriate division of tasks, powers and
responsibilities, and ensures independent and effective
operation of the risk management function.
Financial Risk Management and Asset & Liability
Management stand at the core of capital and liquidity
management. We actively manage our capital base to cover
risks inherent to our business and meet the capital adequacy
requirements of De Nederlandsche Bank (DNB). The
adequacy of our capital is monitored by using the rules and
ratios established by the Basel Committee on Banking
Supervision as transposed into EU law through the Capital
Requirements Regulation (CRR). This legal framework also
forms the basis for supervision by DNB through the Capital
Requirements Directive (CRD) and the Financial Supervision
Act (Wft). Over the reporting period, we fully complied with
all capital and liquidity requirements. Both external and
internal capital and liquidity adequacy targets are taken into
account, and the central focus is on safeguarding our financial
solidity and stability. A capital and funding plan is prepared
annually for capital and liquidity management purposes.
Table 1.2 Risk, capital management and compliance framework
Supervision
1.2.1
Supervisory Board
\u2013 Risk and Compliance Committee
\u2013 Audit Committee
Risk, capital management and compliance
1.2.2
Management Board
\u2013 Group Risk Committee
\u2013 Credit Risk Committee
\u2013 Market Risk Committee
\u2013 Asset & Liability Committee
\u2013 Sustainability Board
\u2013 Compliance & Operational Risk Committee
Implementation and review
1.2.3
Asset & Liability
Management
Finance,
Reporting &
Control
Financial Risk
Management,
Non-Financial
Risk
Management,
and Compliance
Internal Audit
Execution
1.2.4
Private Clients
Netherlands, Private
Clients Belgium,
Investment
Management Clients,
and Investment
Banking Clients
Treasury
Credit Approval
and Financial
Restructuring &
Recovery
1.2.1 Supervision
The Supervisory Board oversees the risks and capital
requirements in relation to the group\u2019s operations and
balance sheet composition.
The Risk and Compliance Committee focuses on all identified
risks in the group\u2019s business activities, as well as the risk
management framework. Compliance risks and other matters
including duty of care are discussed in this committee, which
prepares decision-making by the Supervisory Board on risk
matters.
The Audit Committee is tasked with advising the Supervisory
Board on financial and non-financial reporting, internal and
external audits.
1.2.2 Risk, capital management and compliance
The Management Board is responsible for developing and
executing Van Lanschot Kempen's strategy. This includes our
capital and funding plan, internal capital adequacy
assessment process (ICAAP) and internal liquidity adequacy
assessment process (ILAAP), based on extensive analyses of
all risks run by Van Lanschot Kempen.
The primary objective of our capital management is to ensure
that we comply with external and internal capital
requirements to support our businesses and to create value
for our stakeholders. We manage our capital structure by
taking into account changes in economic conditions and the
risk characteristics of our activities. To maintain and/or
manage our capital structure, we may adjust the amount of
profit we distribute to shareholders in dividend payments,
return capital to shareholders, or issue capital securities.
These adjustments are under constant review by the
Management Board. Lastly, requests or demands by our
supervisors DNB and/or the European Central Bank (ECB)
and new regulation also influence capital management.
In addition, the Management Board bears responsibility for
ensuring the proper operation of the processes that
safeguard the group\u2019s liquidity position. It is required to
provide information to the Supervisory Board, which in turn
assesses the risk appetite of the group. To ensure the various
risk types are managed properly, the Management Board has
set up several risk and compliance committees, which are all
chaired by the CRO, unless mentioned otherwise, and in
which the Management Board is represented. These
committees are:
Group Risk Committee
The Group Risk Committee discusses group-wide risk
management themes. The committee brings together,
discusses and monitors the various risk types on an
integrated level. The committee sets the annual risk appetite
statement and discusses the risk appetite report and
emerging trends in the risk profile. Other areas covered
include recovery and resolution planning.
Credit Risk Committee
The Credit Risk Committee sets and adjusts the group\u2019s
overall credit risk policy and translates this into acceptance
and portfolio management policies.
In executing its tasks, the committee bears in mind our
strategic objectives and the guiding principles informing the
risk appetite statement.
Market Risk Committee
The Market Risk Committee focuses on all market risks
within Van\u00a0Lanschot Kempen. Market risk is the risk of loss as
a result of changes in market variables, including interest
rates on instruments held for trading, exchange rates and
equity prices. Market risks at Investment Banking Clients
arise from securities trading to facilitate our clients (mainly
equities and equity derivatives). Van Lanschot Kempen is
exposed to a certain amount of market risk through the
Treasury department. Risks are generally limited as
transactions are offset in the market, within tight limits.
Van\u00a0Lanschot Kempen is also exposed to market risk as a
result of management book investments.
Asset & Liability Committee
The Asset & Liability Committee is chaired by the CFO and is
responsible for managing risks that result from mismatches
between assets and liabilities (interest rate risk in the banking
book as well as liquidity risks), as well as our capital position.
The committee\u2019s main task is to oversee the asset and liability
management process. The committee sets policies on interest
rate risk in the banking book, as well as on liquidity and
funding risks, funds transfer pricing and capitalisation, and it
monitors the development of the balance sheet and balance-
sheet projections.
Compliance & Operational Risk Committee
The Compliance & Operational Risk Committee is responsible
for the implementation and execution of our compliance and
operational risk management policies. The committee
assesses compliance and operational risks, and ensures
remedial actions are taken where required. Among other
matters, the root causes of major operational risk incidents
are discussed in this committee.
Sustainability Board
The Sustainability Board is responsible for driving and
implementing Van Lanschot Kempen's sustainability strategy,
and for embedding sustainability-related goals in our own
operations, our balance sheet and our investments. The
Sustainability Board is chaired by the CEO. In addition, the
Sustainability Board is the risk owner for all sustainability-
related risks within Van\u00a0Lanschot Kempen and responsible
for all sustainability-related policies, setting of key
performance indicators (KPIs), risk appetite setting and
sustainability monitoring.
The Head of Internal Audit has a standing invitation to attend
all committee meetings. Second-line departments take the
lead in preparing the meetings of the committees described
above, with the exception of the Asset & Liability Committee,
where Asset & Liability Management is in charge, and the
Sustainability Board, where the Corporate Sustainability
team is in charge. We also have a number of committees that
form part of the first line of defence and that cover specific
risk-related topics, such as the Credit and the Product
Approval & Review Committees.
1.2.3 Implementation and review of risk, capital
management and compliance policies
Implementation and monitoring of our risk and capital
policies is carried out by Financial Risk Management together
with Non-Financial Risk Management, Asset & Liability
Management, and Finance, Reporting & Control. In addition,
Compliance oversees the implementation and carries out the
monitoring and/or review of compliance policies.
Financial Risk Management is responsible for:
\u2013 Second-line monitoring and management of all risks
relating to the statement of financial position at group
level, including modelling, measuring, managing and
reporting on our credit, market, interest rate, liquidity and
strategic risks;
\u2013 The risk appetite process;
\u2013 Preparing, developing and maintaining policy documents;
\u2013 Issuing daily market risk reports;
\u2013 Proactively and reactively providing advice on managing
risks;
\u2013 Raising risk awareness among staff to improve their
ability to strike a sound balance between risk and return.
Non-Financial Risk Management is responsible for:
\u2013 Business continuity management;
\u2013 Information security (second-line monitoring);
\u2013 Preparing, developing and maintaining policy documents;
\u2013 Proactively and reactively providing advice on managing
risks;
\u2013 Raising risk awareness among staff to improve their
ability to strike a sound balance between risk and return.
Financial Risk Management and Asset & Liability
Management are jointly responsible for:
\u2013 Preparing ICAAP and ILAAP documentation;
\u2013 Preparing the recovery plan.
Finance, Reporting & Control is responsible for the financial
accounting and business control function. Through its various
reports, Finance, Reporting & Control challenges the
businesses. These reports include monthly management
reports and cost control reports, and are used to monitor the
progress of business plans.
Compliance has both an advisory and a monitoring role with
respect to compliance with applicable laws, regulations,
internal policies and industry standards relevant for
Van\u00a0Lanschot Kempen. It is also responsible for preparing,
developing and maintaining internal policies. As compliance
risks are part of Van\u00a0Lanschot Kempen's overall risk
governance, Compliance as an independent function is
involved in and supports the management of compliance risks
by identifying, assessing, monitoring and reporting on such
risks. Compliance risks include risks such as data privacy,
financial crime, business conduct and client protection risks.
Internal Audit periodically reviews aspects of the design and
effectiveness of the risk organisation and the execution of
our risk, capital management and compliance policies in
accordance with their annual audit plan. The applicable
policies form the starting point for the independent review by
Internal Audit. Processes, infrastructure, organisation and
systems are audited based on these policies to determine
whether the organisation adequately executes its risk, capital
management and compliance policies.
1.2.4 Execution of risk, capital management and compliance
policies
Private Clients Netherlands, Private Clients Belgium,
Investment Management Clients, and Investment Banking
Clients prepare their own business plans. On the basis of
these plans, current and future risks are assessed, including
expected capital and liquidity requirements. These
assessments serve as input for the various risk committees
and the risk appetite statement.
1.3 Capital and disclosure requirements
The standards set by the Basel Committee on Banking
Supervision, translated into law and regulations (CRR, CRD
and Wft), apply to all Dutch banks, including Van Lanschot
Kempen. The Basel framework consists of three pillars:
\u2013 Pillar 1 stipulates capital requirements for credit, market
and operational risk.
\u2013 Pillar 2 requires banks to have internal processes for risk
management and to calculate the capital requirements
needed to address all risks that are not included in Pillar 1.
The supervisory review and evaluation process (SREP) is
also part of Pillar 2.
\u2013 Pillar 3 sets out requirements for disclosure of
information about the institution\u2019s risk profile to external
stakeholders.
Van Lanschot Kempen sets and monitors capital
requirements for the group as a whole and for the parent
entity. Our regulatory capital consists of the sum of the CET 1
and the Tier 1 capital. Our regulatory CET 1 complies with the
requirement that stems from the SREP.
SREP and overall capital
requirements at 31/12/2025 (%)
CET1
Tier 1
Total
capital
Pillar 1
4.50
6.00
8.00
Pillar 2
2.92
3.90
5.20
Total SREP capital requirement
7.42
9.90
13.20
Capital conservation buffer
2.50
2.50
2.50
Countercyclical capital buffer
1.84
1.84
1.84
Overall capital requirement
11.76
14.24
17.54
Pillar 2 guidance
\u2014
\u2014
\u2014
Overall capital requirement +
Pillar 2 guidance
11.76
14.24
17.54
Capital ratios
18.3
20.5
23.9
SREP and overall capital
requirements at 31/12/2024 (%)
CET 1
Tier 1
Total
capital
Pillar 1
4.50
6.00
8.00
Pillar 2
2.98
3.98
5.30
Total SREP capital requirement
7.48
9.98
13.30
Capital conservation buffer
2.50
2.50
2.50
Countercyclical capital buffer
1.85
1.85
1.85
Overall capital requirement
11.83
14.32
17.65
Pillar 2 guidance
0.06
0.06
0.06
Overall capital requirement +
Pillar 2 guidance
11.89
14.38
17.71
Capital ratios
19.4
21.7
25.2
For Pillar 3 disclosures (unaudited), including a detailed
breakdown of our portfolio of loans to companies and
institutions, see vanlanschotkempen.com/annual-reports.
1.4 Individual risks
The following sections detail the individual risk types to
which we are exposed. They therefore cover a combination of
Pillar 1 and Pillar 2 capital requirements. The risk types
covered are:
\u2013 Strategic risk (Section 2);
\u2013 Credit risk (Section 3);
\u2013 Market risk (Section 4);
\u2013 Settlement risk (Section 5);
\u2013 CVA risk (Section 6);
\u2013 Interest rate risk (Section 7);
\u2013 Liquidity risk (Section 8);
\u2013 Securitisation risk (Section 9);
\u2013 Sustainability risk (Section 10);
\u2013 Operational risk (Section 11);
\u2013 Compliance risk (Section 12);
\u2013 Financial reporting risk (Section 13).
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-600": { "value": "
Risk management
1. Risk, capital management and compliance
Our front-office functions are essential in delivering services
and products to our clients. The risk management function \u2013
which comprises Compliance, Financial Risk Management
and Non-Financial Risk Management \u2013 supports the front
office, clients and other stakeholders in ensuring that the
risks taken by Van Lanschot Kempen are controlled, and
comply with our risk appetite and legal requirements. This
section describes our risk appetite, the organisational and
governance arrangements that are in place regarding risk
management, and the three lines of defence principle. After
describing these general arrangements, the section continues
with the individual risk types.
1.1 Risk appetite
Solid capital and liquidity ratios are essential prerequisites for
a successful proposition to our clients and the financial
stability of Van Lanschot Kempen in general. This is reflected
in our risk appetite statement. We aim to have a simple and
transparent balance sheet.
We have a robust risk appetite framework in place covering
all significant risks facing our company. Every year, the
Management Board assesses and updates the risk appetite
statement, which translates our risk appetite into strategic
limits. The risk appetite statement is then submitted to the
Supervisory Board for review and approval. Quarterly risk
appetite reports serve as important monitoring instruments
for the continuous review of our risk profile.
1.2 Organisation of risk, capital management and
compliance
The purpose of our risk management framework is to identify
and analyse risks at an early stage, as well as to mitigate and
monitor those risks. Adequate internal control procedures
and reporting systems, including the application of standards
and limits, are key elements of our risk management
framework.
The organisation of our risk management framework is based
on the three lines of defence principle. Day-to-day
responsibility for risk management and control lies with the
front office and/or operational departments (the first line of
defence), including Internal Control and Finance, Reporting &
Control.
Compliance, Financial Risk Management and Non-Financial
Risk Management form the second line of defence for
financial and non-financial risks. These departments are
responsible for initiating risk policies and the supervision of
risks and controls within Van Lanschot Kempen.
Internal Audit forms the third line of defence and is
responsible for performing independent audits on activities
of the first and second lines. The department reports to the
Chair of the Management Board and to the Chair of the Audit
Committee. The three lines of defence set-up creates a clear,
balanced and appropriate division of tasks, powers and
responsibilities, and ensures independent and effective
operation of the risk management function.
Financial Risk Management and Asset & Liability
Management stand at the core of capital and liquidity
management. We actively manage our capital base to cover
risks inherent to our business and meet the capital adequacy
requirements of De Nederlandsche Bank (DNB). The
adequacy of our capital is monitored by using the rules and
ratios established by the Basel Committee on Banking
Supervision as transposed into EU law through the Capital
Requirements Regulation (CRR). This legal framework also
forms the basis for supervision by DNB through the Capital
Requirements Directive (CRD) and the Financial Supervision
Act (Wft). Over the reporting period, we fully complied with
all capital and liquidity requirements. Both external and
internal capital and liquidity adequacy targets are taken into
account, and the central focus is on safeguarding our financial
solidity and stability. A capital and funding plan is prepared
annually for capital and liquidity management purposes.
Table 1.2 Risk, capital management and compliance framework
Supervision
1.2.1
Supervisory Board
\u2013 Risk and Compliance Committee
\u2013 Audit Committee
Risk, capital management and compliance
1.2.2
Management Board
\u2013 Group Risk Committee
\u2013 Credit Risk Committee
\u2013 Market Risk Committee
\u2013 Asset & Liability Committee
\u2013 Sustainability Board
\u2013 Compliance & Operational Risk Committee
Implementation and review
1.2.3
Asset & Liability
Management
Finance,
Reporting &
Control
Financial Risk
Management,
Non-Financial
Risk
Management,
and Compliance
Internal Audit
Execution
1.2.4
Private Clients
Netherlands, Private
Clients Belgium,
Investment
Management Clients,
and Investment
Banking Clients
Treasury
Credit Approval
and Financial
Restructuring &
Recovery
1.2.1 Supervision
The Supervisory Board oversees the risks and capital
requirements in relation to the group\u2019s operations and
balance sheet composition.
The Risk and Compliance Committee focuses on all identified
risks in the group\u2019s business activities, as well as the risk
management framework. Compliance risks and other matters
including duty of care are discussed in this committee, which
prepares decision-making by the Supervisory Board on risk
matters.
The Audit Committee is tasked with advising the Supervisory
Board on financial and non-financial reporting, internal and
external audits.
1.2.2 Risk, capital management and compliance
The Management Board is responsible for developing and
executing Van Lanschot Kempen's strategy. This includes our
capital and funding plan, internal capital adequacy
assessment process (ICAAP) and internal liquidity adequacy
assessment process (ILAAP), based on extensive analyses of
all risks run by Van Lanschot Kempen.
The primary objective of our capital management is to ensure
that we comply with external and internal capital
requirements to support our businesses and to create value
for our stakeholders. We manage our capital structure by
taking into account changes in economic conditions and the
risk characteristics of our activities. To maintain and/or
manage our capital structure, we may adjust the amount of
profit we distribute to shareholders in dividend payments,
return capital to shareholders, or issue capital securities.
These adjustments are under constant review by the
Management Board. Lastly, requests or demands by our
supervisors DNB and/or the European Central Bank (ECB)
and new regulation also influence capital management.
In addition, the Management Board bears responsibility for
ensuring the proper operation of the processes that
safeguard the group\u2019s liquidity position. It is required to
provide information to the Supervisory Board, which in turn
assesses the risk appetite of the group. To ensure the various
risk types are managed properly, the Management Board has
set up several risk and compliance committees, which are all
chaired by the CRO, unless mentioned otherwise, and in
which the Management Board is represented. These
committees are:
Group Risk Committee
The Group Risk Committee discusses group-wide risk
management themes. The committee brings together,
discusses and monitors the various risk types on an
integrated level. The committee sets the annual risk appetite
statement and discusses the risk appetite report and
emerging trends in the risk profile. Other areas covered
include recovery and resolution planning.
Credit Risk Committee
The Credit Risk Committee sets and adjusts the group\u2019s
overall credit risk policy and translates this into acceptance
and portfolio management policies.
In executing its tasks, the committee bears in mind our
strategic objectives and the guiding principles informing the
risk appetite statement.
Market Risk Committee
The Market Risk Committee focuses on all market risks
within Van\u00a0Lanschot Kempen. Market risk is the risk of loss as
a result of changes in market variables, including interest
rates on instruments held for trading, exchange rates and
equity prices. Market risks at Investment Banking Clients
arise from securities trading to facilitate our clients (mainly
equities and equity derivatives). Van Lanschot Kempen is
exposed to a certain amount of market risk through the
Treasury department. Risks are generally limited as
transactions are offset in the market, within tight limits.
Van\u00a0Lanschot Kempen is also exposed to market risk as a
result of management book investments.
Asset & Liability Committee
The Asset & Liability Committee is chaired by the CFO and is
responsible for managing risks that result from mismatches
between assets and liabilities (interest rate risk in the banking
book as well as liquidity risks), as well as our capital position.
The committee\u2019s main task is to oversee the asset and liability
management process. The committee sets policies on interest
rate risk in the banking book, as well as on liquidity and
funding risks, funds transfer pricing and capitalisation, and it
monitors the development of the balance sheet and balance-
sheet projections.
Compliance & Operational Risk Committee
The Compliance & Operational Risk Committee is responsible
for the implementation and execution of our compliance and
operational risk management policies. The committee
assesses compliance and operational risks, and ensures
remedial actions are taken where required. Among other
matters, the root causes of major operational risk incidents
are discussed in this committee.
Sustainability Board
The Sustainability Board is responsible for driving and
implementing Van Lanschot Kempen's sustainability strategy,
and for embedding sustainability-related goals in our own
operations, our balance sheet and our investments. The
Sustainability Board is chaired by the CEO. In addition, the
Sustainability Board is the risk owner for all sustainability-
related risks within Van\u00a0Lanschot Kempen and responsible
for all sustainability-related policies, setting of key
performance indicators (KPIs), risk appetite setting and
sustainability monitoring.
The Head of Internal Audit has a standing invitation to attend
all committee meetings. Second-line departments take the
lead in preparing the meetings of the committees described
above, with the exception of the Asset & Liability Committee,
where Asset & Liability Management is in charge, and the
Sustainability Board, where the Corporate Sustainability
team is in charge. We also have a number of committees that
form part of the first line of defence and that cover specific
risk-related topics, such as the Credit and the Product
Approval & Review Committees.
1.2.3 Implementation and review of risk, capital
management and compliance policies
Implementation and monitoring of our risk and capital
policies is carried out by Financial Risk Management together
with Non-Financial Risk Management, Asset & Liability
Management, and Finance, Reporting & Control. In addition,
Compliance oversees the implementation and carries out the
monitoring and/or review of compliance policies.
Financial Risk Management is responsible for:
\u2013 Second-line monitoring and management of all risks
relating to the statement of financial position at group
level, including modelling, measuring, managing and
reporting on our credit, market, interest rate, liquidity and
strategic risks;
\u2013 The risk appetite process;
\u2013 Preparing, developing and maintaining policy documents;
\u2013 Issuing daily market risk reports;
\u2013 Proactively and reactively providing advice on managing
risks;
\u2013 Raising risk awareness among staff to improve their
ability to strike a sound balance between risk and return.
Non-Financial Risk Management is responsible for:
\u2013 Business continuity management;
\u2013 Information security (second-line monitoring);
\u2013 Preparing, developing and maintaining policy documents;
\u2013 Proactively and reactively providing advice on managing
risks;
\u2013 Raising risk awareness among staff to improve their
ability to strike a sound balance between risk and return.
Financial Risk Management and Asset & Liability
Management are jointly responsible for:
\u2013 Preparing ICAAP and ILAAP documentation;
\u2013 Preparing the recovery plan.
Finance, Reporting & Control is responsible for the financial
accounting and business control function. Through its various
reports, Finance, Reporting & Control challenges the
businesses. These reports include monthly management
reports and cost control reports, and are used to monitor the
progress of business plans.
Compliance has both an advisory and a monitoring role with
respect to compliance with applicable laws, regulations,
internal policies and industry standards relevant for
Van\u00a0Lanschot Kempen. It is also responsible for preparing,
developing and maintaining internal policies. As compliance
risks are part of Van\u00a0Lanschot Kempen's overall risk
governance, Compliance as an independent function is
involved in and supports the management of compliance risks
by identifying, assessing, monitoring and reporting on such
risks. Compliance risks include risks such as data privacy,
financial crime, business conduct and client protection risks.
Internal Audit periodically reviews aspects of the design and
effectiveness of the risk organisation and the execution of
our risk, capital management and compliance policies in
accordance with their annual audit plan. The applicable
policies form the starting point for the independent review by
Internal Audit. Processes, infrastructure, organisation and
systems are audited based on these policies to determine
whether the organisation adequately executes its risk, capital
management and compliance policies.
1.2.4 Execution of risk, capital management and compliance
policies
Private Clients Netherlands, Private Clients Belgium,
Investment Management Clients, and Investment Banking
Clients prepare their own business plans. On the basis of
these plans, current and future risks are assessed, including
expected capital and liquidity requirements. These
assessments serve as input for the various risk committees
and the risk appetite statement.
1.3 Capital and disclosure requirements
The standards set by the Basel Committee on Banking
Supervision, translated into law and regulations (CRR, CRD
and Wft), apply to all Dutch banks, including Van Lanschot
Kempen. The Basel framework consists of three pillars:
\u2013 Pillar 1 stipulates capital requirements for credit, market
and operational risk.
\u2013 Pillar 2 requires banks to have internal processes for risk
management and to calculate the capital requirements
needed to address all risks that are not included in Pillar 1.
The supervisory review and evaluation process (SREP) is
also part of Pillar 2.
\u2013 Pillar 3 sets out requirements for disclosure of
information about the institution\u2019s risk profile to external
stakeholders.
Van Lanschot Kempen sets and monitors capital
requirements for the group as a whole and for the parent
entity. Our regulatory capital consists of the sum of the CET 1
and the Tier 1 capital. Our regulatory CET 1 complies with the
requirement that stems from the SREP.
SREP and overall capital
requirements at 31/12/2025 (%)
CET1
Tier 1
Total
capital
Pillar 1
4.50
6.00
8.00
Pillar 2
2.92
3.90
5.20
Total SREP capital requirement
7.42
9.90
13.20
Capital conservation buffer
2.50
2.50
2.50
Countercyclical capital buffer
1.84
1.84
1.84
Overall capital requirement
11.76
14.24
17.54
Pillar 2 guidance
\u2014
\u2014
\u2014
Overall capital requirement +
Pillar 2 guidance
11.76
14.24
17.54
Capital ratios
18.3
20.5
23.9
SREP and overall capital
requirements at 31/12/2024 (%)
CET 1
Tier 1
Total
capital
Pillar 1
4.50
6.00
8.00
Pillar 2
2.98
3.98
5.30
Total SREP capital requirement
7.48
9.98
13.30
Capital conservation buffer
2.50
2.50
2.50
Countercyclical capital buffer
1.85
1.85
1.85
Overall capital requirement
11.83
14.32
17.65
Pillar 2 guidance
0.06
0.06
0.06
Overall capital requirement +
Pillar 2 guidance
11.89
14.38
17.71
Capital ratios
19.4
21.7
25.2
For Pillar 3 disclosures (unaudited), including a detailed
breakdown of our portfolio of loans to companies and
institutions, see vanlanschotkempen.com/annual-reports.
1.4 Individual risks
The following sections detail the individual risk types to
which we are exposed. They therefore cover a combination of
Pillar 1 and Pillar 2 capital requirements. The risk types
covered are:
\u2013 Strategic risk (Section 2);
\u2013 Credit risk (Section 3);
\u2013 Market risk (Section 4);
\u2013 Settlement risk (Section 5);
\u2013 CVA risk (Section 6);
\u2013 Interest rate risk (Section 7);
\u2013 Liquidity risk (Section 8);
\u2013 Securitisation risk (Section 9);
\u2013 Sustainability risk (Section 10);
\u2013 Operational risk (Section 11);
\u2013 Compliance risk (Section 12);
\u2013 Financial reporting risk (Section 13).
2. Strategic risk
Strategic risk is defined as the risk to our performance as a
result of failure to respond adequately to changes in external
factors or from adverse strategic decisions. External factors
include the actions of competitors, clients, potential market
entrants, and public authorities as well as geopolitical
developments and public opinion. Strategic risk is not
inherently undesirable, since there can also be an upside to
taking these risks. We take a forward-looking approach to
strategic risk, keep a close eye on external developments and
set our strategic priorities accordingly. Our strategy puts a
strong focus on organic and inorganic growth to profit from
economies of scale. Existing risk management practices and
measures are assessed regularly to ensure that possible new
risks that may arise from changes in strategic direction or in
the business environment are addressed adequately.
3. Credit risk
Credit risk is defined as the risk that a counterparty or client
is no longer able to fulfil its obligations. Our credit risk
policies focus on the counterparty risks associated with
lending to private banking clients and SMEs. Strict selection
criteria for new clients and active credit management for
existing clients are applied to safeguard the quality of the
loan portfolio. Our lending activities are required to be in line
with stated objectives, and individual assessments are used to
ascertain this.
Apart from lending activities, credit risk also arises from:
\u2013 Investment activities;
\u2013 International payment transactions and cash
management;
\u2013 Currency and hedging activities;
\u2013 Transactions settlement.
Our investment activities relate to the management of our
liquidity buffer and equity investments. For the liquidity
buffer, a limit framework is in place to manage and monitor
associated credit risks.
Counterparty credit risk with respect to financial institutions
arises from international payment transactions, cash
management, currency and hedging activities. Some of these
activities also involve settlement risk. For derivatives
transactions, counterparty credit risk is mitigated by daily
margining.
We apply a strict policy when determining and monitoring
country and counterparty (financial institutions) limits. The
country limits serve as a cross limit for financial institutions,
meaning that the counterparty risks in respect of financial
institutions in one country are limited by the relevant country
limit, as the country limit is usually lower than the aggregate
of the individual counterparty limits.
Limits on financial institutions and countries are determined
using a number of criteria such as external ratings, Bank for
International Settlements (BIS) ratios, capital ratios, country
of origin and GDP (for countries). Limits can also be adjusted
and withdrawn on a daily basis.
3.1 Loans and advances
3.1.1 Credit acceptance
Our loan approval policy focuses on maintaining a high-
quality loan portfolio. The credit risk concentration mainly
lies within our private banking activities in the Netherlands.
Loan reviews and the authority to approve loans are
delegated to a limited number of teams, mainly our Credit
Approval team.
The authority to approve large loans rests with the Credit
Committee, which comprises representatives of the relevant
departments as well as members of the Management Board.
The mid- and back-office for nearly all residential mortgage
loans is run by a third party. A service level agreement (SLA) is
in place to ensure adequate control of the operational risks,
including the outsourcing risk. The acceptance process for
our white label loans is outsourced, but we no longer grant
loans to new clients.
New loan requests are assessed to determine if they are in
line with our strategy, risk appetite and policies.
3.1.2 Credit management \u2013 policy and processes
To achieve a high-quality loan portfolio, strict credit
management is required. Credit management is carried out at
both individual loan and portfolio level. At the individual loan
level, explicit attention is devoted to the management of
arrears and accounts past due. Retail loans with an elevated
risk profile are subjected to a risk check. Non-retail loans are
regularly reviewed. Such reviews are carried out at least
annually for the main exposures, but their actual frequency
varies according to the individual borrower\u2019s risk profile.
A deterioration in a client\u2019s risk profile may lead to closer
supervision, an adjusted rating, corrective measures (such as
requiring additional collateral or increasing the frequency of
financial reporting), involvement of Credit Approval and
Financial Restructuring & Recovery, or a combination of
these. It may also lead to a stage transfer under IFRS 9 \u2013 see
Section 3.8.
At portfolio level, credit risks are monitored on a monthly
basis. In addition, several early warning indicators are used to
draw up a watch list, which is discussed monthly. A detailed
credit risk report and any relevant developments or expected
developments are discussed in the Credit Risk Committee on
a quarterly basis. Any negative trend identified in the risk
profile of a particular client segment, sector or loan type can
lead to the adjustment of the relevant lending policy. Trends
in sectors where there is a concentration risk are monitored
closely.
In the event of an increased risk of discontinuity, Financial
Restructuring & Recovery is involved in the credit
management process. If there are objective indicators of
impairment, this team draws up an impairment proposal. The
Impairment Committee determines the impairment for the
whole credit portfolio on a quarterly basis.
The primary goal of the Financial Restructuring & Recovery
team is to migrate clients back to accounts with regular status
(i.e. not under the supervision of Financial Restructuring &
Recovery) by reducing their credit risk. The aim is to do this in
accordance with the loan agreements made with these
clients, but forbearance measures are applied if necessary.
For more information on forborne exposures, see Section 3.2.
3.1.3 Credit risk measurement
We have developed internal models for measuring and
monitoring credit risk for the majority of the loan portfolio.
Some of these internal models are also used to determine the
required capital that has to be set aside for absorbing
unexpected credit losses. For this reason, the models, the use
of these models and the model governance have to adhere to
strict requirements set out in the CRR.
We use the standardised approach (SA) and the advanced
internal ratings-based (A-IRB) approach for our loan
portfolios.
The SA prescribes a set of rules for determining required
capital. The A-IRB approach allows banks to use own
estimates for probability of default (PD), exposure at default
(EAD) and loss given default (LGD).
We have approval from DNB to determine and report the
required regulatory capital for our residential mortgage
exposures portfolio using the A-IRB approach. Our models
are captured by our model governance framework.
The SA method has been used for capital calculations in all
our other retail and non-retail loan portfolios.
Other loans and advances
The risk-weighted assets of other portfolios, such as the debt
securities in our investment portfolio managed by Treasury
(i.e. excluding retail, non-retail and equity), are calculated on
the basis of the SA method.
Definition of default and credit-impaired assets
Our definition of default is informed by European Banking
Authority guidelines. Most notably, the materiality threshold
complies with the uniform EU standard. A financial asset is
credit-impaired when one or more events have occurred that
have a detrimental impact on the estimated future cash flows:
\u2013 A breach of contract such as a more than 90 days past due
event with a materiality of more than \u20ac100 and more than
1% of total credit obligation for retail exposures or more
than \u20ac500 and more than 1% of total credit obligation for
non-retail exposures;
\u2013 Significant financial difficulty of the issuer or the
borrower and an inability to meet future payments;
\u2013 Concession(s) granted to the borrower that the lender
would not otherwise consider, relating to the borrower\u2019s
financial difficulties (forbearance);
\u2013 A growing likelihood that the borrower will enter
bankruptcy or other financial restructuring;
\u2013 The disappearance of an active market for the financial
asset because of financial market difficulties;
\u2013 The purchase or origination of a financial asset at a deep
discount that reflects the incurred credit loss.
It may not always be possible to identify a single discrete
event; instead, the combined effect of several events may
have caused financial assets to become impaired. All impaired
assets are also classified as defaulted by Van\u00a0Lanschot
Kempen under CRR rules. We have implemented one
definition that serves all our different purposes.
3.2 Forborne exposures
A loan is considered forborne if the borrower is structurally
unable to meet their contractual obligations towards us and
we decide to make a concession to the client by modifying the
terms and conditions of the loan agreement. The objective of
this modification is to enable the borrower to meet the
renewed obligations, and it would not have been offered if
those circumstances had not arisen. Forbearance actions may
include one or more of the following measures:
\u2013 Amendment of the original terms and conditions of the
loan agreement that the client cannot meet due to
financial difficulties, with a view to restoring the client\u2019s
payment capacity;
\u2013 Full or partial refinancing of a forborne exposure.
The purpose of the measures taken in forbearance situations
is to maximise the chance of restoring the borrower\u2019s
payment capacity and to minimise the risk of losses due to
having to write off all or part of the loan. Measures must offer
the client an appropriate and sustainable solution, enabling
them to comply with the original obligations arising from the
credit agreement in due course.
Applying forbearance measures is exclusively reserved for
the Financial Restructuring & Recovery team, which pursues
a policy based on general principles and translates this to the
specific situation of the individual client. Given the nature of
these loans, the team carries out intensive credit
management. Before any new arrangements are agreed, a
detailed analysis is made of the client, their financial situation
and the likelihood of income recovery. The outcome of this
analysis may have consequences for the client\u2019s review
frequency and the size of any loan loss provision. If the client
qualifies for appropriate forbearance measures, a proposal
will be drawn up and submitted to the competent assessor(s)
for approval. If a forbearance measure is granted, the
exposure is classified as non-performing.
In practice, forbearance measures do not always have the
desired effect \u2013 i.e. the recovery of the client\u2019s payment
capacity or an end to the process of declining payment
capacity. This may, for example, be the result of a further
deterioration in the client\u2019s financial circumstances or the
failure of those circumstances to improve as expected. Such
cases are re-analysed and a new repayment strategy is
agreed. However, the principle is explicitly maintained that
the forbearance measure must be appropriate, enduring and
effective. Any new arrangements agreed with the borrower
must also meet these strict criteria.
A forbearance situation ends when the non-performing
status has no longer been applied to the loan for a probation
period of two years. The non-performing status must last a
minimum of one year starting from the last forbearance
measure. Moreover, the client must have made significant
and regular payments of interest and/or principal during at
least half of the probation period. During the two-year
probation period, no payments by the borrower may be in
arrears for more than 30 days.
If this condition is not met, the probation period will start
again from the date the client is no longer in arrears for more
than 30 days.
The recording and monitoring of loans which are subject to
forbearance is carried out by the Financial Restructuring &
Recovery team. Each quarter, and where appropriate more
frequently for specific loans, an individual assessment is
carried out of forborne exposures which are in default, in
relation to any provision made. In addition to this quarterly
assessment (as part of the provisioning process), these loans
are subject to extensive credit risk management, the intensity
and frequency of which will as far as possible match the
specific circumstances of the loan.
Tables 3.2.A through 3.2.C show the total volume of forborne
exposures. We apply several types of forbearance measures
(see Table 3.2.A).
Following the decision to apply such a measure, a loan
remains under the supervision of the Financial
Restructuring\u00a0&\u00a0Recovery team until the forbearance
situation has ended.
Table 3.2.A Types of forborne exposure
31/12/2025
31/12/2024
Total
12,141
17,211
Refinancing or new loans
1,804
3,116
Interest payment only
1,377
\u2014
Reduction of repayments
6,262
1,661
Deferred payment of financing costs
\u2014
1,282
Extension of loan term
514
2,641
Reduction in interest rate
\u2014
508
Sale by agreement/assisted sale
1,027
437
Rescheduled payments
\u2014
9
Other alteration of contract conditions/covenants
1,158
7,521
Partial or total debt forgiveness
\u2014
37
Tables 3.2.B and 3.2.C provide insight into the underlying
collateral of forborne loans. This breakdown is based on the
collateral used under Basel regulations, with the exception of
commercial real estate, for which collateral is based on
market values. The value in the Total primary collateral
column is the lower of the subscription value or the value of
the collateral.
Table 3.2.B Forborne exposures by collateral at 31 December 2025
Balance
outstanding
Mortgage
collateral
Commercial real
estate
Financial
collateral
Total primary
collateral
Secondary
collateral and
unsecured loans
Total
12,141
1,959
1,120
5,970
9,049
3,093
Mortgage loans
1,959
1,959
\u2014
\u2014
1,959
\u2014
Current accounts
7,713
\u2014
\u2014
5,970
5,970
1,744
Loans
2,469
\u2014
1,120
\u2014
1,120
1,349
Table 3.2.C Forborne exposures by collateral at 31 December 2024
Balance
outstanding
Mortgage
collateral
Commercial real
estate
Financial
collateral
Total primary
collateral
Secondary
collateral and
unsecured loans
Total
17,211
2,499
9,343
1,634
13,476
3,705
Mortgage loans
2,499
2,499
\u2014
\u2014
2,499
\u2014
Current accounts
5,021
\u2014
\u2014
1,634
1,634
3,387
Loans
9,691
\u2014
9,343
\u2014
9,343
348
Write-off policy
Write-off happens when there is no reasonable expectation
of recovery. An indicator of write-off is when all means of
recovery have been exhausted, meaning as soon as there is
sufficient certainty about the loss after the sale of collateral
and after exploring other redress opportunities. Even after a
financial asset is written off, the entity may continue
enforcement activities. Any recoveries from enforcement
after write-off are recognised as income in the period in
which they occur. No material recoveries were recognised in
2025.
3.3 Breakdown of the loan portfolio
We adopt a cautious approach to granting unsecured loans.
Our loan book mainly consists of loans to private banking
clients such as loans secured by residential real estate, a
number of commercial real estate loans and Lombard loans.
The remainder of the loan portfolio comprises consumer
loans and customised financing for private banking clients.
Loan portfolio limit consists of the carrying value and the
undrawn amounts in credit facilities. Loan portfolio usage
excludes loss allowance for ECL. As a result, figures in other
tables related to the loan portfolio may differ if these
elements are not similarly accounted for.
Table 3.3 Breakdown of loan portfolio by
entity excluding impairments
31/12/2025
31/12/2024
Limit
Usage
Limit
Usage
Total
10,116,390
9,631,642
9,730,708
9,366,177
Van Lanschot Kempen
9,289,740
8,923,434
9,199,624
8,954,847
Other
826,650
708,208
531,084
411,330
3.4 Collateral
In general, collateral can be used for all current and future
amounts owed by a debtor. In addition to residential
mortgage collateral and guarantees provided by governments
and credit institutions, commercial real estate, financial
collateral, receivables, stocks and inventories may serve as
collateral.
Tables 3.4.A and 3.4.B provide insight into the underlying
collateral of the loan portfolio.
For financial assets other than loans and advances, the
maximum credit exposure equals the carrying amount. No
material collateral or other credit enhancements are
obtained for these asset classes.
Table 3.4.A Loans and advances to the public and private sectors by collateral at 31 December 2025
Balance
outstanding
Mortgage
collateral
Commercial
real estate
Financial
collateral
Other
Total
collateralised
loans
Unsecured
loans
Total
9,785,811
7,076,185
528,510
1,138,121
225,855
8,968,670
817,141
Mortgage loans
6,945,078
6,792,433
45,252
4,601
608
6,842,894
102,184
Loans
1,435,754
209,199
466,758
41,466
223,838
941,261
494,493
Current accounts
408,461
53,424
12,447
249,222
1,409
316,503
91,958
Securities-backed loans and settlement
receivables
993,038
21,129
4,053
842,830
\u2014
868,012
125,026
Subordinated loans
3,479
\u2014
\u2014
\u2014
\u2014
\u2014
3,479
Table 3.4.B Loans and advances to the public and private sectors by collateral at 31 December 2024
Balance
outstanding
Mortgage
collateral
Commercial
real estate
Financial
collateral
Other
Total
collateralised
loans
Unsecured
loans
Total
9,450,267
7,058,144
491,103
867,780
248,874
8,665,901
784,366
Mortgage loans
6,841,316
6,724,729
46,478
3,402
1,562
6,776,171
65,146
Loans1
1,377,724
236,576
412,341
12,478
246,161
907,557
470,167
Current accounts
402,491
61,279
26,653
218,719
1,151
307,802
94,689
Securities-backed loans and settlement
receivables1
825,257
35,560
5,631
633,180
\u2014
674,371
150,886
Subordinated loans
3,479
\u2014
\u2014
\u2014
\u2014
\u2014
3,479
Tables 3.4.A and 3.4.B have been drawn up on the basis of the
definitions contained in the Basel regulations. The balance
outstanding is the carrying amount excluding value
adjustments for fair value hedge accounting. The collateral
value is the lower of the balance outstanding of the related
loan or the value of the collateral itself.
The category Other mainly comprises loans for which
collateral has been pledged in the form of operating assets,
inventories and receivables, as well as collateral which for
technical reasons is not directly linked to a specific loan. The
total amount of unsecured loans is small.
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
1\u00a0 We have changed the presentation. Lombard loans have been reclassified from Loans to Security\u2011backed loans and settlement receivables to better reflect the
\u00a0 underlying collateral. This reclassification resulted in an impact of approximately \u20ac534 million on the 2024 comparative figures. The comparative figure for\u00a0 2024 has
\u00a0 been adjusted accordingly.
The loan-to-value (LTV) of our mortgage loans is based on
indexed foreclosure values, in line with generally accepted
standards for LTV determination. The weighted average LTV
at year-end 2025 was 58% (2024: 60%).
3.5 Concentration within the loan portfolio
The vast majority of our loan portfolio consists of loans to our
private banking clients. For the credit risk in this portfolio, see
Section\u00a03.8, \"Loss allowance for expected credit losses\". We
aim for a diversified loan portfolio, reflecting our risk
appetite. We have set limits for concentrations in individual
sectors.
3.5.1 Individual loan concentrations
The ten largest loans to individual clients other than financial
institutions totalled \u20ac173 million at year-end 2025, compared
with a total loan portfolio of \u20ac8.1 billion (2024: \u20ac176 million;
total loan portfolio \u20ac7.8 billion). In this calculation, Lombard
loans secured by non-single stock are excluded.
3.5.2 Geographical concentrations
The bulk of our lending takes place in the Netherlands. The
geographical breakdown reflects client locations.
Table 3.5.2 Loans and advances to the public and private sectors by geographical area
31/12/2025
31/12/2024
Total
9,605,107
9,331,093
Netherlands
8,663,157
8,547,476
Belgium
717,000
558,597
Other
224,951
225,019
3.6 Encumbered and unencumbered assets
Certain items in the statement of financial position are
classified as encumbered. Tables 3.6.A and 3.6.B provide
insight into the financial assets treated as encumbered. These
tables have been drawn up on the basis of carrying value.
Encumbered assets \u2013 Pledged as collateral:
\u2013 Cash pledged to a counterparty bank or central clearing
party as security for obligations stemming from
derivatives (CSA contracts);
\u2013 Investments in debt instruments pledged to DNB or
counterparty banks in the context of payments, repo
transactions or securities and derivatives clearing
purposes;
\u2013 Mortgage loans and receivables that act as a guarantee
for debt instruments which have been placed with
institutional investors in the form of covered bonds or
have been pledged as collateral to DNB, e.g. for
transaction settlements.
Encumbered assets \u2013 Other:
\u2013 Statutory reserve deposits with central banks;
\u2013 Reserve accounts of the covered bond entities to which
we have no access.
Unencumbered assets \u2013 Eligible as collateral:
\u2013 Investments in debt instruments which appear on the
ECB eligible list of marketable assets but are not classified
as encumbered at the reporting date;
\u2013 Mortgage loans and advances on underlying debt
instruments which are held by us and which appear on the
ECB eligible list of marketable assets but are not classified
as encumbered at the reporting date.
Table 3.6.A Encumbered and unencumbered
assets
Encumbered assets
Unencumbered assets
31/12/2025
Pledged as
collateral
Other
Eligible as
collateral
Not eligible as
collateral
Total
Total
1,841,710
127,869
4,718,165
9,890,777
16,578,521
Cash and cash equivalents and balances at central
banks
\u2014
125,218
\u2014
2,039,970
2,165,188
Due from banks
2,686
2,650
\u2014
21,299
26,636
Financial assets at fair value through profit or loss
\u2014
\u2014
104,107
82,742
186,850
Financial assets at fair value through other
comprehensive income
54,689
\u2014
2,839,388
194,698
3,088,775
Loans and advances to the public and private
sectors
1,626,750
\u2014
525,000
7,453,357
9,605,107
Other financial assets at amortised cost
157,585
\u2014
1,249,670
98,710
1,505,965
Table 3.6.B Encumbered and unencumbered
assets
Encumbered assets
Unencumbered assets
31/12/2024
Pledged as
collateral
Other
Eligible as
collateral
Not eligible as
collateral
Total
Total
2,138,444
134,287
4,414,692
9,257,888
15,945,312
Cash and cash equivalents and balances at central
banks
\u2014
129,665
\u2014
1,935,153
2,064,818
Due from banks
63,323
4,622
\u2014
16,280
84,225
Financial assets at fair value through profit or loss
\u2014
\u2014
180,734
91,760
272,494
Financial assets at fair value through other
comprehensive income
30,006
\u2014
2,788,606
172,528
2,991,140
Loans and advances to the public and private
sectors
1,830,000
\u2014
525,000
6,976,093
9,331,093
Other financial assets at amortised cost
215,115
\u2014
920,352
66,074
1,201,542
3.7 Netting of financial assets and liabilities
Tables 3.7.A and 3.7.B show the netting of financial assets and
liabilities. The right to net derivatives is laid down in a master
netting agreement per counterparty.
The tables only present the financial instruments subject to a
master netting agreement. For information about the netting
criteria, see \u201cSummary of material accounting policies\u201d.
Table 3.7.A Netting of financial assets and liabilities 31/12/2025
Related amounts not offset in the
statement of financial position
Gross
Gross in the
statement of
financial position
Net in the
statement of
financial position
Financial
instruments
Financial\u00a0
collateral
Net
Derivatives (assets)
878,981
522,056
356,925
270,708
2,686
83,530
Derivatives
(liabilities)
720,752
522,056
198,695
270,708
153,431
-225,443
Table 3.7.B Netting of financial assets and liabilities 31/12/2024
Related amounts not offset in the
statement of financial position
Gross
Gross in the
statement of
financial position
Net in the
statement of
financial position
Financial
instruments
Financial
collateral2
Net
Derivatives (assets)
915,087
597,189
317,897
157,037
63,323
97,537
Derivatives
(liabilities)
851,755
597,189
254,566
157,037
122,314
-24,785
3.8 Loss allowance for expected credit losses
Under the IFRS 9 Accounting Standard, we recognise a loss
allowance for ECL on financial assets measured at amortised
cost or fair value through other comprehensive income, as
well as for financial guarantees and loan commitments. When
there is no significant deterioration in credit risk since initial
recognition, ECL is recognised based on 12-month expected
credit losses (Stage 1).
When a significant increase in credit risk has occurred, ECL is
recognised based on a lifetime ECL (Stage 2). Likewise, for
impaired loans (Stage 3) a lifetime ECL is recognised.
3.8.1 Expected credit loss measurement
We measure ECL by using a sophisticated approach and an
alternative approach. For the sophisticated approach we use
models to calculate ECL, governed by a model governance
framework.
Under this framework, the performance of the models is
periodically monitored, and these models are also periodically
validated. Every quarter, the models are subject to
performance monitoring. If models are consistently
performing outside the agreed threshold, recalibration or
ultimately redevelopment will follow.
In both approaches, ECL reflects an unbiased probability-
weighted amount that is determined by evaluating a range of
possible outcomes, the time value of money, and reasonable
and verifiable information that is available without undue
cost or effort at the reporting date about past events, current
conditions and forecasts of future economic conditions. Both
approaches calculate a 12-month and a lifetime ECL for the
exposures of all three stages.
After the risk stage determination in the stage calculation,
the relevant ECL is assigned:
\u2013 12-month ECL for Stage 1;
\u2013 Lifetime ECL for Stages 2 and 3.
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2 We have expanded the disclosure to include financial collateral related to derivatives, as presented in the netting table of financial assets and liabilities. Financial
\u00a0 \u00a0 collateral amounting to approximately \u20ac185 million is disclosed separately. This information was not previously presented. The addition of this disclosure has no impact
\u00a0 \u00a0 \u00a0 on the statement of financial position, profit or equity.
The key elements of the ECL calculation are the probability of
default (PD), exposure at default (EAD), cure rate (CR), and
loss given default (LGD). An important part of the LGD is the
loss given non-cure (LGN). LGN is an estimate of the loss
arising in the event of a default without cure occurring at a
given time. It is based on the difference between the
contractual cash flows due and those that the lender would
expect to receive, including from the realisation of any
collateral.
Initial investigation of our interest-only mortgages suggested
that these did not require an adjustment of our ECL approach.
In addition, we incorporate forward-looking information for
the sophisticated approach.
We identify macroeconomic variables and consider three
macroeconomic scenarios in calculating ECL:
\u2013 A baseline scenario;
\u2013 An upside scenario;
\u2013 A downside scenario.
These scenarios are associated with different PDs, EADs and
LGNs. In the process of building the PD, cure rate and LGN
models for IFRS Accounting Standards, we included several
macroeconomic risk drivers in the long list of risk drivers.
Those determined as best-performing during modelling were
selected to be part of the model. The macroeconomic
scenarios are provided by a third party, Oxford Economics.
They also provide the weights per scenario. The reported ECL
(12-month or lifetime, depending on the stage) is a weighted
ECL average per macroeconomic scenario. The table below
shows the macroeconomic variables used for the
sophisticated approach.
Model
Macroeconomic variables
PD calibration
\u2013 GDP
\u2013 Volume of exports
Cure rate
\u2013 Residential real estate price
\u2013 Volume of exports
LGN
\u2013 GDP
\u2013 Residential real estate price
\u2013 Unemployment
EAD
n/a
3.8.2 Significant deterioration in credit risk
To determine the deterioration in credit risk of a financial
instrument since initial recognition, we compare the risk of
default at the reporting date with the risk of default on initial
recognition.
To calculate the lifetime probability of default (LPD) at
origination and the LPD at reporting date, we use four PD
models: private individuals, SMEs, corporates, and
commercial real estate. If the increase in LPD exceeds the
designated threshold, the exposure is transferred to Stage 2
and the lifetime ECL is calculated.
A backstop is applied and financial instruments that are
materially overdrawn and more than 30 days past due are
transferred from Stage 1 to Stage 2. If the financial
instrument is credit-impaired, it is transferred to Stage 3.
3.8.3 Financial instruments following the sophisticated
approach
For the majority of financial instruments included in the line
item Loans and advances to the public and private sectors,
including mortgage loans, loans, current accounts,
subordinated loans and financial guarantees and loan
commitments, we apply a sophisticated approach to calculate
expected credit losses. This approach uses an umbrella model
that combines the following sub-models:
\u2013 Various models that provide the expected flow of
exposures to the default state;
\u2013 A PD calibration model giving the flow from performing to
default;
\u2013 A full prepayment model and amortisation model giving
the outflow from the portfolio of an entire exposure due
to prepayment or contract expiration;
\u2013 A migration model providing flows from performing rating
classes to other performing rating classes;
\u2013 A cure rate model giving the flow from default to
performing classes and the non-cure state;
\u2013 Various product-level models that give the expected
exposure at the moment a client goes into default;
\u2013 An amortisation model showing the contractual payments
during the lifetime of a product and the part of the
exposure flowing out of the portfolio due to partial
prepayments;
\u2013 An EAD model giving the exposure as a function of the
limit or outstanding amount just before default;
\u2013 A product-level model evaluating the part of EAD that
may be lost \u2013 the loss given loss (LGL) model;
\u2013 A discount factor to discount the loss from the moment of
default to the moment of reporting.
3.8.4 Financial instruments following the alternative
approach
We apply an alternative approach for cash and cash
equivalents, due from banks, debt instruments at amortised
cost, debt instruments at fair value through other
comprehensive income, and loans and securities-backed
loans issued by Mercier Van Lanschot and Van Lanschot
Kempen Switzerland. The alternative approach comprises an
investments model and a foreign loan model.
3.8.5 Investments model
The investments model is applied to calculate ECL for cash
and cash equivalents, due from banks, debt instruments at
amortised cost, and debt instruments at fair value through
other comprehensive income. These financial instruments all
have a low risk profile. All such exposures are assigned to
Stage 1 as long as their external rating is investment-grade.
We use a simplified model to calculate 12-month ECL, using
publicly available data for PD and LGD based on external
ratings. In principle, financial assets are sold if they are
downgraded below investment grade.
3.8.6 Foreign loans model
For the loans and securities-backed loans issued by Mercier
Van Lanschot and Van Lanschot Kempen Switzerland, we
have developed a foreign loans model. The foreign loans
model calculates ECL as the sum of future exposure
discounted at the effective interest rate at recognition for
non-revolving products and the current effective interest
rate for revolving products.
3.8.7 Model changes
Two changes were implemented in our ECL calculations in
2025. The first is in the macroeconomic scenarios. In previous
provisioning calculations, the macroeconomic scenarios were
estimated using a principal components model. To simplify
our model landscape, these scenarios and accompanying
weights are now provided by an external party. The impact of
these replacements was estimated to be an increase in ECL of
\u20ac200,000. The second change is a recalibration of the
expected maturity model, due to model monitoring
observations showing the potential for improvement. The
impact of this change amounts to a \u20ac156,000 increase in ECL.
3.8.8 Loss allowances
The table below shows ECL loss allowances and the
corresponding book values (including revocable and
irrevocable commitments), categorised by balance sheet line
item and ECL by stage.
Table 3.8.A Loss allowance for expected credit losses
31/12/2025
31/12/2024
Carrying value/
exposure amount
(basis for ECL)
Expected credit
losses
Carrying value/
exposure amount
(basis for ECL)
Expected credit
losses
Total
17,832,553
29,063
16,867,053
38,146
Cash and cash equivalents and balances at central banks
2,165,188
0
2,064,818
0
Due from banks
26,636
0
84,225
\u2014
Financial assets at fair value through other comprehensive
income
3,088,775
266
2,991,140
762
Loans and advances to the public and private sectors
9,998,541
26,534
9,610,954
35,084
Other financial assets at amortised cost
1,506,027
61
1,201,838
296
Financial guarantees and loan commitments
1,047,387
2,202
914,078
2,004
The table below shows total loss allowances recognised by
IFRS 9 stage. The total change in Stage 3 amounted to a
decrease of \u20ac10.5 million (2024: increase of \u20ac0.4 million); of
this amount, \u20ac5.5 million (2024: \u20ac2.1 million) is related to
write-offs and \u20ac4.9 million (2024: addition of \u20ac2.5 million)
to\u00a0release of loss allowances at Stage 3.
Table 3.8.B Loss allowance recognised by IFRS 9 stage
31/12/2025
31/12/2024
Write-offs
Change in
provision
Total change
Stage 1
4,767
4,385
\u2014
382
382
Stage 2
6,646
5,662
\u2014
984
984
Stage 3
17,649
28,099
-5,506
-4,944
-10,450
Total
29,062
38,146
-5,506
-3,578
-9,084
The table below shows the IFRS 9 stage and coverage ratios
for loss allowances recognised in the loan portfolio,
categorised by ECL stage. This loan portfolio amount excludes
loss allowance for ECL. As a result, figures in other tables
related to the loan portfolio may differ if these elements are
not similarly accounted for.
Table 3.8.C IFRS 9 stage and
coverage ratio by ECL stage
(\u20ac million)
31/12/2025
31/12/2024
Loan
portfolio
Provision
Coverage
ratio
Stage ratio
Loan
portfolio
Provision
Coverage
ratio
Stage ratio
Stage 1
8,402
3.6
0.0%
87.2%
8,221
2.7
0.0%
87.8%
Stage 2
1,144
5.3
0.5%
11.9%
1,018
4.3
0.4%
10.9%
Stage 3
86
17.6
20.6%
0.9%
127
28.1
22.1%
1.4%
Total
9,632
26.5
0.3%
9,366
35.1
0.4%
Stage 1
Model-based Stage 1 provisions on loans increased by
\u20ac0.9\u00a0million to \u20ac3.6 million, with Stage 1 exposure adding
\u20ac181 million. The coverage ratio remained stable compared
with 2024.
Stage 2
Stage 2 provisions on loans went up from \u20ac4.3 million to
\u20ac5.3\u00a0million in 2025. The recalibration of the IFRS 9 models
resulted in a modest increase in the coverage ratio and
thereby a higher provision.
Stage 3
The baseline for Stage 3 provisions is determined by the
Financial Restructuring & Recovery team, with limited IFRS 9
model adjustments. In 2025, Stage 3 provisions recorded a
substantial decline from \u20ac28.1 million to \u20ac17.6 million.
This was due to a release of provisions on the resolution of
some specific impaired exposures and write-offs, only slightly
offset by increased provisioning on existing impaired loans
and new defaults. The total impaired exposure fell
significantly to \u20ac86\u00a0million. The coverage ratio decreased
slightly over 2025.
Loss allowances for ECL change over time for several
reasons: the credit risk of financial instruments may
significantly increase or decrease, financial instruments may
become credit-impaired, or new financial assets may be
purchased. The following tables explain the changes in the
loss allowances during the year and the loss allowance
recognised in the statement of income.
Table 3.8.D Changes in loss allowance for Financial assets at
fair value through other comprehensive income
Stage 1
Stage 2
Stage 3
Total
At 1 January 2025
762
\u2014
\u2014
762
Additions or releases without transfer
-540
\u2014
\u2014
-540
Financial assets originated or purchased
44
\u2014
\u2014
44
Total balance excluding write-offs
266
\u2014
\u2014
266
At 31 December 2025
266
\u2014
\u2014
266
Table 3.8.E Changes in loss allowance for Financial assets at
fair value through other comprehensive income
Stage 1
Stage 2
Stage 3
Total
At 1 January 2024
280
\u2014
\u2014
280
Additions or releases without transfer
270
\u2014
\u2014
270
Financial assets originated or purchased
212
\u2014
\u2014
212
Total balance excluding write-offs
762
\u2014
\u2014
762
At 31 December 2024
762
\u2014
\u2014
762
Table 3.8.F Changes in loss allowance for expected credit
losses of Loans and advances to the public and private sectors
Stage 1
Stage 2
Stage 3
Total
At 1 January 2025
2,693
4,337
28,055
35,084
Additions or releases without transfer
-221
-462
-9,833
-10,516
Transfer to Stage 1
103
-2,442
\u2014
-2,340
Transfer to Stage 2
-159
3,944
-67
3,718
Transfer to Stage 3
-30
-98
4,995
4,867
Financial assets originated or purchased
1,227
\u2014
\u2014
1,227
Total balance excluding write-offs
3,612
5,279
23,149
32,040
Amounts written off
\u2014
\u2014
-5,506
-5,506
At 31 December 2025
3,612
5,279
17,643
26,534
Table 3.8.G Changes in loss allowance for expected credit
losses of Loans and advances to the public and private sectors
Stage 1
Stage 2
Stage 3
Total
At 1 January 2024
4,346
6,107
27,694
38,146
Additions or releases without transfer
-2,231
-1,749
1,245
-2,735
Transfer to Stage 1
247
-4,515
\u2014
-4,268
Transfer to Stage 2
-491
4,827
-635
3,701
Transfer to Stage 3
-89
-332
1,851
1,429
Financial assets originated or purchased
911
\u2014
\u2014
911
Total balance excluding write-offs
2,693
4,337
30,155
37,185
Amounts written off
\u2014
\u2014
-2,100
-2,100
At 31 December 2024
2,693
4,337
28,055
35,084
Table 3.8.H Changes in impairments of Other financial assets at
amortised cost
Stage 1
Stage 2
Stage 3
Total
At 1 January 2025
296
\u2014
\u2014
296
Additions or releases without transfer
-492
\u2014
\u2014
-492
Financial assets originated or purchased
256
\u2014
\u2014
256
Total balance excluding write-offs
61
\u2014
\u2014
61
At 31 December 2025
61
\u2014
\u2014
61
Table 3.8.I Changes in impairments of Other financial assets at
amortised cost
Stage 1
Stage 2
Stage 3
Total
At 1 January 2024
133
\u2014
\u2014
133
Additions or releases without transfer
163
\u2014
\u2014
163
Financial assets originated or purchased
\u2014
\u2014
\u2014
\u2014
Total balance excluding write-offs
296
\u2014
\u2014
296
At 31 December 2024
296
\u2014
\u2014
296
Table 3.8.J Changes in impairments of Financial guarantees and
loan commitments
Stage 1
Stage 2
Stage 3
Total
At 1 January 2025
636
1,325
44
2,004
Additions or releases without transfer
190
-58
-38
95
Transfer to Stage 1
3
-176
\u2014
-173
Transfer to Stage 2
-9
276
\u2014
267
Transfer to Stage 3
\u2014
\u2014
\u2014
\u2014
Financial assets originated or purchased
8
\u2014
\u2014
8
Total balance excluding write-offs
829
1,367
6
2,202
At 31 December 2025
829
1,367
6
2,202
Table 3.8.K Changes in impairments of Financial guarantees
and loan commitments
Stage 1
Stage 2
Stage 3
Total
At 1 January 2024
942
1,230
35
2,207
Additions or releases without transfer
-324
-100
15
-408
Transfer to Stage 1
7
-43
\u2014
-37
Transfer to Stage 2
-13
239
-25
202
Transfer to Stage 3
\u2014
-2
18
16
Financial assets originated or purchased
23
\u2014
\u2014
23
Total balance excluding write-offs
636
1,325
44
2,004
At 31 December 2024
636
1,325
44
2,004
All financial instruments included in the line items Cash and
cash equivalents, Due from banks, and Debt instruments at
amortised cost are classified in Stage 1, and no transfers have
taken place.
3.8.9 Credit quality
Van Lanschot Kempen allocates each exposure to a credit risk
grade based on a variety of data that are determined to be
predictive of the risk of default.
Credit risk grades are defined using qualitative (applying
experienced credit judgement) and quantitative factors that
are indicative of risk of default. These factors vary depending
on the nature of the exposure and the type of borrower.
We use internally developed rating pools for the line items
Loans and advances to the public and private sectors and
Financial guarantees and loan commitments.
Credit grade
Description
Investment grade
Non-credit-impaired financial assets that are not placed under the supervision of the Financial Restructuring &
Recovery team, internal rating pool 1
Standard monitoring
Non-credit-impaired financial assets that are not placed under the supervision of the Financial Restructuring &
Recovery team, internal rating pools 2 to 4
Special monitoring
Non-credit-impaired financial assets that are placed under the supervision of the Financial Restructuring &
Recovery team
Default
Credit-impaired financial assets
All financial instruments under the line items Cash and cash
equivalents, Due from banks, Debt instruments at amortised
cost and Debt instruments at fair value through other
comprehensive income are investment grade, which means
their external rating is at least BBB-. We use external ratings
for these line items.
The credit quality of the line items Loans and advances to the
public and private sectors and Financial guarantees and loan
commitments is shown in the tables below. Assessment of
credit quality is based on our internal credit rating system
and year-end stage classification. The amounts presented are
gross of impairment allowances.
Table 3.8.L Credit quality of Loans and advances to the public
and private sectors at 31 December 2025
Stage 1
Stage 2
Stage 3
Total
Credit grade
Investment grade (AAA to BBB-)
7,256,059
\u2014
\u2014
7,256,059
Standard monitoring (BB+ to B-)
1,643,183
1,132,261
\u2014
2,775,444
Special monitoring (CCC to C)
1,218
57,543
\u2014
58,761
Default (DDD to D)
\u2014
\u2014
88,979
88,979
Gross carrying amount
8,900,461
1,189,804
88,979
10,179,244
Loss allowance
3,612
5,280
17,643
26,534
Carrying amount
8,896,849
1,184,524
71,336
10,152,709
Table 3.8.M Credit quality of Loans and advances to the public
and private sectors at 31 December 2024
Stage 1
Stage 2
Stage 3
Total
Credit grade
Investment grade (AAA to BBB-)
6,735,392
\u2014
\u2014
6,735,392
Standard monitoring (BB+ to B-)
1,805,831
1,005,730
\u2014
2,811,560
Special monitoring (CCC to C)
1,863
74,533
\u2014
76,396
Default (DDD to D)
\u2014
\u2014
106,780
106,780
Gross carrying amount
8,543,086
1,080,262
106,780
9,730,128
Loss allowance
2,691
4,338
28,055
35,084
Carrying amount
8,540,395
1,075,925
78,725
9,695,044
Table 3.8.N Credit quality of Financial guarantees and loan
commitments at 31 December 2025
Stage 1
Stage 2
Stage 3
Total
Credit grade
Investment grade (AAA to BBB-)
946,957
\u2014
\u2014
946,957
Standard monitoring (BB+ to B-)
18,662
81,443
\u2014
100,105
Special monitoring (CCC to C)
\u2014
211
\u2014
211
Default (DDD to D)
\u2014
\u2014
114
114
Gross carrying amount
965,619
81,654
114
1,047,387
Loss allowance
829
1,367
6
2,202
Carrying amount
964,790
80,287
108
1,045,186
Table 3.8.O Credit quality of Financial guarantees and loan
commitments at 31 December 2024
Stage 1
Stage 2
Stage 3
Total
Credit grade
Investment grade (AAA to BBB-)
124,964
\u2014
\u2014
124,964
Standard monitoring (BB+ to B-)
20,922
89,630
\u2014
110,552
Special monitoring (CCC to C)
\u2014
89
30
119
Default (DDD to D)
\u2014
\u2014
3,301
3,301
Gross carrying amount
145,887
89,719
3,331
238,937
Loss allowance
636
1,325
44
2,004
Carrying amount
145,251
88,394
3,288
236,933
3.8.10 Macroeconomic variables
We incorporate forward-looking information for the
sophisticated approach. We use domestic macroeconomic
variables and consider three macroeconomic scenarios in
calculating ECL: a baseline scenario, an upside scenario, and a
downside scenario.
Our weightings were 40% for the baseline scenario, 30% for
the upside scenario and 30% for the downside scenario.
These weights are provided by Oxford Economics as part of
the scenarios. Last year, the scenarios and weights were
internally determined, with the baseline scenario being
weighted at 70%, the upside scenario at 10% and the
downside scenario at 20%.
Table 3.8.P Macroeconomic variables
31/12/2025
31/12/2024
2026
2027
2028
2024
2025
2026
Gross domestic product
Baseline scenario
0.50%
1.40%
1.90%
0.86%
1.46%
1.46%
Upside scenario
1.90%
2.80%
2.90%
3.80%
4.40%
4.40%
Downside scenario
-1.40%
0.00%
1.10%
-1.91%
-1.31%
-1.31%
Volume of exports
Baseline scenario
0.90%
1.60%
1.30%
0.32%
2.12%
2.02%
Upside scenario
1.80%
2.80%
2.50%
5.53%
7.33%
7.23%
Downside scenario
-0.70%
-0.20%
0.00%
-4.59%
-2.78%
-2.88%
Residential real estate price
Baseline scenario
3.50%
2.20%
2.20%
8.84%
7.44%
4.04%
Upside scenario
5.10%
6.40%
7.00%
13.10%
11.70%
8.30%
Downside scenario
-2.20%
-3.80%
-3.50%
4.82%
2.43%
0.02%
Unemployment rate
Baseline scenario
3.90%
3.80%
3.60%
3.70%
3.90%
4.00%
Upside scenario
3.70%
3.40%
3.30%
3.20%
3.40%
3.50%
Downside scenario
4.90%
6.10%
7.10%
4.20%
4.40%
4.50%
Because the macroeconomic scenarios are now based on
external vendor data, resulting in a revised data structure and
methodology, the outcomes are not comparable to prior
years.
For the portfolios that fall under the scope of IFRS 9, we
perform a scenario analysis to calculate the sensitivity of ECL
to macroeconomic variables. The multiple macroeconomic
variables are used to calculate various outcomes for our ECL
models.
The final ECL figure is the weighted average of the outcomes
under the various scenarios. The table below shows ECL per
stage and per scenario.
Table 3.8.Q Sensitivity analysis at 31 December 2025
Stage 1
Stage 2
Stage 3
Total
Change
Probability-weighted
4,767
6,646
17,649
29,062
Baseline scenario
4,686
6,695
17,686
29,066
4
Upside scenario
4,259
6,202
17,706
28,166
-896
Downside scenario
5,383
7,025
17,544
29,952
890
Table 3.8.R Sensitivity analysis at 31 December 2024
Stage 1
Stage 2
Stage 3
Total
Change
Probability-weighted
4,385
5,662
28,099
38,146
Baseline scenario
4,204
5,549
28,060
37,813
-334
Upside scenario
2,823
4,679
27,559
35,062
-3,084
Downside scenario
5,800
6,549
28,505
40,855
2,709
3.9 Collateral credit-impaired financial instruments
In general, collateral can be used for all current and future
amounts owed by a debtor. In addition to residential
mortgage collateral and guarantees provided by governments
and credit institutions, commercial real estate, financial
collateral, receivables, stocks and inventories may serve as
collateral. The majority of collateral is not directly linked to a
specific financing arrangement.
For credit-impaired financial instruments, the Financial
Restructuring & Recovery team determines the liquidation or
recovery value of the available collateral, based on the most
recent valuation reports and applying the applicable haircuts.
The table below shows the collateral for financial instruments
considered credit-impaired.
Table 3.9 Collateral for credit-impaired instruments at\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
31 December 2025
Gross exposure
Impairment
Carrying amount
Value of collateral
Loans and advances to public and private sectors
89,540
17,649
71,892
79,221
Financial guarantees and loan commitments
97
\u2014
97
88
Table 3.9 Collateral for credit-impaired instruments at\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
31 December 2024
Gross exposure
Impairment
Carrying amount
Value of collateral
Loans and advances to public and private sectors
127,883
28,056
99,828
159,290
Financial guarantees and loan commitments
3,301
44
3,258
4,919
No impairment is recognised for credit-impaired financial
instruments if the collateral is sufficient to cover the
outstanding obligation. The total carrying amount of credit-
impaired financial instruments for which there is no
impairment recognised is \u20ac49.1 million (2024: \u20ac42.0 million).
4. Market risk
Market risk is the risk of loss as a result of changes in market
variables, including interest rates (except exposure in the
banking book), exchange rates and share prices. The market
risk to which we are exposed can be divided into three
components. Firstly, the market risk to which Treasury is
exposed in respect of its structured products activities (part
of the Other operating segment) and services to clients.
Secondly, market risk stemming from trading activities in
institutional securities, which is concentrated in Investment
Banking Clients. Lastly, exposure to market risks is also
generated by investments in our management book of
\u20ac50.9\u00a0million (2024: \u20ac56.1 million).
These investments provide seed capital for newly launched
Van Lanschot Kempen funds and allow us to co-invest with
our clients.
4.1 Trading activities in securities
Our trading activities in securities mainly comprise equities,
equity derivatives and interest rate derivatives. Equities are
concentrated in Investment Banking Clients (equity
brokerage) while equity derivatives and interest rate
derivatives are concentrated in Treasury (structured
products activities).
A governance structure has been created to facilitate
effective risk management. This is based on the three lines of
defence model, where the first line has direct insights into the
live risk exposures and is responsible for staying within the
set limits, the second line monitors daily to ensure that limits
are respected, and Internal Audit performs periodic audits on
the policies and procedures set by Risk Management and
evaluates effectiveness and completeness.
The risks are managed using value at risk (VaR) limits as well
as gross and net limits. Daily stress tests provide information
about changes in portfolio values in extreme market
conditions and complement the VaR calculation.
The VaR for the trading portfolios is computed daily, based on
a one-day time horizon with a 97.5% confidence level on one
year of historical data.
Other risks relating to derivatives, such as stock market
changes and volatility, and interest rate changes (delta, vega
and rho respectively) are embedded in our structured notes.
These risks are separately monitored on a daily basis or more
frequently if necessary.
Separate limits are in place for all risk drivers. VaR and other
relevant risk parameters are reported to senior management
(including two Management Board members) on a daily basis.
The majority of the complex market risks (exotic risks) are
hedged on a back-to-back basis. The non-exotic risks and
limited exotic risks due to secondary market trading are
hedged via the macro-hedging strategy. The total macro
exposure per risk driver is calculated and this is hedged by
using relatively simple (mostly listed) options. All risk drivers
have limits both on an individual as well as on an aggregate
level, and we monitor them at least daily. This highly granular
view of limits results in limited basis risks.
Table 4.1 Trading activities VaR
2025
2024
Derivatives-related
Share-related
Derivatives-related
Share-related
At 31 December
15
106
25
137
Highest VaR
227
263
136
369
Lowest VaR
5
70
7
81
Average VaR
43
136
41
186
4.2 Market risk due to foreign exchange positions
To a limited degree, treasury activities (mainly foreign
exchange exposure, comprising client transactions and own
positions) result in positions exposed to market risks. The
Treasury department is part of the Other activities operating
segment. The majority of transactions and positions in the
statement of financial position are denominated in euros.
Exchange rate risk is managed within the required limits and
an authorisation structure applies.
Foreign exchange positions are shown in Table 4.2.B and
include all cash, forward and option positions of the entities in
scope of consolidation.
We operate under tight limits prohibiting significant foreign
exchange positions. This means that no further sensitivity
analysis is performed on these positions.
Table 4.2.A Exchange rate risk of treasury trading activities (total gross nominal foreign exchange
position translated to euros)
2025
2024
At 31 December
969
244
Highest position
3,289
4,916
Lowest position
-707
-900
Average position
799
55
Table 4.2.B Foreign exchange positions
31/12/2025
31/12/2024
Total
556
1,905
US dollar
1,943
987
Danish krone
137
235
Swedish krona
109
89
Hong Kong dollar
102
67
South African rand
82
15
Canadian dollar
74
-16
Norwegian krone
63
-86
Pound sterling
-89
-26
Swiss franc
-2,160
290
Other
296
348
Credit spread risk in the banking book (CSRBB) is the risk of
volatility in earnings and/or equity, caused by the effect of
changes in the market price of credit risk and market liquidity
spreads on instruments that are sensitive to these spreads,
assuming a constant level of creditworthiness of the
instrument.
For\u00a0Van\u00a0Lanschot Kempen, CSRBB is mainly concentrated in
the investment, funding and liquidity portfolios. CSRBB limits
have been imposed on these portfolios, which are monitored
by the Asset & Liability Committee on a monthly basis.
4.3 Market risk capitalisation
We use the maturity method to calculate the capital
adequacy requirement in respect of the general risk on debt
instruments in the trading portfolio. Share-related
instruments are share instruments included under Financial
assets from trading activities (see Table 4.3).
Table 4.3 Market risk
31/12/2025
31/12/2024
Risk weighting
Capital adequacy
requirement
Risk weighting
Capital adequacy
requirement
Total
125,416
10,033
155,664
12,453
Interest-related instruments
81,357
6,509
110,530
8,842
Share-related instruments
41,252
3,300
43,045
3,444
Currency-related instruments
2,807
225
2,089
167
Weighting and requirements
We use the standardised approach for all types of market
risk. The market risk of interest rate derivatives is included
under Interest-related instruments; the market risk of share-
related derivatives under Share-related instruments; and the
market risk of currency derivatives Currency-related
instruments.
5. Settlement risk
We are required to hold capital for financial transactions that
are not settled within five days of the agreed deadline, if the
difference between the agreed settlement price and the price
at the reporting date could lead to a loss. Settlement risk is
monitored and managed on a daily basis.
At year-end 2025, financial transactions totalling \u20ac4.9\u00a0million
(2024: \u20ac19.2 million) had to be reported in the context of
settlement risk.
6. CVA risk
CVA is the price impact on a derivatives transaction (bilateral
or centrally cleared) when the creditworthiness of the
counterparty deteriorates. We are required to hold capital
under the CRR to account for CVA risk. This CVA capital
adequacy requirement is additional to requirements applying
to the risk-weighted assets in relation to the \u201cregular\u201d default
risk of a counterparty. We use the standardised method to
calculate the capital requirement for CVA.
7. Interest rate risk
Interest rate risk in the banking book (IRRBB) is the exposure
to adverse market interest rate movements, arising from
banking book activities. Adverse interest rate movements
may impact a bank\u2019s current and/or future earnings, capital
and market value. Responsibility for IRRBB management has
been delegated by the Management Board to the Asset &
Liability Committee.
Interest rate risks in non-banking book items are managed as
part of market risk.
Our main source of interest rate risk is the maturity mismatch
between assets and liabilities. In general, assets have longer
interest rate maturities than liabilities, contractually as well
as behaviourally. We model client behaviour with respect to
the prepayment patterns of mortgages and loans and the
interest rate risk profiles of non-maturing deposits such as
savings and current accounts. When modelling client
behaviour, a risk remains that actually observed client
behaviour deviates from the model outcomes.
Differences between modelled and observed client behaviour
could have a material adverse impact on future results and
are classified as customer behaviour risk.
We manage interest rate risk from both a long- and a short-
term perspective, using both internally developed interest
rate scenarios and scenarios prescribed by regulation, the
supervisory outlier test (SOT). The short-term interest rate
risk is addressed mainly from a net interest income
perspective. This involves an analysis of the change in interest
income under a number of market interest rate scenarios,
relative to the baseline scenario in which interest rates are
expected to develop based on forward rates (delta net
interest income, or \u0394NII). SOT outcomes are reported
relative to Tier 1 capital.
By year-end 2025, the most adverse SOT scenario was a
downward shock to the forward curve of 200 bps. The \u0394NII
for this SOT scenario was -3.2% of Tier 1 capital at the end of
2025 (end of 2024: -1.6% for the same SOT scenario).
We address long-term interest rate risk by means of the
economic value approach, which looks at how changes in
interest rates impact the value of our assets and liabilities.
The rule-of-thumb metric for economic value analysis is
duration of equity, which indicates the net impact of parallel
interest rate changes on economic value, assuming a linear
relationship between these parameters.
Although we use duration of equity as a rule of thumb for
economic value sensitivity, we also calculate economic value
changes under various scenarios. In doing so, all interest rate
cash flows are recalculated and revalued at shocked interest
rate curves and we use coupon rates that are stripped of
margins. At year-end 2025, the most adverse SOT scenario
was an instant upwards shock of 200 bps. The \u0394EVE for this
scenario was -6.9% of Tier 1 capital at the end of 2025 (end of
2024: -7.1%).
We use hedge accounting to offset changes in the market
value of derivatives that are used for hedging portfolios
classified at amortised cost or at fair value through other
comprehensive income.
8. Liquidity risk
The main objective of our liquidity risk management is to
ensure that we are able to maintain or generate sufficient
cash resources to meet our payment obligations in full as they
come due, on acceptable terms. One of the key elements of
our approach towards liquidity risk management is to
maintain stakeholder confidence in Van Lanschot Kempen's
solidity at all times.
The main source of liquidity risk that we are exposed to
relates to the share of client deposits in our funding base.
Although client deposits have proven to be relatively price-
inelastic and sticky over time, the withdrawable nature of
such deposits poses potential outflow risks, especially for
those deposits not covered by the deposit guarantee scheme
(DGS).
The roll-over risk with respect to maturing capital market
funding is less substantial for us, since our client deposit base
comfortably funds our entire loan book. To still obtain a
certain degree of diversification in our funding mix, we have
covered bond programmes in place, as well as unsecured
funding via the structured products programme.
To manage liquidity risk, we use a forward-looking liquidity
risk management framework that enables the comprehensive
measurement, evaluation and calibration of indicators related
to liquidity risk. The framework consists of the risk appetite
statement, the liquidity buffer, monitoring and reporting,
forecasting, funding planning and contingency planning.
Limits for liquidity risk are revised on an annual basis as part
of the risk appetite limit structure. Limits set include, but are
not limited to, levels of the liquidity coverage ratio, the net
stable funding ratio, short-term cash availability and stress
test survival periods, which are reported to the Asset &
Liability Committee on a monthly basis. In addition to the
regular monthly liquidity reporting, the liquidity buffer and
client deposit flows are monitored in the weekly liquidity
report. This report includes metrics that have been identified
as early warning indicators for possible liquidity stress. The
liquidity buffer is the main defensive element against liquidity
risk, and the quality and size of the buffer are monitored
frequently, along with inflows and outflows in the client
deposit base.
Every year, we outline our capital and funding planning for a
three-year horizon, both under regular circumstances in the
capital and funding plan, and under potential future stress or
emergency situations in the liquidity contingency plan,
complemented by the recovery plan.
Part of our liquidity and funding planning is scenario analysis,
of which stress testing is a key element. By means of stress
testing, we assess our resilience to a variety of adverse
liquidity events \u2013 Van Lanschot Kempen-specific events,
system-wide events, and a combination of these two.
8.1 Contractual maturity
Tables 8.1.A and 8.1.B show the assets and liabilities based on
their remaining contractual terms to maturity at the
reporting date, without taking behavioural aspects into
account. These amounts correspond with the amounts
included in the consolidated statement of financial position.
Items with no maturity, such as equity instruments, assets
and liabilities classified as held for sale, and provisions are
presented separately.
Derivative liabilities are included on a net basis if cash flows
are settled net. For other derivative liabilities the contractual
gross cash flow payable is included.
As savings and current accounts do not have fixed terms, the
balances of non-maturing instruments are presented within
the Withdrawable on demand category.
Due from banks and amounts due to banks include collateral
delivered and received related to derivatives transactions.
Allocation of this collateral over the maturity buckets is
conducted in accordance with the maturity classification of
the derivative contracts.
Table 8.1.A Contractual maturity of assets and liabilities at 31 December 2025
Withdraw-
able on
demand
<3 months
3 to 12
months
1 to 5 years
More than 5
years
Subtotal
Maturity
not
applicable
Total
Assets
Cash and cash equivalents and
balances at central banks
2,165,188
\u2014
\u2014
\u2014
\u2014
2,165,188
\u2014
2,165,188
Due from banks
\u2014
21,879
1,520
3,237
\u2014
26,636
\u2014
26,636
Derivatives
\u2014
19,921
46,882
104,358
185,763
356,925
\u2014
356,925
Financial assets at fair value
through profit or loss
54,615
\u2014
\u2014
119,311
\u2014
173,926
12,924
186,850
Financial assets at fair value
through other comprehensive
income
\u2014
5,992
89,003
1,679,851
1,313,928
3,088,775
\u2014
3,088,775
Loans and advances to the public
and private sectors
698,516
47,332
241,453
784,430
7,833,377
9,605,107
\u2014
9,605,107
Other financial assets at
amortised cost
\u2014
148,815
152,174
1,163,961
33,958
1,498,909
7,057
1,505,965
Investments in associates using
the equity method
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
120,074
120,074
Other assets3
\u2014
212,576
95,868
47,540
33,295
389,279
333,812
723,091
Total assets
2,918,319
456,515
626,901
3,902,688
9,400,321
17,304,744
473,867
17,778,611
Total assets excluding
derivatives
2,918,319
436,594
580,019
3,798,330
9,214,558
16,947,819
473,867
17,421,687
Equity and liabilities
Due to banks
21,301
21,070
100,000
152,691
740
295,802
\u2014
295,802
Public and private sector
liabilities
11,043,093
1,643,068
391,096
218,549
71,474
13,367,280
\u2014
13,367,280
Derivatives
\u2014
18,182
30,474
102,409
47,630
198,695
\u2014
198,695
Financial liabilities at fair value
through profit or loss
\u2014
21,602
32,596
337,813
119,791
511,802
\u2014
511,802
Issued debt securities
\u2014
\u2014
500,000
993,799
\u2014
1,493,799
\u2014
1,493,799
Lease liabilities
\u2014
3,046
8,772
39,652
42,966
94,436
\u2014
94,436
Other liabilities4
\u2014
102,719
154,415
\u2014
\u2014
257,134
25,699
282,834
Subordinated loans
\u2014
\u2014
\u2014
25,000
128,445
153,445
\u2014
153,445
Equity
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1,380,518
1,380,518
Total equity and liabilities
11,064,394
1,809,687
1,217,353
1,869,913
411,046
16,372,394
1,406,217
17,778,611
Total equity and liabilities
excluding derivatives
11,064,394
1,791,506
1,186,879
1,767,504
363,416
16,173,699
1,406,217
17,579,916
On-balance gap
-8,146,075
-1,353,172
-590,452
2,032,775
8,989,274
932,350
-932,350
\u2014
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
3 Includes Property and equipment, Goodwill and other intangible assets, Current tax assets, Deferred tax assets and Other assets as presented in the consolidated
\u00a0 statement of financial position.
4 Includes Provisions, Current tax liabilities, Deferred tax liabilities and Other liabilities (less lease liabilities) as presented in the consolidated statement of financial
\u00a0 position.
Table 8.1.B Contractual maturity of assets and liabilities at 31 December 2024
Withdraw-
able on
demand
<3 months
3 to 12
months
1 to 5 years
More than 5
years
Subtotal
Maturity
not
applicable
Total
Assets
Cash and cash equivalents and
balances at central banks
2,057,762
\u2014
\u2014
\u2014
\u2014
2,057,762
\u2014
2,057,762
Due from banks
16,280
\u2014
1,258
66,687
\u2014
84,225
\u2014
84,225
Derivatives
\u2014
39,755
13,999
87,489
176,654
317,897
\u2014
317,897
Financial assets at fair value
through profit or loss
59,358
\u2014
\u2014
196,243
\u2014
255,601
16,893
272,494
Financial assets at fair value
through other comprehensive
income
\u2014
48,794
87,943
1,553,125
1,301,278
2,991,140
\u2014
2,991,140
Loans and advances to the public
and private sectors
664,592
69,619
114,086
716,154
7,766,642
9,331,093
\u2014
9,331,093
Other financial assets at
amortised cost
28,952
108,095
1,027,141
37,353
1,201,542
7,057
1,208,598
Investments in associates using
the equity method
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
117,556
117,556
Other assets3
\u2014
173,257
31,617
49,129
10,516
264,520
338,046
602,566
Total assets
2,797,992
360,377
356,998
3,695,968
9,292,444
16,503,779
479,552
16,983,332
Total assets excluding
derivatives
2,797,992
320,622
342,999
3,608,479
9,115,790
16,185,882
479,552
16,665,434
Equity and liabilities
Due to banks
42,491
2,397
850
107,647
11,420
164,804
\u2014
164,804
Public and private sector
liabilities
9,463,537
2,579,929
429,148
186,520
107,787
12,766,921
\u2014
12,766,921
Derivatives
\u2014
24,695
12,897
119,003
97,970
254,566
\u2014
254,566
Financial liabilities at fair value
through profit or loss
\u2014
32,270
80,831
308,474
43,316
464,891
\u2014
464,891
Issued debt securities
\u2014
\u2014
\u2014
1,491,254
\u2014
1,491,254
\u2014
1,491,254
Lease liabilities
\u2014
33
744
32,819
11,561
45,157
\u2014
45,157
Other liabilities4
\u2014
107,158
127,936
\u2014
\u2014
235,095
29,515
264,610
Subordinated loans
\u2014
\u2014
\u2014
25,000
128,825
153,825
\u2014
153,825
Equity
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1,377,304
1,377,304
Total equity and liabilities
9,506,027
2,746,482
652,407
2,270,717
400,879
15,576,512
1,406,819
16,983,332
Total equity and liabilities
excluding derivatives
9,506,027
2,721,787
639,510
2,151,714
302,909
15,321,946
1,406,819
16,728,766
On-balance gap
-6,708,036
-2,386,105
-295,409
1,425,251
8,891,565
927,267
-927,267
\u2014
The assets comprise mainly long-term mortgage loans while
the liabilities are made up of mainly on-demand deposits. The
latter are predominantly current and savings accounts. This
results in a gap between the Withdrawable on demand and
More than five years columns. Potential liquidity risks are
addressed by means of monthly stress tests \u2013 discussed
monthly in the Asset & Liability Committee \u2013 that test our
resilience to a variety of adverse liquidity events and take
behavioural aspects into account.
For each transaction we have guaranteed, the maximum
guaranteed amount is included in the appropriate term
bucket, allowing for our termination options. The same
applies to irrevocable commitments.
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
3 Includes Property and equipment, Goodwill and other intangible assets, Current tax assets, Deferred tax assets and Other assets as presented in the consolidated
\u00a0 statement of financial position.
4 Includes Provisions, Current tax liabilities, Deferred tax liabilities and Other liabilities (less lease liabilities) as presented in the consolidated statement of financial
\u00a0 position.
8.2 Contractual maturities of undiscounted cash flow of
financial liabilities
Tables 8.2.A and 8.2.B show liabilities by maturity based on
contractual, undiscounted cash flows and including related
future cash flows, such as interest payments.
Repayments subject to notice are treated as if notice were to
be given immediately. However, we expect that many clients
will not request repayment at the earliest possible date, and
the tables below do not reflect the expected cash flows as
indicated by our deposit retention history.
Derivatives included in Table 8.2 consist of trading
derivatives, derivatives designated for hedge accounting and
other derivatives. The market value of interest rate swaps is
allocated in a linear fashion across maturity buckets over
their contractual term, while currency forwards are
presented at market value in the bucket corresponding to
their expiration. Option contracts are considered
withdrawable on demand and are reflected in the relevant
maturity bucket accordingly.
Table 8.2.A Contractual maturities of undiscounted cash flow of liabilities at 31 December 2025
Withdrawable
on demand
<3 months
3 to 12 months
1 to 5 years
More than 5
years
Total
Due to banks
21,621
21,070
101,438
152,371
740
297,240
Public and private sector
liabilities
11,185,542
1,637,624
403,752
141,571
38,521
13,407,010
Derivatives
88,957
10,756
24,325
65,820
8,837
198,696
Financial liabilities at fair value
through profit or loss
\u2014
28,666
36,480
383,469
122,518
571,134
Issued debt securities
\u2014
16,875
517,500
1,029,375
\u2014
1,563,750
Subordinated loans
\u2014
1,000
7,194
54,147
161,028
223,369
Total undiscounted liabilities
11,296,120
1,715,992
1,090,689
1,826,753
331,644
16,261,198
Table 8.2.B Contractual maturities of undiscounted cash flow of liabilities at 31 December 2024
Withdrawable
on demand
<3 months
3 to 12 months
1 to 5 years
More than 5
years
Total
Due to banks
16,587
28,301
850
107,647
11,420
164,804
Public and private sector
liabilities
9,319,801
2,573,513
447,315
202,335
541,008
13,083,973
Derivatives
88,345
13,593
30,737
94,592
27,300
254,566
Financial liabilities at fair value
through profit or loss
\u2014
41,379
88,583
351,712
44,911
526,584
Issued debt securities
\u2014
16,875
17,500
1,563,750
\u2014
1,598,125
Subordinated loans
\u2014
1,000
7,789
106,193
117,680
232,662
Total undiscounted liabilities
9,424,732
2,674,661
592,773
2,426,229
742,320
15,860,715
9. Securitisation risk
We treat securitisation as an asset class in our investment
portfolio. We are not party to any synthetic securitisations
and have no trading position in securitisation transactions.
Funding
We do not structure securitisations for other entities and
have no outstanding securitisation transactions in which we
act as a sponsor, seller and/or servicer.
Investments
Part of our liquidity investment portfolio is invested in
residential mortgage-backed securities (RMBS). We invest
only in the most senior and AAA-rated RMBS tranches.
If they comply with the simple, transparent and standardised
requirements, these securitisations qualify as high-quality
liquid assets. All our RMBS investments are ECB-eligible,
meaning that they have at least two ratings from an external
credit assessment institution.
As the investments are part of the liquidity buffer, they can be
used as collateral, in repo transactions, or sold if necessary.
The holdings in RMBS represent a minor share of the total
investment portfolio.
Risk exposures within the investment portfolio
The credit risks of the investments are not hedged. Our
investment portfolio as a whole is monitored by the Treasury
department and the Credit Approval team on a daily basis.
The portfolio is monitored on nominal limits as well as on
credit risk limits.
Interest rate risk is limited, as RMBS are typically floating-
rate notes. Interest rate risk is monitored at balance sheet
level and includes the investment portfolio.
10. Sustainability risk
The management of sustainability risks is an integral part of
all risk management activities for financial, non-financial and
compliance risks. We consider sustainability risk as an
overarching risk type stemming from ESG factors that could
potentially impact our own operations, the valuation of our
balance sheet or our AuM activities. We conclude, based on
our risk analyses, that sustainability risks are currently not
material from a prudential perspective and therefore do not
require capitalisation beyond the capital taken into account
in the ICAAP, and do not require additional provisions under
IFRS 9. Given the significant overlap with the sustainability
disclosures under the Corporate Sustainability Reporting
Directive (CSRD), the risk management activities with regard
to sustainability risks are described on page 73 in the
sustainability statement.
11. Operational risk
Operational risk is the probability of sustaining direct or
indirect damage as a consequence of inadequate or failing
internal processes, products, people, systems, or external
events. Operational risk also includes cybercrime and
information security risk, which is defined as the risk that the
confidentiality, integrity, availability and/or authentication of
Van Lanschot Kempen's information assets is compromised
by internal failure of IT equipment, resulting in financial or
reputational damage, and/or regulatory sanctions. Within
Van Lanschot Kempen, operational losses are classified using
operational loss event types as set out in the Basel
framework.
Operational risk management framework
We have in place an operational risk management (ORM)
framework, which combines our risk governance with a range
of risk instruments for identifying, assessing, treating,
monitoring and reporting operational risks to support Van
Lanschot Kempen's management in their roles as risk owners.
Our framework leverages existing and widely recognised
industry frameworks and practices, such as those of the
Committee of Sponsoring Organisations of the Treadway
Commission (COSO) and ORX (the operational risk
management association), while considering the applicable
regulatory requirements such as the Basel Committee on
Banking Supervision Principles for the Sound Management of
Operational Risk, Basel IV and regulatory guidance
documents from DNB. Given our international presence,
other or additional requirements may be applicable to non-
EU locations, which we take into account.
\u2013 Operational risk appetite: This appetite defines the level
of \u2013 quantitative and qualitative \u2013 operational risk we are
willing to accept. Exceeding this appetite requires the
attention of the Management Board and will lead to
mitigation measures as and when necessary.
\u2013 Risk identification and assessment via risk and control
self-assessments and scenario analyses:
\u2013 Risk and control self-assessment is a tool that allows
line managers to systematically identify and assess
risks so that steps can be taken to manage any risks
that are assessed as being outside of the risk appetite.
Risk and control self-assessments are carried out, at
tactical (department) level, on the most important
value chains of the organisation and on our most
important programmes and projects. These
assessments are re-performed periodically to reassess
and update the existing operational risk level.
\u2013 Scenario analyses are used to assess low frequency
but high-impact risks. The results of these analyses
are used, among other things, to provide insight into
the adequacy of the Pillar 1 operational risk capital
requirement vis-\u00e0-vis our operational risk profile.
\u2013 Risk response: Management is responsible for deciding
how to manage risks. A \"4T approach\" applies: treat a risk
by implementing mitigating actions; or transfer a risk
through our insurance policies; or tolerate a risk
temporarily with periodical reviews to assess the
possibility to mitigate the risk in future; or terminate a
risk by ending a product, process or relationship.
\u2013 Incident management: Van Lanschot Kempen defines an
incident as an (undesirable) event that directly or
indirectly harms its services or causes other damage. This
includes incidents that qualify as a near miss or have no
financial impact. Incidents are registered in our incidents
database via the incident management process. For
severe incidents, root cause analyses are carried out and
reported to the Compliance & Operational Risk
Committee. The incidents database allows the systematic
recording and analysis of losses resulting from
operational risks. It contains information about losses
incurred as a result of operational risks in prior years and
the current year and forms the foundation of
Van\u00a0Lanschot Kempen's operational risk management
measurement system. A total of 174 incidents (2024: 83
incidents) entailing a loss of more than \u20ac1,000 were
logged in the database in 2025, resulting in a total loss of
\u20ac2.3 million (2024: \u20ac0.6 million). The various risk
committees devoted attention to the increase in the
number of incidents.
\u2013 Risk measurement: This is based on risk appetite
indicators and key risk indicators (early warnings), which
highlight trends and/or provide prospective information
about operational risks. The indicators are aligned with
the Van Lanschot Kempen Risk Appetite Statement.
\u2013 Risk meetings: Periodic meetings with risk owners are
held to monitor the development of the risk profile in
relation to the risk appetite.
Information security risk (including cyber)
Information security risk relates to the protection of client
and corporate data to manage the risk of information security
incidents, including the loss, theft or misuse of data/
information. To mitigate information risk (including cyber) we
adopt a zero-trust principle. This principle is integrated in our
IT environment, security controls and overarching IT risk
management framework to ensure multiple layers of defence.
The aim is to safeguard the confidentiality, integrity,
availability and authenticity of our data and IT assets, in
accordance with our risk appetite.
Third-party risk
In line with our strategy, we outsource certain processes to
carefully selected third parties. From an operational risk
perspective, this means replacing processing and transaction
risks with third-party risk, which is defined as the risk of
failing to manage third-party relationships and risk
appropriately. A comprehensive risk control framework is in
place to handle third-party risk. Contracts containing access
and audit rights as well as independent assurance on third-
party performance are included in this framework.
Fraud risk
The main mitigants for fraud risk are strong processes with
checks and balances (i.e. the four-eyes principle) and access
controls. Internal fraud risk is defined as the risk of
unexpected financial, material or reputational loss as the
result of the fraudulent actions of people internal to the
organisation. Incidents such as internal fraud cases are dealt
with in accordance with the incident management procedure,
which requires a root cause analysis to be conducted, and
adequate follow-up to prevent reoccurrence. In 2025, no
internal fraud event was identified nor any attempt to
commit internal fraud. No investigation of any person
regarding internal fraud therefore needed to be conducted.
External fraud risk is defined as fraud attempted or
perpetrated against the organisation by an external party (i.e.
a party without a direct relationship to Van Lanschot
Kempen) without the involvement of an employee or affiliate
of the organisation. We recognise that there is an increasing
trend of external fraud risk in terms of both attempts and
total impact, and we are continuously improving our
capabilities for detecting, stopping or recovering external
fraud attempts.
Business continuity management
Our business continuity management (BCM) framework is\u00a0
designed to ensure the resilience and continuity of our critical
operations, in alignment with the Digital Operational
Resilience Act (DORA) and other relevant regulations. Our
BCM approach begins with comprehensive business impact
analyses to identify critical business processes, applications,
and resources. These insights inform the development of
robust business continuity plans and detailed IT response and
recovery plans, outlining strategies enabling us to maintain
operations and swiftly restore services in the event of
disruptions.
Our crisis management organisation includes dedicated crisis
and support teams, trained to coordinate effective responses
to a wide range of incidents. Crisis communication protocols
are in place to ensure timely internal communication and
transparency with stakeholders during disruptions.
We place strong emphasis on regular testing and validation of
our plans and procedures, including annual failover tests of IT
infrastructure and scenario-based crisis exercises. These
activities are reviewed and enhanced based on lessons
learned and audit findings, ensuring continuous improvement
and compliance with regulatory standards. The effectiveness
of our BCM measures is monitored through key controls and
regular reporting to senior management.
By continuously refining our BCM processes, we safeguard
operations, minimising negative impact, and maintaining the
trust of our clients.
Model risk
The use of models exposes Van Lanschot Kempen to model
risk. Model-related risks may materialise in different ways.
Examples include using inappropriate models, implementing
models incorrectly, calibrating models on data with
insufficient quality or using model output for inappropriate
purposes.
Model risk is mitigated by applying the three lines of defence
model. The first line of defence is formed by the model
owners, whose primary role is to identify, assess and manage
the risks associated with models throughout their lifecycle.
The second line of defence is model risk management, carried
out by our Model Validation team, which is responsible for
performing independent validations and maintaining the
model risk management framework and related policies in
line with regulatory requirements.
The Internal Audit department acts as the third line of
defence, providing an independent evaluation of the
adequacy of the model risk management process.
The Model Management Committee approves model risk
policies and individual model risks. We apply a risk-based
approach to managing model risk. Models with a higher
model risk are validated more frequently and in greater
depth. Furthermore, Van\u00a0Lanschot Kempen keeps a registry
of all models in use. Lastly, model-related risk is quantified
and capital is held under Pillar 2.
12. Compliance risk
When operating in financial markets, we must conduct our
business activities in accordance with the expectations of our
stakeholders. We follow high ethical standards, in alignment
with our values, code of conduct and risk appetite. We
established a compliance framework to effectively manage
compliance risks across the organisation, to safeguard that
business operations adhere to applicable laws, regulations,
internal policies, procedures and industry standards relevant
to our business (compliance requirements) and to promote
the best interests of our clients.
Compliance risk can be described as the threat posed to our
organisation\u2019s financial, organisational or reputational
standing resulting from violations of compliance
requirements or ethical standards. Non-compliance with
these requirements could potentially result in reputational
damage, claims from clients or other stakeholders,
enforcement actions by legal and supervisory authorities,
fines and other liabilities, even the potential loss of our
licence to operate, which could negatively impact our
business, results and profitability, and the financial sector as a
whole.
Financial crime risks
As a wealth manager, we face the potential risk of
unintentional involvement in activities related to money
laundering, terrorism financing, sanctions, client tax integrity,
and bribery and corruption. We manage financial crime risks
via our policies and processes, offering anti-financial crime
training to all employees and providing specialist training to
employees who interact with clients or are involved in
detecting financial crime.
Client protection risks
Client protection risks involve the potential for unfair
treatment of clients, and offering products that do not align
with their needs, objectives, sustainability preferences or risk
appetite. Our organisation is mainly exposed to the risk of
claims from clients who might feel treated unfairly because of
information or advice received or because products and/or
services have not met their expectations. To make sure that
we act in the best interest of our clients, a thorough product
governance process is in place when offering, developing, or
distributing (new) financial products and services. This also
relates to marketing and communication materials.
Business conduct risks
Business conduct risks refer to the potential of our
organisation\u2019s actions to negatively impact the financial
markets, clients, or other stakeholders, including society as a
whole. Adverse effects on market stability, market abuse or
misconduct by employees could negatively impact our
organisation and result in reputational damage, fines or
enforcement actions by legal and supervisory authorities.
Business conduct risks are managed by having proper policies
and processes in place, as well as promoting ethical behaviour
and responsible business conduct among employees.
Data privacy risks
Data privacy risks concern the unauthorised use of personal
data, data retention and cleaning, personal data quality, third
party use of personal data and individuals\u2019 rights over their
personal data. The General Data Protection Regulation
(GDPR) applies to all personal data processing activities,
while the AI Act adds obligations for high-risk AI systems,
emphasising transparency, risk management and
fundamental rights. We maintain a data privacy programme
to protect the personal data of clients and employees,
support the organisation in its obligations, advise on data
privacy matters and monitor GDPR adherence.
13. Financial reporting risk
The Management Board is responsible for designing and
implementing an adequate system of internal control for our
financial reporting. The system is designed to provide
reasonable assurance as to the reliability of this reporting.
The financial statements are prepared in accordance with
generally accepted accounting principles and comply with
applicable legislation and regulations.
We have the following processes and tools in place to manage
financial reporting risks:
\u2013 Our accounting manual, which sets out the principles
regarding financial accounting;
\u2013 A risk and control framework describing processes and
procedures, and setting out primary controls such as
authorisations and segregation of duties;
\u2013 Periodic management reports and KPI dashboards,
accompanied by analyses of financial and non-financial
figures and trends;
\u2013 Evaluation of the functioning of the internal risk
management and control system by Internal Audit. The
main findings are discussed with the Management Board,
the Audit Committee and the Supervisory Board;
\u2013 Assessment and approval of the annual report by the
Management Board and discussion of the annual report
by the Audit Committee and by the Supervisory Board.
The management teams of the relevant departments provide
the Management Board with in-control statements.
These are based on the risks reported on a quarterly basis,
the results of testing procedures for the risk and control
framework, the follow-up of the reported risks and the test
results, and the incidents reported. The risk functions
evaluate these statements.
14. Fair value
14.1 Financial instruments at fair value through profit or
loss
Some financial instruments in the statement of financial
position are measured at fair value. Tables 14.1.A and 14.1.B
provide a breakdown of these instruments into three levels.
The fair value is based either on quoted prices in active
markets, inputs other than quoted prices that are observable
in the market, or inputs based on data not observable in the
market.
We have developed a policy on the criteria for allocating
financial instruments recognised in the statement of financial
position at fair value to each of the three levels.
A review is carried out at the end of each reporting period to
determine whether any changes have taken place in the
hierarchy between the levels.
Level 1: Quoted prices in active markets
The fair value of financial instruments traded in an active
market is based on the price at the reporting date (market
price). The bid price is applied for financial assets and the
offer price for financial liabilities. Since these instruments are
traded in an active market, their prices adequately reflect
current and frequent market transactions between unrelated
parties.
Level 2: Inputs observable in the markets
The fair value of financial instruments not traded in an active
market, e.g. over-the-counter (OTC) financial derivatives, is
established using cash flow and option valuation models.
Using estimates, we make assumptions based on the market
conditions (observable data) at the reporting date.
The estimated present value of future cash flows is used to
determine the fair value of the other financial instruments.
The fair value of interest rate swaps is calculated as the
present value of estimated future cash flows. The discount
rate is the same as the market interest rate at the reporting
date for a similar instrument subject to the same conditions,
taking into account collateral furnished under credit support
annexes.
The fair value of forward currency contracts is calculated by
reference to forward exchange rates at the reporting date.
This is subsequently discounted to determine the present
value.
Estimates and judgements made are based on past
experience as well as other factors, including expectations
with respect to future events that could reasonably occur
given current circumstances. Estimates and judgements are
assessed on an ongoing basis.
Level 3: Significance of unobservable market data
The financial instruments in this category are assessed on an
individual basis. Their valuation is based on the best estimate
of management by reference to the most recent prices, prices
of similar instruments and, to a not insignificant extent,
information not observable in the market. Unobservable
inputs may include volatility, correlation, seasonality and
credit spreads.
A valuation technique is used in which at least one input that
has a significant effect on the instrument\u2019s valuation is not
based on observable market data.
Valuation techniques used include:
\u2013 The net asset value method;
\u2013 Discounted cash flow projections based on reliable
estimates of future cash flows;
\u2013 The option model.
A significant effect on the instrument\u2019s valuation is
considered to be present when the unobservable input
accounts for at least 10% of the total instrument\u2019s fair value
and exceeds a threshold of \u20ac50,000. The effect of fair value
adjustments on the instrument\u2019s valuation is included in the
assessment.
Table 14.1.A Financial instruments at fair value at 31 December 2025
Level 1
Level 2
Level 3
Total
Assets
Derivatives
78,618
275,922
2,384
356,925
Financial assets at fair value through profit or loss
143,599
36,563
6,688
186,850
Financial assets at fair value through other comprehensive income
2,887,746
201,029
\u2014
3,088,775
Total assets
3,109,964
513,513
9,072
3,632,549
Liabilities
Derivatives
78,611
117,759
2,326
198,695
Financial liabilities at fair value through profit or loss
784
506,780
4,238
511,802
Total liabilities
79,395
624,539
6,564
710,497
Table 14.1.B Financial instruments at fair value at 31 December 2024
Level 1
Level 2
Level 3
Total
Assets
Derivatives
53,502
255,900
8,495
317,897
Financial assets at fair value through profit or loss
236,566
27,821
8,108
272,494
Financial assets at fair value through other comprehensive income5
2,752,598
238,543
\u2014
2,991,140
Total assets
3,042,665
522,264
16,603
3,581,531
Liabilities
Derivatives
53,501
192,507
8,557
254,566
Financial liabilities at fair value through profit or loss
116
462,553
2,223
464,891
Total liabilities
53,617
655,060
10,780
719,457
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
5 We have adjusted the presentation of certain financial assets to better reflect the fair value hierarchy. As a result, Financial assets measured at fair value through other
\u00a0 comprehensive income amounting to approximately \u20ac238.5 million have been reclassified within the fair value hierarchy. This reclassification has no impact on profit or
\u00a0 equity. The comparative figures for 2024 have been adjusted accordingly.
Transfers of financial assets or liabilities between levels
We have developed a policy document for the fair value
hierarchy. This divides the variables used into observable and
unobservable market inputs. If the unobservable input
variables are significant, the instrument is classified as
Level\u00a03. An unobservable input variable is significant if the
change in the fair value due to the application of the variable
is greater than the threshold values. Our policy is to recognise
transfers into and out of fair value hierarchy levels at the end
of the reporting period.
In 2025, our valuation technique remained unchanged, with
non-observable input variables being assessed on
significance. As a result of this assessment, some financial
instruments included in Derivatives (both assets and
liabilities) and in Financial liabilities at fair value through
profit or loss have been transferred from Level 2 to Level 3
and vice versa.
As a result of the input variables\u2019 correlation and seasonality,
some derivatives and financial liabilities at fair value through
profit or loss were transferred to Level 2. The shorter
remaining term to maturity of these financial instruments
meant that these input variables qualified as non-significant,
justifying a transfer to Level 2. In the case of Derivatives
(assets and liabilities), there were no transfers from Level 2 to
Level 3 or vice versa. For financial assets and liabilities at fair
value through profit or loss, there were no transfers from
Level 2 to Level 3 or vice versa.
Table 14.1.C Breakdown of changes in financial assets less liabilities classified as Level 3 in 2025
At 1 January
To
statement
of income
Issues
Settlements
Transfers
At 31 December
Assets
Derivatives
8,495
\u2014
2,384
-8,495
\u2014
2,384
Financial assets at fair value through profit or loss
8,108
-361
269
-1,327
\u2014
6,688
Total assets
16,603
-361
2,653
-9,823
\u2014
9,072
Liabilities
Derivatives
8,557
\u2014
2,326
-8,557
\u2014
2,326
Financial liabilities at fair value through profit or loss
2,223
\u2014
3,720
\u2014
-1,705
4,238
Total liabilities
10,780
\u2014
6,046
-8,557
-1,705
6,564
Total assets less liabilities
5,823
-361
-3,393
-1,265
1,705
2,508
Table 14.1.D Breakdown of changes in financial assets less liabilities classified as Level 3 in 2024
At 1 January
To
statement
of income
Issues
Settlements
Transfers
At 31 December
Assets
Derivatives
2,600
\u2014
8,495
-2,600
\u2014
8,495
Financial assets at fair value through profit or loss
7,960
109
42
-17
14
8,108
Total assets
10,561
109
8,537
-2,618
14
16,603
Liabilities
Derivatives
2,800
\u2014
8,557
-2,800
\u2014
8,557
Financial liabilities at fair value through profit or loss
\u2014
\u2014
2,223
\u2014
\u2014
2,223
Total liabilities
2,800
\u2014
10,780
-2,800
\u2014
10,780
Total assets less liabilities
7,761
109
-2,243
182
14
5,823
Table 14.1.E Fair value changes recognised in profit
or loss of financial instruments classified as Level 3
2025
2024
Realised
Unrealised
Total
Realised
Unrealised
Total
Income from securities and associates
-2
-422
-423
-3
-1
-4
Result on financial transactions
\u2014
62
62
\u2014
113
113
Total
-2
-360
-361
-3
112
109
Table 14.1.F Notes on valuation inputs and relationships to fair value using unobservable market inputs (Level 3)
Fair value
Significant
unobservable inputs
Range of inputs (probability-
weighted average)6
Relationships of
unobservable inputs
to fair value7
31/12/2025
31/12/2024
31/12/2025
31/12/2024
Assets
Derivatives
Structured product
derivatives
Equity swaps
1,775
8,495
Volatility
13.9% - 19%
(16.1%)
13.2% - 21.4%
(15.8%)
Changed volatility (5.1
percentage points)
would decrease fair
value by \u20ac0.6m
Correlation
-17.3% - 26.8%
(1.6%)
-15.6% - 21.2%
(1.8%)
Changed correlation
(44.1 percentage
points) would decrease
fair value by \u20ac0.0m
Dividend
2.5% - 5.4%
(3.7%)
0.5% - 6.2%
(3.1%)
Changed dividend (2.9
percentage points)
would decrease fair
value by \u20ac0.2m
OTC
610
\u2014
Volatility
15.1% - 19%
(17%)
n/a
Changed volatility (3.9
percentage points)
would decrease fair
value by \u20ac0.1m
Correlation
n/a
n/a
n/a
Dividend
2.5% - 2.8%
(2.7%)
n/a
Changed dividend (0.3
percentage points)
would decrease fair
value by \u20ac0.0m
Financial assets at fair value
through profit or loss
Debt instruments: company
cumprefs (shareholdings)
(FVPL mandatory)
\u2014
1,238
Interest rates
n/a
10%
n/a
Discount rates
n/a
10%
n/a
Shares, unlisted
6,688
6,870
Most recent published
net asset values of the
underlying assets
n/a
n/a
n/a
Cost or lower market
value
n/a
n/a
n/a
Multiple analyses of
comparable companies
less a discount for
illiquidity and company
size
n/a
n/a
n/a
Most recently known
share price
n/a
n/a
n/a
EBITA
n/a
n/a
n/a
Issue or transfer price
n/a
n/a
n/a
Market price on final
trading day
n/a
n/a
n/a
Face value less
provisions
n/a
n/a
n/a
Total assets
9,072
16,603
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
6 When no range of the significant unobservable input used in the valuation of the asset/liability applies, this is indicated by \"n/a\".
7 When there is no relationship of the unobservable input with the fair value of the asset/liability, this is indicated by \"n/a\".
Table 14.1.F Notes on valuation inputs and relationships to fair value using unobservable market inputs (Level 3) (continued)
Fair value
Significant
unobservable inputs
Range of inputs (probability-
weighted average) 6
Relationships of
unobservable inputs
to fair value7
31/12/2025
31/12/2024
31/12/2025
31/12/2024
Liabilities
Derivatives
Structured product derivatives
Equity swaps
2,144
8,557
Volatility
13.9% - 23.6%
(18.1%)
13.2% - 16.2%
(15.2%)
Changed volatility (9.7
percentage points)
would increase fair
value by \u20ac1.2m
Correlation
-17.3% - 26.8%
(1.8%)
-10.2% - 9.4%
(-0.4%)
Changed correlation
(44.1 percentage
points) would increase
fair value by \u20ac0.1m
Dividend
0.2% - 5.4%
(2.3%)
2.9% - 6.2%
(3.7%)
Changed dividend (5.2
percentage points)
would increase fair
value by \u20ac0.4m
OTC
181
\u2014
Volatility
15.1% - 19%
(17%)
Changed volatility (3.9
percentage points)
would increase fair
value by \u20ac0.1m
Correlation
n/a
n/a
Dividend
2.5% - 2.8%
(2.7%)
Changed dividend (0.3
percentage points)
would increase fair
value by \u20ac0.0m
Financial liabilities at fair value
through profit or loss
Structured debt instruments
1,820
\u2014
Volatility
13.9% - 16.5%
(15.2%)
n/a
Changed volatility (2.6
percentage points)
would increase fair
value by \u20ac0.1m
Correlation
n/a
n/a
n/a
Dividend
3.4% - 5.4%
(4.4%)
n/a
Changed dividend (2.0
percentage points)
would increase fair
value by \u20ac0.2m
Other financial liabilities at fair
value through profit or loss
2,418
2,223
Discount rate
n/a
n/a
n/a
Revenue stream
n/a
n/a
n/a
Total liabilities
6,564
10,780
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
6 When no range of the significant unobservable input used in the valuation of the asset/liability applies, this is indicated by \"n/a\".
7 When there is no relationship of the unobservable input with the fair value of the asset/liability, this is indicated by \"n/a\".
14.2 Financial instruments at amortised cost
Table 14.2 shows the carrying amount and the fair value
disclosures for financial instruments that are measured at
amortised cost in the statement of financial position. These
instruments are not measured at fair value but are presented
with fair value information for disclosure purposes. For
certain line items, Cash and cash equivalents and balances at
central banks, Other assets and Other liabilities, the carrying
amount is considered a reasonable approximation of fair
value.
The value of financial instruments at amortised cost is taken
as the amount for which the instrument could be exchanged
in a commercial transaction between willing parties, other
than in a forced or liquidation sale. If there is an active
market, we use the market value to determine the fair value.
For financial instruments for which no market prices are
available, the fair values shown in Table 14.2 are estimated on
the basis of the present value or using other estimation or
valuation methods.
Table 14.2 Financial instruments at amortised cost
31/12/2025
31/12/2024
Fair value
Carrying
amount
Fair value
Carrying
amount\u00a0
Level
Valuation method
Significant observable
and unobservable
market inputs
Assets
Due from banks
26,635
26,636
84,035
84,225
2
Discounted cash flows using
applicable money market
rates
Interest rate and
discount rate
Loans and advances to the
public and private sectors
9,298,701
9,605,107
8,999,733
9,331,093
3
Discounted cash flows using
current market fees for
comparable loans and taking
into account the
creditworthiness of the
counterparty
Interest rate, discount
rate and counterparty
credit risk
Other financial assets at
amortised cost
1,491,640
1,489,465
1,189,022
1,185,042
1
Quoted prices in active
markets
-
Other financial assets at
amortised cost
16,500
16,500
16,500
16,500
2
Quoted prices in less active
markets
Total assets
10,833,476
11,137,708
10,289,290
10,616,859
Liabilities
Due to banks
295,983
295,802
164,692
164,804
2
Discounted cash flows using
applicable money market
rates for liabilities
Interest rate and
discount rate
Public and private sector
liabilities
13,028,419
13,367,280
12,709,033
12,766,921
3
Discounted cash flows using
applicable money market
rates for liabilities with a
comparable term to
maturity8
Interest rate, discount
rate and own credit risk
Issued debt securities
1,493,475
1,493,799
1,487,180
1,491,254
1
Quoted prices in active
markets
-
Subordinated loans
170,100
153,445
163,936
153,825
3
Discounted cash flows using
applicable money market
rates for debt instruments
with a comparable term to
maturity, taking account of
own credit risk
Interest rate, discount
rate and own credit risk
Total liabilities
14,987,976
15,310,326
14,524,842
14,576,804
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
8 The fair values of client deposits without contractual maturities (non-maturing deposits or NMDs) are approximated by the \"economic values\" that we calculate for\u00a0
\u00a0 these products as part of our interest rate risk management. We gauge their interest rate sensitivity (duration) by means of replicating portfolios, in which NMDs are\u00a0 \u00a0 \u00a0
\u00a0 \"invested\" in fixed income instruments (swaps) with various interest rate maturities. To arrive at economic values, we discount these replicating portfolio investments\u2019
\u00a0 \u00a0 cash flows at current market interest rates (swap rates).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-599": { "value": "
Risk management
1. Risk, capital management and compliance
Our front-office functions are essential in delivering services
and products to our clients. The risk management function \u2013
which comprises Compliance, Financial Risk Management
and Non-Financial Risk Management \u2013 supports the front
office, clients and other stakeholders in ensuring that the
risks taken by Van Lanschot Kempen are controlled, and
comply with our risk appetite and legal requirements. This
section describes our risk appetite, the organisational and
governance arrangements that are in place regarding risk
management, and the three lines of defence principle. After
describing these general arrangements, the section continues
with the individual risk types.
1.1 Risk appetite
Solid capital and liquidity ratios are essential prerequisites for
a successful proposition to our clients and the financial
stability of Van Lanschot Kempen in general. This is reflected
in our risk appetite statement. We aim to have a simple and
transparent balance sheet.
We have a robust risk appetite framework in place covering
all significant risks facing our company. Every year, the
Management Board assesses and updates the risk appetite
statement, which translates our risk appetite into strategic
limits. The risk appetite statement is then submitted to the
Supervisory Board for review and approval. Quarterly risk
appetite reports serve as important monitoring instruments
for the continuous review of our risk profile.
1.2 Organisation of risk, capital management and
compliance
The purpose of our risk management framework is to identify
and analyse risks at an early stage, as well as to mitigate and
monitor those risks. Adequate internal control procedures
and reporting systems, including the application of standards
and limits, are key elements of our risk management
framework.
The organisation of our risk management framework is based
on the three lines of defence principle. Day-to-day
responsibility for risk management and control lies with the
front office and/or operational departments (the first line of
defence), including Internal Control and Finance, Reporting &
Control.
Compliance, Financial Risk Management and Non-Financial
Risk Management form the second line of defence for
financial and non-financial risks. These departments are
responsible for initiating risk policies and the supervision of
risks and controls within Van Lanschot Kempen.
Internal Audit forms the third line of defence and is
responsible for performing independent audits on activities
of the first and second lines. The department reports to the
Chair of the Management Board and to the Chair of the Audit
Committee. The three lines of defence set-up creates a clear,
balanced and appropriate division of tasks, powers and
responsibilities, and ensures independent and effective
operation of the risk management function.
Financial Risk Management and Asset & Liability
Management stand at the core of capital and liquidity
management. We actively manage our capital base to cover
risks inherent to our business and meet the capital adequacy
requirements of De Nederlandsche Bank (DNB). The
adequacy of our capital is monitored by using the rules and
ratios established by the Basel Committee on Banking
Supervision as transposed into EU law through the Capital
Requirements Regulation (CRR). This legal framework also
forms the basis for supervision by DNB through the Capital
Requirements Directive (CRD) and the Financial Supervision
Act (Wft). Over the reporting period, we fully complied with
all capital and liquidity requirements. Both external and
internal capital and liquidity adequacy targets are taken into
account, and the central focus is on safeguarding our financial
solidity and stability. A capital and funding plan is prepared
annually for capital and liquidity management purposes.
Table 1.2 Risk, capital management and compliance framework
Supervision
1.2.1
Supervisory Board
\u2013 Risk and Compliance Committee
\u2013 Audit Committee
Risk, capital management and compliance
1.2.2
Management Board
\u2013 Group Risk Committee
\u2013 Credit Risk Committee
\u2013 Market Risk Committee
\u2013 Asset & Liability Committee
\u2013 Sustainability Board
\u2013 Compliance & Operational Risk Committee
Implementation and review
1.2.3
Asset & Liability
Management
Finance,
Reporting &
Control
Financial Risk
Management,
Non-Financial
Risk
Management,
and Compliance
Internal Audit
Execution
1.2.4
Private Clients
Netherlands, Private
Clients Belgium,
Investment
Management Clients,
and Investment
Banking Clients
Treasury
Credit Approval
and Financial
Restructuring &
Recovery
1.2.1 Supervision
The Supervisory Board oversees the risks and capital
requirements in relation to the group\u2019s operations and
balance sheet composition.
The Risk and Compliance Committee focuses on all identified
risks in the group\u2019s business activities, as well as the risk
management framework. Compliance risks and other matters
including duty of care are discussed in this committee, which
prepares decision-making by the Supervisory Board on risk
matters.
The Audit Committee is tasked with advising the Supervisory
Board on financial and non-financial reporting, internal and
external audits.
1.2.2 Risk, capital management and compliance
The Management Board is responsible for developing and
executing Van Lanschot Kempen's strategy. This includes our
capital and funding plan, internal capital adequacy
assessment process (ICAAP) and internal liquidity adequacy
assessment process (ILAAP), based on extensive analyses of
all risks run by Van Lanschot Kempen.
The primary objective of our capital management is to ensure
that we comply with external and internal capital
requirements to support our businesses and to create value
for our stakeholders. We manage our capital structure by
taking into account changes in economic conditions and the
risk characteristics of our activities. To maintain and/or
manage our capital structure, we may adjust the amount of
profit we distribute to shareholders in dividend payments,
return capital to shareholders, or issue capital securities.
These adjustments are under constant review by the
Management Board. Lastly, requests or demands by our
supervisors DNB and/or the European Central Bank (ECB)
and new regulation also influence capital management.
In addition, the Management Board bears responsibility for
ensuring the proper operation of the processes that
safeguard the group\u2019s liquidity position. It is required to
provide information to the Supervisory Board, which in turn
assesses the risk appetite of the group. To ensure the various
risk types are managed properly, the Management Board has
set up several risk and compliance committees, which are all
chaired by the CRO, unless mentioned otherwise, and in
which the Management Board is represented. These
committees are:
Group Risk Committee
The Group Risk Committee discusses group-wide risk
management themes. The committee brings together,
discusses and monitors the various risk types on an
integrated level. The committee sets the annual risk appetite
statement and discusses the risk appetite report and
emerging trends in the risk profile. Other areas covered
include recovery and resolution planning.
Credit Risk Committee
The Credit Risk Committee sets and adjusts the group\u2019s
overall credit risk policy and translates this into acceptance
and portfolio management policies.
In executing its tasks, the committee bears in mind our
strategic objectives and the guiding principles informing the
risk appetite statement.
Market Risk Committee
The Market Risk Committee focuses on all market risks
within Van\u00a0Lanschot Kempen. Market risk is the risk of loss as
a result of changes in market variables, including interest
rates on instruments held for trading, exchange rates and
equity prices. Market risks at Investment Banking Clients
arise from securities trading to facilitate our clients (mainly
equities and equity derivatives). Van Lanschot Kempen is
exposed to a certain amount of market risk through the
Treasury department. Risks are generally limited as
transactions are offset in the market, within tight limits.
Van\u00a0Lanschot Kempen is also exposed to market risk as a
result of management book investments.
Asset & Liability Committee
The Asset & Liability Committee is chaired by the CFO and is
responsible for managing risks that result from mismatches
between assets and liabilities (interest rate risk in the banking
book as well as liquidity risks), as well as our capital position.
The committee\u2019s main task is to oversee the asset and liability
management process. The committee sets policies on interest
rate risk in the banking book, as well as on liquidity and
funding risks, funds transfer pricing and capitalisation, and it
monitors the development of the balance sheet and balance-
sheet projections.
Compliance & Operational Risk Committee
The Compliance & Operational Risk Committee is responsible
for the implementation and execution of our compliance and
operational risk management policies. The committee
assesses compliance and operational risks, and ensures
remedial actions are taken where required. Among other
matters, the root causes of major operational risk incidents
are discussed in this committee.
Sustainability Board
The Sustainability Board is responsible for driving and
implementing Van Lanschot Kempen's sustainability strategy,
and for embedding sustainability-related goals in our own
operations, our balance sheet and our investments. The
Sustainability Board is chaired by the CEO. In addition, the
Sustainability Board is the risk owner for all sustainability-
related risks within Van\u00a0Lanschot Kempen and responsible
for all sustainability-related policies, setting of key
performance indicators (KPIs), risk appetite setting and
sustainability monitoring.
The Head of Internal Audit has a standing invitation to attend
all committee meetings. Second-line departments take the
lead in preparing the meetings of the committees described
above, with the exception of the Asset & Liability Committee,
where Asset & Liability Management is in charge, and the
Sustainability Board, where the Corporate Sustainability
team is in charge. We also have a number of committees that
form part of the first line of defence and that cover specific
risk-related topics, such as the Credit and the Product
Approval & Review Committees.
1.2.3 Implementation and review of risk, capital
management and compliance policies
Implementation and monitoring of our risk and capital
policies is carried out by Financial Risk Management together
with Non-Financial Risk Management, Asset & Liability
Management, and Finance, Reporting & Control. In addition,
Compliance oversees the implementation and carries out the
monitoring and/or review of compliance policies.
Financial Risk Management is responsible for:
\u2013 Second-line monitoring and management of all risks
relating to the statement of financial position at group
level, including modelling, measuring, managing and
reporting on our credit, market, interest rate, liquidity and
strategic risks;
\u2013 The risk appetite process;
\u2013 Preparing, developing and maintaining policy documents;
\u2013 Issuing daily market risk reports;
\u2013 Proactively and reactively providing advice on managing
risks;
\u2013 Raising risk awareness among staff to improve their
ability to strike a sound balance between risk and return.
Non-Financial Risk Management is responsible for:
\u2013 Business continuity management;
\u2013 Information security (second-line monitoring);
\u2013 Preparing, developing and maintaining policy documents;
\u2013 Proactively and reactively providing advice on managing
risks;
\u2013 Raising risk awareness among staff to improve their
ability to strike a sound balance between risk and return.
Financial Risk Management and Asset & Liability
Management are jointly responsible for:
\u2013 Preparing ICAAP and ILAAP documentation;
\u2013 Preparing the recovery plan.
Finance, Reporting & Control is responsible for the financial
accounting and business control function. Through its various
reports, Finance, Reporting & Control challenges the
businesses. These reports include monthly management
reports and cost control reports, and are used to monitor the
progress of business plans.
Compliance has both an advisory and a monitoring role with
respect to compliance with applicable laws, regulations,
internal policies and industry standards relevant for
Van\u00a0Lanschot Kempen. It is also responsible for preparing,
developing and maintaining internal policies. As compliance
risks are part of Van\u00a0Lanschot Kempen's overall risk
governance, Compliance as an independent function is
involved in and supports the management of compliance risks
by identifying, assessing, monitoring and reporting on such
risks. Compliance risks include risks such as data privacy,
financial crime, business conduct and client protection risks.
Internal Audit periodically reviews aspects of the design and
effectiveness of the risk organisation and the execution of
our risk, capital management and compliance policies in
accordance with their annual audit plan. The applicable
policies form the starting point for the independent review by
Internal Audit. Processes, infrastructure, organisation and
systems are audited based on these policies to determine
whether the organisation adequately executes its risk, capital
management and compliance policies.
1.2.4 Execution of risk, capital management and compliance
policies
Private Clients Netherlands, Private Clients Belgium,
Investment Management Clients, and Investment Banking
Clients prepare their own business plans. On the basis of
these plans, current and future risks are assessed, including
expected capital and liquidity requirements. These
assessments serve as input for the various risk committees
and the risk appetite statement.
1.3 Capital and disclosure requirements
The standards set by the Basel Committee on Banking
Supervision, translated into law and regulations (CRR, CRD
and Wft), apply to all Dutch banks, including Van Lanschot
Kempen. The Basel framework consists of three pillars:
\u2013 Pillar 1 stipulates capital requirements for credit, market
and operational risk.
\u2013 Pillar 2 requires banks to have internal processes for risk
management and to calculate the capital requirements
needed to address all risks that are not included in Pillar 1.
The supervisory review and evaluation process (SREP) is
also part of Pillar 2.
\u2013 Pillar 3 sets out requirements for disclosure of
information about the institution\u2019s risk profile to external
stakeholders.
Van Lanschot Kempen sets and monitors capital
requirements for the group as a whole and for the parent
entity. Our regulatory capital consists of the sum of the CET 1
and the Tier 1 capital. Our regulatory CET 1 complies with the
requirement that stems from the SREP.
SREP and overall capital
requirements at 31/12/2025 (%)
CET1
Tier 1
Total
capital
Pillar 1
4.50
6.00
8.00
Pillar 2
2.92
3.90
5.20
Total SREP capital requirement
7.42
9.90
13.20
Capital conservation buffer
2.50
2.50
2.50
Countercyclical capital buffer
1.84
1.84
1.84
Overall capital requirement
11.76
14.24
17.54
Pillar 2 guidance
\u2014
\u2014
\u2014
Overall capital requirement +
Pillar 2 guidance
11.76
14.24
17.54
Capital ratios
18.3
20.5
23.9
SREP and overall capital
requirements at 31/12/2024 (%)
CET 1
Tier 1
Total
capital
Pillar 1
4.50
6.00
8.00
Pillar 2
2.98
3.98
5.30
Total SREP capital requirement
7.48
9.98
13.30
Capital conservation buffer
2.50
2.50
2.50
Countercyclical capital buffer
1.85
1.85
1.85
Overall capital requirement
11.83
14.32
17.65
Pillar 2 guidance
0.06
0.06
0.06
Overall capital requirement +
Pillar 2 guidance
11.89
14.38
17.71
Capital ratios
19.4
21.7
25.2
For Pillar 3 disclosures (unaudited), including a detailed
breakdown of our portfolio of loans to companies and
institutions, see vanlanschotkempen.com/annual-reports.
1.4 Individual risks
The following sections detail the individual risk types to
which we are exposed. They therefore cover a combination of
Pillar 1 and Pillar 2 capital requirements. The risk types
covered are:
\u2013 Strategic risk (Section 2);
\u2013 Credit risk (Section 3);
\u2013 Market risk (Section 4);
\u2013 Settlement risk (Section 5);
\u2013 CVA risk (Section 6);
\u2013 Interest rate risk (Section 7);
\u2013 Liquidity risk (Section 8);
\u2013 Securitisation risk (Section 9);
\u2013 Sustainability risk (Section 10);
\u2013 Operational risk (Section 11);
\u2013 Compliance risk (Section 12);
\u2013 Financial reporting risk (Section 13).
2. Strategic risk
Strategic risk is defined as the risk to our performance as a
result of failure to respond adequately to changes in external
factors or from adverse strategic decisions. External factors
include the actions of competitors, clients, potential market
entrants, and public authorities as well as geopolitical
developments and public opinion. Strategic risk is not
inherently undesirable, since there can also be an upside to
taking these risks. We take a forward-looking approach to
strategic risk, keep a close eye on external developments and
set our strategic priorities accordingly. Our strategy puts a
strong focus on organic and inorganic growth to profit from
economies of scale. Existing risk management practices and
measures are assessed regularly to ensure that possible new
risks that may arise from changes in strategic direction or in
the business environment are addressed adequately.
3. Credit risk
Credit risk is defined as the risk that a counterparty or client
is no longer able to fulfil its obligations. Our credit risk
policies focus on the counterparty risks associated with
lending to private banking clients and SMEs. Strict selection
criteria for new clients and active credit management for
existing clients are applied to safeguard the quality of the
loan portfolio. Our lending activities are required to be in line
with stated objectives, and individual assessments are used to
ascertain this.
Apart from lending activities, credit risk also arises from:
\u2013 Investment activities;
\u2013 International payment transactions and cash
management;
\u2013 Currency and hedging activities;
\u2013 Transactions settlement.
Our investment activities relate to the management of our
liquidity buffer and equity investments. For the liquidity
buffer, a limit framework is in place to manage and monitor
associated credit risks.
Counterparty credit risk with respect to financial institutions
arises from international payment transactions, cash
management, currency and hedging activities. Some of these
activities also involve settlement risk. For derivatives
transactions, counterparty credit risk is mitigated by daily
margining.
We apply a strict policy when determining and monitoring
country and counterparty (financial institutions) limits. The
country limits serve as a cross limit for financial institutions,
meaning that the counterparty risks in respect of financial
institutions in one country are limited by the relevant country
limit, as the country limit is usually lower than the aggregate
of the individual counterparty limits.
Limits on financial institutions and countries are determined
using a number of criteria such as external ratings, Bank for
International Settlements (BIS) ratios, capital ratios, country
of origin and GDP (for countries). Limits can also be adjusted
and withdrawn on a daily basis.
3.1 Loans and advances
3.1.1 Credit acceptance
Our loan approval policy focuses on maintaining a high-
quality loan portfolio. The credit risk concentration mainly
lies within our private banking activities in the Netherlands.
Loan reviews and the authority to approve loans are
delegated to a limited number of teams, mainly our Credit
Approval team.
The authority to approve large loans rests with the Credit
Committee, which comprises representatives of the relevant
departments as well as members of the Management Board.
The mid- and back-office for nearly all residential mortgage
loans is run by a third party. A service level agreement (SLA) is
in place to ensure adequate control of the operational risks,
including the outsourcing risk. The acceptance process for
our white label loans is outsourced, but we no longer grant
loans to new clients.
New loan requests are assessed to determine if they are in
line with our strategy, risk appetite and policies.
3.1.2 Credit management \u2013 policy and processes
To achieve a high-quality loan portfolio, strict credit
management is required. Credit management is carried out at
both individual loan and portfolio level. At the individual loan
level, explicit attention is devoted to the management of
arrears and accounts past due. Retail loans with an elevated
risk profile are subjected to a risk check. Non-retail loans are
regularly reviewed. Such reviews are carried out at least
annually for the main exposures, but their actual frequency
varies according to the individual borrower\u2019s risk profile.
A deterioration in a client\u2019s risk profile may lead to closer
supervision, an adjusted rating, corrective measures (such as
requiring additional collateral or increasing the frequency of
financial reporting), involvement of Credit Approval and
Financial Restructuring & Recovery, or a combination of
these. It may also lead to a stage transfer under IFRS 9 \u2013 see
Section 3.8.
At portfolio level, credit risks are monitored on a monthly
basis. In addition, several early warning indicators are used to
draw up a watch list, which is discussed monthly. A detailed
credit risk report and any relevant developments or expected
developments are discussed in the Credit Risk Committee on
a quarterly basis. Any negative trend identified in the risk
profile of a particular client segment, sector or loan type can
lead to the adjustment of the relevant lending policy. Trends
in sectors where there is a concentration risk are monitored
closely.
In the event of an increased risk of discontinuity, Financial
Restructuring & Recovery is involved in the credit
management process. If there are objective indicators of
impairment, this team draws up an impairment proposal. The
Impairment Committee determines the impairment for the
whole credit portfolio on a quarterly basis.
The primary goal of the Financial Restructuring & Recovery
team is to migrate clients back to accounts with regular status
(i.e. not under the supervision of Financial Restructuring &
Recovery) by reducing their credit risk. The aim is to do this in
accordance with the loan agreements made with these
clients, but forbearance measures are applied if necessary.
For more information on forborne exposures, see Section 3.2.
3.1.3 Credit risk measurement
We have developed internal models for measuring and
monitoring credit risk for the majority of the loan portfolio.
Some of these internal models are also used to determine the
required capital that has to be set aside for absorbing
unexpected credit losses. For this reason, the models, the use
of these models and the model governance have to adhere to
strict requirements set out in the CRR.
We use the standardised approach (SA) and the advanced
internal ratings-based (A-IRB) approach for our loan
portfolios.
The SA prescribes a set of rules for determining required
capital. The A-IRB approach allows banks to use own
estimates for probability of default (PD), exposure at default
(EAD) and loss given default (LGD).
We have approval from DNB to determine and report the
required regulatory capital for our residential mortgage
exposures portfolio using the A-IRB approach. Our models
are captured by our model governance framework.
The SA method has been used for capital calculations in all
our other retail and non-retail loan portfolios.
Other loans and advances
The risk-weighted assets of other portfolios, such as the debt
securities in our investment portfolio managed by Treasury
(i.e. excluding retail, non-retail and equity), are calculated on
the basis of the SA method.
Definition of default and credit-impaired assets
Our definition of default is informed by European Banking
Authority guidelines. Most notably, the materiality threshold
complies with the uniform EU standard. A financial asset is
credit-impaired when one or more events have occurred that
have a detrimental impact on the estimated future cash flows:
\u2013 A breach of contract such as a more than 90 days past due
event with a materiality of more than \u20ac100 and more than
1% of total credit obligation for retail exposures or more
than \u20ac500 and more than 1% of total credit obligation for
non-retail exposures;
\u2013 Significant financial difficulty of the issuer or the
borrower and an inability to meet future payments;
\u2013 Concession(s) granted to the borrower that the lender
would not otherwise consider, relating to the borrower\u2019s
financial difficulties (forbearance);
\u2013 A growing likelihood that the borrower will enter
bankruptcy or other financial restructuring;
\u2013 The disappearance of an active market for the financial
asset because of financial market difficulties;
\u2013 The purchase or origination of a financial asset at a deep
discount that reflects the incurred credit loss.
It may not always be possible to identify a single discrete
event; instead, the combined effect of several events may
have caused financial assets to become impaired. All impaired
assets are also classified as defaulted by Van\u00a0Lanschot
Kempen under CRR rules. We have implemented one
definition that serves all our different purposes.
3.2 Forborne exposures
A loan is considered forborne if the borrower is structurally
unable to meet their contractual obligations towards us and
we decide to make a concession to the client by modifying the
terms and conditions of the loan agreement. The objective of
this modification is to enable the borrower to meet the
renewed obligations, and it would not have been offered if
those circumstances had not arisen. Forbearance actions may
include one or more of the following measures:
\u2013 Amendment of the original terms and conditions of the
loan agreement that the client cannot meet due to
financial difficulties, with a view to restoring the client\u2019s
payment capacity;
\u2013 Full or partial refinancing of a forborne exposure.
The purpose of the measures taken in forbearance situations
is to maximise the chance of restoring the borrower\u2019s
payment capacity and to minimise the risk of losses due to
having to write off all or part of the loan. Measures must offer
the client an appropriate and sustainable solution, enabling
them to comply with the original obligations arising from the
credit agreement in due course.
Applying forbearance measures is exclusively reserved for
the Financial Restructuring & Recovery team, which pursues
a policy based on general principles and translates this to the
specific situation of the individual client. Given the nature of
these loans, the team carries out intensive credit
management. Before any new arrangements are agreed, a
detailed analysis is made of the client, their financial situation
and the likelihood of income recovery. The outcome of this
analysis may have consequences for the client\u2019s review
frequency and the size of any loan loss provision. If the client
qualifies for appropriate forbearance measures, a proposal
will be drawn up and submitted to the competent assessor(s)
for approval. If a forbearance measure is granted, the
exposure is classified as non-performing.
In practice, forbearance measures do not always have the
desired effect \u2013 i.e. the recovery of the client\u2019s payment
capacity or an end to the process of declining payment
capacity. This may, for example, be the result of a further
deterioration in the client\u2019s financial circumstances or the
failure of those circumstances to improve as expected. Such
cases are re-analysed and a new repayment strategy is
agreed. However, the principle is explicitly maintained that
the forbearance measure must be appropriate, enduring and
effective. Any new arrangements agreed with the borrower
must also meet these strict criteria.
A forbearance situation ends when the non-performing
status has no longer been applied to the loan for a probation
period of two years. The non-performing status must last a
minimum of one year starting from the last forbearance
measure. Moreover, the client must have made significant
and regular payments of interest and/or principal during at
least half of the probation period. During the two-year
probation period, no payments by the borrower may be in
arrears for more than 30 days.
If this condition is not met, the probation period will start
again from the date the client is no longer in arrears for more
than 30 days.
The recording and monitoring of loans which are subject to
forbearance is carried out by the Financial Restructuring &
Recovery team. Each quarter, and where appropriate more
frequently for specific loans, an individual assessment is
carried out of forborne exposures which are in default, in
relation to any provision made. In addition to this quarterly
assessment (as part of the provisioning process), these loans
are subject to extensive credit risk management, the intensity
and frequency of which will as far as possible match the
specific circumstances of the loan.
Tables 3.2.A through 3.2.C show the total volume of forborne
exposures. We apply several types of forbearance measures
(see Table 3.2.A).
Following the decision to apply such a measure, a loan
remains under the supervision of the Financial
Restructuring\u00a0&\u00a0Recovery team until the forbearance
situation has ended.
Table 3.2.A Types of forborne exposure
31/12/2025
31/12/2024
Total
12,141
17,211
Refinancing or new loans
1,804
3,116
Interest payment only
1,377
\u2014
Reduction of repayments
6,262
1,661
Deferred payment of financing costs
\u2014
1,282
Extension of loan term
514
2,641
Reduction in interest rate
\u2014
508
Sale by agreement/assisted sale
1,027
437
Rescheduled payments
\u2014
9
Other alteration of contract conditions/covenants
1,158
7,521
Partial or total debt forgiveness
\u2014
37
Tables 3.2.B and 3.2.C provide insight into the underlying
collateral of forborne loans. This breakdown is based on the
collateral used under Basel regulations, with the exception of
commercial real estate, for which collateral is based on
market values. The value in the Total primary collateral
column is the lower of the subscription value or the value of
the collateral.
Table 3.2.B Forborne exposures by collateral at 31 December 2025
Balance
outstanding
Mortgage
collateral
Commercial real
estate
Financial
collateral
Total primary
collateral
Secondary
collateral and
unsecured loans
Total
12,141
1,959
1,120
5,970
9,049
3,093
Mortgage loans
1,959
1,959
\u2014
\u2014
1,959
\u2014
Current accounts
7,713
\u2014
\u2014
5,970
5,970
1,744
Loans
2,469
\u2014
1,120
\u2014
1,120
1,349
Table 3.2.C Forborne exposures by collateral at 31 December 2024
Balance
outstanding
Mortgage
collateral
Commercial real
estate
Financial
collateral
Total primary
collateral
Secondary
collateral and
unsecured loans
Total
17,211
2,499
9,343
1,634
13,476
3,705
Mortgage loans
2,499
2,499
\u2014
\u2014
2,499
\u2014
Current accounts
5,021
\u2014
\u2014
1,634
1,634
3,387
Loans
9,691
\u2014
9,343
\u2014
9,343
348
Write-off policy
Write-off happens when there is no reasonable expectation
of recovery. An indicator of write-off is when all means of
recovery have been exhausted, meaning as soon as there is
sufficient certainty about the loss after the sale of collateral
and after exploring other redress opportunities. Even after a
financial asset is written off, the entity may continue
enforcement activities. Any recoveries from enforcement
after write-off are recognised as income in the period in
which they occur. No material recoveries were recognised in
2025.
3.3 Breakdown of the loan portfolio
We adopt a cautious approach to granting unsecured loans.
Our loan book mainly consists of loans to private banking
clients such as loans secured by residential real estate, a
number of commercial real estate loans and Lombard loans.
The remainder of the loan portfolio comprises consumer
loans and customised financing for private banking clients.
Loan portfolio limit consists of the carrying value and the
undrawn amounts in credit facilities. Loan portfolio usage
excludes loss allowance for ECL. As a result, figures in other
tables related to the loan portfolio may differ if these
elements are not similarly accounted for.
Table 3.3 Breakdown of loan portfolio by
entity excluding impairments
31/12/2025
31/12/2024
Limit
Usage
Limit
Usage
Total
10,116,390
9,631,642
9,730,708
9,366,177
Van Lanschot Kempen
9,289,740
8,923,434
9,199,624
8,954,847
Other
826,650
708,208
531,084
411,330
3.4 Collateral
In general, collateral can be used for all current and future
amounts owed by a debtor. In addition to residential
mortgage collateral and guarantees provided by governments
and credit institutions, commercial real estate, financial
collateral, receivables, stocks and inventories may serve as
collateral.
Tables 3.4.A and 3.4.B provide insight into the underlying
collateral of the loan portfolio.
For financial assets other than loans and advances, the
maximum credit exposure equals the carrying amount. No
material collateral or other credit enhancements are
obtained for these asset classes.
Table 3.4.A Loans and advances to the public and private sectors by collateral at 31 December 2025
Balance
outstanding
Mortgage
collateral
Commercial
real estate
Financial
collateral
Other
Total
collateralised
loans
Unsecured
loans
Total
9,785,811
7,076,185
528,510
1,138,121
225,855
8,968,670
817,141
Mortgage loans
6,945,078
6,792,433
45,252
4,601
608
6,842,894
102,184
Loans
1,435,754
209,199
466,758
41,466
223,838
941,261
494,493
Current accounts
408,461
53,424
12,447
249,222
1,409
316,503
91,958
Securities-backed loans and settlement
receivables
993,038
21,129
4,053
842,830
\u2014
868,012
125,026
Subordinated loans
3,479
\u2014
\u2014
\u2014
\u2014
\u2014
3,479
Table 3.4.B Loans and advances to the public and private sectors by collateral at 31 December 2024
Balance
outstanding
Mortgage
collateral
Commercial
real estate
Financial
collateral
Other
Total
collateralised
loans
Unsecured
loans
Total
9,450,267
7,058,144
491,103
867,780
248,874
8,665,901
784,366
Mortgage loans
6,841,316
6,724,729
46,478
3,402
1,562
6,776,171
65,146
Loans1
1,377,724
236,576
412,341
12,478
246,161
907,557
470,167
Current accounts
402,491
61,279
26,653
218,719
1,151
307,802
94,689
Securities-backed loans and settlement
receivables1
825,257
35,560
5,631
633,180
\u2014
674,371
150,886
Subordinated loans
3,479
\u2014
\u2014
\u2014
\u2014
\u2014
3,479
Tables 3.4.A and 3.4.B have been drawn up on the basis of the
definitions contained in the Basel regulations. The balance
outstanding is the carrying amount excluding value
adjustments for fair value hedge accounting. The collateral
value is the lower of the balance outstanding of the related
loan or the value of the collateral itself.
The category Other mainly comprises loans for which
collateral has been pledged in the form of operating assets,
inventories and receivables, as well as collateral which for
technical reasons is not directly linked to a specific loan. The
total amount of unsecured loans is small.
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
1\u00a0 We have changed the presentation. Lombard loans have been reclassified from Loans to Security\u2011backed loans and settlement receivables to better reflect the
\u00a0 underlying collateral. This reclassification resulted in an impact of approximately \u20ac534 million on the 2024 comparative figures. The comparative figure for\u00a0 2024 has
\u00a0 been adjusted accordingly.
The loan-to-value (LTV) of our mortgage loans is based on
indexed foreclosure values, in line with generally accepted
standards for LTV determination. The weighted average LTV
at year-end 2025 was 58% (2024: 60%).
3.5 Concentration within the loan portfolio
The vast majority of our loan portfolio consists of loans to our
private banking clients. For the credit risk in this portfolio, see
Section\u00a03.8, \"Loss allowance for expected credit losses\". We
aim for a diversified loan portfolio, reflecting our risk
appetite. We have set limits for concentrations in individual
sectors.
3.5.1 Individual loan concentrations
The ten largest loans to individual clients other than financial
institutions totalled \u20ac173 million at year-end 2025, compared
with a total loan portfolio of \u20ac8.1 billion (2024: \u20ac176 million;
total loan portfolio \u20ac7.8 billion). In this calculation, Lombard
loans secured by non-single stock are excluded.
3.5.2 Geographical concentrations
The bulk of our lending takes place in the Netherlands. The
geographical breakdown reflects client locations.
Table 3.5.2 Loans and advances to the public and private sectors by geographical area
31/12/2025
31/12/2024
Total
9,605,107
9,331,093
Netherlands
8,663,157
8,547,476
Belgium
717,000
558,597
Other
224,951
225,019
3.6 Encumbered and unencumbered assets
Certain items in the statement of financial position are
classified as encumbered. Tables 3.6.A and 3.6.B provide
insight into the financial assets treated as encumbered. These
tables have been drawn up on the basis of carrying value.
Encumbered assets \u2013 Pledged as collateral:
\u2013 Cash pledged to a counterparty bank or central clearing
party as security for obligations stemming from
derivatives (CSA contracts);
\u2013 Investments in debt instruments pledged to DNB or
counterparty banks in the context of payments, repo
transactions or securities and derivatives clearing
purposes;
\u2013 Mortgage loans and receivables that act as a guarantee
for debt instruments which have been placed with
institutional investors in the form of covered bonds or
have been pledged as collateral to DNB, e.g. for
transaction settlements.
Encumbered assets \u2013 Other:
\u2013 Statutory reserve deposits with central banks;
\u2013 Reserve accounts of the covered bond entities to which
we have no access.
Unencumbered assets \u2013 Eligible as collateral:
\u2013 Investments in debt instruments which appear on the
ECB eligible list of marketable assets but are not classified
as encumbered at the reporting date;
\u2013 Mortgage loans and advances on underlying debt
instruments which are held by us and which appear on the
ECB eligible list of marketable assets but are not classified
as encumbered at the reporting date.
Table 3.6.A Encumbered and unencumbered
assets
Encumbered assets
Unencumbered assets
31/12/2025
Pledged as
collateral
Other
Eligible as
collateral
Not eligible as
collateral
Total
Total
1,841,710
127,869
4,718,165
9,890,777
16,578,521
Cash and cash equivalents and balances at central
banks
\u2014
125,218
\u2014
2,039,970
2,165,188
Due from banks
2,686
2,650
\u2014
21,299
26,636
Financial assets at fair value through profit or loss
\u2014
\u2014
104,107
82,742
186,850
Financial assets at fair value through other
comprehensive income
54,689
\u2014
2,839,388
194,698
3,088,775
Loans and advances to the public and private
sectors
1,626,750
\u2014
525,000
7,453,357
9,605,107
Other financial assets at amortised cost
157,585
\u2014
1,249,670
98,710
1,505,965
Table 3.6.B Encumbered and unencumbered
assets
Encumbered assets
Unencumbered assets
31/12/2024
Pledged as
collateral
Other
Eligible as
collateral
Not eligible as
collateral
Total
Total
2,138,444
134,287
4,414,692
9,257,888
15,945,312
Cash and cash equivalents and balances at central
banks
\u2014
129,665
\u2014
1,935,153
2,064,818
Due from banks
63,323
4,622
\u2014
16,280
84,225
Financial assets at fair value through profit or loss
\u2014
\u2014
180,734
91,760
272,494
Financial assets at fair value through other
comprehensive income
30,006
\u2014
2,788,606
172,528
2,991,140
Loans and advances to the public and private
sectors
1,830,000
\u2014
525,000
6,976,093
9,331,093
Other financial assets at amortised cost
215,115
\u2014
920,352
66,074
1,201,542
3.7 Netting of financial assets and liabilities
Tables 3.7.A and 3.7.B show the netting of financial assets and
liabilities. The right to net derivatives is laid down in a master
netting agreement per counterparty.
The tables only present the financial instruments subject to a
master netting agreement. For information about the netting
criteria, see \u201cSummary of material accounting policies\u201d.
Table 3.7.A Netting of financial assets and liabilities 31/12/2025
Related amounts not offset in the
statement of financial position
Gross
Gross in the
statement of
financial position
Net in the
statement of
financial position
Financial
instruments
Financial\u00a0
collateral
Net
Derivatives (assets)
878,981
522,056
356,925
270,708
2,686
83,530
Derivatives
(liabilities)
720,752
522,056
198,695
270,708
153,431
-225,443
Table 3.7.B Netting of financial assets and liabilities 31/12/2024
Related amounts not offset in the
statement of financial position
Gross
Gross in the
statement of
financial position
Net in the
statement of
financial position
Financial
instruments
Financial
collateral2
Net
Derivatives (assets)
915,087
597,189
317,897
157,037
63,323
97,537
Derivatives
(liabilities)
851,755
597,189
254,566
157,037
122,314
-24,785
3.8 Loss allowance for expected credit losses
Under the IFRS 9 Accounting Standard, we recognise a loss
allowance for ECL on financial assets measured at amortised
cost or fair value through other comprehensive income, as
well as for financial guarantees and loan commitments. When
there is no significant deterioration in credit risk since initial
recognition, ECL is recognised based on 12-month expected
credit losses (Stage 1).
When a significant increase in credit risk has occurred, ECL is
recognised based on a lifetime ECL (Stage 2). Likewise, for
impaired loans (Stage 3) a lifetime ECL is recognised.
3.8.1 Expected credit loss measurement
We measure ECL by using a sophisticated approach and an
alternative approach. For the sophisticated approach we use
models to calculate ECL, governed by a model governance
framework.
Under this framework, the performance of the models is
periodically monitored, and these models are also periodically
validated. Every quarter, the models are subject to
performance monitoring. If models are consistently
performing outside the agreed threshold, recalibration or
ultimately redevelopment will follow.
In both approaches, ECL reflects an unbiased probability-
weighted amount that is determined by evaluating a range of
possible outcomes, the time value of money, and reasonable
and verifiable information that is available without undue
cost or effort at the reporting date about past events, current
conditions and forecasts of future economic conditions. Both
approaches calculate a 12-month and a lifetime ECL for the
exposures of all three stages.
After the risk stage determination in the stage calculation,
the relevant ECL is assigned:
\u2013 12-month ECL for Stage 1;
\u2013 Lifetime ECL for Stages 2 and 3.
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2 We have expanded the disclosure to include financial collateral related to derivatives, as presented in the netting table of financial assets and liabilities. Financial
\u00a0 \u00a0 collateral amounting to approximately \u20ac185 million is disclosed separately. This information was not previously presented. The addition of this disclosure has no impact
\u00a0 \u00a0 \u00a0 on the statement of financial position, profit or equity.
The key elements of the ECL calculation are the probability of
default (PD), exposure at default (EAD), cure rate (CR), and
loss given default (LGD). An important part of the LGD is the
loss given non-cure (LGN). LGN is an estimate of the loss
arising in the event of a default without cure occurring at a
given time. It is based on the difference between the
contractual cash flows due and those that the lender would
expect to receive, including from the realisation of any
collateral.
Initial investigation of our interest-only mortgages suggested
that these did not require an adjustment of our ECL approach.
In addition, we incorporate forward-looking information for
the sophisticated approach.
We identify macroeconomic variables and consider three
macroeconomic scenarios in calculating ECL:
\u2013 A baseline scenario;
\u2013 An upside scenario;
\u2013 A downside scenario.
These scenarios are associated with different PDs, EADs and
LGNs. In the process of building the PD, cure rate and LGN
models for IFRS Accounting Standards, we included several
macroeconomic risk drivers in the long list of risk drivers.
Those determined as best-performing during modelling were
selected to be part of the model. The macroeconomic
scenarios are provided by a third party, Oxford Economics.
They also provide the weights per scenario. The reported ECL
(12-month or lifetime, depending on the stage) is a weighted
ECL average per macroeconomic scenario. The table below
shows the macroeconomic variables used for the
sophisticated approach.
Model
Macroeconomic variables
PD calibration
\u2013 GDP
\u2013 Volume of exports
Cure rate
\u2013 Residential real estate price
\u2013 Volume of exports
LGN
\u2013 GDP
\u2013 Residential real estate price
\u2013 Unemployment
EAD
n/a
3.8.2 Significant deterioration in credit risk
To determine the deterioration in credit risk of a financial
instrument since initial recognition, we compare the risk of
default at the reporting date with the risk of default on initial
recognition.
To calculate the lifetime probability of default (LPD) at
origination and the LPD at reporting date, we use four PD
models: private individuals, SMEs, corporates, and
commercial real estate. If the increase in LPD exceeds the
designated threshold, the exposure is transferred to Stage 2
and the lifetime ECL is calculated.
A backstop is applied and financial instruments that are
materially overdrawn and more than 30 days past due are
transferred from Stage 1 to Stage 2. If the financial
instrument is credit-impaired, it is transferred to Stage 3.
3.8.3 Financial instruments following the sophisticated
approach
For the majority of financial instruments included in the line
item Loans and advances to the public and private sectors,
including mortgage loans, loans, current accounts,
subordinated loans and financial guarantees and loan
commitments, we apply a sophisticated approach to calculate
expected credit losses. This approach uses an umbrella model
that combines the following sub-models:
\u2013 Various models that provide the expected flow of
exposures to the default state;
\u2013 A PD calibration model giving the flow from performing to
default;
\u2013 A full prepayment model and amortisation model giving
the outflow from the portfolio of an entire exposure due
to prepayment or contract expiration;
\u2013 A migration model providing flows from performing rating
classes to other performing rating classes;
\u2013 A cure rate model giving the flow from default to
performing classes and the non-cure state;
\u2013 Various product-level models that give the expected
exposure at the moment a client goes into default;
\u2013 An amortisation model showing the contractual payments
during the lifetime of a product and the part of the
exposure flowing out of the portfolio due to partial
prepayments;
\u2013 An EAD model giving the exposure as a function of the
limit or outstanding amount just before default;
\u2013 A product-level model evaluating the part of EAD that
may be lost \u2013 the loss given loss (LGL) model;
\u2013 A discount factor to discount the loss from the moment of
default to the moment of reporting.
3.8.4 Financial instruments following the alternative
approach
We apply an alternative approach for cash and cash
equivalents, due from banks, debt instruments at amortised
cost, debt instruments at fair value through other
comprehensive income, and loans and securities-backed
loans issued by Mercier Van Lanschot and Van Lanschot
Kempen Switzerland. The alternative approach comprises an
investments model and a foreign loan model.
3.8.5 Investments model
The investments model is applied to calculate ECL for cash
and cash equivalents, due from banks, debt instruments at
amortised cost, and debt instruments at fair value through
other comprehensive income. These financial instruments all
have a low risk profile. All such exposures are assigned to
Stage 1 as long as their external rating is investment-grade.
We use a simplified model to calculate 12-month ECL, using
publicly available data for PD and LGD based on external
ratings. In principle, financial assets are sold if they are
downgraded below investment grade.
3.8.6 Foreign loans model
For the loans and securities-backed loans issued by Mercier
Van Lanschot and Van Lanschot Kempen Switzerland, we
have developed a foreign loans model. The foreign loans
model calculates ECL as the sum of future exposure
discounted at the effective interest rate at recognition for
non-revolving products and the current effective interest
rate for revolving products.
3.8.7 Model changes
Two changes were implemented in our ECL calculations in
2025. The first is in the macroeconomic scenarios. In previous
provisioning calculations, the macroeconomic scenarios were
estimated using a principal components model. To simplify
our model landscape, these scenarios and accompanying
weights are now provided by an external party. The impact of
these replacements was estimated to be an increase in ECL of
\u20ac200,000. The second change is a recalibration of the
expected maturity model, due to model monitoring
observations showing the potential for improvement. The
impact of this change amounts to a \u20ac156,000 increase in ECL.
3.8.8 Loss allowances
The table below shows ECL loss allowances and the
corresponding book values (including revocable and
irrevocable commitments), categorised by balance sheet line
item and ECL by stage.
Table 3.8.A Loss allowance for expected credit losses
31/12/2025
31/12/2024
Carrying value/
exposure amount
(basis for ECL)
Expected credit
losses
Carrying value/
exposure amount
(basis for ECL)
Expected credit
losses
Total
17,832,553
29,063
16,867,053
38,146
Cash and cash equivalents and balances at central banks
2,165,188
0
2,064,818
0
Due from banks
26,636
0
84,225
\u2014
Financial assets at fair value through other comprehensive
income
3,088,775
266
2,991,140
762
Loans and advances to the public and private sectors
9,998,541
26,534
9,610,954
35,084
Other financial assets at amortised cost
1,506,027
61
1,201,838
296
Financial guarantees and loan commitments
1,047,387
2,202
914,078
2,004
The table below shows total loss allowances recognised by
IFRS 9 stage. The total change in Stage 3 amounted to a
decrease of \u20ac10.5 million (2024: increase of \u20ac0.4 million); of
this amount, \u20ac5.5 million (2024: \u20ac2.1 million) is related to
write-offs and \u20ac4.9 million (2024: addition of \u20ac2.5 million)
to\u00a0release of loss allowances at Stage 3.
Table 3.8.B Loss allowance recognised by IFRS 9 stage
31/12/2025
31/12/2024
Write-offs
Change in
provision
Total change
Stage 1
4,767
4,385
\u2014
382
382
Stage 2
6,646
5,662
\u2014
984
984
Stage 3
17,649
28,099
-5,506
-4,944
-10,450
Total
29,062
38,146
-5,506
-3,578
-9,084
The table below shows the IFRS 9 stage and coverage ratios
for loss allowances recognised in the loan portfolio,
categorised by ECL stage. This loan portfolio amount excludes
loss allowance for ECL. As a result, figures in other tables
related to the loan portfolio may differ if these elements are
not similarly accounted for.
Table 3.8.C IFRS 9 stage and
coverage ratio by ECL stage
(\u20ac million)
31/12/2025
31/12/2024
Loan
portfolio
Provision
Coverage
ratio
Stage ratio
Loan
portfolio
Provision
Coverage
ratio
Stage ratio
Stage 1
8,402
3.6
0.0%
87.2%
8,221
2.7
0.0%
87.8%
Stage 2
1,144
5.3
0.5%
11.9%
1,018
4.3
0.4%
10.9%
Stage 3
86
17.6
20.6%
0.9%
127
28.1
22.1%
1.4%
Total
9,632
26.5
0.3%
9,366
35.1
0.4%
Stage 1
Model-based Stage 1 provisions on loans increased by
\u20ac0.9\u00a0million to \u20ac3.6 million, with Stage 1 exposure adding
\u20ac181 million. The coverage ratio remained stable compared
with 2024.
Stage 2
Stage 2 provisions on loans went up from \u20ac4.3 million to
\u20ac5.3\u00a0million in 2025. The recalibration of the IFRS 9 models
resulted in a modest increase in the coverage ratio and
thereby a higher provision.
Stage 3
The baseline for Stage 3 provisions is determined by the
Financial Restructuring & Recovery team, with limited IFRS 9
model adjustments. In 2025, Stage 3 provisions recorded a
substantial decline from \u20ac28.1 million to \u20ac17.6 million.
This was due to a release of provisions on the resolution of
some specific impaired exposures and write-offs, only slightly
offset by increased provisioning on existing impaired loans
and new defaults. The total impaired exposure fell
significantly to \u20ac86\u00a0million. The coverage ratio decreased
slightly over 2025.
Loss allowances for ECL change over time for several
reasons: the credit risk of financial instruments may
significantly increase or decrease, financial instruments may
become credit-impaired, or new financial assets may be
purchased. The following tables explain the changes in the
loss allowances during the year and the loss allowance
recognised in the statement of income.
Table 3.8.D Changes in loss allowance for Financial assets at
fair value through other comprehensive income
Stage 1
Stage 2
Stage 3
Total
At 1 January 2025
762
\u2014
\u2014
762
Additions or releases without transfer
-540
\u2014
\u2014
-540
Financial assets originated or purchased
44
\u2014
\u2014
44
Total balance excluding write-offs
266
\u2014
\u2014
266
At 31 December 2025
266
\u2014
\u2014
266
Table 3.8.E Changes in loss allowance for Financial assets at
fair value through other comprehensive income
Stage 1
Stage 2
Stage 3
Total
At 1 January 2024
280
\u2014
\u2014
280
Additions or releases without transfer
270
\u2014
\u2014
270
Financial assets originated or purchased
212
\u2014
\u2014
212
Total balance excluding write-offs
762
\u2014
\u2014
762
At 31 December 2024
762
\u2014
\u2014
762
Table 3.8.F Changes in loss allowance for expected credit
losses of Loans and advances to the public and private sectors
Stage 1
Stage 2
Stage 3
Total
At 1 January 2025
2,693
4,337
28,055
35,084
Additions or releases without transfer
-221
-462
-9,833
-10,516
Transfer to Stage 1
103
-2,442
\u2014
-2,340
Transfer to Stage 2
-159
3,944
-67
3,718
Transfer to Stage 3
-30
-98
4,995
4,867
Financial assets originated or purchased
1,227
\u2014
\u2014
1,227
Total balance excluding write-offs
3,612
5,279
23,149
32,040
Amounts written off
\u2014
\u2014
-5,506
-5,506
At 31 December 2025
3,612
5,279
17,643
26,534
Table 3.8.G Changes in loss allowance for expected credit
losses of Loans and advances to the public and private sectors
Stage 1
Stage 2
Stage 3
Total
At 1 January 2024
4,346
6,107
27,694
38,146
Additions or releases without transfer
-2,231
-1,749
1,245
-2,735
Transfer to Stage 1
247
-4,515
\u2014
-4,268
Transfer to Stage 2
-491
4,827
-635
3,701
Transfer to Stage 3
-89
-332
1,851
1,429
Financial assets originated or purchased
911
\u2014
\u2014
911
Total balance excluding write-offs
2,693
4,337
30,155
37,185
Amounts written off
\u2014
\u2014
-2,100
-2,100
At 31 December 2024
2,693
4,337
28,055
35,084
Table 3.8.H Changes in impairments of Other financial assets at
amortised cost
Stage 1
Stage 2
Stage 3
Total
At 1 January 2025
296
\u2014
\u2014
296
Additions or releases without transfer
-492
\u2014
\u2014
-492
Financial assets originated or purchased
256
\u2014
\u2014
256
Total balance excluding write-offs
61
\u2014
\u2014
61
At 31 December 2025
61
\u2014
\u2014
61
Table 3.8.I Changes in impairments of Other financial assets at
amortised cost
Stage 1
Stage 2
Stage 3
Total
At 1 January 2024
133
\u2014
\u2014
133
Additions or releases without transfer
163
\u2014
\u2014
163
Financial assets originated or purchased
\u2014
\u2014
\u2014
\u2014
Total balance excluding write-offs
296
\u2014
\u2014
296
At 31 December 2024
296
\u2014
\u2014
296
Table 3.8.J Changes in impairments of Financial guarantees and
loan commitments
Stage 1
Stage 2
Stage 3
Total
At 1 January 2025
636
1,325
44
2,004
Additions or releases without transfer
190
-58
-38
95
Transfer to Stage 1
3
-176
\u2014
-173
Transfer to Stage 2
-9
276
\u2014
267
Transfer to Stage 3
\u2014
\u2014
\u2014
\u2014
Financial assets originated or purchased
8
\u2014
\u2014
8
Total balance excluding write-offs
829
1,367
6
2,202
At 31 December 2025
829
1,367
6
2,202
Table 3.8.K Changes in impairments of Financial guarantees
and loan commitments
Stage 1
Stage 2
Stage 3
Total
At 1 January 2024
942
1,230
35
2,207
Additions or releases without transfer
-324
-100
15
-408
Transfer to Stage 1
7
-43
\u2014
-37
Transfer to Stage 2
-13
239
-25
202
Transfer to Stage 3
\u2014
-2
18
16
Financial assets originated or purchased
23
\u2014
\u2014
23
Total balance excluding write-offs
636
1,325
44
2,004
At 31 December 2024
636
1,325
44
2,004
All financial instruments included in the line items Cash and
cash equivalents, Due from banks, and Debt instruments at
amortised cost are classified in Stage 1, and no transfers have
taken place.
3.8.9 Credit quality
Van Lanschot Kempen allocates each exposure to a credit risk
grade based on a variety of data that are determined to be
predictive of the risk of default.
Credit risk grades are defined using qualitative (applying
experienced credit judgement) and quantitative factors that
are indicative of risk of default. These factors vary depending
on the nature of the exposure and the type of borrower.
We use internally developed rating pools for the line items
Loans and advances to the public and private sectors and
Financial guarantees and loan commitments.
Credit grade
Description
Investment grade
Non-credit-impaired financial assets that are not placed under the supervision of the Financial Restructuring &
Recovery team, internal rating pool 1
Standard monitoring
Non-credit-impaired financial assets that are not placed under the supervision of the Financial Restructuring &
Recovery team, internal rating pools 2 to 4
Special monitoring
Non-credit-impaired financial assets that are placed under the supervision of the Financial Restructuring &
Recovery team
Default
Credit-impaired financial assets
All financial instruments under the line items Cash and cash
equivalents, Due from banks, Debt instruments at amortised
cost and Debt instruments at fair value through other
comprehensive income are investment grade, which means
their external rating is at least BBB-. We use external ratings
for these line items.
The credit quality of the line items Loans and advances to the
public and private sectors and Financial guarantees and loan
commitments is shown in the tables below. Assessment of
credit quality is based on our internal credit rating system
and year-end stage classification. The amounts presented are
gross of impairment allowances.
Table 3.8.L Credit quality of Loans and advances to the public
and private sectors at 31 December 2025
Stage 1
Stage 2
Stage 3
Total
Credit grade
Investment grade (AAA to BBB-)
7,256,059
\u2014
\u2014
7,256,059
Standard monitoring (BB+ to B-)
1,643,183
1,132,261
\u2014
2,775,444
Special monitoring (CCC to C)
1,218
57,543
\u2014
58,761
Default (DDD to D)
\u2014
\u2014
88,979
88,979
Gross carrying amount
8,900,461
1,189,804
88,979
10,179,244
Loss allowance
3,612
5,280
17,643
26,534
Carrying amount
8,896,849
1,184,524
71,336
10,152,709
Table 3.8.M Credit quality of Loans and advances to the public
and private sectors at 31 December 2024
Stage 1
Stage 2
Stage 3
Total
Credit grade
Investment grade (AAA to BBB-)
6,735,392
\u2014
\u2014
6,735,392
Standard monitoring (BB+ to B-)
1,805,831
1,005,730
\u2014
2,811,560
Special monitoring (CCC to C)
1,863
74,533
\u2014
76,396
Default (DDD to D)
\u2014
\u2014
106,780
106,780
Gross carrying amount
8,543,086
1,080,262
106,780
9,730,128
Loss allowance
2,691
4,338
28,055
35,084
Carrying amount
8,540,395
1,075,925
78,725
9,695,044
Table 3.8.N Credit quality of Financial guarantees and loan
commitments at 31 December 2025
Stage 1
Stage 2
Stage 3
Total
Credit grade
Investment grade (AAA to BBB-)
946,957
\u2014
\u2014
946,957
Standard monitoring (BB+ to B-)
18,662
81,443
\u2014
100,105
Special monitoring (CCC to C)
\u2014
211
\u2014
211
Default (DDD to D)
\u2014
\u2014
114
114
Gross carrying amount
965,619
81,654
114
1,047,387
Loss allowance
829
1,367
6
2,202
Carrying amount
964,790
80,287
108
1,045,186
Table 3.8.O Credit quality of Financial guarantees and loan
commitments at 31 December 2024
Stage 1
Stage 2
Stage 3
Total
Credit grade
Investment grade (AAA to BBB-)
124,964
\u2014
\u2014
124,964
Standard monitoring (BB+ to B-)
20,922
89,630
\u2014
110,552
Special monitoring (CCC to C)
\u2014
89
30
119
Default (DDD to D)
\u2014
\u2014
3,301
3,301
Gross carrying amount
145,887
89,719
3,331
238,937
Loss allowance
636
1,325
44
2,004
Carrying amount
145,251
88,394
3,288
236,933
3.8.10 Macroeconomic variables
We incorporate forward-looking information for the
sophisticated approach. We use domestic macroeconomic
variables and consider three macroeconomic scenarios in
calculating ECL: a baseline scenario, an upside scenario, and a
downside scenario.
Our weightings were 40% for the baseline scenario, 30% for
the upside scenario and 30% for the downside scenario.
These weights are provided by Oxford Economics as part of
the scenarios. Last year, the scenarios and weights were
internally determined, with the baseline scenario being
weighted at 70%, the upside scenario at 10% and the
downside scenario at 20%.
Table 3.8.P Macroeconomic variables
31/12/2025
31/12/2024
2026
2027
2028
2024
2025
2026
Gross domestic product
Baseline scenario
0.50%
1.40%
1.90%
0.86%
1.46%
1.46%
Upside scenario
1.90%
2.80%
2.90%
3.80%
4.40%
4.40%
Downside scenario
-1.40%
0.00%
1.10%
-1.91%
-1.31%
-1.31%
Volume of exports
Baseline scenario
0.90%
1.60%
1.30%
0.32%
2.12%
2.02%
Upside scenario
1.80%
2.80%
2.50%
5.53%
7.33%
7.23%
Downside scenario
-0.70%
-0.20%
0.00%
-4.59%
-2.78%
-2.88%
Residential real estate price
Baseline scenario
3.50%
2.20%
2.20%
8.84%
7.44%
4.04%
Upside scenario
5.10%
6.40%
7.00%
13.10%
11.70%
8.30%
Downside scenario
-2.20%
-3.80%
-3.50%
4.82%
2.43%
0.02%
Unemployment rate
Baseline scenario
3.90%
3.80%
3.60%
3.70%
3.90%
4.00%
Upside scenario
3.70%
3.40%
3.30%
3.20%
3.40%
3.50%
Downside scenario
4.90%
6.10%
7.10%
4.20%
4.40%
4.50%
Because the macroeconomic scenarios are now based on
external vendor data, resulting in a revised data structure and
methodology, the outcomes are not comparable to prior
years.
For the portfolios that fall under the scope of IFRS 9, we
perform a scenario analysis to calculate the sensitivity of ECL
to macroeconomic variables. The multiple macroeconomic
variables are used to calculate various outcomes for our ECL
models.
The final ECL figure is the weighted average of the outcomes
under the various scenarios. The table below shows ECL per
stage and per scenario.
Table 3.8.Q Sensitivity analysis at 31 December 2025
Stage 1
Stage 2
Stage 3
Total
Change
Probability-weighted
4,767
6,646
17,649
29,062
Baseline scenario
4,686
6,695
17,686
29,066
4
Upside scenario
4,259
6,202
17,706
28,166
-896
Downside scenario
5,383
7,025
17,544
29,952
890
Table 3.8.R Sensitivity analysis at 31 December 2024
Stage 1
Stage 2
Stage 3
Total
Change
Probability-weighted
4,385
5,662
28,099
38,146
Baseline scenario
4,204
5,549
28,060
37,813
-334
Upside scenario
2,823
4,679
27,559
35,062
-3,084
Downside scenario
5,800
6,549
28,505
40,855
2,709
3.9 Collateral credit-impaired financial instruments
In general, collateral can be used for all current and future
amounts owed by a debtor. In addition to residential
mortgage collateral and guarantees provided by governments
and credit institutions, commercial real estate, financial
collateral, receivables, stocks and inventories may serve as
collateral. The majority of collateral is not directly linked to a
specific financing arrangement.
For credit-impaired financial instruments, the Financial
Restructuring & Recovery team determines the liquidation or
recovery value of the available collateral, based on the most
recent valuation reports and applying the applicable haircuts.
The table below shows the collateral for financial instruments
considered credit-impaired.
Table 3.9 Collateral for credit-impaired instruments at\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
31 December 2025
Gross exposure
Impairment
Carrying amount
Value of collateral
Loans and advances to public and private sectors
89,540
17,649
71,892
79,221
Financial guarantees and loan commitments
97
\u2014
97
88
Table 3.9 Collateral for credit-impaired instruments at\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
31 December 2024
Gross exposure
Impairment
Carrying amount
Value of collateral
Loans and advances to public and private sectors
127,883
28,056
99,828
159,290
Financial guarantees and loan commitments
3,301
44
3,258
4,919
No impairment is recognised for credit-impaired financial
instruments if the collateral is sufficient to cover the
outstanding obligation. The total carrying amount of credit-
impaired financial instruments for which there is no
impairment recognised is \u20ac49.1 million (2024: \u20ac42.0 million).
4. Market risk
Market risk is the risk of loss as a result of changes in market
variables, including interest rates (except exposure in the
banking book), exchange rates and share prices. The market
risk to which we are exposed can be divided into three
components. Firstly, the market risk to which Treasury is
exposed in respect of its structured products activities (part
of the Other operating segment) and services to clients.
Secondly, market risk stemming from trading activities in
institutional securities, which is concentrated in Investment
Banking Clients. Lastly, exposure to market risks is also
generated by investments in our management book of
\u20ac50.9\u00a0million (2024: \u20ac56.1 million).
These investments provide seed capital for newly launched
Van Lanschot Kempen funds and allow us to co-invest with
our clients.
4.1 Trading activities in securities
Our trading activities in securities mainly comprise equities,
equity derivatives and interest rate derivatives. Equities are
concentrated in Investment Banking Clients (equity
brokerage) while equity derivatives and interest rate
derivatives are concentrated in Treasury (structured
products activities).
A governance structure has been created to facilitate
effective risk management. This is based on the three lines of
defence model, where the first line has direct insights into the
live risk exposures and is responsible for staying within the
set limits, the second line monitors daily to ensure that limits
are respected, and Internal Audit performs periodic audits on
the policies and procedures set by Risk Management and
evaluates effectiveness and completeness.
The risks are managed using value at risk (VaR) limits as well
as gross and net limits. Daily stress tests provide information
about changes in portfolio values in extreme market
conditions and complement the VaR calculation.
The VaR for the trading portfolios is computed daily, based on
a one-day time horizon with a 97.5% confidence level on one
year of historical data.
Other risks relating to derivatives, such as stock market
changes and volatility, and interest rate changes (delta, vega
and rho respectively) are embedded in our structured notes.
These risks are separately monitored on a daily basis or more
frequently if necessary.
Separate limits are in place for all risk drivers. VaR and other
relevant risk parameters are reported to senior management
(including two Management Board members) on a daily basis.
The majority of the complex market risks (exotic risks) are
hedged on a back-to-back basis. The non-exotic risks and
limited exotic risks due to secondary market trading are
hedged via the macro-hedging strategy. The total macro
exposure per risk driver is calculated and this is hedged by
using relatively simple (mostly listed) options. All risk drivers
have limits both on an individual as well as on an aggregate
level, and we monitor them at least daily. This highly granular
view of limits results in limited basis risks.
Table 4.1 Trading activities VaR
2025
2024
Derivatives-related
Share-related
Derivatives-related
Share-related
At 31 December
15
106
25
137
Highest VaR
227
263
136
369
Lowest VaR
5
70
7
81
Average VaR
43
136
41
186
4.2 Market risk due to foreign exchange positions
To a limited degree, treasury activities (mainly foreign
exchange exposure, comprising client transactions and own
positions) result in positions exposed to market risks. The
Treasury department is part of the Other activities operating
segment. The majority of transactions and positions in the
statement of financial position are denominated in euros.
Exchange rate risk is managed within the required limits and
an authorisation structure applies.
Foreign exchange positions are shown in Table 4.2.B and
include all cash, forward and option positions of the entities in
scope of consolidation.
We operate under tight limits prohibiting significant foreign
exchange positions. This means that no further sensitivity
analysis is performed on these positions.
Table 4.2.A Exchange rate risk of treasury trading activities (total gross nominal foreign exchange
position translated to euros)
2025
2024
At 31 December
969
244
Highest position
3,289
4,916
Lowest position
-707
-900
Average position
799
55
Table 4.2.B Foreign exchange positions
31/12/2025
31/12/2024
Total
556
1,905
US dollar
1,943
987
Danish krone
137
235
Swedish krona
109
89
Hong Kong dollar
102
67
South African rand
82
15
Canadian dollar
74
-16
Norwegian krone
63
-86
Pound sterling
-89
-26
Swiss franc
-2,160
290
Other
296
348
Credit spread risk in the banking book (CSRBB) is the risk of
volatility in earnings and/or equity, caused by the effect of
changes in the market price of credit risk and market liquidity
spreads on instruments that are sensitive to these spreads,
assuming a constant level of creditworthiness of the
instrument.
For\u00a0Van\u00a0Lanschot Kempen, CSRBB is mainly concentrated in
the investment, funding and liquidity portfolios. CSRBB limits
have been imposed on these portfolios, which are monitored
by the Asset & Liability Committee on a monthly basis.
4.3 Market risk capitalisation
We use the maturity method to calculate the capital
adequacy requirement in respect of the general risk on debt
instruments in the trading portfolio. Share-related
instruments are share instruments included under Financial
assets from trading activities (see Table 4.3).
Table 4.3 Market risk
31/12/2025
31/12/2024
Risk weighting
Capital adequacy
requirement
Risk weighting
Capital adequacy
requirement
Total
125,416
10,033
155,664
12,453
Interest-related instruments
81,357
6,509
110,530
8,842
Share-related instruments
41,252
3,300
43,045
3,444
Currency-related instruments
2,807
225
2,089
167
Weighting and requirements
We use the standardised approach for all types of market
risk. The market risk of interest rate derivatives is included
under Interest-related instruments; the market risk of share-
related derivatives under Share-related instruments; and the
market risk of currency derivatives Currency-related
instruments.
5. Settlement risk
We are required to hold capital for financial transactions that
are not settled within five days of the agreed deadline, if the
difference between the agreed settlement price and the price
at the reporting date could lead to a loss. Settlement risk is
monitored and managed on a daily basis.
At year-end 2025, financial transactions totalling \u20ac4.9\u00a0million
(2024: \u20ac19.2 million) had to be reported in the context of
settlement risk.
6. CVA risk
CVA is the price impact on a derivatives transaction (bilateral
or centrally cleared) when the creditworthiness of the
counterparty deteriorates. We are required to hold capital
under the CRR to account for CVA risk. This CVA capital
adequacy requirement is additional to requirements applying
to the risk-weighted assets in relation to the \u201cregular\u201d default
risk of a counterparty. We use the standardised method to
calculate the capital requirement for CVA.
7. Interest rate risk
Interest rate risk in the banking book (IRRBB) is the exposure
to adverse market interest rate movements, arising from
banking book activities. Adverse interest rate movements
may impact a bank\u2019s current and/or future earnings, capital
and market value. Responsibility for IRRBB management has
been delegated by the Management Board to the Asset &
Liability Committee.
Interest rate risks in non-banking book items are managed as
part of market risk.
Our main source of interest rate risk is the maturity mismatch
between assets and liabilities. In general, assets have longer
interest rate maturities than liabilities, contractually as well
as behaviourally. We model client behaviour with respect to
the prepayment patterns of mortgages and loans and the
interest rate risk profiles of non-maturing deposits such as
savings and current accounts. When modelling client
behaviour, a risk remains that actually observed client
behaviour deviates from the model outcomes.
Differences between modelled and observed client behaviour
could have a material adverse impact on future results and
are classified as customer behaviour risk.
We manage interest rate risk from both a long- and a short-
term perspective, using both internally developed interest
rate scenarios and scenarios prescribed by regulation, the
supervisory outlier test (SOT). The short-term interest rate
risk is addressed mainly from a net interest income
perspective. This involves an analysis of the change in interest
income under a number of market interest rate scenarios,
relative to the baseline scenario in which interest rates are
expected to develop based on forward rates (delta net
interest income, or \u0394NII). SOT outcomes are reported
relative to Tier 1 capital.
By year-end 2025, the most adverse SOT scenario was a
downward shock to the forward curve of 200 bps. The \u0394NII
for this SOT scenario was -3.2% of Tier 1 capital at the end of
2025 (end of 2024: -1.6% for the same SOT scenario).
We address long-term interest rate risk by means of the
economic value approach, which looks at how changes in
interest rates impact the value of our assets and liabilities.
The rule-of-thumb metric for economic value analysis is
duration of equity, which indicates the net impact of parallel
interest rate changes on economic value, assuming a linear
relationship between these parameters.
Although we use duration of equity as a rule of thumb for
economic value sensitivity, we also calculate economic value
changes under various scenarios. In doing so, all interest rate
cash flows are recalculated and revalued at shocked interest
rate curves and we use coupon rates that are stripped of
margins. At year-end 2025, the most adverse SOT scenario
was an instant upwards shock of 200 bps. The \u0394EVE for this
scenario was -6.9% of Tier 1 capital at the end of 2025 (end of
2024: -7.1%).
We use hedge accounting to offset changes in the market
value of derivatives that are used for hedging portfolios
classified at amortised cost or at fair value through other
comprehensive income.
8. Liquidity risk
The main objective of our liquidity risk management is to
ensure that we are able to maintain or generate sufficient
cash resources to meet our payment obligations in full as they
come due, on acceptable terms. One of the key elements of
our approach towards liquidity risk management is to
maintain stakeholder confidence in Van Lanschot Kempen's
solidity at all times.
The main source of liquidity risk that we are exposed to
relates to the share of client deposits in our funding base.
Although client deposits have proven to be relatively price-
inelastic and sticky over time, the withdrawable nature of
such deposits poses potential outflow risks, especially for
those deposits not covered by the deposit guarantee scheme
(DGS).
The roll-over risk with respect to maturing capital market
funding is less substantial for us, since our client deposit base
comfortably funds our entire loan book. To still obtain a
certain degree of diversification in our funding mix, we have
covered bond programmes in place, as well as unsecured
funding via the structured products programme.
To manage liquidity risk, we use a forward-looking liquidity
risk management framework that enables the comprehensive
measurement, evaluation and calibration of indicators related
to liquidity risk. The framework consists of the risk appetite
statement, the liquidity buffer, monitoring and reporting,
forecasting, funding planning and contingency planning.
Limits for liquidity risk are revised on an annual basis as part
of the risk appetite limit structure. Limits set include, but are
not limited to, levels of the liquidity coverage ratio, the net
stable funding ratio, short-term cash availability and stress
test survival periods, which are reported to the Asset &
Liability Committee on a monthly basis. In addition to the
regular monthly liquidity reporting, the liquidity buffer and
client deposit flows are monitored in the weekly liquidity
report. This report includes metrics that have been identified
as early warning indicators for possible liquidity stress. The
liquidity buffer is the main defensive element against liquidity
risk, and the quality and size of the buffer are monitored
frequently, along with inflows and outflows in the client
deposit base.
Every year, we outline our capital and funding planning for a
three-year horizon, both under regular circumstances in the
capital and funding plan, and under potential future stress or
emergency situations in the liquidity contingency plan,
complemented by the recovery plan.
Part of our liquidity and funding planning is scenario analysis,
of which stress testing is a key element. By means of stress
testing, we assess our resilience to a variety of adverse
liquidity events \u2013 Van Lanschot Kempen-specific events,
system-wide events, and a combination of these two.
8.1 Contractual maturity
Tables 8.1.A and 8.1.B show the assets and liabilities based on
their remaining contractual terms to maturity at the
reporting date, without taking behavioural aspects into
account. These amounts correspond with the amounts
included in the consolidated statement of financial position.
Items with no maturity, such as equity instruments, assets
and liabilities classified as held for sale, and provisions are
presented separately.
Derivative liabilities are included on a net basis if cash flows
are settled net. For other derivative liabilities the contractual
gross cash flow payable is included.
As savings and current accounts do not have fixed terms, the
balances of non-maturing instruments are presented within
the Withdrawable on demand category.
Due from banks and amounts due to banks include collateral
delivered and received related to derivatives transactions.
Allocation of this collateral over the maturity buckets is
conducted in accordance with the maturity classification of
the derivative contracts.
Table 8.1.A Contractual maturity of assets and liabilities at 31 December 2025
Withdraw-
able on
demand
<3 months
3 to 12
months
1 to 5 years
More than 5
years
Subtotal
Maturity
not
applicable
Total
Assets
Cash and cash equivalents and
balances at central banks
2,165,188
\u2014
\u2014
\u2014
\u2014
2,165,188
\u2014
2,165,188
Due from banks
\u2014
21,879
1,520
3,237
\u2014
26,636
\u2014
26,636
Derivatives
\u2014
19,921
46,882
104,358
185,763
356,925
\u2014
356,925
Financial assets at fair value
through profit or loss
54,615
\u2014
\u2014
119,311
\u2014
173,926
12,924
186,850
Financial assets at fair value
through other comprehensive
income
\u2014
5,992
89,003
1,679,851
1,313,928
3,088,775
\u2014
3,088,775
Loans and advances to the public
and private sectors
698,516
47,332
241,453
784,430
7,833,377
9,605,107
\u2014
9,605,107
Other financial assets at
amortised cost
\u2014
148,815
152,174
1,163,961
33,958
1,498,909
7,057
1,505,965
Investments in associates using
the equity method
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
120,074
120,074
Other assets3
\u2014
212,576
95,868
47,540
33,295
389,279
333,812
723,091
Total assets
2,918,319
456,515
626,901
3,902,688
9,400,321
17,304,744
473,867
17,778,611
Total assets excluding
derivatives
2,918,319
436,594
580,019
3,798,330
9,214,558
16,947,819
473,867
17,421,687
Equity and liabilities
Due to banks
21,301
21,070
100,000
152,691
740
295,802
\u2014
295,802
Public and private sector
liabilities
11,043,093
1,643,068
391,096
218,549
71,474
13,367,280
\u2014
13,367,280
Derivatives
\u2014
18,182
30,474
102,409
47,630
198,695
\u2014
198,695
Financial liabilities at fair value
through profit or loss
\u2014
21,602
32,596
337,813
119,791
511,802
\u2014
511,802
Issued debt securities
\u2014
\u2014
500,000
993,799
\u2014
1,493,799
\u2014
1,493,799
Lease liabilities
\u2014
3,046
8,772
39,652
42,966
94,436
\u2014
94,436
Other liabilities4
\u2014
102,719
154,415
\u2014
\u2014
257,134
25,699
282,834
Subordinated loans
\u2014
\u2014
\u2014
25,000
128,445
153,445
\u2014
153,445
Equity
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1,380,518
1,380,518
Total equity and liabilities
11,064,394
1,809,687
1,217,353
1,869,913
411,046
16,372,394
1,406,217
17,778,611
Total equity and liabilities
excluding derivatives
11,064,394
1,791,506
1,186,879
1,767,504
363,416
16,173,699
1,406,217
17,579,916
On-balance gap
-8,146,075
-1,353,172
-590,452
2,032,775
8,989,274
932,350
-932,350
\u2014
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
3 Includes Property and equipment, Goodwill and other intangible assets, Current tax assets, Deferred tax assets and Other assets as presented in the consolidated
\u00a0 statement of financial position.
4 Includes Provisions, Current tax liabilities, Deferred tax liabilities and Other liabilities (less lease liabilities) as presented in the consolidated statement of financial
\u00a0 position.
Table 8.1.B Contractual maturity of assets and liabilities at 31 December 2024
Withdraw-
able on
demand
<3 months
3 to 12
months
1 to 5 years
More than 5
years
Subtotal
Maturity
not
applicable
Total
Assets
Cash and cash equivalents and
balances at central banks
2,057,762
\u2014
\u2014
\u2014
\u2014
2,057,762
\u2014
2,057,762
Due from banks
16,280
\u2014
1,258
66,687
\u2014
84,225
\u2014
84,225
Derivatives
\u2014
39,755
13,999
87,489
176,654
317,897
\u2014
317,897
Financial assets at fair value
through profit or loss
59,358
\u2014
\u2014
196,243
\u2014
255,601
16,893
272,494
Financial assets at fair value
through other comprehensive
income
\u2014
48,794
87,943
1,553,125
1,301,278
2,991,140
\u2014
2,991,140
Loans and advances to the public
and private sectors
664,592
69,619
114,086
716,154
7,766,642
9,331,093
\u2014
9,331,093
Other financial assets at
amortised cost
28,952
108,095
1,027,141
37,353
1,201,542
7,057
1,208,598
Investments in associates using
the equity method
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
117,556
117,556
Other assets3
\u2014
173,257
31,617
49,129
10,516
264,520
338,046
602,566
Total assets
2,797,992
360,377
356,998
3,695,968
9,292,444
16,503,779
479,552
16,983,332
Total assets excluding
derivatives
2,797,992
320,622
342,999
3,608,479
9,115,790
16,185,882
479,552
16,665,434
Equity and liabilities
Due to banks
42,491
2,397
850
107,647
11,420
164,804
\u2014
164,804
Public and private sector
liabilities
9,463,537
2,579,929
429,148
186,520
107,787
12,766,921
\u2014
12,766,921
Derivatives
\u2014
24,695
12,897
119,003
97,970
254,566
\u2014
254,566
Financial liabilities at fair value
through profit or loss
\u2014
32,270
80,831
308,474
43,316
464,891
\u2014
464,891
Issued debt securities
\u2014
\u2014
\u2014
1,491,254
\u2014
1,491,254
\u2014
1,491,254
Lease liabilities
\u2014
33
744
32,819
11,561
45,157
\u2014
45,157
Other liabilities4
\u2014
107,158
127,936
\u2014
\u2014
235,095
29,515
264,610
Subordinated loans
\u2014
\u2014
\u2014
25,000
128,825
153,825
\u2014
153,825
Equity
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1,377,304
1,377,304
Total equity and liabilities
9,506,027
2,746,482
652,407
2,270,717
400,879
15,576,512
1,406,819
16,983,332
Total equity and liabilities
excluding derivatives
9,506,027
2,721,787
639,510
2,151,714
302,909
15,321,946
1,406,819
16,728,766
On-balance gap
-6,708,036
-2,386,105
-295,409
1,425,251
8,891,565
927,267
-927,267
\u2014
The assets comprise mainly long-term mortgage loans while
the liabilities are made up of mainly on-demand deposits. The
latter are predominantly current and savings accounts. This
results in a gap between the Withdrawable on demand and
More than five years columns. Potential liquidity risks are
addressed by means of monthly stress tests \u2013 discussed
monthly in the Asset & Liability Committee \u2013 that test our
resilience to a variety of adverse liquidity events and take
behavioural aspects into account.
For each transaction we have guaranteed, the maximum
guaranteed amount is included in the appropriate term
bucket, allowing for our termination options. The same
applies to irrevocable commitments.
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
3 Includes Property and equipment, Goodwill and other intangible assets, Current tax assets, Deferred tax assets and Other assets as presented in the consolidated
\u00a0 statement of financial position.
4 Includes Provisions, Current tax liabilities, Deferred tax liabilities and Other liabilities (less lease liabilities) as presented in the consolidated statement of financial
\u00a0 position.
8.2 Contractual maturities of undiscounted cash flow of
financial liabilities
Tables 8.2.A and 8.2.B show liabilities by maturity based on
contractual, undiscounted cash flows and including related
future cash flows, such as interest payments.
Repayments subject to notice are treated as if notice were to
be given immediately. However, we expect that many clients
will not request repayment at the earliest possible date, and
the tables below do not reflect the expected cash flows as
indicated by our deposit retention history.
Derivatives included in Table 8.2 consist of trading
derivatives, derivatives designated for hedge accounting and
other derivatives. The market value of interest rate swaps is
allocated in a linear fashion across maturity buckets over
their contractual term, while currency forwards are
presented at market value in the bucket corresponding to
their expiration. Option contracts are considered
withdrawable on demand and are reflected in the relevant
maturity bucket accordingly.
Table 8.2.A Contractual maturities of undiscounted cash flow of liabilities at 31 December 2025
Withdrawable
on demand
<3 months
3 to 12 months
1 to 5 years
More than 5
years
Total
Due to banks
21,621
21,070
101,438
152,371
740
297,240
Public and private sector
liabilities
11,185,542
1,637,624
403,752
141,571
38,521
13,407,010
Derivatives
88,957
10,756
24,325
65,820
8,837
198,696
Financial liabilities at fair value
through profit or loss
\u2014
28,666
36,480
383,469
122,518
571,134
Issued debt securities
\u2014
16,875
517,500
1,029,375
\u2014
1,563,750
Subordinated loans
\u2014
1,000
7,194
54,147
161,028
223,369
Total undiscounted liabilities
11,296,120
1,715,992
1,090,689
1,826,753
331,644
16,261,198
Table 8.2.B Contractual maturities of undiscounted cash flow of liabilities at 31 December 2024
Withdrawable
on demand
<3 months
3 to 12 months
1 to 5 years
More than 5
years
Total
Due to banks
16,587
28,301
850
107,647
11,420
164,804
Public and private sector
liabilities
9,319,801
2,573,513
447,315
202,335
541,008
13,083,973
Derivatives
88,345
13,593
30,737
94,592
27,300
254,566
Financial liabilities at fair value
through profit or loss
\u2014
41,379
88,583
351,712
44,911
526,584
Issued debt securities
\u2014
16,875
17,500
1,563,750
\u2014
1,598,125
Subordinated loans
\u2014
1,000
7,789
106,193
117,680
232,662
Total undiscounted liabilities
9,424,732
2,674,661
592,773
2,426,229
742,320
15,860,715
9. Securitisation risk
We treat securitisation as an asset class in our investment
portfolio. We are not party to any synthetic securitisations
and have no trading position in securitisation transactions.
Funding
We do not structure securitisations for other entities and
have no outstanding securitisation transactions in which we
act as a sponsor, seller and/or servicer.
Investments
Part of our liquidity investment portfolio is invested in
residential mortgage-backed securities (RMBS). We invest
only in the most senior and AAA-rated RMBS tranches.
If they comply with the simple, transparent and standardised
requirements, these securitisations qualify as high-quality
liquid assets. All our RMBS investments are ECB-eligible,
meaning that they have at least two ratings from an external
credit assessment institution.
As the investments are part of the liquidity buffer, they can be
used as collateral, in repo transactions, or sold if necessary.
The holdings in RMBS represent a minor share of the total
investment portfolio.
Risk exposures within the investment portfolio
The credit risks of the investments are not hedged. Our
investment portfolio as a whole is monitored by the Treasury
department and the Credit Approval team on a daily basis.
The portfolio is monitored on nominal limits as well as on
credit risk limits.
Interest rate risk is limited, as RMBS are typically floating-
rate notes. Interest rate risk is monitored at balance sheet
level and includes the investment portfolio.
10. Sustainability risk
The management of sustainability risks is an integral part of
all risk management activities for financial, non-financial and
compliance risks. We consider sustainability risk as an
overarching risk type stemming from ESG factors that could
potentially impact our own operations, the valuation of our
balance sheet or our AuM activities. We conclude, based on
our risk analyses, that sustainability risks are currently not
material from a prudential perspective and therefore do not
require capitalisation beyond the capital taken into account
in the ICAAP, and do not require additional provisions under
IFRS 9. Given the significant overlap with the sustainability
disclosures under the Corporate Sustainability Reporting
Directive (CSRD), the risk management activities with regard
to sustainability risks are described on page 73 in the
sustainability statement.
11. Operational risk
Operational risk is the probability of sustaining direct or
indirect damage as a consequence of inadequate or failing
internal processes, products, people, systems, or external
events. Operational risk also includes cybercrime and
information security risk, which is defined as the risk that the
confidentiality, integrity, availability and/or authentication of
Van Lanschot Kempen's information assets is compromised
by internal failure of IT equipment, resulting in financial or
reputational damage, and/or regulatory sanctions. Within
Van Lanschot Kempen, operational losses are classified using
operational loss event types as set out in the Basel
framework.
Operational risk management framework
We have in place an operational risk management (ORM)
framework, which combines our risk governance with a range
of risk instruments for identifying, assessing, treating,
monitoring and reporting operational risks to support Van
Lanschot Kempen's management in their roles as risk owners.
Our framework leverages existing and widely recognised
industry frameworks and practices, such as those of the
Committee of Sponsoring Organisations of the Treadway
Commission (COSO) and ORX (the operational risk
management association), while considering the applicable
regulatory requirements such as the Basel Committee on
Banking Supervision Principles for the Sound Management of
Operational Risk, Basel IV and regulatory guidance
documents from DNB. Given our international presence,
other or additional requirements may be applicable to non-
EU locations, which we take into account.
\u2013 Operational risk appetite: This appetite defines the level
of \u2013 quantitative and qualitative \u2013 operational risk we are
willing to accept. Exceeding this appetite requires the
attention of the Management Board and will lead to
mitigation measures as and when necessary.
\u2013 Risk identification and assessment via risk and control
self-assessments and scenario analyses:
\u2013 Risk and control self-assessment is a tool that allows
line managers to systematically identify and assess
risks so that steps can be taken to manage any risks
that are assessed as being outside of the risk appetite.
Risk and control self-assessments are carried out, at
tactical (department) level, on the most important
value chains of the organisation and on our most
important programmes and projects. These
assessments are re-performed periodically to reassess
and update the existing operational risk level.
\u2013 Scenario analyses are used to assess low frequency
but high-impact risks. The results of these analyses
are used, among other things, to provide insight into
the adequacy of the Pillar 1 operational risk capital
requirement vis-\u00e0-vis our operational risk profile.
\u2013 Risk response: Management is responsible for deciding
how to manage risks. A \"4T approach\" applies: treat a risk
by implementing mitigating actions; or transfer a risk
through our insurance policies; or tolerate a risk
temporarily with periodical reviews to assess the
possibility to mitigate the risk in future; or terminate a
risk by ending a product, process or relationship.
\u2013 Incident management: Van Lanschot Kempen defines an
incident as an (undesirable) event that directly or
indirectly harms its services or causes other damage. This
includes incidents that qualify as a near miss or have no
financial impact. Incidents are registered in our incidents
database via the incident management process. For
severe incidents, root cause analyses are carried out and
reported to the Compliance & Operational Risk
Committee. The incidents database allows the systematic
recording and analysis of losses resulting from
operational risks. It contains information about losses
incurred as a result of operational risks in prior years and
the current year and forms the foundation of
Van\u00a0Lanschot Kempen's operational risk management
measurement system. A total of 174 incidents (2024: 83
incidents) entailing a loss of more than \u20ac1,000 were
logged in the database in 2025, resulting in a total loss of
\u20ac2.3 million (2024: \u20ac0.6 million). The various risk
committees devoted attention to the increase in the
number of incidents.
\u2013 Risk measurement: This is based on risk appetite
indicators and key risk indicators (early warnings), which
highlight trends and/or provide prospective information
about operational risks. The indicators are aligned with
the Van Lanschot Kempen Risk Appetite Statement.
\u2013 Risk meetings: Periodic meetings with risk owners are
held to monitor the development of the risk profile in
relation to the risk appetite.
Information security risk (including cyber)
Information security risk relates to the protection of client
and corporate data to manage the risk of information security
incidents, including the loss, theft or misuse of data/
information. To mitigate information risk (including cyber) we
adopt a zero-trust principle. This principle is integrated in our
IT environment, security controls and overarching IT risk
management framework to ensure multiple layers of defence.
The aim is to safeguard the confidentiality, integrity,
availability and authenticity of our data and IT assets, in
accordance with our risk appetite.
Third-party risk
In line with our strategy, we outsource certain processes to
carefully selected third parties. From an operational risk
perspective, this means replacing processing and transaction
risks with third-party risk, which is defined as the risk of
failing to manage third-party relationships and risk
appropriately. A comprehensive risk control framework is in
place to handle third-party risk. Contracts containing access
and audit rights as well as independent assurance on third-
party performance are included in this framework.
Fraud risk
The main mitigants for fraud risk are strong processes with
checks and balances (i.e. the four-eyes principle) and access
controls. Internal fraud risk is defined as the risk of
unexpected financial, material or reputational loss as the
result of the fraudulent actions of people internal to the
organisation. Incidents such as internal fraud cases are dealt
with in accordance with the incident management procedure,
which requires a root cause analysis to be conducted, and
adequate follow-up to prevent reoccurrence. In 2025, no
internal fraud event was identified nor any attempt to
commit internal fraud. No investigation of any person
regarding internal fraud therefore needed to be conducted.
External fraud risk is defined as fraud attempted or
perpetrated against the organisation by an external party (i.e.
a party without a direct relationship to Van Lanschot
Kempen) without the involvement of an employee or affiliate
of the organisation. We recognise that there is an increasing
trend of external fraud risk in terms of both attempts and
total impact, and we are continuously improving our
capabilities for detecting, stopping or recovering external
fraud attempts.
Business continuity management
Our business continuity management (BCM) framework is\u00a0
designed to ensure the resilience and continuity of our critical
operations, in alignment with the Digital Operational
Resilience Act (DORA) and other relevant regulations. Our
BCM approach begins with comprehensive business impact
analyses to identify critical business processes, applications,
and resources. These insights inform the development of
robust business continuity plans and detailed IT response and
recovery plans, outlining strategies enabling us to maintain
operations and swiftly restore services in the event of
disruptions.
Our crisis management organisation includes dedicated crisis
and support teams, trained to coordinate effective responses
to a wide range of incidents. Crisis communication protocols
are in place to ensure timely internal communication and
transparency with stakeholders during disruptions.
We place strong emphasis on regular testing and validation of
our plans and procedures, including annual failover tests of IT
infrastructure and scenario-based crisis exercises. These
activities are reviewed and enhanced based on lessons
learned and audit findings, ensuring continuous improvement
and compliance with regulatory standards. The effectiveness
of our BCM measures is monitored through key controls and
regular reporting to senior management.
By continuously refining our BCM processes, we safeguard
operations, minimising negative impact, and maintaining the
trust of our clients.
Model risk
The use of models exposes Van Lanschot Kempen to model
risk. Model-related risks may materialise in different ways.
Examples include using inappropriate models, implementing
models incorrectly, calibrating models on data with
insufficient quality or using model output for inappropriate
purposes.
Model risk is mitigated by applying the three lines of defence
model. The first line of defence is formed by the model
owners, whose primary role is to identify, assess and manage
the risks associated with models throughout their lifecycle.
The second line of defence is model risk management, carried
out by our Model Validation team, which is responsible for
performing independent validations and maintaining the
model risk management framework and related policies in
line with regulatory requirements.
The Internal Audit department acts as the third line of
defence, providing an independent evaluation of the
adequacy of the model risk management process.
The Model Management Committee approves model risk
policies and individual model risks. We apply a risk-based
approach to managing model risk. Models with a higher
model risk are validated more frequently and in greater
depth. Furthermore, Van\u00a0Lanschot Kempen keeps a registry
of all models in use. Lastly, model-related risk is quantified
and capital is held under Pillar 2.
12. Compliance risk
When operating in financial markets, we must conduct our
business activities in accordance with the expectations of our
stakeholders. We follow high ethical standards, in alignment
with our values, code of conduct and risk appetite. We
established a compliance framework to effectively manage
compliance risks across the organisation, to safeguard that
business operations adhere to applicable laws, regulations,
internal policies, procedures and industry standards relevant
to our business (compliance requirements) and to promote
the best interests of our clients.
Compliance risk can be described as the threat posed to our
organisation\u2019s financial, organisational or reputational
standing resulting from violations of compliance
requirements or ethical standards. Non-compliance with
these requirements could potentially result in reputational
damage, claims from clients or other stakeholders,
enforcement actions by legal and supervisory authorities,
fines and other liabilities, even the potential loss of our
licence to operate, which could negatively impact our
business, results and profitability, and the financial sector as a
whole.
Financial crime risks
As a wealth manager, we face the potential risk of
unintentional involvement in activities related to money
laundering, terrorism financing, sanctions, client tax integrity,
and bribery and corruption. We manage financial crime risks
via our policies and processes, offering anti-financial crime
training to all employees and providing specialist training to
employees who interact with clients or are involved in
detecting financial crime.
Client protection risks
Client protection risks involve the potential for unfair
treatment of clients, and offering products that do not align
with their needs, objectives, sustainability preferences or risk
appetite. Our organisation is mainly exposed to the risk of
claims from clients who might feel treated unfairly because of
information or advice received or because products and/or
services have not met their expectations. To make sure that
we act in the best interest of our clients, a thorough product
governance process is in place when offering, developing, or
distributing (new) financial products and services. This also
relates to marketing and communication materials.
Business conduct risks
Business conduct risks refer to the potential of our
organisation\u2019s actions to negatively impact the financial
markets, clients, or other stakeholders, including society as a
whole. Adverse effects on market stability, market abuse or
misconduct by employees could negatively impact our
organisation and result in reputational damage, fines or
enforcement actions by legal and supervisory authorities.
Business conduct risks are managed by having proper policies
and processes in place, as well as promoting ethical behaviour
and responsible business conduct among employees.
Data privacy risks
Data privacy risks concern the unauthorised use of personal
data, data retention and cleaning, personal data quality, third
party use of personal data and individuals\u2019 rights over their
personal data. The General Data Protection Regulation
(GDPR) applies to all personal data processing activities,
while the AI Act adds obligations for high-risk AI systems,
emphasising transparency, risk management and
fundamental rights. We maintain a data privacy programme
to protect the personal data of clients and employees,
support the organisation in its obligations, advise on data
privacy matters and monitor GDPR adherence.
13. Financial reporting risk
The Management Board is responsible for designing and
implementing an adequate system of internal control for our
financial reporting. The system is designed to provide
reasonable assurance as to the reliability of this reporting.
The financial statements are prepared in accordance with
generally accepted accounting principles and comply with
applicable legislation and regulations.
We have the following processes and tools in place to manage
financial reporting risks:
\u2013 Our accounting manual, which sets out the principles
regarding financial accounting;
\u2013 A risk and control framework describing processes and
procedures, and setting out primary controls such as
authorisations and segregation of duties;
\u2013 Periodic management reports and KPI dashboards,
accompanied by analyses of financial and non-financial
figures and trends;
\u2013 Evaluation of the functioning of the internal risk
management and control system by Internal Audit. The
main findings are discussed with the Management Board,
the Audit Committee and the Supervisory Board;
\u2013 Assessment and approval of the annual report by the
Management Board and discussion of the annual report
by the Audit Committee and by the Supervisory Board.
The management teams of the relevant departments provide
the Management Board with in-control statements.
These are based on the risks reported on a quarterly basis,
the results of testing procedures for the risk and control
framework, the follow-up of the reported risks and the test
results, and the incidents reported. The risk functions
evaluate these statements.
14. Fair value
14.1 Financial instruments at fair value through profit or
loss
Some financial instruments in the statement of financial
position are measured at fair value. Tables 14.1.A and 14.1.B
provide a breakdown of these instruments into three levels.
The fair value is based either on quoted prices in active
markets, inputs other than quoted prices that are observable
in the market, or inputs based on data not observable in the
market.
We have developed a policy on the criteria for allocating
financial instruments recognised in the statement of financial
position at fair value to each of the three levels.
A review is carried out at the end of each reporting period to
determine whether any changes have taken place in the
hierarchy between the levels.
Level 1: Quoted prices in active markets
The fair value of financial instruments traded in an active
market is based on the price at the reporting date (market
price). The bid price is applied for financial assets and the
offer price for financial liabilities. Since these instruments are
traded in an active market, their prices adequately reflect
current and frequent market transactions between unrelated
parties.
Level 2: Inputs observable in the markets
The fair value of financial instruments not traded in an active
market, e.g. over-the-counter (OTC) financial derivatives, is
established using cash flow and option valuation models.
Using estimates, we make assumptions based on the market
conditions (observable data) at the reporting date.
The estimated present value of future cash flows is used to
determine the fair value of the other financial instruments.
The fair value of interest rate swaps is calculated as the
present value of estimated future cash flows. The discount
rate is the same as the market interest rate at the reporting
date for a similar instrument subject to the same conditions,
taking into account collateral furnished under credit support
annexes.
The fair value of forward currency contracts is calculated by
reference to forward exchange rates at the reporting date.
This is subsequently discounted to determine the present
value.
Estimates and judgements made are based on past
experience as well as other factors, including expectations
with respect to future events that could reasonably occur
given current circumstances. Estimates and judgements are
assessed on an ongoing basis.
Level 3: Significance of unobservable market data
The financial instruments in this category are assessed on an
individual basis. Their valuation is based on the best estimate
of management by reference to the most recent prices, prices
of similar instruments and, to a not insignificant extent,
information not observable in the market. Unobservable
inputs may include volatility, correlation, seasonality and
credit spreads.
A valuation technique is used in which at least one input that
has a significant effect on the instrument\u2019s valuation is not
based on observable market data.
Valuation techniques used include:
\u2013 The net asset value method;
\u2013 Discounted cash flow projections based on reliable
estimates of future cash flows;
\u2013 The option model.
A significant effect on the instrument\u2019s valuation is
considered to be present when the unobservable input
accounts for at least 10% of the total instrument\u2019s fair value
and exceeds a threshold of \u20ac50,000. The effect of fair value
adjustments on the instrument\u2019s valuation is included in the
assessment.
Table 14.1.A Financial instruments at fair value at 31 December 2025
Level 1
Level 2
Level 3
Total
Assets
Derivatives
78,618
275,922
2,384
356,925
Financial assets at fair value through profit or loss
143,599
36,563
6,688
186,850
Financial assets at fair value through other comprehensive income
2,887,746
201,029
\u2014
3,088,775
Total assets
3,109,964
513,513
9,072
3,632,549
Liabilities
Derivatives
78,611
117,759
2,326
198,695
Financial liabilities at fair value through profit or loss
784
506,780
4,238
511,802
Total liabilities
79,395
624,539
6,564
710,497
Table 14.1.B Financial instruments at fair value at 31 December 2024
Level 1
Level 2
Level 3
Total
Assets
Derivatives
53,502
255,900
8,495
317,897
Financial assets at fair value through profit or loss
236,566
27,821
8,108
272,494
Financial assets at fair value through other comprehensive income5
2,752,598
238,543
\u2014
2,991,140
Total assets
3,042,665
522,264
16,603
3,581,531
Liabilities
Derivatives
53,501
192,507
8,557
254,566
Financial liabilities at fair value through profit or loss
116
462,553
2,223
464,891
Total liabilities
53,617
655,060
10,780
719,457
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
5 We have adjusted the presentation of certain financial assets to better reflect the fair value hierarchy. As a result, Financial assets measured at fair value through other
\u00a0 comprehensive income amounting to approximately \u20ac238.5 million have been reclassified within the fair value hierarchy. This reclassification has no impact on profit or
\u00a0 equity. The comparative figures for 2024 have been adjusted accordingly.
Transfers of financial assets or liabilities between levels
We have developed a policy document for the fair value
hierarchy. This divides the variables used into observable and
unobservable market inputs. If the unobservable input
variables are significant, the instrument is classified as
Level\u00a03. An unobservable input variable is significant if the
change in the fair value due to the application of the variable
is greater than the threshold values. Our policy is to recognise
transfers into and out of fair value hierarchy levels at the end
of the reporting period.
In 2025, our valuation technique remained unchanged, with
non-observable input variables being assessed on
significance. As a result of this assessment, some financial
instruments included in Derivatives (both assets and
liabilities) and in Financial liabilities at fair value through
profit or loss have been transferred from Level 2 to Level 3
and vice versa.
As a result of the input variables\u2019 correlation and seasonality,
some derivatives and financial liabilities at fair value through
profit or loss were transferred to Level 2. The shorter
remaining term to maturity of these financial instruments
meant that these input variables qualified as non-significant,
justifying a transfer to Level 2. In the case of Derivatives
(assets and liabilities), there were no transfers from Level 2 to
Level 3 or vice versa. For financial assets and liabilities at fair
value through profit or loss, there were no transfers from
Level 2 to Level 3 or vice versa.
Table 14.1.C Breakdown of changes in financial assets less liabilities classified as Level 3 in 2025
At 1 January
To
statement
of income
Issues
Settlements
Transfers
At 31 December
Assets
Derivatives
8,495
\u2014
2,384
-8,495
\u2014
2,384
Financial assets at fair value through profit or loss
8,108
-361
269
-1,327
\u2014
6,688
Total assets
16,603
-361
2,653
-9,823
\u2014
9,072
Liabilities
Derivatives
8,557
\u2014
2,326
-8,557
\u2014
2,326
Financial liabilities at fair value through profit or loss
2,223
\u2014
3,720
\u2014
-1,705
4,238
Total liabilities
10,780
\u2014
6,046
-8,557
-1,705
6,564
Total assets less liabilities
5,823
-361
-3,393
-1,265
1,705
2,508
Table 14.1.D Breakdown of changes in financial assets less liabilities classified as Level 3 in 2024
At 1 January
To
statement
of income
Issues
Settlements
Transfers
At 31 December
Assets
Derivatives
2,600
\u2014
8,495
-2,600
\u2014
8,495
Financial assets at fair value through profit or loss
7,960
109
42
-17
14
8,108
Total assets
10,561
109
8,537
-2,618
14
16,603
Liabilities
Derivatives
2,800
\u2014
8,557
-2,800
\u2014
8,557
Financial liabilities at fair value through profit or loss
\u2014
\u2014
2,223
\u2014
\u2014
2,223
Total liabilities
2,800
\u2014
10,780
-2,800
\u2014
10,780
Total assets less liabilities
7,761
109
-2,243
182
14
5,823
Table 14.1.E Fair value changes recognised in profit
or loss of financial instruments classified as Level 3
2025
2024
Realised
Unrealised
Total
Realised
Unrealised
Total
Income from securities and associates
-2
-422
-423
-3
-1
-4
Result on financial transactions
\u2014
62
62
\u2014
113
113
Total
-2
-360
-361
-3
112
109
Table 14.1.F Notes on valuation inputs and relationships to fair value using unobservable market inputs (Level 3)
Fair value
Significant
unobservable inputs
Range of inputs (probability-
weighted average)6
Relationships of
unobservable inputs
to fair value7
31/12/2025
31/12/2024
31/12/2025
31/12/2024
Assets
Derivatives
Structured product
derivatives
Equity swaps
1,775
8,495
Volatility
13.9% - 19%
(16.1%)
13.2% - 21.4%
(15.8%)
Changed volatility (5.1
percentage points)
would decrease fair
value by \u20ac0.6m
Correlation
-17.3% - 26.8%
(1.6%)
-15.6% - 21.2%
(1.8%)
Changed correlation
(44.1 percentage
points) would decrease
fair value by \u20ac0.0m
Dividend
2.5% - 5.4%
(3.7%)
0.5% - 6.2%
(3.1%)
Changed dividend (2.9
percentage points)
would decrease fair
value by \u20ac0.2m
OTC
610
\u2014
Volatility
15.1% - 19%
(17%)
n/a
Changed volatility (3.9
percentage points)
would decrease fair
value by \u20ac0.1m
Correlation
n/a
n/a
n/a
Dividend
2.5% - 2.8%
(2.7%)
n/a
Changed dividend (0.3
percentage points)
would decrease fair
value by \u20ac0.0m
Financial assets at fair value
through profit or loss
Debt instruments: company
cumprefs (shareholdings)
(FVPL mandatory)
\u2014
1,238
Interest rates
n/a
10%
n/a
Discount rates
n/a
10%
n/a
Shares, unlisted
6,688
6,870
Most recent published
net asset values of the
underlying assets
n/a
n/a
n/a
Cost or lower market
value
n/a
n/a
n/a
Multiple analyses of
comparable companies
less a discount for
illiquidity and company
size
n/a
n/a
n/a
Most recently known
share price
n/a
n/a
n/a
EBITA
n/a
n/a
n/a
Issue or transfer price
n/a
n/a
n/a
Market price on final
trading day
n/a
n/a
n/a
Face value less
provisions
n/a
n/a
n/a
Total assets
9,072
16,603
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
6 When no range of the significant unobservable input used in the valuation of the asset/liability applies, this is indicated by \"n/a\".
7 When there is no relationship of the unobservable input with the fair value of the asset/liability, this is indicated by \"n/a\".
Table 14.1.F Notes on valuation inputs and relationships to fair value using unobservable market inputs (Level 3) (continued)
Fair value
Significant
unobservable inputs
Range of inputs (probability-
weighted average) 6
Relationships of
unobservable inputs
to fair value7
31/12/2025
31/12/2024
31/12/2025
31/12/2024
Liabilities
Derivatives
Structured product derivatives
Equity swaps
2,144
8,557
Volatility
13.9% - 23.6%
(18.1%)
13.2% - 16.2%
(15.2%)
Changed volatility (9.7
percentage points)
would increase fair
value by \u20ac1.2m
Correlation
-17.3% - 26.8%
(1.8%)
-10.2% - 9.4%
(-0.4%)
Changed correlation
(44.1 percentage
points) would increase
fair value by \u20ac0.1m
Dividend
0.2% - 5.4%
(2.3%)
2.9% - 6.2%
(3.7%)
Changed dividend (5.2
percentage points)
would increase fair
value by \u20ac0.4m
OTC
181
\u2014
Volatility
15.1% - 19%
(17%)
Changed volatility (3.9
percentage points)
would increase fair
value by \u20ac0.1m
Correlation
n/a
n/a
Dividend
2.5% - 2.8%
(2.7%)
Changed dividend (0.3
percentage points)
would increase fair
value by \u20ac0.0m
Financial liabilities at fair value
through profit or loss
Structured debt instruments
1,820
\u2014
Volatility
13.9% - 16.5%
(15.2%)
n/a
Changed volatility (2.6
percentage points)
would increase fair
value by \u20ac0.1m
Correlation
n/a
n/a
n/a
Dividend
3.4% - 5.4%
(4.4%)
n/a
Changed dividend (2.0
percentage points)
would increase fair
value by \u20ac0.2m
Other financial liabilities at fair
value through profit or loss
2,418
2,223
Discount rate
n/a
n/a
n/a
Revenue stream
n/a
n/a
n/a
Total liabilities
6,564
10,780
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
6 When no range of the significant unobservable input used in the valuation of the asset/liability applies, this is indicated by \"n/a\".
7 When there is no relationship of the unobservable input with the fair value of the asset/liability, this is indicated by \"n/a\".
14.2 Financial instruments at amortised cost
Table 14.2 shows the carrying amount and the fair value
disclosures for financial instruments that are measured at
amortised cost in the statement of financial position. These
instruments are not measured at fair value but are presented
with fair value information for disclosure purposes. For
certain line items, Cash and cash equivalents and balances at
central banks, Other assets and Other liabilities, the carrying
amount is considered a reasonable approximation of fair
value.
The value of financial instruments at amortised cost is taken
as the amount for which the instrument could be exchanged
in a commercial transaction between willing parties, other
than in a forced or liquidation sale. If there is an active
market, we use the market value to determine the fair value.
For financial instruments for which no market prices are
available, the fair values shown in Table 14.2 are estimated on
the basis of the present value or using other estimation or
valuation methods.
Table 14.2 Financial instruments at amortised cost
31/12/2025
31/12/2024
Fair value
Carrying
amount
Fair value
Carrying
amount\u00a0
Level
Valuation method
Significant observable
and unobservable
market inputs
Assets
Due from banks
26,635
26,636
84,035
84,225
2
Discounted cash flows using
applicable money market
rates
Interest rate and
discount rate
Loans and advances to the
public and private sectors
9,298,701
9,605,107
8,999,733
9,331,093
3
Discounted cash flows using
current market fees for
comparable loans and taking
into account the
creditworthiness of the
counterparty
Interest rate, discount
rate and counterparty
credit risk
Other financial assets at
amortised cost
1,491,640
1,489,465
1,189,022
1,185,042
1
Quoted prices in active
markets
-
Other financial assets at
amortised cost
16,500
16,500
16,500
16,500
2
Quoted prices in less active
markets
Total assets
10,833,476
11,137,708
10,289,290
10,616,859
Liabilities
Due to banks
295,983
295,802
164,692
164,804
2
Discounted cash flows using
applicable money market
rates for liabilities
Interest rate and
discount rate
Public and private sector
liabilities
13,028,419
13,367,280
12,709,033
12,766,921
3
Discounted cash flows using
applicable money market
rates for liabilities with a
comparable term to
maturity8
Interest rate, discount
rate and own credit risk
Issued debt securities
1,493,475
1,493,799
1,487,180
1,491,254
1
Quoted prices in active
markets
-
Subordinated loans
170,100
153,445
163,936
153,825
3
Discounted cash flows using
applicable money market
rates for debt instruments
with a comparable term to
maturity, taking account of
own credit risk
Interest rate, discount
rate and own credit risk
Total liabilities
14,987,976
15,310,326
14,524,842
14,576,804
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
8 The fair values of client deposits without contractual maturities (non-maturing deposits or NMDs) are approximated by the \"economic values\" that we calculate for\u00a0
\u00a0 these products as part of our interest rate risk management. We gauge their interest rate sensitivity (duration) by means of replicating portfolios, in which NMDs are\u00a0 \u00a0 \u00a0
\u00a0 \"invested\" in fixed income instruments (swaps) with various interest rate maturities. To arrive at economic values, we discount these replicating portfolio investments\u2019
\u00a0 \u00a0 cash flows at current market interest rates (swap rates).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-602": { "value": "
3. Credit risk
Credit risk is defined as the risk that a counterparty or client
is no longer able to fulfil its obligations. Our credit risk
policies focus on the counterparty risks associated with
lending to private banking clients and SMEs. Strict selection
criteria for new clients and active credit management for
existing clients are applied to safeguard the quality of the
loan portfolio. Our lending activities are required to be in line
with stated objectives, and individual assessments are used to
ascertain this.
Apart from lending activities, credit risk also arises from:
\u2013 Investment activities;
\u2013 International payment transactions and cash
management;
\u2013 Currency and hedging activities;
\u2013 Transactions settlement.
Our investment activities relate to the management of our
liquidity buffer and equity investments. For the liquidity
buffer, a limit framework is in place to manage and monitor
associated credit risks.
Counterparty credit risk with respect to financial institutions
arises from international payment transactions, cash
management, currency and hedging activities. Some of these
activities also involve settlement risk. For derivatives
transactions, counterparty credit risk is mitigated by daily
margining.
We apply a strict policy when determining and monitoring
country and counterparty (financial institutions) limits. The
country limits serve as a cross limit for financial institutions,
meaning that the counterparty risks in respect of financial
institutions in one country are limited by the relevant country
limit, as the country limit is usually lower than the aggregate
of the individual counterparty limits.
Limits on financial institutions and countries are determined
using a number of criteria such as external ratings, Bank for
International Settlements (BIS) ratios, capital ratios, country
of origin and GDP (for countries). Limits can also be adjusted
and withdrawn on a daily basis.
3.1 Loans and advances
3.1.1 Credit acceptance
Our loan approval policy focuses on maintaining a high-
quality loan portfolio. The credit risk concentration mainly
lies within our private banking activities in the Netherlands.
Loan reviews and the authority to approve loans are
delegated to a limited number of teams, mainly our Credit
Approval team.
The authority to approve large loans rests with the Credit
Committee, which comprises representatives of the relevant
departments as well as members of the Management Board.
The mid- and back-office for nearly all residential mortgage
loans is run by a third party. A service level agreement (SLA) is
in place to ensure adequate control of the operational risks,
including the outsourcing risk. The acceptance process for
our white label loans is outsourced, but we no longer grant
loans to new clients.
New loan requests are assessed to determine if they are in
line with our strategy, risk appetite and policies.
3.1.2 Credit management \u2013 policy and processes
To achieve a high-quality loan portfolio, strict credit
management is required. Credit management is carried out at
both individual loan and portfolio level. At the individual loan
level, explicit attention is devoted to the management of
arrears and accounts past due. Retail loans with an elevated
risk profile are subjected to a risk check. Non-retail loans are
regularly reviewed. Such reviews are carried out at least
annually for the main exposures, but their actual frequency
varies according to the individual borrower\u2019s risk profile.
A deterioration in a client\u2019s risk profile may lead to closer
supervision, an adjusted rating, corrective measures (such as
requiring additional collateral or increasing the frequency of
financial reporting), involvement of Credit Approval and
Financial Restructuring & Recovery, or a combination of
these. It may also lead to a stage transfer under IFRS 9 \u2013 see
Section 3.8.
At portfolio level, credit risks are monitored on a monthly
basis. In addition, several early warning indicators are used to
draw up a watch list, which is discussed monthly. A detailed
credit risk report and any relevant developments or expected
developments are discussed in the Credit Risk Committee on
a quarterly basis. Any negative trend identified in the risk
profile of a particular client segment, sector or loan type can
lead to the adjustment of the relevant lending policy. Trends
in sectors where there is a concentration risk are monitored
closely.
In the event of an increased risk of discontinuity, Financial
Restructuring & Recovery is involved in the credit
management process. If there are objective indicators of
impairment, this team draws up an impairment proposal. The
Impairment Committee determines the impairment for the
whole credit portfolio on a quarterly basis.
The primary goal of the Financial Restructuring & Recovery
team is to migrate clients back to accounts with regular status
(i.e. not under the supervision of Financial Restructuring &
Recovery) by reducing their credit risk. The aim is to do this in
accordance with the loan agreements made with these
clients, but forbearance measures are applied if necessary.
For more information on forborne exposures, see Section 3.2.
3.1.3 Credit risk measurement
We have developed internal models for measuring and
monitoring credit risk for the majority of the loan portfolio.
Some of these internal models are also used to determine the
required capital that has to be set aside for absorbing
unexpected credit losses. For this reason, the models, the use
of these models and the model governance have to adhere to
strict requirements set out in the CRR.
We use the standardised approach (SA) and the advanced
internal ratings-based (A-IRB) approach for our loan
portfolios.
The SA prescribes a set of rules for determining required
capital. The A-IRB approach allows banks to use own
estimates for probability of default (PD), exposure at default
(EAD) and loss given default (LGD).
We have approval from DNB to determine and report the
required regulatory capital for our residential mortgage
exposures portfolio using the A-IRB approach. Our models
are captured by our model governance framework.
The SA method has been used for capital calculations in all
our other retail and non-retail loan portfolios.
Other loans and advances
The risk-weighted assets of other portfolios, such as the debt
securities in our investment portfolio managed by Treasury
(i.e. excluding retail, non-retail and equity), are calculated on
the basis of the SA method.
Definition of default and credit-impaired assets
Our definition of default is informed by European Banking
Authority guidelines. Most notably, the materiality threshold
complies with the uniform EU standard. A financial asset is
credit-impaired when one or more events have occurred that
have a detrimental impact on the estimated future cash flows:
\u2013 A breach of contract such as a more than 90 days past due
event with a materiality of more than \u20ac100 and more than
1% of total credit obligation for retail exposures or more
than \u20ac500 and more than 1% of total credit obligation for
non-retail exposures;
\u2013 Significant financial difficulty of the issuer or the
borrower and an inability to meet future payments;
\u2013 Concession(s) granted to the borrower that the lender
would not otherwise consider, relating to the borrower\u2019s
financial difficulties (forbearance);
\u2013 A growing likelihood that the borrower will enter
bankruptcy or other financial restructuring;
\u2013 The disappearance of an active market for the financial
asset because of financial market difficulties;
\u2013 The purchase or origination of a financial asset at a deep
discount that reflects the incurred credit loss.
It may not always be possible to identify a single discrete
event; instead, the combined effect of several events may
have caused financial assets to become impaired. All impaired
assets are also classified as defaulted by Van\u00a0Lanschot
Kempen under CRR rules. We have implemented one
definition that serves all our different purposes.
3.2 Forborne exposures
A loan is considered forborne if the borrower is structurally
unable to meet their contractual obligations towards us and
we decide to make a concession to the client by modifying the
terms and conditions of the loan agreement. The objective of
this modification is to enable the borrower to meet the
renewed obligations, and it would not have been offered if
those circumstances had not arisen. Forbearance actions may
include one or more of the following measures:
\u2013 Amendment of the original terms and conditions of the
loan agreement that the client cannot meet due to
financial difficulties, with a view to restoring the client\u2019s
payment capacity;
\u2013 Full or partial refinancing of a forborne exposure.
The purpose of the measures taken in forbearance situations
is to maximise the chance of restoring the borrower\u2019s
payment capacity and to minimise the risk of losses due to
having to write off all or part of the loan. Measures must offer
the client an appropriate and sustainable solution, enabling
them to comply with the original obligations arising from the
credit agreement in due course.
Applying forbearance measures is exclusively reserved for
the Financial Restructuring & Recovery team, which pursues
a policy based on general principles and translates this to the
specific situation of the individual client. Given the nature of
these loans, the team carries out intensive credit
management. Before any new arrangements are agreed, a
detailed analysis is made of the client, their financial situation
and the likelihood of income recovery. The outcome of this
analysis may have consequences for the client\u2019s review
frequency and the size of any loan loss provision. If the client
qualifies for appropriate forbearance measures, a proposal
will be drawn up and submitted to the competent assessor(s)
for approval. If a forbearance measure is granted, the
exposure is classified as non-performing.
In practice, forbearance measures do not always have the
desired effect \u2013 i.e. the recovery of the client\u2019s payment
capacity or an end to the process of declining payment
capacity. This may, for example, be the result of a further
deterioration in the client\u2019s financial circumstances or the
failure of those circumstances to improve as expected. Such
cases are re-analysed and a new repayment strategy is
agreed. However, the principle is explicitly maintained that
the forbearance measure must be appropriate, enduring and
effective. Any new arrangements agreed with the borrower
must also meet these strict criteria.
A forbearance situation ends when the non-performing
status has no longer been applied to the loan for a probation
period of two years. The non-performing status must last a
minimum of one year starting from the last forbearance
measure. Moreover, the client must have made significant
and regular payments of interest and/or principal during at
least half of the probation period. During the two-year
probation period, no payments by the borrower may be in
arrears for more than 30 days.
If this condition is not met, the probation period will start
again from the date the client is no longer in arrears for more
than 30 days.
The recording and monitoring of loans which are subject to
forbearance is carried out by the Financial Restructuring &
Recovery team. Each quarter, and where appropriate more
frequently for specific loans, an individual assessment is
carried out of forborne exposures which are in default, in
relation to any provision made. In addition to this quarterly
assessment (as part of the provisioning process), these loans
are subject to extensive credit risk management, the intensity
and frequency of which will as far as possible match the
specific circumstances of the loan.
Tables 3.2.A through 3.2.C show the total volume of forborne
exposures. We apply several types of forbearance measures
(see Table 3.2.A).
Following the decision to apply such a measure, a loan
remains under the supervision of the Financial
Restructuring\u00a0&\u00a0Recovery team until the forbearance
situation has ended.
Table 3.2.A Types of forborne exposure
31/12/2025
31/12/2024
Total
12,141
17,211
Refinancing or new loans
1,804
3,116
Interest payment only
1,377
\u2014
Reduction of repayments
6,262
1,661
Deferred payment of financing costs
\u2014
1,282
Extension of loan term
514
2,641
Reduction in interest rate
\u2014
508
Sale by agreement/assisted sale
1,027
437
Rescheduled payments
\u2014
9
Other alteration of contract conditions/covenants
1,158
7,521
Partial or total debt forgiveness
\u2014
37
Tables 3.2.B and 3.2.C provide insight into the underlying
collateral of forborne loans. This breakdown is based on the
collateral used under Basel regulations, with the exception of
commercial real estate, for which collateral is based on
market values. The value in the Total primary collateral
column is the lower of the subscription value or the value of
the collateral.
Table 3.2.B Forborne exposures by collateral at 31 December 2025
Balance
outstanding
Mortgage
collateral
Commercial real
estate
Financial
collateral
Total primary
collateral
Secondary
collateral and
unsecured loans
Total
12,141
1,959
1,120
5,970
9,049
3,093
Mortgage loans
1,959
1,959
\u2014
\u2014
1,959
\u2014
Current accounts
7,713
\u2014
\u2014
5,970
5,970
1,744
Loans
2,469
\u2014
1,120
\u2014
1,120
1,349
Table 3.2.C Forborne exposures by collateral at 31 December 2024
Balance
outstanding
Mortgage
collateral
Commercial real
estate
Financial
collateral
Total primary
collateral
Secondary
collateral and
unsecured loans
Total
17,211
2,499
9,343
1,634
13,476
3,705
Mortgage loans
2,499
2,499
\u2014
\u2014
2,499
\u2014
Current accounts
5,021
\u2014
\u2014
1,634
1,634
3,387
Loans
9,691
\u2014
9,343
\u2014
9,343
348
Write-off policy
Write-off happens when there is no reasonable expectation
of recovery. An indicator of write-off is when all means of
recovery have been exhausted, meaning as soon as there is
sufficient certainty about the loss after the sale of collateral
and after exploring other redress opportunities. Even after a
financial asset is written off, the entity may continue
enforcement activities. Any recoveries from enforcement
after write-off are recognised as income in the period in
which they occur. No material recoveries were recognised in
2025.
3.3 Breakdown of the loan portfolio
We adopt a cautious approach to granting unsecured loans.
Our loan book mainly consists of loans to private banking
clients such as loans secured by residential real estate, a
number of commercial real estate loans and Lombard loans.
The remainder of the loan portfolio comprises consumer
loans and customised financing for private banking clients.
Loan portfolio limit consists of the carrying value and the
undrawn amounts in credit facilities. Loan portfolio usage
excludes loss allowance for ECL. As a result, figures in other
tables related to the loan portfolio may differ if these
elements are not similarly accounted for.
Table 3.3 Breakdown of loan portfolio by
entity excluding impairments
31/12/2025
31/12/2024
Limit
Usage
Limit
Usage
Total
10,116,390
9,631,642
9,730,708
9,366,177
Van Lanschot Kempen
9,289,740
8,923,434
9,199,624
8,954,847
Other
826,650
708,208
531,084
411,330
3.4 Collateral
In general, collateral can be used for all current and future
amounts owed by a debtor. In addition to residential
mortgage collateral and guarantees provided by governments
and credit institutions, commercial real estate, financial
collateral, receivables, stocks and inventories may serve as
collateral.
Tables 3.4.A and 3.4.B provide insight into the underlying
collateral of the loan portfolio.
For financial assets other than loans and advances, the
maximum credit exposure equals the carrying amount. No
material collateral or other credit enhancements are
obtained for these asset classes.
Table 3.4.A Loans and advances to the public and private sectors by collateral at 31 December 2025
Balance
outstanding
Mortgage
collateral
Commercial
real estate
Financial
collateral
Other
Total
collateralised
loans
Unsecured
loans
Total
9,785,811
7,076,185
528,510
1,138,121
225,855
8,968,670
817,141
Mortgage loans
6,945,078
6,792,433
45,252
4,601
608
6,842,894
102,184
Loans
1,435,754
209,199
466,758
41,466
223,838
941,261
494,493
Current accounts
408,461
53,424
12,447
249,222
1,409
316,503
91,958
Securities-backed loans and settlement
receivables
993,038
21,129
4,053
842,830
\u2014
868,012
125,026
Subordinated loans
3,479
\u2014
\u2014
\u2014
\u2014
\u2014
3,479
Table 3.4.B Loans and advances to the public and private sectors by collateral at 31 December 2024
Balance
outstanding
Mortgage
collateral
Commercial
real estate
Financial
collateral
Other
Total
collateralised
loans
Unsecured
loans
Total
9,450,267
7,058,144
491,103
867,780
248,874
8,665,901
784,366
Mortgage loans
6,841,316
6,724,729
46,478
3,402
1,562
6,776,171
65,146
Loans1
1,377,724
236,576
412,341
12,478
246,161
907,557
470,167
Current accounts
402,491
61,279
26,653
218,719
1,151
307,802
94,689
Securities-backed loans and settlement
receivables1
825,257
35,560
5,631
633,180
\u2014
674,371
150,886
Subordinated loans
3,479
\u2014
\u2014
\u2014
\u2014
\u2014
3,479
Tables 3.4.A and 3.4.B have been drawn up on the basis of the
definitions contained in the Basel regulations. The balance
outstanding is the carrying amount excluding value
adjustments for fair value hedge accounting. The collateral
value is the lower of the balance outstanding of the related
loan or the value of the collateral itself.
The category Other mainly comprises loans for which
collateral has been pledged in the form of operating assets,
inventories and receivables, as well as collateral which for
technical reasons is not directly linked to a specific loan. The
total amount of unsecured loans is small.
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
1\u00a0 We have changed the presentation. Lombard loans have been reclassified from Loans to Security\u2011backed loans and settlement receivables to better reflect the
\u00a0 underlying collateral. This reclassification resulted in an impact of approximately \u20ac534 million on the 2024 comparative figures. The comparative figure for\u00a0 2024 has
\u00a0 been adjusted accordingly.
The loan-to-value (LTV) of our mortgage loans is based on
indexed foreclosure values, in line with generally accepted
standards for LTV determination. The weighted average LTV
at year-end 2025 was 58% (2024: 60%).
3.5 Concentration within the loan portfolio
The vast majority of our loan portfolio consists of loans to our
private banking clients. For the credit risk in this portfolio, see
Section\u00a03.8, \"Loss allowance for expected credit losses\". We
aim for a diversified loan portfolio, reflecting our risk
appetite. We have set limits for concentrations in individual
sectors.
3.5.1 Individual loan concentrations
The ten largest loans to individual clients other than financial
institutions totalled \u20ac173 million at year-end 2025, compared
with a total loan portfolio of \u20ac8.1 billion (2024: \u20ac176 million;
total loan portfolio \u20ac7.8 billion). In this calculation, Lombard
loans secured by non-single stock are excluded.
3.5.2 Geographical concentrations
The bulk of our lending takes place in the Netherlands. The
geographical breakdown reflects client locations.
Table 3.5.2 Loans and advances to the public and private sectors by geographical area
31/12/2025
31/12/2024
Total
9,605,107
9,331,093
Netherlands
8,663,157
8,547,476
Belgium
717,000
558,597
Other
224,951
225,019
3.6 Encumbered and unencumbered assets
Certain items in the statement of financial position are
classified as encumbered. Tables 3.6.A and 3.6.B provide
insight into the financial assets treated as encumbered. These
tables have been drawn up on the basis of carrying value.
Encumbered assets \u2013 Pledged as collateral:
\u2013 Cash pledged to a counterparty bank or central clearing
party as security for obligations stemming from
derivatives (CSA contracts);
\u2013 Investments in debt instruments pledged to DNB or
counterparty banks in the context of payments, repo
transactions or securities and derivatives clearing
purposes;
\u2013 Mortgage loans and receivables that act as a guarantee
for debt instruments which have been placed with
institutional investors in the form of covered bonds or
have been pledged as collateral to DNB, e.g. for
transaction settlements.
Encumbered assets \u2013 Other:
\u2013 Statutory reserve deposits with central banks;
\u2013 Reserve accounts of the covered bond entities to which
we have no access.
Unencumbered assets \u2013 Eligible as collateral:
\u2013 Investments in debt instruments which appear on the
ECB eligible list of marketable assets but are not classified
as encumbered at the reporting date;
\u2013 Mortgage loans and advances on underlying debt
instruments which are held by us and which appear on the
ECB eligible list of marketable assets but are not classified
as encumbered at the reporting date.
Table 3.6.A Encumbered and unencumbered
assets
Encumbered assets
Unencumbered assets
31/12/2025
Pledged as
collateral
Other
Eligible as
collateral
Not eligible as
collateral
Total
Total
1,841,710
127,869
4,718,165
9,890,777
16,578,521
Cash and cash equivalents and balances at central
banks
\u2014
125,218
\u2014
2,039,970
2,165,188
Due from banks
2,686
2,650
\u2014
21,299
26,636
Financial assets at fair value through profit or loss
\u2014
\u2014
104,107
82,742
186,850
Financial assets at fair value through other
comprehensive income
54,689
\u2014
2,839,388
194,698
3,088,775
Loans and advances to the public and private
sectors
1,626,750
\u2014
525,000
7,453,357
9,605,107
Other financial assets at amortised cost
157,585
\u2014
1,249,670
98,710
1,505,965
Table 3.6.B Encumbered and unencumbered
assets
Encumbered assets
Unencumbered assets
31/12/2024
Pledged as
collateral
Other
Eligible as
collateral
Not eligible as
collateral
Total
Total
2,138,444
134,287
4,414,692
9,257,888
15,945,312
Cash and cash equivalents and balances at central
banks
\u2014
129,665
\u2014
1,935,153
2,064,818
Due from banks
63,323
4,622
\u2014
16,280
84,225
Financial assets at fair value through profit or loss
\u2014
\u2014
180,734
91,760
272,494
Financial assets at fair value through other
comprehensive income
30,006
\u2014
2,788,606
172,528
2,991,140
Loans and advances to the public and private
sectors
1,830,000
\u2014
525,000
6,976,093
9,331,093
Other financial assets at amortised cost
215,115
\u2014
920,352
66,074
1,201,542
3.7 Netting of financial assets and liabilities
Tables 3.7.A and 3.7.B show the netting of financial assets and
liabilities. The right to net derivatives is laid down in a master
netting agreement per counterparty.
The tables only present the financial instruments subject to a
master netting agreement. For information about the netting
criteria, see \u201cSummary of material accounting policies\u201d.
Table 3.7.A Netting of financial assets and liabilities 31/12/2025
Related amounts not offset in the
statement of financial position
Gross
Gross in the
statement of
financial position
Net in the
statement of
financial position
Financial
instruments
Financial\u00a0
collateral
Net
Derivatives (assets)
878,981
522,056
356,925
270,708
2,686
83,530
Derivatives
(liabilities)
720,752
522,056
198,695
270,708
153,431
-225,443
Table 3.7.B Netting of financial assets and liabilities 31/12/2024
Related amounts not offset in the
statement of financial position
Gross
Gross in the
statement of
financial position
Net in the
statement of
financial position
Financial
instruments
Financial
collateral2
Net
Derivatives (assets)
915,087
597,189
317,897
157,037
63,323
97,537
Derivatives
(liabilities)
851,755
597,189
254,566
157,037
122,314
-24,785
3.8 Loss allowance for expected credit losses
Under the IFRS 9 Accounting Standard, we recognise a loss
allowance for ECL on financial assets measured at amortised
cost or fair value through other comprehensive income, as
well as for financial guarantees and loan commitments. When
there is no significant deterioration in credit risk since initial
recognition, ECL is recognised based on 12-month expected
credit losses (Stage 1).
When a significant increase in credit risk has occurred, ECL is
recognised based on a lifetime ECL (Stage 2). Likewise, for
impaired loans (Stage 3) a lifetime ECL is recognised.
3.8.1 Expected credit loss measurement
We measure ECL by using a sophisticated approach and an
alternative approach. For the sophisticated approach we use
models to calculate ECL, governed by a model governance
framework.
Under this framework, the performance of the models is
periodically monitored, and these models are also periodically
validated. Every quarter, the models are subject to
performance monitoring. If models are consistently
performing outside the agreed threshold, recalibration or
ultimately redevelopment will follow.
In both approaches, ECL reflects an unbiased probability-
weighted amount that is determined by evaluating a range of
possible outcomes, the time value of money, and reasonable
and verifiable information that is available without undue
cost or effort at the reporting date about past events, current
conditions and forecasts of future economic conditions. Both
approaches calculate a 12-month and a lifetime ECL for the
exposures of all three stages.
After the risk stage determination in the stage calculation,
the relevant ECL is assigned:
\u2013 12-month ECL for Stage 1;
\u2013 Lifetime ECL for Stages 2 and 3.
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2 We have expanded the disclosure to include financial collateral related to derivatives, as presented in the netting table of financial assets and liabilities. Financial
\u00a0 \u00a0 collateral amounting to approximately \u20ac185 million is disclosed separately. This information was not previously presented. The addition of this disclosure has no impact
\u00a0 \u00a0 \u00a0 on the statement of financial position, profit or equity.
The key elements of the ECL calculation are the probability of
default (PD), exposure at default (EAD), cure rate (CR), and
loss given default (LGD). An important part of the LGD is the
loss given non-cure (LGN). LGN is an estimate of the loss
arising in the event of a default without cure occurring at a
given time. It is based on the difference between the
contractual cash flows due and those that the lender would
expect to receive, including from the realisation of any
collateral.
Initial investigation of our interest-only mortgages suggested
that these did not require an adjustment of our ECL approach.
In addition, we incorporate forward-looking information for
the sophisticated approach.
We identify macroeconomic variables and consider three
macroeconomic scenarios in calculating ECL:
\u2013 A baseline scenario;
\u2013 An upside scenario;
\u2013 A downside scenario.
These scenarios are associated with different PDs, EADs and
LGNs. In the process of building the PD, cure rate and LGN
models for IFRS Accounting Standards, we included several
macroeconomic risk drivers in the long list of risk drivers.
Those determined as best-performing during modelling were
selected to be part of the model. The macroeconomic
scenarios are provided by a third party, Oxford Economics.
They also provide the weights per scenario. The reported ECL
(12-month or lifetime, depending on the stage) is a weighted
ECL average per macroeconomic scenario. The table below
shows the macroeconomic variables used for the
sophisticated approach.
Model
Macroeconomic variables
PD calibration
\u2013 GDP
\u2013 Volume of exports
Cure rate
\u2013 Residential real estate price
\u2013 Volume of exports
LGN
\u2013 GDP
\u2013 Residential real estate price
\u2013 Unemployment
EAD
n/a
3.8.2 Significant deterioration in credit risk
To determine the deterioration in credit risk of a financial
instrument since initial recognition, we compare the risk of
default at the reporting date with the risk of default on initial
recognition.
To calculate the lifetime probability of default (LPD) at
origination and the LPD at reporting date, we use four PD
models: private individuals, SMEs, corporates, and
commercial real estate. If the increase in LPD exceeds the
designated threshold, the exposure is transferred to Stage 2
and the lifetime ECL is calculated.
A backstop is applied and financial instruments that are
materially overdrawn and more than 30 days past due are
transferred from Stage 1 to Stage 2. If the financial
instrument is credit-impaired, it is transferred to Stage 3.
3.8.3 Financial instruments following the sophisticated
approach
For the majority of financial instruments included in the line
item Loans and advances to the public and private sectors,
including mortgage loans, loans, current accounts,
subordinated loans and financial guarantees and loan
commitments, we apply a sophisticated approach to calculate
expected credit losses. This approach uses an umbrella model
that combines the following sub-models:
\u2013 Various models that provide the expected flow of
exposures to the default state;
\u2013 A PD calibration model giving the flow from performing to
default;
\u2013 A full prepayment model and amortisation model giving
the outflow from the portfolio of an entire exposure due
to prepayment or contract expiration;
\u2013 A migration model providing flows from performing rating
classes to other performing rating classes;
\u2013 A cure rate model giving the flow from default to
performing classes and the non-cure state;
\u2013 Various product-level models that give the expected
exposure at the moment a client goes into default;
\u2013 An amortisation model showing the contractual payments
during the lifetime of a product and the part of the
exposure flowing out of the portfolio due to partial
prepayments;
\u2013 An EAD model giving the exposure as a function of the
limit or outstanding amount just before default;
\u2013 A product-level model evaluating the part of EAD that
may be lost \u2013 the loss given loss (LGL) model;
\u2013 A discount factor to discount the loss from the moment of
default to the moment of reporting.
3.8.4 Financial instruments following the alternative
approach
We apply an alternative approach for cash and cash
equivalents, due from banks, debt instruments at amortised
cost, debt instruments at fair value through other
comprehensive income, and loans and securities-backed
loans issued by Mercier Van Lanschot and Van Lanschot
Kempen Switzerland. The alternative approach comprises an
investments model and a foreign loan model.
3.8.5 Investments model
The investments model is applied to calculate ECL for cash
and cash equivalents, due from banks, debt instruments at
amortised cost, and debt instruments at fair value through
other comprehensive income. These financial instruments all
have a low risk profile. All such exposures are assigned to
Stage 1 as long as their external rating is investment-grade.
We use a simplified model to calculate 12-month ECL, using
publicly available data for PD and LGD based on external
ratings. In principle, financial assets are sold if they are
downgraded below investment grade.
3.8.6 Foreign loans model
For the loans and securities-backed loans issued by Mercier
Van Lanschot and Van Lanschot Kempen Switzerland, we
have developed a foreign loans model. The foreign loans
model calculates ECL as the sum of future exposure
discounted at the effective interest rate at recognition for
non-revolving products and the current effective interest
rate for revolving products.
3.8.7 Model changes
Two changes were implemented in our ECL calculations in
2025. The first is in the macroeconomic scenarios. In previous
provisioning calculations, the macroeconomic scenarios were
estimated using a principal components model. To simplify
our model landscape, these scenarios and accompanying
weights are now provided by an external party. The impact of
these replacements was estimated to be an increase in ECL of
\u20ac200,000. The second change is a recalibration of the
expected maturity model, due to model monitoring
observations showing the potential for improvement. The
impact of this change amounts to a \u20ac156,000 increase in ECL.
3.8.8 Loss allowances
The table below shows ECL loss allowances and the
corresponding book values (including revocable and
irrevocable commitments), categorised by balance sheet line
item and ECL by stage.
Table 3.8.A Loss allowance for expected credit losses
31/12/2025
31/12/2024
Carrying value/
exposure amount
(basis for ECL)
Expected credit
losses
Carrying value/
exposure amount
(basis for ECL)
Expected credit
losses
Total
17,832,553
29,063
16,867,053
38,146
Cash and cash equivalents and balances at central banks
2,165,188
0
2,064,818
0
Due from banks
26,636
0
84,225
\u2014
Financial assets at fair value through other comprehensive
income
3,088,775
266
2,991,140
762
Loans and advances to the public and private sectors
9,998,541
26,534
9,610,954
35,084
Other financial assets at amortised cost
1,506,027
61
1,201,838
296
Financial guarantees and loan commitments
1,047,387
2,202
914,078
2,004
The table below shows total loss allowances recognised by
IFRS 9 stage. The total change in Stage 3 amounted to a
decrease of \u20ac10.5 million (2024: increase of \u20ac0.4 million); of
this amount, \u20ac5.5 million (2024: \u20ac2.1 million) is related to
write-offs and \u20ac4.9 million (2024: addition of \u20ac2.5 million)
to\u00a0release of loss allowances at Stage 3.
Table 3.8.B Loss allowance recognised by IFRS 9 stage
31/12/2025
31/12/2024
Write-offs
Change in
provision
Total change
Stage 1
4,767
4,385
\u2014
382
382
Stage 2
6,646
5,662
\u2014
984
984
Stage 3
17,649
28,099
-5,506
-4,944
-10,450
Total
29,062
38,146
-5,506
-3,578
-9,084
The table below shows the IFRS 9 stage and coverage ratios
for loss allowances recognised in the loan portfolio,
categorised by ECL stage. This loan portfolio amount excludes
loss allowance for ECL. As a result, figures in other tables
related to the loan portfolio may differ if these elements are
not similarly accounted for.
Table 3.8.C IFRS 9 stage and
coverage ratio by ECL stage
(\u20ac million)
31/12/2025
31/12/2024
Loan
portfolio
Provision
Coverage
ratio
Stage ratio
Loan
portfolio
Provision
Coverage
ratio
Stage ratio
Stage 1
8,402
3.6
0.0%
87.2%
8,221
2.7
0.0%
87.8%
Stage 2
1,144
5.3
0.5%
11.9%
1,018
4.3
0.4%
10.9%
Stage 3
86
17.6
20.6%
0.9%
127
28.1
22.1%
1.4%
Total
9,632
26.5
0.3%
9,366
35.1
0.4%
Stage 1
Model-based Stage 1 provisions on loans increased by
\u20ac0.9\u00a0million to \u20ac3.6 million, with Stage 1 exposure adding
\u20ac181 million. The coverage ratio remained stable compared
with 2024.
Stage 2
Stage 2 provisions on loans went up from \u20ac4.3 million to
\u20ac5.3\u00a0million in 2025. The recalibration of the IFRS 9 models
resulted in a modest increase in the coverage ratio and
thereby a higher provision.
Stage 3
The baseline for Stage 3 provisions is determined by the
Financial Restructuring & Recovery team, with limited IFRS 9
model adjustments. In 2025, Stage 3 provisions recorded a
substantial decline from \u20ac28.1 million to \u20ac17.6 million.
This was due to a release of provisions on the resolution of
some specific impaired exposures and write-offs, only slightly
offset by increased provisioning on existing impaired loans
and new defaults. The total impaired exposure fell
significantly to \u20ac86\u00a0million. The coverage ratio decreased
slightly over 2025.
Loss allowances for ECL change over time for several
reasons: the credit risk of financial instruments may
significantly increase or decrease, financial instruments may
become credit-impaired, or new financial assets may be
purchased. The following tables explain the changes in the
loss allowances during the year and the loss allowance
recognised in the statement of income.
Table 3.8.D Changes in loss allowance for Financial assets at
fair value through other comprehensive income
Stage 1
Stage 2
Stage 3
Total
At 1 January 2025
762
\u2014
\u2014
762
Additions or releases without transfer
-540
\u2014
\u2014
-540
Financial assets originated or purchased
44
\u2014
\u2014
44
Total balance excluding write-offs
266
\u2014
\u2014
266
At 31 December 2025
266
\u2014
\u2014
266
Table 3.8.E Changes in loss allowance for Financial assets at
fair value through other comprehensive income
Stage 1
Stage 2
Stage 3
Total
At 1 January 2024
280
\u2014
\u2014
280
Additions or releases without transfer
270
\u2014
\u2014
270
Financial assets originated or purchased
212
\u2014
\u2014
212
Total balance excluding write-offs
762
\u2014
\u2014
762
At 31 December 2024
762
\u2014
\u2014
762
Table 3.8.F Changes in loss allowance for expected credit
losses of Loans and advances to the public and private sectors
Stage 1
Stage 2
Stage 3
Total
At 1 January 2025
2,693
4,337
28,055
35,084
Additions or releases without transfer
-221
-462
-9,833
-10,516
Transfer to Stage 1
103
-2,442
\u2014
-2,340
Transfer to Stage 2
-159
3,944
-67
3,718
Transfer to Stage 3
-30
-98
4,995
4,867
Financial assets originated or purchased
1,227
\u2014
\u2014
1,227
Total balance excluding write-offs
3,612
5,279
23,149
32,040
Amounts written off
\u2014
\u2014
-5,506
-5,506
At 31 December 2025
3,612
5,279
17,643
26,534
Table 3.8.G Changes in loss allowance for expected credit
losses of Loans and advances to the public and private sectors
Stage 1
Stage 2
Stage 3
Total
At 1 January 2024
4,346
6,107
27,694
38,146
Additions or releases without transfer
-2,231
-1,749
1,245
-2,735
Transfer to Stage 1
247
-4,515
\u2014
-4,268
Transfer to Stage 2
-491
4,827
-635
3,701
Transfer to Stage 3
-89
-332
1,851
1,429
Financial assets originated or purchased
911
\u2014
\u2014
911
Total balance excluding write-offs
2,693
4,337
30,155
37,185
Amounts written off
\u2014
\u2014
-2,100
-2,100
At 31 December 2024
2,693
4,337
28,055
35,084
Table 3.8.H Changes in impairments of Other financial assets at
amortised cost
Stage 1
Stage 2
Stage 3
Total
At 1 January 2025
296
\u2014
\u2014
296
Additions or releases without transfer
-492
\u2014
\u2014
-492
Financial assets originated or purchased
256
\u2014
\u2014
256
Total balance excluding write-offs
61
\u2014
\u2014
61
At 31 December 2025
61
\u2014
\u2014
61
Table 3.8.I Changes in impairments of Other financial assets at
amortised cost
Stage 1
Stage 2
Stage 3
Total
At 1 January 2024
133
\u2014
\u2014
133
Additions or releases without transfer
163
\u2014
\u2014
163
Financial assets originated or purchased
\u2014
\u2014
\u2014
\u2014
Total balance excluding write-offs
296
\u2014
\u2014
296
At 31 December 2024
296
\u2014
\u2014
296
Table 3.8.J Changes in impairments of Financial guarantees and
loan commitments
Stage 1
Stage 2
Stage 3
Total
At 1 January 2025
636
1,325
44
2,004
Additions or releases without transfer
190
-58
-38
95
Transfer to Stage 1
3
-176
\u2014
-173
Transfer to Stage 2
-9
276
\u2014
267
Transfer to Stage 3
\u2014
\u2014
\u2014
\u2014
Financial assets originated or purchased
8
\u2014
\u2014
8
Total balance excluding write-offs
829
1,367
6
2,202
At 31 December 2025
829
1,367
6
2,202
Table 3.8.K Changes in impairments of Financial guarantees
and loan commitments
Stage 1
Stage 2
Stage 3
Total
At 1 January 2024
942
1,230
35
2,207
Additions or releases without transfer
-324
-100
15
-408
Transfer to Stage 1
7
-43
\u2014
-37
Transfer to Stage 2
-13
239
-25
202
Transfer to Stage 3
\u2014
-2
18
16
Financial assets originated or purchased
23
\u2014
\u2014
23
Total balance excluding write-offs
636
1,325
44
2,004
At 31 December 2024
636
1,325
44
2,004
All financial instruments included in the line items Cash and
cash equivalents, Due from banks, and Debt instruments at
amortised cost are classified in Stage 1, and no transfers have
taken place.
3.8.9 Credit quality
Van Lanschot Kempen allocates each exposure to a credit risk
grade based on a variety of data that are determined to be
predictive of the risk of default.
Credit risk grades are defined using qualitative (applying
experienced credit judgement) and quantitative factors that
are indicative of risk of default. These factors vary depending
on the nature of the exposure and the type of borrower.
We use internally developed rating pools for the line items
Loans and advances to the public and private sectors and
Financial guarantees and loan commitments.
Credit grade
Description
Investment grade
Non-credit-impaired financial assets that are not placed under the supervision of the Financial Restructuring &
Recovery team, internal rating pool 1
Standard monitoring
Non-credit-impaired financial assets that are not placed under the supervision of the Financial Restructuring &
Recovery team, internal rating pools 2 to 4
Special monitoring
Non-credit-impaired financial assets that are placed under the supervision of the Financial Restructuring &
Recovery team
Default
Credit-impaired financial assets
All financial instruments under the line items Cash and cash
equivalents, Due from banks, Debt instruments at amortised
cost and Debt instruments at fair value through other
comprehensive income are investment grade, which means
their external rating is at least BBB-. We use external ratings
for these line items.
The credit quality of the line items Loans and advances to the
public and private sectors and Financial guarantees and loan
commitments is shown in the tables below. Assessment of
credit quality is based on our internal credit rating system
and year-end stage classification. The amounts presented are
gross of impairment allowances.
Table 3.8.L Credit quality of Loans and advances to the public
and private sectors at 31 December 2025
Stage 1
Stage 2
Stage 3
Total
Credit grade
Investment grade (AAA to BBB-)
7,256,059
\u2014
\u2014
7,256,059
Standard monitoring (BB+ to B-)
1,643,183
1,132,261
\u2014
2,775,444
Special monitoring (CCC to C)
1,218
57,543
\u2014
58,761
Default (DDD to D)
\u2014
\u2014
88,979
88,979
Gross carrying amount
8,900,461
1,189,804
88,979
10,179,244
Loss allowance
3,612
5,280
17,643
26,534
Carrying amount
8,896,849
1,184,524
71,336
10,152,709
Table 3.8.M Credit quality of Loans and advances to the public
and private sectors at 31 December 2024
Stage 1
Stage 2
Stage 3
Total
Credit grade
Investment grade (AAA to BBB-)
6,735,392
\u2014
\u2014
6,735,392
Standard monitoring (BB+ to B-)
1,805,831
1,005,730
\u2014
2,811,560
Special monitoring (CCC to C)
1,863
74,533
\u2014
76,396
Default (DDD to D)
\u2014
\u2014
106,780
106,780
Gross carrying amount
8,543,086
1,080,262
106,780
9,730,128
Loss allowance
2,691
4,338
28,055
35,084
Carrying amount
8,540,395
1,075,925
78,725
9,695,044
Table 3.8.N Credit quality of Financial guarantees and loan
commitments at 31 December 2025
Stage 1
Stage 2
Stage 3
Total
Credit grade
Investment grade (AAA to BBB-)
946,957
\u2014
\u2014
946,957
Standard monitoring (BB+ to B-)
18,662
81,443
\u2014
100,105
Special monitoring (CCC to C)
\u2014
211
\u2014
211
Default (DDD to D)
\u2014
\u2014
114
114
Gross carrying amount
965,619
81,654
114
1,047,387
Loss allowance
829
1,367
6
2,202
Carrying amount
964,790
80,287
108
1,045,186
Table 3.8.O Credit quality of Financial guarantees and loan
commitments at 31 December 2024
Stage 1
Stage 2
Stage 3
Total
Credit grade
Investment grade (AAA to BBB-)
124,964
\u2014
\u2014
124,964
Standard monitoring (BB+ to B-)
20,922
89,630
\u2014
110,552
Special monitoring (CCC to C)
\u2014
89
30
119
Default (DDD to D)
\u2014
\u2014
3,301
3,301
Gross carrying amount
145,887
89,719
3,331
238,937
Loss allowance
636
1,325
44
2,004
Carrying amount
145,251
88,394
3,288
236,933
3.8.10 Macroeconomic variables
We incorporate forward-looking information for the
sophisticated approach. We use domestic macroeconomic
variables and consider three macroeconomic scenarios in
calculating ECL: a baseline scenario, an upside scenario, and a
downside scenario.
Our weightings were 40% for the baseline scenario, 30% for
the upside scenario and 30% for the downside scenario.
These weights are provided by Oxford Economics as part of
the scenarios. Last year, the scenarios and weights were
internally determined, with the baseline scenario being
weighted at 70%, the upside scenario at 10% and the
downside scenario at 20%.
Table 3.8.P Macroeconomic variables
31/12/2025
31/12/2024
2026
2027
2028
2024
2025
2026
Gross domestic product
Baseline scenario
0.50%
1.40%
1.90%
0.86%
1.46%
1.46%
Upside scenario
1.90%
2.80%
2.90%
3.80%
4.40%
4.40%
Downside scenario
-1.40%
0.00%
1.10%
-1.91%
-1.31%
-1.31%
Volume of exports
Baseline scenario
0.90%
1.60%
1.30%
0.32%
2.12%
2.02%
Upside scenario
1.80%
2.80%
2.50%
5.53%
7.33%
7.23%
Downside scenario
-0.70%
-0.20%
0.00%
-4.59%
-2.78%
-2.88%
Residential real estate price
Baseline scenario
3.50%
2.20%
2.20%
8.84%
7.44%
4.04%
Upside scenario
5.10%
6.40%
7.00%
13.10%
11.70%
8.30%
Downside scenario
-2.20%
-3.80%
-3.50%
4.82%
2.43%
0.02%
Unemployment rate
Baseline scenario
3.90%
3.80%
3.60%
3.70%
3.90%
4.00%
Upside scenario
3.70%
3.40%
3.30%
3.20%
3.40%
3.50%
Downside scenario
4.90%
6.10%
7.10%
4.20%
4.40%
4.50%
Because the macroeconomic scenarios are now based on
external vendor data, resulting in a revised data structure and
methodology, the outcomes are not comparable to prior
years.
For the portfolios that fall under the scope of IFRS 9, we
perform a scenario analysis to calculate the sensitivity of ECL
to macroeconomic variables. The multiple macroeconomic
variables are used to calculate various outcomes for our ECL
models.
The final ECL figure is the weighted average of the outcomes
under the various scenarios. The table below shows ECL per
stage and per scenario.
Table 3.8.Q Sensitivity analysis at 31 December 2025
Stage 1
Stage 2
Stage 3
Total
Change
Probability-weighted
4,767
6,646
17,649
29,062
Baseline scenario
4,686
6,695
17,686
29,066
4
Upside scenario
4,259
6,202
17,706
28,166
-896
Downside scenario
5,383
7,025
17,544
29,952
890
Table 3.8.R Sensitivity analysis at 31 December 2024
Stage 1
Stage 2
Stage 3
Total
Change
Probability-weighted
4,385
5,662
28,099
38,146
Baseline scenario
4,204
5,549
28,060
37,813
-334
Upside scenario
2,823
4,679
27,559
35,062
-3,084
Downside scenario
5,800
6,549
28,505
40,855
2,709
3.9 Collateral credit-impaired financial instruments
In general, collateral can be used for all current and future
amounts owed by a debtor. In addition to residential
mortgage collateral and guarantees provided by governments
and credit institutions, commercial real estate, financial
collateral, receivables, stocks and inventories may serve as
collateral. The majority of collateral is not directly linked to a
specific financing arrangement.
For credit-impaired financial instruments, the Financial
Restructuring & Recovery team determines the liquidation or
recovery value of the available collateral, based on the most
recent valuation reports and applying the applicable haircuts.
The table below shows the collateral for financial instruments
considered credit-impaired.
Table 3.9 Collateral for credit-impaired instruments at\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
31 December 2025
Gross exposure
Impairment
Carrying amount
Value of collateral
Loans and advances to public and private sectors
89,540
17,649
71,892
79,221
Financial guarantees and loan commitments
97
\u2014
97
88
Table 3.9 Collateral for credit-impaired instruments at\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
31 December 2024
Gross exposure
Impairment
Carrying amount
Value of collateral
Loans and advances to public and private sectors
127,883
28,056
99,828
159,290
Financial guarantees and loan commitments
3,301
44
3,258
4,919
No impairment is recognised for credit-impaired financial
instruments if the collateral is sufficient to cover the
outstanding obligation. The total carrying amount of credit-
impaired financial instruments for which there is no
impairment recognised is \u20ac49.1 million (2024: \u20ac42.0 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-603": { "value": "
3.4 Collateral
In general, collateral can be used for all current and future
amounts owed by a debtor. In addition to residential
mortgage collateral and guarantees provided by governments
and credit institutions, commercial real estate, financial
collateral, receivables, stocks and inventories may serve as
collateral.
Tables 3.4.A and 3.4.B provide insight into the underlying
collateral of the loan portfolio.
For financial assets other than loans and advances, the
maximum credit exposure equals the carrying amount. No
material collateral or other credit enhancements are
obtained for these asset classes.
Table 3.4.A Loans and advances to the public and private sectors by collateral at 31 December 2025
Balance
outstanding
Mortgage
collateral
Commercial
real estate
Financial
collateral
Other
Total
collateralised
loans
Unsecured
loans
Total
9,785,811
7,076,185
528,510
1,138,121
225,855
8,968,670
817,141
Mortgage loans
6,945,078
6,792,433
45,252
4,601
608
6,842,894
102,184
Loans
1,435,754
209,199
466,758
41,466
223,838
941,261
494,493
Current accounts
408,461
53,424
12,447
249,222
1,409
316,503
91,958
Securities-backed loans and settlement
receivables
993,038
21,129
4,053
842,830
\u2014
868,012
125,026
Subordinated loans
3,479
\u2014
\u2014
\u2014
\u2014
\u2014
3,479
Table 3.4.B Loans and advances to the public and private sectors by collateral at 31 December 2024
Balance
outstanding
Mortgage
collateral
Commercial
real estate
Financial
collateral
Other
Total
collateralised
loans
Unsecured
loans
Total
9,450,267
7,058,144
491,103
867,780
248,874
8,665,901
784,366
Mortgage loans
6,841,316
6,724,729
46,478
3,402
1,562
6,776,171
65,146
Loans1
1,377,724
236,576
412,341
12,478
246,161
907,557
470,167
Current accounts
402,491
61,279
26,653
218,719
1,151
307,802
94,689
Securities-backed loans and settlement
receivables1
825,257
35,560
5,631
633,180
\u2014
674,371
150,886
Subordinated loans
3,479
\u2014
\u2014
\u2014
\u2014
\u2014
3,479
Tables 3.4.A and 3.4.B have been drawn up on the basis of the
definitions contained in the Basel regulations. The balance
outstanding is the carrying amount excluding value
adjustments for fair value hedge accounting. The collateral
value is the lower of the balance outstanding of the related
loan or the value of the collateral itself.
The category Other mainly comprises loans for which
collateral has been pledged in the form of operating assets,
inventories and receivables, as well as collateral which for
technical reasons is not directly linked to a specific loan. The
total amount of unsecured loans is small.
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
1\u00a0 We have changed the presentation. Lombard loans have been reclassified from Loans to Security\u2011backed loans and settlement receivables to better reflect the
\u00a0 underlying collateral. This reclassification resulted in an impact of approximately \u20ac534 million on the 2024 comparative figures. The comparative figure for\u00a0 2024 has
\u00a0 been adjusted accordingly.
The loan-to-value (LTV) of our mortgage loans is based on
indexed foreclosure values, in line with generally accepted
standards for LTV determination. The weighted average LTV
at year-end 2025 was 58% (2024: 60%).", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-604": { "value": "
3.8 Loss allowance for expected credit losses
Under the IFRS 9 Accounting Standard, we recognise a loss
allowance for ECL on financial assets measured at amortised
cost or fair value through other comprehensive income, as
well as for financial guarantees and loan commitments. When
there is no significant deterioration in credit risk since initial
recognition, ECL is recognised based on 12-month expected
credit losses (Stage 1).
When a significant increase in credit risk has occurred, ECL is
recognised based on a lifetime ECL (Stage 2). Likewise, for
impaired loans (Stage 3) a lifetime ECL is recognised.
3.8.1 Expected credit loss measurement
We measure ECL by using a sophisticated approach and an
alternative approach. For the sophisticated approach we use
models to calculate ECL, governed by a model governance
framework.
Under this framework, the performance of the models is
periodically monitored, and these models are also periodically
validated. Every quarter, the models are subject to
performance monitoring. If models are consistently
performing outside the agreed threshold, recalibration or
ultimately redevelopment will follow.
In both approaches, ECL reflects an unbiased probability-
weighted amount that is determined by evaluating a range of
possible outcomes, the time value of money, and reasonable
and verifiable information that is available without undue
cost or effort at the reporting date about past events, current
conditions and forecasts of future economic conditions. Both
approaches calculate a 12-month and a lifetime ECL for the
exposures of all three stages.
After the risk stage determination in the stage calculation,
the relevant ECL is assigned:
\u2013 12-month ECL for Stage 1;
\u2013 Lifetime ECL for Stages 2 and 3.
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2 We have expanded the disclosure to include financial collateral related to derivatives, as presented in the netting table of financial assets and liabilities. Financial
\u00a0 \u00a0 collateral amounting to approximately \u20ac185 million is disclosed separately. This information was not previously presented. The addition of this disclosure has no impact
\u00a0 \u00a0 \u00a0 on the statement of financial position, profit or equity.
The key elements of the ECL calculation are the probability of
default (PD), exposure at default (EAD), cure rate (CR), and
loss given default (LGD). An important part of the LGD is the
loss given non-cure (LGN). LGN is an estimate of the loss
arising in the event of a default without cure occurring at a
given time. It is based on the difference between the
contractual cash flows due and those that the lender would
expect to receive, including from the realisation of any
collateral.
Initial investigation of our interest-only mortgages suggested
that these did not require an adjustment of our ECL approach.
In addition, we incorporate forward-looking information for
the sophisticated approach.
We identify macroeconomic variables and consider three
macroeconomic scenarios in calculating ECL:
\u2013 A baseline scenario;
\u2013 An upside scenario;
\u2013 A downside scenario.
These scenarios are associated with different PDs, EADs and
LGNs. In the process of building the PD, cure rate and LGN
models for IFRS Accounting Standards, we included several
macroeconomic risk drivers in the long list of risk drivers.
Those determined as best-performing during modelling were
selected to be part of the model. The macroeconomic
scenarios are provided by a third party, Oxford Economics.
They also provide the weights per scenario. The reported ECL
(12-month or lifetime, depending on the stage) is a weighted
ECL average per macroeconomic scenario. The table below
shows the macroeconomic variables used for the
sophisticated approach.
Model
Macroeconomic variables
PD calibration
\u2013 GDP
\u2013 Volume of exports
Cure rate
\u2013 Residential real estate price
\u2013 Volume of exports
LGN
\u2013 GDP
\u2013 Residential real estate price
\u2013 Unemployment
EAD
n/a
3.8.2 Significant deterioration in credit risk
To determine the deterioration in credit risk of a financial
instrument since initial recognition, we compare the risk of
default at the reporting date with the risk of default on initial
recognition.
To calculate the lifetime probability of default (LPD) at
origination and the LPD at reporting date, we use four PD
models: private individuals, SMEs, corporates, and
commercial real estate. If the increase in LPD exceeds the
designated threshold, the exposure is transferred to Stage 2
and the lifetime ECL is calculated.
A backstop is applied and financial instruments that are
materially overdrawn and more than 30 days past due are
transferred from Stage 1 to Stage 2. If the financial
instrument is credit-impaired, it is transferred to Stage 3.
3.8.3 Financial instruments following the sophisticated
approach
For the majority of financial instruments included in the line
item Loans and advances to the public and private sectors,
including mortgage loans, loans, current accounts,
subordinated loans and financial guarantees and loan
commitments, we apply a sophisticated approach to calculate
expected credit losses. This approach uses an umbrella model
that combines the following sub-models:
\u2013 Various models that provide the expected flow of
exposures to the default state;
\u2013 A PD calibration model giving the flow from performing to
default;
\u2013 A full prepayment model and amortisation model giving
the outflow from the portfolio of an entire exposure due
to prepayment or contract expiration;
\u2013 A migration model providing flows from performing rating
classes to other performing rating classes;
\u2013 A cure rate model giving the flow from default to
performing classes and the non-cure state;
\u2013 Various product-level models that give the expected
exposure at the moment a client goes into default;
\u2013 An amortisation model showing the contractual payments
during the lifetime of a product and the part of the
exposure flowing out of the portfolio due to partial
prepayments;
\u2013 An EAD model giving the exposure as a function of the
limit or outstanding amount just before default;
\u2013 A product-level model evaluating the part of EAD that
may be lost \u2013 the loss given loss (LGL) model;
\u2013 A discount factor to discount the loss from the moment of
default to the moment of reporting.
3.8.4 Financial instruments following the alternative
approach
We apply an alternative approach for cash and cash
equivalents, due from banks, debt instruments at amortised
cost, debt instruments at fair value through other
comprehensive income, and loans and securities-backed
loans issued by Mercier Van Lanschot and Van Lanschot
Kempen Switzerland. The alternative approach comprises an
investments model and a foreign loan model.
3.8.5 Investments model
The investments model is applied to calculate ECL for cash
and cash equivalents, due from banks, debt instruments at
amortised cost, and debt instruments at fair value through
other comprehensive income. These financial instruments all
have a low risk profile. All such exposures are assigned to
Stage 1 as long as their external rating is investment-grade.
We use a simplified model to calculate 12-month ECL, using
publicly available data for PD and LGD based on external
ratings. In principle, financial assets are sold if they are
downgraded below investment grade.
3.8.6 Foreign loans model
For the loans and securities-backed loans issued by Mercier
Van Lanschot and Van Lanschot Kempen Switzerland, we
have developed a foreign loans model. The foreign loans
model calculates ECL as the sum of future exposure
discounted at the effective interest rate at recognition for
non-revolving products and the current effective interest
rate for revolving products.
3.8.7 Model changes
Two changes were implemented in our ECL calculations in
2025. The first is in the macroeconomic scenarios. In previous
provisioning calculations, the macroeconomic scenarios were
estimated using a principal components model. To simplify
our model landscape, these scenarios and accompanying
weights are now provided by an external party. The impact of
these replacements was estimated to be an increase in ECL of
\u20ac200,000. The second change is a recalibration of the
expected maturity model, due to model monitoring
observations showing the potential for improvement. The
impact of this change amounts to a \u20ac156,000 increase in ECL.
3.8.8 Loss allowances
The table below shows ECL loss allowances and the
corresponding book values (including revocable and
irrevocable commitments), categorised by balance sheet line
item and ECL by stage.
Table 3.8.A Loss allowance for expected credit losses
31/12/2025
31/12/2024
Carrying value/
exposure amount
(basis for ECL)
Expected credit
losses
Carrying value/
exposure amount
(basis for ECL)
Expected credit
losses
Total
17,832,553
29,063
16,867,053
38,146
Cash and cash equivalents and balances at central banks
2,165,188
0
2,064,818
0
Due from banks
26,636
0
84,225
\u2014
Financial assets at fair value through other comprehensive
income
3,088,775
266
2,991,140
762
Loans and advances to the public and private sectors
9,998,541
26,534
9,610,954
35,084
Other financial assets at amortised cost
1,506,027
61
1,201,838
296
Financial guarantees and loan commitments
1,047,387
2,202
914,078
2,004
The table below shows total loss allowances recognised by
IFRS 9 stage. The total change in Stage 3 amounted to a
decrease of \u20ac10.5 million (2024: increase of \u20ac0.4 million); of
this amount, \u20ac5.5 million (2024: \u20ac2.1 million) is related to
write-offs and \u20ac4.9 million (2024: addition of \u20ac2.5 million)
to\u00a0release of loss allowances at Stage 3.
Table 3.8.B Loss allowance recognised by IFRS 9 stage
31/12/2025
31/12/2024
Write-offs
Change in
provision
Total change
Stage 1
4,767
4,385
\u2014
382
382
Stage 2
6,646
5,662
\u2014
984
984
Stage 3
17,649
28,099
-5,506
-4,944
-10,450
Total
29,062
38,146
-5,506
-3,578
-9,084
The table below shows the IFRS 9 stage and coverage ratios
for loss allowances recognised in the loan portfolio,
categorised by ECL stage. This loan portfolio amount excludes
loss allowance for ECL. As a result, figures in other tables
related to the loan portfolio may differ if these elements are
not similarly accounted for.
Table 3.8.C IFRS 9 stage and
coverage ratio by ECL stage
(\u20ac million)
31/12/2025
31/12/2024
Loan
portfolio
Provision
Coverage
ratio
Stage ratio
Loan
portfolio
Provision
Coverage
ratio
Stage ratio
Stage 1
8,402
3.6
0.0%
87.2%
8,221
2.7
0.0%
87.8%
Stage 2
1,144
5.3
0.5%
11.9%
1,018
4.3
0.4%
10.9%
Stage 3
86
17.6
20.6%
0.9%
127
28.1
22.1%
1.4%
Total
9,632
26.5
0.3%
9,366
35.1
0.4%
Stage 1
Model-based Stage 1 provisions on loans increased by
\u20ac0.9\u00a0million to \u20ac3.6 million, with Stage 1 exposure adding
\u20ac181 million. The coverage ratio remained stable compared
with 2024.
Stage 2
Stage 2 provisions on loans went up from \u20ac4.3 million to
\u20ac5.3\u00a0million in 2025. The recalibration of the IFRS 9 models
resulted in a modest increase in the coverage ratio and
thereby a higher provision.
Stage 3
The baseline for Stage 3 provisions is determined by the
Financial Restructuring & Recovery team, with limited IFRS 9
model adjustments. In 2025, Stage 3 provisions recorded a
substantial decline from \u20ac28.1 million to \u20ac17.6 million.
This was due to a release of provisions on the resolution of
some specific impaired exposures and write-offs, only slightly
offset by increased provisioning on existing impaired loans
and new defaults. The total impaired exposure fell
significantly to \u20ac86\u00a0million. The coverage ratio decreased
slightly over 2025.
Loss allowances for ECL change over time for several
reasons: the credit risk of financial instruments may
significantly increase or decrease, financial instruments may
become credit-impaired, or new financial assets may be
purchased. The following tables explain the changes in the
loss allowances during the year and the loss allowance
recognised in the statement of income.
Table 3.8.D Changes in loss allowance for Financial assets at
fair value through other comprehensive income
Stage 1
Stage 2
Stage 3
Total
At 1 January 2025
762
\u2014
\u2014
762
Additions or releases without transfer
-540
\u2014
\u2014
-540
Financial assets originated or purchased
44
\u2014
\u2014
44
Total balance excluding write-offs
266
\u2014
\u2014
266
At 31 December 2025
266
\u2014
\u2014
266
Table 3.8.E Changes in loss allowance for Financial assets at
fair value through other comprehensive income
Stage 1
Stage 2
Stage 3
Total
At 1 January 2024
280
\u2014
\u2014
280
Additions or releases without transfer
270
\u2014
\u2014
270
Financial assets originated or purchased
212
\u2014
\u2014
212
Total balance excluding write-offs
762
\u2014
\u2014
762
At 31 December 2024
762
\u2014
\u2014
762
Table 3.8.F Changes in loss allowance for expected credit
losses of Loans and advances to the public and private sectors
Stage 1
Stage 2
Stage 3
Total
At 1 January 2025
2,693
4,337
28,055
35,084
Additions or releases without transfer
-221
-462
-9,833
-10,516
Transfer to Stage 1
103
-2,442
\u2014
-2,340
Transfer to Stage 2
-159
3,944
-67
3,718
Transfer to Stage 3
-30
-98
4,995
4,867
Financial assets originated or purchased
1,227
\u2014
\u2014
1,227
Total balance excluding write-offs
3,612
5,279
23,149
32,040
Amounts written off
\u2014
\u2014
-5,506
-5,506
At 31 December 2025
3,612
5,279
17,643
26,534
Table 3.8.G Changes in loss allowance for expected credit
losses of Loans and advances to the public and private sectors
Stage 1
Stage 2
Stage 3
Total
At 1 January 2024
4,346
6,107
27,694
38,146
Additions or releases without transfer
-2,231
-1,749
1,245
-2,735
Transfer to Stage 1
247
-4,515
\u2014
-4,268
Transfer to Stage 2
-491
4,827
-635
3,701
Transfer to Stage 3
-89
-332
1,851
1,429
Financial assets originated or purchased
911
\u2014
\u2014
911
Total balance excluding write-offs
2,693
4,337
30,155
37,185
Amounts written off
\u2014
\u2014
-2,100
-2,100
At 31 December 2024
2,693
4,337
28,055
35,084
Table 3.8.H Changes in impairments of Other financial assets at
amortised cost
Stage 1
Stage 2
Stage 3
Total
At 1 January 2025
296
\u2014
\u2014
296
Additions or releases without transfer
-492
\u2014
\u2014
-492
Financial assets originated or purchased
256
\u2014
\u2014
256
Total balance excluding write-offs
61
\u2014
\u2014
61
At 31 December 2025
61
\u2014
\u2014
61
Table 3.8.I Changes in impairments of Other financial assets at
amortised cost
Stage 1
Stage 2
Stage 3
Total
At 1 January 2024
133
\u2014
\u2014
133
Additions or releases without transfer
163
\u2014
\u2014
163
Financial assets originated or purchased
\u2014
\u2014
\u2014
\u2014
Total balance excluding write-offs
296
\u2014
\u2014
296
At 31 December 2024
296
\u2014
\u2014
296
Table 3.8.J Changes in impairments of Financial guarantees and
loan commitments
Stage 1
Stage 2
Stage 3
Total
At 1 January 2025
636
1,325
44
2,004
Additions or releases without transfer
190
-58
-38
95
Transfer to Stage 1
3
-176
\u2014
-173
Transfer to Stage 2
-9
276
\u2014
267
Transfer to Stage 3
\u2014
\u2014
\u2014
\u2014
Financial assets originated or purchased
8
\u2014
\u2014
8
Total balance excluding write-offs
829
1,367
6
2,202
At 31 December 2025
829
1,367
6
2,202
Table 3.8.K Changes in impairments of Financial guarantees
and loan commitments
Stage 1
Stage 2
Stage 3
Total
At 1 January 2024
942
1,230
35
2,207
Additions or releases without transfer
-324
-100
15
-408
Transfer to Stage 1
7
-43
\u2014
-37
Transfer to Stage 2
-13
239
-25
202
Transfer to Stage 3
\u2014
-2
18
16
Financial assets originated or purchased
23
\u2014
\u2014
23
Total balance excluding write-offs
636
1,325
44
2,004
At 31 December 2024
636
1,325
44
2,004
All financial instruments included in the line items Cash and
cash equivalents, Due from banks, and Debt instruments at
amortised cost are classified in Stage 1, and no transfers have
taken place.
3.8.9 Credit quality
Van Lanschot Kempen allocates each exposure to a credit risk
grade based on a variety of data that are determined to be
predictive of the risk of default.
Credit risk grades are defined using qualitative (applying
experienced credit judgement) and quantitative factors that
are indicative of risk of default. These factors vary depending
on the nature of the exposure and the type of borrower.
We use internally developed rating pools for the line items
Loans and advances to the public and private sectors and
Financial guarantees and loan commitments.
Credit grade
Description
Investment grade
Non-credit-impaired financial assets that are not placed under the supervision of the Financial Restructuring &
Recovery team, internal rating pool 1
Standard monitoring
Non-credit-impaired financial assets that are not placed under the supervision of the Financial Restructuring &
Recovery team, internal rating pools 2 to 4
Special monitoring
Non-credit-impaired financial assets that are placed under the supervision of the Financial Restructuring &
Recovery team
Default
Credit-impaired financial assets
All financial instruments under the line items Cash and cash
equivalents, Due from banks, Debt instruments at amortised
cost and Debt instruments at fair value through other
comprehensive income are investment grade, which means
their external rating is at least BBB-. We use external ratings
for these line items.
The credit quality of the line items Loans and advances to the
public and private sectors and Financial guarantees and loan
commitments is shown in the tables below. Assessment of
credit quality is based on our internal credit rating system
and year-end stage classification. The amounts presented are
gross of impairment allowances.
Table 3.8.L Credit quality of Loans and advances to the public
and private sectors at 31 December 2025
Stage 1
Stage 2
Stage 3
Total
Credit grade
Investment grade (AAA to BBB-)
7,256,059
\u2014
\u2014
7,256,059
Standard monitoring (BB+ to B-)
1,643,183
1,132,261
\u2014
2,775,444
Special monitoring (CCC to C)
1,218
57,543
\u2014
58,761
Default (DDD to D)
\u2014
\u2014
88,979
88,979
Gross carrying amount
8,900,461
1,189,804
88,979
10,179,244
Loss allowance
3,612
5,280
17,643
26,534
Carrying amount
8,896,849
1,184,524
71,336
10,152,709
Table 3.8.M Credit quality of Loans and advances to the public
and private sectors at 31 December 2024
Stage 1
Stage 2
Stage 3
Total
Credit grade
Investment grade (AAA to BBB-)
6,735,392
\u2014
\u2014
6,735,392
Standard monitoring (BB+ to B-)
1,805,831
1,005,730
\u2014
2,811,560
Special monitoring (CCC to C)
1,863
74,533
\u2014
76,396
Default (DDD to D)
\u2014
\u2014
106,780
106,780
Gross carrying amount
8,543,086
1,080,262
106,780
9,730,128
Loss allowance
2,691
4,338
28,055
35,084
Carrying amount
8,540,395
1,075,925
78,725
9,695,044
Table 3.8.N Credit quality of Financial guarantees and loan
commitments at 31 December 2025
Stage 1
Stage 2
Stage 3
Total
Credit grade
Investment grade (AAA to BBB-)
946,957
\u2014
\u2014
946,957
Standard monitoring (BB+ to B-)
18,662
81,443
\u2014
100,105
Special monitoring (CCC to C)
\u2014
211
\u2014
211
Default (DDD to D)
\u2014
\u2014
114
114
Gross carrying amount
965,619
81,654
114
1,047,387
Loss allowance
829
1,367
6
2,202
Carrying amount
964,790
80,287
108
1,045,186
Table 3.8.O Credit quality of Financial guarantees and loan
commitments at 31 December 2024
Stage 1
Stage 2
Stage 3
Total
Credit grade
Investment grade (AAA to BBB-)
124,964
\u2014
\u2014
124,964
Standard monitoring (BB+ to B-)
20,922
89,630
\u2014
110,552
Special monitoring (CCC to C)
\u2014
89
30
119
Default (DDD to D)
\u2014
\u2014
3,301
3,301
Gross carrying amount
145,887
89,719
3,331
238,937
Loss allowance
636
1,325
44
2,004
Carrying amount
145,251
88,394
3,288
236,933
3.8.10 Macroeconomic variables
We incorporate forward-looking information for the
sophisticated approach. We use domestic macroeconomic
variables and consider three macroeconomic scenarios in
calculating ECL: a baseline scenario, an upside scenario, and a
downside scenario.
Our weightings were 40% for the baseline scenario, 30% for
the upside scenario and 30% for the downside scenario.
These weights are provided by Oxford Economics as part of
the scenarios. Last year, the scenarios and weights were
internally determined, with the baseline scenario being
weighted at 70%, the upside scenario at 10% and the
downside scenario at 20%.
Table 3.8.P Macroeconomic variables
31/12/2025
31/12/2024
2026
2027
2028
2024
2025
2026
Gross domestic product
Baseline scenario
0.50%
1.40%
1.90%
0.86%
1.46%
1.46%
Upside scenario
1.90%
2.80%
2.90%
3.80%
4.40%
4.40%
Downside scenario
-1.40%
0.00%
1.10%
-1.91%
-1.31%
-1.31%
Volume of exports
Baseline scenario
0.90%
1.60%
1.30%
0.32%
2.12%
2.02%
Upside scenario
1.80%
2.80%
2.50%
5.53%
7.33%
7.23%
Downside scenario
-0.70%
-0.20%
0.00%
-4.59%
-2.78%
-2.88%
Residential real estate price
Baseline scenario
3.50%
2.20%
2.20%
8.84%
7.44%
4.04%
Upside scenario
5.10%
6.40%
7.00%
13.10%
11.70%
8.30%
Downside scenario
-2.20%
-3.80%
-3.50%
4.82%
2.43%
0.02%
Unemployment rate
Baseline scenario
3.90%
3.80%
3.60%
3.70%
3.90%
4.00%
Upside scenario
3.70%
3.40%
3.30%
3.20%
3.40%
3.50%
Downside scenario
4.90%
6.10%
7.10%
4.20%
4.40%
4.50%
Because the macroeconomic scenarios are now based on
external vendor data, resulting in a revised data structure and
methodology, the outcomes are not comparable to prior
years.
For the portfolios that fall under the scope of IFRS 9, we
perform a scenario analysis to calculate the sensitivity of ECL
to macroeconomic variables. The multiple macroeconomic
variables are used to calculate various outcomes for our ECL
models.
The final ECL figure is the weighted average of the outcomes
under the various scenarios. The table below shows ECL per
stage and per scenario.
Table 3.8.Q Sensitivity analysis at 31 December 2025
Stage 1
Stage 2
Stage 3
Total
Change
Probability-weighted
4,767
6,646
17,649
29,062
Baseline scenario
4,686
6,695
17,686
29,066
4
Upside scenario
4,259
6,202
17,706
28,166
-896
Downside scenario
5,383
7,025
17,544
29,952
890
Table 3.8.R Sensitivity analysis at 31 December 2024
Stage 1
Stage 2
Stage 3
Total
Change
Probability-weighted
4,385
5,662
28,099
38,146
Baseline scenario
4,204
5,549
28,060
37,813
-334
Upside scenario
2,823
4,679
27,559
35,062
-3,084
Downside scenario
5,800
6,549
28,505
40,855
2,709
3.9 Collateral credit-impaired financial instruments
In general, collateral can be used for all current and future
amounts owed by a debtor. In addition to residential
mortgage collateral and guarantees provided by governments
and credit institutions, commercial real estate, financial
collateral, receivables, stocks and inventories may serve as
collateral. The majority of collateral is not directly linked to a
specific financing arrangement.
For credit-impaired financial instruments, the Financial
Restructuring & Recovery team determines the liquidation or
recovery value of the available collateral, based on the most
recent valuation reports and applying the applicable haircuts.
The table below shows the collateral for financial instruments
considered credit-impaired.
Table 3.9 Collateral for credit-impaired instruments at\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
31 December 2025
Gross exposure
Impairment
Carrying amount
Value of collateral
Loans and advances to public and private sectors
89,540
17,649
71,892
79,221
Financial guarantees and loan commitments
97
\u2014
97
88
Table 3.9 Collateral for credit-impaired instruments at\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
31 December 2024
Gross exposure
Impairment
Carrying amount
Value of collateral
Loans and advances to public and private sectors
127,883
28,056
99,828
159,290
Financial guarantees and loan commitments
3,301
44
3,258
4,919
No impairment is recognised for credit-impaired financial
instruments if the collateral is sufficient to cover the
outstanding obligation. The total carrying amount of credit-
impaired financial instruments for which there is no
impairment recognised is \u20ac49.1 million (2024: \u20ac42.0 million).
Loss allowance for expected credit losses
2025
2024
Total
-26,534
-35,084
Mortgage loans
-3,630
-3,516
Current accounts
-16,574
-17,171
Other loans and advances
-6,330
-14,397
For more information, see \"Risk management\", under 3.8,
Loss allowance for expected credit losses.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-605": { "value": "
4. Market risk
Market risk is the risk of loss as a result of changes in market
variables, including interest rates (except exposure in the
banking book), exchange rates and share prices. The market
risk to which we are exposed can be divided into three
components. Firstly, the market risk to which Treasury is
exposed in respect of its structured products activities (part
of the Other operating segment) and services to clients.
Secondly, market risk stemming from trading activities in
institutional securities, which is concentrated in Investment
Banking Clients. Lastly, exposure to market risks is also
generated by investments in our management book of
\u20ac50.9\u00a0million (2024: \u20ac56.1 million).
These investments provide seed capital for newly launched
Van Lanschot Kempen funds and allow us to co-invest with
our clients.
4.1 Trading activities in securities
Our trading activities in securities mainly comprise equities,
equity derivatives and interest rate derivatives. Equities are
concentrated in Investment Banking Clients (equity
brokerage) while equity derivatives and interest rate
derivatives are concentrated in Treasury (structured
products activities).
A governance structure has been created to facilitate
effective risk management. This is based on the three lines of
defence model, where the first line has direct insights into the
live risk exposures and is responsible for staying within the
set limits, the second line monitors daily to ensure that limits
are respected, and Internal Audit performs periodic audits on
the policies and procedures set by Risk Management and
evaluates effectiveness and completeness.
The risks are managed using value at risk (VaR) limits as well
as gross and net limits. Daily stress tests provide information
about changes in portfolio values in extreme market
conditions and complement the VaR calculation.
The VaR for the trading portfolios is computed daily, based on
a one-day time horizon with a 97.5% confidence level on one
year of historical data.
Other risks relating to derivatives, such as stock market
changes and volatility, and interest rate changes (delta, vega
and rho respectively) are embedded in our structured notes.
These risks are separately monitored on a daily basis or more
frequently if necessary.
Separate limits are in place for all risk drivers. VaR and other
relevant risk parameters are reported to senior management
(including two Management Board members) on a daily basis.
The majority of the complex market risks (exotic risks) are
hedged on a back-to-back basis. The non-exotic risks and
limited exotic risks due to secondary market trading are
hedged via the macro-hedging strategy. The total macro
exposure per risk driver is calculated and this is hedged by
using relatively simple (mostly listed) options. All risk drivers
have limits both on an individual as well as on an aggregate
level, and we monitor them at least daily. This highly granular
view of limits results in limited basis risks.
Table 4.1 Trading activities VaR
2025
2024
Derivatives-related
Share-related
Derivatives-related
Share-related
At 31 December
15
106
25
137
Highest VaR
227
263
136
369
Lowest VaR
5
70
7
81
Average VaR
43
136
41
186
4.2 Market risk due to foreign exchange positions
To a limited degree, treasury activities (mainly foreign
exchange exposure, comprising client transactions and own
positions) result in positions exposed to market risks. The
Treasury department is part of the Other activities operating
segment. The majority of transactions and positions in the
statement of financial position are denominated in euros.
Exchange rate risk is managed within the required limits and
an authorisation structure applies.
Foreign exchange positions are shown in Table 4.2.B and
include all cash, forward and option positions of the entities in
scope of consolidation.
We operate under tight limits prohibiting significant foreign
exchange positions. This means that no further sensitivity
analysis is performed on these positions.
Table 4.2.A Exchange rate risk of treasury trading activities (total gross nominal foreign exchange
position translated to euros)
2025
2024
At 31 December
969
244
Highest position
3,289
4,916
Lowest position
-707
-900
Average position
799
55
Table 4.2.B Foreign exchange positions
31/12/2025
31/12/2024
Total
556
1,905
US dollar
1,943
987
Danish krone
137
235
Swedish krona
109
89
Hong Kong dollar
102
67
South African rand
82
15
Canadian dollar
74
-16
Norwegian krone
63
-86
Pound sterling
-89
-26
Swiss franc
-2,160
290
Other
296
348
Credit spread risk in the banking book (CSRBB) is the risk of
volatility in earnings and/or equity, caused by the effect of
changes in the market price of credit risk and market liquidity
spreads on instruments that are sensitive to these spreads,
assuming a constant level of creditworthiness of the
instrument.
For\u00a0Van\u00a0Lanschot Kempen, CSRBB is mainly concentrated in
the investment, funding and liquidity portfolios. CSRBB limits
have been imposed on these portfolios, which are monitored
by the Asset & Liability Committee on a monthly basis.
4.3 Market risk capitalisation
We use the maturity method to calculate the capital
adequacy requirement in respect of the general risk on debt
instruments in the trading portfolio. Share-related
instruments are share instruments included under Financial
assets from trading activities (see Table 4.3).
Table 4.3 Market risk
31/12/2025
31/12/2024
Risk weighting
Capital adequacy
requirement
Risk weighting
Capital adequacy
requirement
Total
125,416
10,033
155,664
12,453
Interest-related instruments
81,357
6,509
110,530
8,842
Share-related instruments
41,252
3,300
43,045
3,444
Currency-related instruments
2,807
225
2,089
167
Weighting and requirements
We use the standardised approach for all types of market
risk. The market risk of interest rate derivatives is included
under Interest-related instruments; the market risk of share-
related derivatives under Share-related instruments; and the
market risk of currency derivatives Currency-related
instruments.
7. Interest rate risk
Interest rate risk in the banking book (IRRBB) is the exposure
to adverse market interest rate movements, arising from
banking book activities. Adverse interest rate movements
may impact a bank\u2019s current and/or future earnings, capital
and market value. Responsibility for IRRBB management has
been delegated by the Management Board to the Asset &
Liability Committee.
Interest rate risks in non-banking book items are managed as
part of market risk.
Our main source of interest rate risk is the maturity mismatch
between assets and liabilities. In general, assets have longer
interest rate maturities than liabilities, contractually as well
as behaviourally. We model client behaviour with respect to
the prepayment patterns of mortgages and loans and the
interest rate risk profiles of non-maturing deposits such as
savings and current accounts. When modelling client
behaviour, a risk remains that actually observed client
behaviour deviates from the model outcomes.
Differences between modelled and observed client behaviour
could have a material adverse impact on future results and
are classified as customer behaviour risk.
We manage interest rate risk from both a long- and a short-
term perspective, using both internally developed interest
rate scenarios and scenarios prescribed by regulation, the
supervisory outlier test (SOT). The short-term interest rate
risk is addressed mainly from a net interest income
perspective. This involves an analysis of the change in interest
income under a number of market interest rate scenarios,
relative to the baseline scenario in which interest rates are
expected to develop based on forward rates (delta net
interest income, or \u0394NII). SOT outcomes are reported
relative to Tier 1 capital.
By year-end 2025, the most adverse SOT scenario was a
downward shock to the forward curve of 200 bps. The \u0394NII
for this SOT scenario was -3.2% of Tier 1 capital at the end of
2025 (end of 2024: -1.6% for the same SOT scenario).
We address long-term interest rate risk by means of the
economic value approach, which looks at how changes in
interest rates impact the value of our assets and liabilities.
The rule-of-thumb metric for economic value analysis is
duration of equity, which indicates the net impact of parallel
interest rate changes on economic value, assuming a linear
relationship between these parameters.
Although we use duration of equity as a rule of thumb for
economic value sensitivity, we also calculate economic value
changes under various scenarios. In doing so, all interest rate
cash flows are recalculated and revalued at shocked interest
rate curves and we use coupon rates that are stripped of
margins. At year-end 2025, the most adverse SOT scenario
was an instant upwards shock of 200 bps. The \u0394EVE for this
scenario was -6.9% of Tier 1 capital at the end of 2025 (end of
2024: -7.1%).
We use hedge accounting to offset changes in the market
value of derivatives that are used for hedging portfolios
classified at amortised cost or at fair value through other
comprehensive income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-606": { "value": "
4.2 Market risk due to foreign exchange positions
To a limited degree, treasury activities (mainly foreign
exchange exposure, comprising client transactions and own
positions) result in positions exposed to market risks. The
Treasury department is part of the Other activities operating
segment. The majority of transactions and positions in the
statement of financial position are denominated in euros.
Exchange rate risk is managed within the required limits and
an authorisation structure applies.
Foreign exchange positions are shown in Table 4.2.B and
include all cash, forward and option positions of the entities in
scope of consolidation.
We operate under tight limits prohibiting significant foreign
exchange positions. This means that no further sensitivity
analysis is performed on these positions.
Table 4.2.A Exchange rate risk of treasury trading activities (total gross nominal foreign exchange
position translated to euros)
2025
2024
At 31 December
969
244
Highest position
3,289
4,916
Lowest position
-707
-900
Average position
799
55
Table 4.2.B Foreign exchange positions
31/12/2025
31/12/2024
Total
556
1,905
US dollar
1,943
987
Danish krone
137
235
Swedish krona
109
89
Hong Kong dollar
102
67
South African rand
82
15
Canadian dollar
74
-16
Norwegian krone
63
-86
Pound sterling
-89
-26
Swiss franc
-2,160
290
Other
296
348
Credit spread risk in the banking book (CSRBB) is the risk of
volatility in earnings and/or equity, caused by the effect of
changes in the market price of credit risk and market liquidity
spreads on instruments that are sensitive to these spreads,
assuming a constant level of creditworthiness of the
instrument.
For\u00a0Van\u00a0Lanschot Kempen, CSRBB is mainly concentrated in
the investment, funding and liquidity portfolios. CSRBB limits
have been imposed on these portfolios, which are monitored
by the Asset & Liability Committee on a monthly basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-607": { "value": "
8. Liquidity risk
The main objective of our liquidity risk management is to
ensure that we are able to maintain or generate sufficient
cash resources to meet our payment obligations in full as they
come due, on acceptable terms. One of the key elements of
our approach towards liquidity risk management is to
maintain stakeholder confidence in Van Lanschot Kempen's
solidity at all times.
The main source of liquidity risk that we are exposed to
relates to the share of client deposits in our funding base.
Although client deposits have proven to be relatively price-
inelastic and sticky over time, the withdrawable nature of
such deposits poses potential outflow risks, especially for
those deposits not covered by the deposit guarantee scheme
(DGS).
The roll-over risk with respect to maturing capital market
funding is less substantial for us, since our client deposit base
comfortably funds our entire loan book. To still obtain a
certain degree of diversification in our funding mix, we have
covered bond programmes in place, as well as unsecured
funding via the structured products programme.
To manage liquidity risk, we use a forward-looking liquidity
risk management framework that enables the comprehensive
measurement, evaluation and calibration of indicators related
to liquidity risk. The framework consists of the risk appetite
statement, the liquidity buffer, monitoring and reporting,
forecasting, funding planning and contingency planning.
Limits for liquidity risk are revised on an annual basis as part
of the risk appetite limit structure. Limits set include, but are
not limited to, levels of the liquidity coverage ratio, the net
stable funding ratio, short-term cash availability and stress
test survival periods, which are reported to the Asset &
Liability Committee on a monthly basis. In addition to the
regular monthly liquidity reporting, the liquidity buffer and
client deposit flows are monitored in the weekly liquidity
report. This report includes metrics that have been identified
as early warning indicators for possible liquidity stress. The
liquidity buffer is the main defensive element against liquidity
risk, and the quality and size of the buffer are monitored
frequently, along with inflows and outflows in the client
deposit base.
Every year, we outline our capital and funding planning for a
three-year horizon, both under regular circumstances in the
capital and funding plan, and under potential future stress or
emergency situations in the liquidity contingency plan,
complemented by the recovery plan.
Part of our liquidity and funding planning is scenario analysis,
of which stress testing is a key element. By means of stress
testing, we assess our resilience to a variety of adverse
liquidity events \u2013 Van Lanschot Kempen-specific events,
system-wide events, and a combination of these two.
8.1 Contractual maturity
Tables 8.1.A and 8.1.B show the assets and liabilities based on
their remaining contractual terms to maturity at the
reporting date, without taking behavioural aspects into
account. These amounts correspond with the amounts
included in the consolidated statement of financial position.
Items with no maturity, such as equity instruments, assets
and liabilities classified as held for sale, and provisions are
presented separately.
Derivative liabilities are included on a net basis if cash flows
are settled net. For other derivative liabilities the contractual
gross cash flow payable is included.
As savings and current accounts do not have fixed terms, the
balances of non-maturing instruments are presented within
the Withdrawable on demand category.
Due from banks and amounts due to banks include collateral
delivered and received related to derivatives transactions.
Allocation of this collateral over the maturity buckets is
conducted in accordance with the maturity classification of
the derivative contracts.
Table 8.1.A Contractual maturity of assets and liabilities at 31 December 2025
Withdraw-
able on
demand
<3 months
3 to 12
months
1 to 5 years
More than 5
years
Subtotal
Maturity
not
applicable
Total
Assets
Cash and cash equivalents and
balances at central banks
2,165,188
\u2014
\u2014
\u2014
\u2014
2,165,188
\u2014
2,165,188
Due from banks
\u2014
21,879
1,520
3,237
\u2014
26,636
\u2014
26,636
Derivatives
\u2014
19,921
46,882
104,358
185,763
356,925
\u2014
356,925
Financial assets at fair value
through profit or loss
54,615
\u2014
\u2014
119,311
\u2014
173,926
12,924
186,850
Financial assets at fair value
through other comprehensive
income
\u2014
5,992
89,003
1,679,851
1,313,928
3,088,775
\u2014
3,088,775
Loans and advances to the public
and private sectors
698,516
47,332
241,453
784,430
7,833,377
9,605,107
\u2014
9,605,107
Other financial assets at
amortised cost
\u2014
148,815
152,174
1,163,961
33,958
1,498,909
7,057
1,505,965
Investments in associates using
the equity method
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
120,074
120,074
Other assets3
\u2014
212,576
95,868
47,540
33,295
389,279
333,812
723,091
Total assets
2,918,319
456,515
626,901
3,902,688
9,400,321
17,304,744
473,867
17,778,611
Total assets excluding
derivatives
2,918,319
436,594
580,019
3,798,330
9,214,558
16,947,819
473,867
17,421,687
Equity and liabilities
Due to banks
21,301
21,070
100,000
152,691
740
295,802
\u2014
295,802
Public and private sector
liabilities
11,043,093
1,643,068
391,096
218,549
71,474
13,367,280
\u2014
13,367,280
Derivatives
\u2014
18,182
30,474
102,409
47,630
198,695
\u2014
198,695
Financial liabilities at fair value
through profit or loss
\u2014
21,602
32,596
337,813
119,791
511,802
\u2014
511,802
Issued debt securities
\u2014
\u2014
500,000
993,799
\u2014
1,493,799
\u2014
1,493,799
Lease liabilities
\u2014
3,046
8,772
39,652
42,966
94,436
\u2014
94,436
Other liabilities4
\u2014
102,719
154,415
\u2014
\u2014
257,134
25,699
282,834
Subordinated loans
\u2014
\u2014
\u2014
25,000
128,445
153,445
\u2014
153,445
Equity
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1,380,518
1,380,518
Total equity and liabilities
11,064,394
1,809,687
1,217,353
1,869,913
411,046
16,372,394
1,406,217
17,778,611
Total equity and liabilities
excluding derivatives
11,064,394
1,791,506
1,186,879
1,767,504
363,416
16,173,699
1,406,217
17,579,916
On-balance gap
-8,146,075
-1,353,172
-590,452
2,032,775
8,989,274
932,350
-932,350
\u2014
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
3 Includes Property and equipment, Goodwill and other intangible assets, Current tax assets, Deferred tax assets and Other assets as presented in the consolidated
\u00a0 statement of financial position.
4 Includes Provisions, Current tax liabilities, Deferred tax liabilities and Other liabilities (less lease liabilities) as presented in the consolidated statement of financial
\u00a0 position.
Table 8.1.B Contractual maturity of assets and liabilities at 31 December 2024
Withdraw-
able on
demand
<3 months
3 to 12
months
1 to 5 years
More than 5
years
Subtotal
Maturity
not
applicable
Total
Assets
Cash and cash equivalents and
balances at central banks
2,057,762
\u2014
\u2014
\u2014
\u2014
2,057,762
\u2014
2,057,762
Due from banks
16,280
\u2014
1,258
66,687
\u2014
84,225
\u2014
84,225
Derivatives
\u2014
39,755
13,999
87,489
176,654
317,897
\u2014
317,897
Financial assets at fair value
through profit or loss
59,358
\u2014
\u2014
196,243
\u2014
255,601
16,893
272,494
Financial assets at fair value
through other comprehensive
income
\u2014
48,794
87,943
1,553,125
1,301,278
2,991,140
\u2014
2,991,140
Loans and advances to the public
and private sectors
664,592
69,619
114,086
716,154
7,766,642
9,331,093
\u2014
9,331,093
Other financial assets at
amortised cost
28,952
108,095
1,027,141
37,353
1,201,542
7,057
1,208,598
Investments in associates using
the equity method
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
117,556
117,556
Other assets3
\u2014
173,257
31,617
49,129
10,516
264,520
338,046
602,566
Total assets
2,797,992
360,377
356,998
3,695,968
9,292,444
16,503,779
479,552
16,983,332
Total assets excluding
derivatives
2,797,992
320,622
342,999
3,608,479
9,115,790
16,185,882
479,552
16,665,434
Equity and liabilities
Due to banks
42,491
2,397
850
107,647
11,420
164,804
\u2014
164,804
Public and private sector
liabilities
9,463,537
2,579,929
429,148
186,520
107,787
12,766,921
\u2014
12,766,921
Derivatives
\u2014
24,695
12,897
119,003
97,970
254,566
\u2014
254,566
Financial liabilities at fair value
through profit or loss
\u2014
32,270
80,831
308,474
43,316
464,891
\u2014
464,891
Issued debt securities
\u2014
\u2014
\u2014
1,491,254
\u2014
1,491,254
\u2014
1,491,254
Lease liabilities
\u2014
33
744
32,819
11,561
45,157
\u2014
45,157
Other liabilities4
\u2014
107,158
127,936
\u2014
\u2014
235,095
29,515
264,610
Subordinated loans
\u2014
\u2014
\u2014
25,000
128,825
153,825
\u2014
153,825
Equity
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1,377,304
1,377,304
Total equity and liabilities
9,506,027
2,746,482
652,407
2,270,717
400,879
15,576,512
1,406,819
16,983,332
Total equity and liabilities
excluding derivatives
9,506,027
2,721,787
639,510
2,151,714
302,909
15,321,946
1,406,819
16,728,766
On-balance gap
-6,708,036
-2,386,105
-295,409
1,425,251
8,891,565
927,267
-927,267
\u2014
The assets comprise mainly long-term mortgage loans while
the liabilities are made up of mainly on-demand deposits. The
latter are predominantly current and savings accounts. This
results in a gap between the Withdrawable on demand and
More than five years columns. Potential liquidity risks are
addressed by means of monthly stress tests \u2013 discussed
monthly in the Asset & Liability Committee \u2013 that test our
resilience to a variety of adverse liquidity events and take
behavioural aspects into account.
For each transaction we have guaranteed, the maximum
guaranteed amount is included in the appropriate term
bucket, allowing for our termination options. The same
applies to irrevocable commitments.
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
3 Includes Property and equipment, Goodwill and other intangible assets, Current tax assets, Deferred tax assets and Other assets as presented in the consolidated
\u00a0 statement of financial position.
4 Includes Provisions, Current tax liabilities, Deferred tax liabilities and Other liabilities (less lease liabilities) as presented in the consolidated statement of financial
\u00a0 position.
8.2 Contractual maturities of undiscounted cash flow of
financial liabilities
Tables 8.2.A and 8.2.B show liabilities by maturity based on
contractual, undiscounted cash flows and including related
future cash flows, such as interest payments.
Repayments subject to notice are treated as if notice were to
be given immediately. However, we expect that many clients
will not request repayment at the earliest possible date, and
the tables below do not reflect the expected cash flows as
indicated by our deposit retention history.
Derivatives included in Table 8.2 consist of trading
derivatives, derivatives designated for hedge accounting and
other derivatives. The market value of interest rate swaps is
allocated in a linear fashion across maturity buckets over
their contractual term, while currency forwards are
presented at market value in the bucket corresponding to
their expiration. Option contracts are considered
withdrawable on demand and are reflected in the relevant
maturity bucket accordingly.
Table 8.2.A Contractual maturities of undiscounted cash flow of liabilities at 31 December 2025
Withdrawable
on demand
<3 months
3 to 12 months
1 to 5 years
More than 5
years
Total
Due to banks
21,621
21,070
101,438
152,371
740
297,240
Public and private sector
liabilities
11,185,542
1,637,624
403,752
141,571
38,521
13,407,010
Derivatives
88,957
10,756
24,325
65,820
8,837
198,696
Financial liabilities at fair value
through profit or loss
\u2014
28,666
36,480
383,469
122,518
571,134
Issued debt securities
\u2014
16,875
517,500
1,029,375
\u2014
1,563,750
Subordinated loans
\u2014
1,000
7,194
54,147
161,028
223,369
Total undiscounted liabilities
11,296,120
1,715,992
1,090,689
1,826,753
331,644
16,261,198
Table 8.2.B Contractual maturities of undiscounted cash flow of liabilities at 31 December 2024
Withdrawable
on demand
<3 months
3 to 12 months
1 to 5 years
More than 5
years
Total
Due to banks
16,587
28,301
850
107,647
11,420
164,804
Public and private sector
liabilities
9,319,801
2,573,513
447,315
202,335
541,008
13,083,973
Derivatives
88,345
13,593
30,737
94,592
27,300
254,566
Financial liabilities at fair value
through profit or loss
\u2014
41,379
88,583
351,712
44,911
526,584
Issued debt securities
\u2014
16,875
17,500
1,563,750
\u2014
1,598,125
Subordinated loans
\u2014
1,000
7,789
106,193
117,680
232,662
Total undiscounted liabilities
9,424,732
2,674,661
592,773
2,426,229
742,320
15,860,715
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-608": { "value": "
Transfers of financial assets or liabilities between levels
We have developed a policy document for the fair value
hierarchy. This divides the variables used into observable and
unobservable market inputs. If the unobservable input
variables are significant, the instrument is classified as
Level\u00a03. An unobservable input variable is significant if the
change in the fair value due to the application of the variable
is greater than the threshold values. Our policy is to recognise
transfers into and out of fair value hierarchy levels at the end
of the reporting period.
In 2025, our valuation technique remained unchanged, with
non-observable input variables being assessed on
significance. As a result of this assessment, some financial
instruments included in Derivatives (both assets and
liabilities) and in Financial liabilities at fair value through
profit or loss have been transferred from Level 2 to Level 3
and vice versa.
As a result of the input variables\u2019 correlation and seasonality,
some derivatives and financial liabilities at fair value through
profit or loss were transferred to Level 2. The shorter
remaining term to maturity of these financial instruments
meant that these input variables qualified as non-significant,
justifying a transfer to Level 2. In the case of Derivatives
(assets and liabilities), there were no transfers from Level 2 to
Level 3 or vice versa. For financial assets and liabilities at fair
value through profit or loss, there were no transfers from
Level 2 to Level 3 or vice versa.
Table 14.1.C Breakdown of changes in financial assets less liabilities classified as Level 3 in 2025
At 1 January
To
statement
of income
Issues
Settlements
Transfers
At 31 December
Assets
Derivatives
8,495
\u2014
2,384
-8,495
\u2014
2,384
Financial assets at fair value through profit or loss
8,108
-361
269
-1,327
\u2014
6,688
Total assets
16,603
-361
2,653
-9,823
\u2014
9,072
Liabilities
Derivatives
8,557
\u2014
2,326
-8,557
\u2014
2,326
Financial liabilities at fair value through profit or loss
2,223
\u2014
3,720
\u2014
-1,705
4,238
Total liabilities
10,780
\u2014
6,046
-8,557
-1,705
6,564
Total assets less liabilities
5,823
-361
-3,393
-1,265
1,705
2,508
Table 14.1.D Breakdown of changes in financial assets less liabilities classified as Level 3 in 2024
At 1 January
To
statement
of income
Issues
Settlements
Transfers
At 31 December
Assets
Derivatives
2,600
\u2014
8,495
-2,600
\u2014
8,495
Financial assets at fair value through profit or loss
7,960
109
42
-17
14
8,108
Total assets
10,561
109
8,537
-2,618
14
16,603
Liabilities
Derivatives
2,800
\u2014
8,557
-2,800
\u2014
8,557
Financial liabilities at fair value through profit or loss
\u2014
\u2014
2,223
\u2014
\u2014
2,223
Total liabilities
2,800
\u2014
10,780
-2,800
\u2014
10,780
Total assets less liabilities
7,761
109
-2,243
182
14
5,823
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-610": { "value": "
1. Cash and cash equivalents and balances at
central banks
Cash and cash equivalents and balances at central banks
2025
2024
Total
2,165,188
2,057,762
Cash
29
28
Balances at central banks1
1,974,815
1,854,114
Statutory reserve deposits at central banks
125,218
129,665
Amounts due from banks
65,126
73,954
Impairments
0
0
Statutory reserve deposits comprise balances at central
banks within the scope of the minimum reserves
requirement.\u00a0 See \u201cSummary of material accounting policies\u201d
for our other accounting policies on cash and cash
equivalents and balances at central banks.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-609": { "value": "
1. Cash and cash equivalents and balances at
central banks
Cash and cash equivalents and balances at central banks
2025
2024
Total
2,165,188
2,057,762
Cash
29
28
Balances at central banks1
1,974,815
1,854,114
Statutory reserve deposits at central banks
125,218
129,665
Amounts due from banks
65,126
73,954
Impairments
0
0
Statutory reserve deposits comprise balances at central
banks within the scope of the minimum reserves
requirement.\u00a0 See \u201cSummary of material accounting policies\u201d
for our other accounting policies on cash and cash
equivalents and balances at central banks.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-611": { "value": "
Statutory reserve deposits comprise balances at central
banks within the scope of the minimum reserves
requirement.\u00a0 See \u201cSummary of material accounting policies\u201d
for our other accounting policies on cash and cash
equivalents and balances at central banks.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-612": { "value": "
2. Due from banks
Due from banks
2025
2024
Total
26,636
84,225
Deposits
5,337
67,945
Receivables arising from unsettled securities transactions
21,299
16,280
Loans and advances
\u2014
\u2014
Deposits include a total of \u20ac2.7 million (2024:\u00a0\u20ac63.3\u00a0million),
serving as collateral for liabilities arising from derivatives
transactions.
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
1\u00a0 We have changed the presentation. Irrevocable payment commitments (IPCs) under the Single Resolution Fund (SRF) are now presented as Other financial assets at
\u00a0 amortised cost instead of Cash and cash equivalents. This reclassification resulted in an impact of approximately \u20ac7.1 million on the 2024 comparative figures. The
\u00a0 comparative figure for 2024 has been adjusted accordingly.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-615": { "value": "
3. Derivatives
Derivatives at 31 December 2025
Asset
Liability
Contract amount
Total
356,925
198,695
9,814,157
Derivatives used for trading purposes
Currency derivatives
201
194
43,054
Client option positions
78,417
78,417
619,235
Total derivatives used for trading purposes
78,618
78,611
662,289
Derivatives used for hedge accounting purposes
Derivatives: fair value hedge accounting
53,516
69,970
4,206,030
Derivatives: portfolio fair value hedge accounting
190,950
33,955
4,215,750
Total derivatives used for hedge accounting purposes
244,466
103,925
8,421,780
Other derivatives
Economic hedges
2,482
4,241
119,000
Structured product derivatives
31,359
11,919
611,088
Total other derivatives
33,841
16,159
730,088
Derivatives at 31 December 2024
Asset
Liability
Contract amount
Total
317,897
254,566
9,591,436
Derivatives used for trading purposes
Currency derivatives
141
141
13,303
Client option positions
53,361
53,361
592,998
Total derivatives used for trading purposes
53,502
53,501
606,300
Derivatives used for hedge accounting purposes
Derivatives: fair value hedge accounting
63,236
116,386
4,209,535
Derivatives: portfolio fair value hedge accounting
155,998
42,320
3,264,750
Total derivatives used for hedge accounting purposes
219,234
158,706
7,474,285
Other derivatives
Economic hedges
7,477
7,891
194,500
Structured product derivatives
37,685
34,467
1,316,350
Total other derivatives
45,162
42,358
1,510,850
We use derivatives for both trading and hedging purposes.
Note 3, Derivatives, shows both the positive and negative
market values of the derivatives, as well as their notional
values.
The following types of interest rate derivatives are used:
\u2013 Interest rate swaps;
\u2013 Interest rate options.
The following types of currency derivatives are used:
\u2013 Currency options;
\u2013 Currency forwards.
The following types of equity derivatives are used:
\u2013 Equity forwards;
\u2013 Futures;
\u2013 Long and short structured product options;
\u2013 Equity options;
\u2013 Equity swaps.
We use interest rate swaps as hedging instruments in our
hedge accounting. For a profile of the timing of the
contractual amount, see Table 8.1.A Contractual maturity of
assets and liabilities (page 178).
Ineffectiveness of derivatives for hedge accounting purposes
2025
2024
Fair value
Ineffective
Fair value
Ineffective
Total
140,541
1,078
60,527
1,121
Fair value hedge accounting model
-16,455
76
-53,150
470
Portfolio fair value hedge accounting model
156,995
1,001
113,677
651
Total ineffectiveness of hedge accounting
2025
2024
Fair value change of the hedged items
-78,717
59,314
Fair value change of the hedging instruments
79,795
58,193
Ineffectiveness
1,078
1,121
Hedged items included in the fair
value hedge relationship
Carrying amount of hedged items
Accumulated amount of fair value hedge
adjustments on the hedged item
included in the carrying amount of the
hedged item
Change in value of
the hedged item
used as the basis
for the
ineffectiveness for
the period
Asset
Liability
Asset
Liability
Hedged items at 31 December 2025
Interest rate risk
Loans and advances to the public and
private sectors
2,246,333
\u2014
-159,811
\u2014
-44,501
Financial assets at fair value through
other comprehensive income
2,678,537
\u2014
-10,823
\u2014
-33,573
Issued debt securities
\u2014
1,517,460
\u2014
-6,615
-643
Discontinued hedges
\u2014
\u2014
89,707
4,202
\u2014
Total
4,924,870
1,517,460
-80,927
-2,412
-78,717
Hedged items included in the fair
value hedge relationship
Carrying amount of hedged items
Accumulated amount of fair value hedge
adjustments on the hedged item
included in the carrying amount of the
hedged item
Change in value of
the hedged item
used as the basis
for the
ineffectiveness for
the period
Asset
Liability
Asset
Liability
Hedged items at 31 December 2024
Interest rate risk
Loans and advances to the public and
private sectors
2,045,434
-115,419
34,095
Financial assets at fair value through
other comprehensive income
2,719,522
-49,526
41,357
Issued debt securities
1,516,816
-7,258
-16,138
Discontinued hedges
84,123
17,537
Total
4,764,956
1,516,816
-80,822
10,279
59,314
The result of ineffectiveness is presented under line item\u00a0
Result on financial transactions.
5. Financial assets at fair value through
other comprehensive income
Financial assets at fair value through other comprehensive income
2025
2024
Fair value
Face value
Fair value
Face value
Total
3,088,775
3,154,154
2,991,140
3,047,101
Government and government-guaranteed bonds
915,102
951,800
746,789
768,800
Sovereign, supranationals and agencies (SSA) bonds
1,087,831
1,116,530
1,115,129
1,146,523
Covered bonds
884,813
885,000
890,680
893,585
Residential mortgage-backed securities
201,029
200,824
238,543
238,193
Changes in face value of Financial assets at fair value through other comprehensive income
2025
2024
At 1 January
3,047,101
2,260,442
Additions or releases without transfer
-450,647
-426,941
Financial assets originated or purchased
557,700
1,213,600
At 31 December
3,154,154
3,047,101
Changes in Financial assets at fair value through other comprehensive income
2025
2024
At 1 January
2,991,140
2,208,514
Purchases
545,043
1,174,019
Sales
-352,657
-211,304
Redemptions
-98,354
-216,941
Value changes
-9,932
28,300
Amortisation
13,534
8,552
At 31 December
3,088,774
2,991,140
The change in loss allowance for financial assets at fair value
through other comprehensive income is recognised in Other
comprehensive income and does not reduce the carrying
amount of the financial asset.
6. Loans and advances to the public and
private sectors
Loans and advances to the public and private sectors
2025
2024
Total
9,605,107
9,331,093
Mortgage loans
6,948,708
6,844,833
Loans3
1,442,084
1,392,120
Current accounts
425,036
419,662
Securities-backed loans and settlement receivables3
993,038
825,257
Subordinated loans
3,479
3,479
Value adjustments fair value hedge accounting
-180,703
-119,174
Loss allowance for expected credit losses
-26,534
-35,084
Loss allowance for expected credit losses
2025
2024
Total
-26,534
-35,084
Mortgage loans
-3,630
-3,516
Current accounts
-16,574
-17,171
Other loans and advances
-6,330
-14,397
For more information, see \"Risk management\", under 3.8,
Loss allowance for expected credit losses.
Changes in gross carrying amount of Loans and advances
to the public and private sectors
Stage 1
Stage 2
Stage 3
Total
At 1 January 2025
8,543,086
1,080,263
106,780
9,730,128
Additions or releases without transfer
-973,036
-687,408
-37,365
-1,697,808
Transfer to Stage 1
921,266
-916,953
-9,246
-4,933
Transfer to Stage 2
-1,715,464
1,726,687
-14,244
-3,021
Transfer to Stage 3
-40,454
-12,784
48,560
-4,679
Financial assets originated or purchased
2,165,063
\u2014
\u2014
2,165,063
Amounts written off
\u2014
\u2014
-5,506
-5,506
At 31 December 2025
8,900,460
1,189,804
88,979
10,179,244
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
3 We have changed the presentation. Lombard loans have been reclassified from Loans to Security\u2011backed loans and settlement receivables to better reflect the
\u00a0 underlying collateral. This reclassification resulted in an impact of approximately \u20ac534 million on the 2024 comparative figures. The comparative figure for 2024 has
\u00a0 been adjusted accordingly.
Changes in gross carrying amount of Loans and advances
to the public and private sectors
Stage 1
Stage 2
Stage 3
Total
At 1 January 2024
7,971,984
1,568,936
126,779
9,667,699
Additions or releases without transfer
-2,530,827
828,163
-47,638
-1,750,302
Transfer to Stage 1
4,169,441
-4,182,728
-7,387
-20,673
Transfer to Stage 2
-2,917,432
2,888,423
-4,617
-33,625
Transfer to Stage 3
-19,276
-22,532
41,742
-65
Financial assets originated or purchased
1,869,195
\u2014
\u2014
1,869,195
Amounts written off
\u2014
\u2014
-2,100
-2,100
At 31 December 2024
8,543,086
1,080,263
106,780
9,730,128
See \u201cRisk management\u201d, under Note 3, Credit risk for more
information about Loans and advances to the public and
private sectors.
7. Other financial assets at amortised cost
Other financial assets at amortised cost
2025
2024
Carrying amount
Face value
Carrying amount
Face value
Total
1,505,965
1,505,038
1,208,598
1,211,331
Debt instruments
Government and government-guaranteed bonds
129,544
130,468
91,748
93,268
Sovereign, supranationals and agencies (SSA) bonds
360,551
363,270
362,013
365,663
Banks and financial institutions, listed
6,000
6,000
5,994
6,000
Covered bonds
986,375
988,800
725,583
729,900
Residential mortgage-backed securities
16,500
16,500
16,500
16,500
Irrevocable payment commitment SRF
7,057
\u2014
7,057
\u2014
Impairments
-61
\u2014
-296
\u2014
A change in presentation has been applied, resulting in the
reclassification of comparative figures. IPCs under SRF,
formerly included in Cash and cash equivalents, are now
presented as Other financial assets at amortised cost. The
IPC cash collateral amounted to \u20ac7.1\u00a0million at year-end
2025 (2024: \u20ac7.1\u00a0million).
Changes in face value of Other financial assets at amortised cost
2025
2024
At 1 January
1,218,388
1,217,831
Additions or releases without transfer
-137,893
-56,500
Financial assets originated or purchased
431,600
50,000
At 31 December
1,512,095
1,211,331
Changes in Other financial assets at amortised cost
2025
2024
At 1 January
1,208,598
1,201,134
Purchases
430,237
51,685
Redemptions
-137,893
-56,500
Impairments
235
-163
Amortisation
4,787
5,386
Reclassification of IPCs under SRF
\u2014
7,057
At 31 December
1,505,965
1,208,598
13. Due to banks
Due to banks
2025
2024
Total
295,802
164,804
Deposits
253,431
122,314
Payables arising from unsettled securities transactions
21,070
25,904
Loans and advances drawn
21,301
16,587
Deposits include a total of \u20ac153.4 million (2024:
\u20ac122.3\u00a0million), serving as collateral for liabilities arising from
derivatives transactions.
14. Public and private sector liabilities
Public and private sector liabilities
2025
2024
Total
13,367,280
12,766,921
Savings
7,062,329
5,846,985
Deposits
2,112,649
3,071,220
Current accounts
3,870,437
3,525,079
Other client assets
323,694
324,995
Value adjustments fair value hedge accounting
-1,829
-1,359
Public and private sector liabilities increased, primarily due to
an increase in savings (\u20ac1,215 million) and current accounts
(\u20ac345 million), partially driven by conversions from deposits
(\u20ac959 million) and inflow of savings. The increase in savings
has mainly taken place since March 2025, with a peak in
December.
15. Financial liabilities at fair value through
profit or loss
Financial liabilities at fair value through profit or loss
2025
2024
Total
511,802
464,891
Debt instruments
Financial liabilities at fair value through profit or loss
Unstructured debt instruments
\u2014
\u2014
Structured debt instruments
508,600
462,553
Other financial liabilities at fair value through profit or loss
2,418
2,223
Total debt instruments
511,018
464,776
Equity instruments
Financial liabilities from trading activities
Shares, listed
784
116
Total equity instruments
784
116
All financial liabilities at fair value through profit or loss,
except for Other financial liabilities at fair value through
profit or loss, are designated at fair value through profit or
loss on initial recognition because this significantly reduces
inconsistency in measurement or recognition.
Other financial liabilities at fair value through profit or loss
of \u20ac2.4\u00a0million comprise the contingent cash consideration
regarding the Accuro acquisition. For the contingent cash
consideration for Wilton Family Office, see \"Business
combination in 2025\".
We have issued debt instruments which are managed on the
basis of fair value, as this largely eliminates or reduces
inconsistencies in valuation and disclosure.
The cumulative change in the fair value of Financial liabilities
at fair value through profit or loss reflects changes in own
credit risk, the maturity of all unstructured debt
instruments, and the issuance of new structured debt
instruments. The effect of changes in own credit risk is
recognised in other comprehensive income.
The change in own credit risk amounted to a total of
\u20ac3.5\u00a0million negative (2024: \u20ac2.6 million negative) and was
mainly caused by a decline in the credit spread across the
entire curve compared with 2024.
16. Issued debt securities
Issued debt securities
2025
2024
Total
1,493,799
1,491,254
Covered bonds
1,498,466
1,496,977
Value adjustments fair value hedge accounting
-4,667
-5,724
Issued debt securities comprise debt instruments with
interest rates that are either fixed or variable, in so far as not
subordinated.
Face value versus carrying amount
The value adjustment of debt securities as a result of hedge
accounting is recognised under the line item Issued debt
securities.
Face value versus carrying amount of issued
debt securities at 31 December 2025
Face value
Value adjustments
fair value hedge
accounting
Premium/discount
Carrying amount
Total
1,500,000
-4,667
-1,534
1,493,799
Covered bond
1,500,000
-4,667
-1,534
1,493,799
Face value versus carrying amount of issued
debt securities at 31 December 2024
Face value
Value adjustments
fair value hedge
accounting
Premium/discount
Carrying amount
Total
1,500,000
-5,724
-3,023
1,491,254
Covered bond
1,500,000
-5,724
-3,023
1,491,254
20. Subordinated loans
Subordinated loans
2025
2024
Total
153,445
153,825
Certificates of indebtedness
153,445
153,825
Amortised cost versus carrying amount
The value adjustment of subordinated loans used as hedged
items is recognised under Subordinated loans.
Amortised cost versus carrying amount subordinated loans
at 31 December 2025
Amortised cost
Premium/
discount
Carrying
amount
Total
150,000
3,445
153,445
Inflation-linked subordinated bond 08/33
25,000
332
25,332
Inflation-linked subordinated bond 08/38
25,000
817
25,817
Inflation-linked subordinated bond 08/43
50,000
2,340
52,340
2.000% subordinated bond 03/32
50,000
-44
49,956
Amortised cost versus carrying amount subordinated loans
at 31 December 2024
Amortised cost
Premium/
discount
Carrying
amount
Total
150,000
3,825
153,825
Inflation-linked subordinated bond 08/33
25,000
457
25,457
Inflation-linked subordinated bond 08/38
25,000
924
25,924
Inflation-linked subordinated bond 08/43
50,000
2,525
52,525
2.000% subordinated bond 03/32
50,000
-81
49,919
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-614": { "value": "
3. Derivatives
Derivatives at 31 December 2025
Asset
Liability
Contract amount
Total
356,925
198,695
9,814,157
Derivatives used for trading purposes
Currency derivatives
201
194
43,054
Client option positions
78,417
78,417
619,235
Total derivatives used for trading purposes
78,618
78,611
662,289
Derivatives used for hedge accounting purposes
Derivatives: fair value hedge accounting
53,516
69,970
4,206,030
Derivatives: portfolio fair value hedge accounting
190,950
33,955
4,215,750
Total derivatives used for hedge accounting purposes
244,466
103,925
8,421,780
Other derivatives
Economic hedges
2,482
4,241
119,000
Structured product derivatives
31,359
11,919
611,088
Total other derivatives
33,841
16,159
730,088
Derivatives at 31 December 2024
Asset
Liability
Contract amount
Total
317,897
254,566
9,591,436
Derivatives used for trading purposes
Currency derivatives
141
141
13,303
Client option positions
53,361
53,361
592,998
Total derivatives used for trading purposes
53,502
53,501
606,300
Derivatives used for hedge accounting purposes
Derivatives: fair value hedge accounting
63,236
116,386
4,209,535
Derivatives: portfolio fair value hedge accounting
155,998
42,320
3,264,750
Total derivatives used for hedge accounting purposes
219,234
158,706
7,474,285
Other derivatives
Economic hedges
7,477
7,891
194,500
Structured product derivatives
37,685
34,467
1,316,350
Total other derivatives
45,162
42,358
1,510,850
We use derivatives for both trading and hedging purposes.
Note 3, Derivatives, shows both the positive and negative
market values of the derivatives, as well as their notional
values.
The following types of interest rate derivatives are used:
\u2013 Interest rate swaps;
\u2013 Interest rate options.
The following types of currency derivatives are used:
\u2013 Currency options;
\u2013 Currency forwards.
The following types of equity derivatives are used:
\u2013 Equity forwards;
\u2013 Futures;
\u2013 Long and short structured product options;
\u2013 Equity options;
\u2013 Equity swaps.
We use interest rate swaps as hedging instruments in our
hedge accounting. For a profile of the timing of the
contractual amount, see Table 8.1.A Contractual maturity of
assets and liabilities (page 178).
Ineffectiveness of derivatives for hedge accounting purposes
2025
2024
Fair value
Ineffective
Fair value
Ineffective
Total
140,541
1,078
60,527
1,121
Fair value hedge accounting model
-16,455
76
-53,150
470
Portfolio fair value hedge accounting model
156,995
1,001
113,677
651
Total ineffectiveness of hedge accounting
2025
2024
Fair value change of the hedged items
-78,717
59,314
Fair value change of the hedging instruments
79,795
58,193
Ineffectiveness
1,078
1,121
Hedged items included in the fair
value hedge relationship
Carrying amount of hedged items
Accumulated amount of fair value hedge
adjustments on the hedged item
included in the carrying amount of the
hedged item
Change in value of
the hedged item
used as the basis
for the
ineffectiveness for
the period
Asset
Liability
Asset
Liability
Hedged items at 31 December 2025
Interest rate risk
Loans and advances to the public and
private sectors
2,246,333
\u2014
-159,811
\u2014
-44,501
Financial assets at fair value through
other comprehensive income
2,678,537
\u2014
-10,823
\u2014
-33,573
Issued debt securities
\u2014
1,517,460
\u2014
-6,615
-643
Discontinued hedges
\u2014
\u2014
89,707
4,202
\u2014
Total
4,924,870
1,517,460
-80,927
-2,412
-78,717
Hedged items included in the fair
value hedge relationship
Carrying amount of hedged items
Accumulated amount of fair value hedge
adjustments on the hedged item
included in the carrying amount of the
hedged item
Change in value of
the hedged item
used as the basis
for the
ineffectiveness for
the period
Asset
Liability
Asset
Liability
Hedged items at 31 December 2024
Interest rate risk
Loans and advances to the public and
private sectors
2,045,434
-115,419
34,095
Financial assets at fair value through
other comprehensive income
2,719,522
-49,526
41,357
Issued debt securities
1,516,816
-7,258
-16,138
Discontinued hedges
84,123
17,537
Total
4,764,956
1,516,816
-80,822
10,279
59,314
The result of ineffectiveness is presented under line item\u00a0
Result on financial transactions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-613": { "value": "
3. Derivatives
Derivatives at 31 December 2025
Asset
Liability
Contract amount
Total
356,925
198,695
9,814,157
Derivatives used for trading purposes
Currency derivatives
201
194
43,054
Client option positions
78,417
78,417
619,235
Total derivatives used for trading purposes
78,618
78,611
662,289
Derivatives used for hedge accounting purposes
Derivatives: fair value hedge accounting
53,516
69,970
4,206,030
Derivatives: portfolio fair value hedge accounting
190,950
33,955
4,215,750
Total derivatives used for hedge accounting purposes
244,466
103,925
8,421,780
Other derivatives
Economic hedges
2,482
4,241
119,000
Structured product derivatives
31,359
11,919
611,088
Total other derivatives
33,841
16,159
730,088
Derivatives at 31 December 2024
Asset
Liability
Contract amount
Total
317,897
254,566
9,591,436
Derivatives used for trading purposes
Currency derivatives
141
141
13,303
Client option positions
53,361
53,361
592,998
Total derivatives used for trading purposes
53,502
53,501
606,300
Derivatives used for hedge accounting purposes
Derivatives: fair value hedge accounting
63,236
116,386
4,209,535
Derivatives: portfolio fair value hedge accounting
155,998
42,320
3,264,750
Total derivatives used for hedge accounting purposes
219,234
158,706
7,474,285
Other derivatives
Economic hedges
7,477
7,891
194,500
Structured product derivatives
37,685
34,467
1,316,350
Total other derivatives
45,162
42,358
1,510,850
We use derivatives for both trading and hedging purposes.
Note 3, Derivatives, shows both the positive and negative
market values of the derivatives, as well as their notional
values.
The following types of interest rate derivatives are used:
\u2013 Interest rate swaps;
\u2013 Interest rate options.
The following types of currency derivatives are used:
\u2013 Currency options;
\u2013 Currency forwards.
The following types of equity derivatives are used:
\u2013 Equity forwards;
\u2013 Futures;
\u2013 Long and short structured product options;
\u2013 Equity options;
\u2013 Equity swaps.
We use interest rate swaps as hedging instruments in our
hedge accounting. For a profile of the timing of the
contractual amount, see Table 8.1.A Contractual maturity of
assets and liabilities (page 178).
Ineffectiveness of derivatives for hedge accounting purposes
2025
2024
Fair value
Ineffective
Fair value
Ineffective
Total
140,541
1,078
60,527
1,121
Fair value hedge accounting model
-16,455
76
-53,150
470
Portfolio fair value hedge accounting model
156,995
1,001
113,677
651
Total ineffectiveness of hedge accounting
2025
2024
Fair value change of the hedged items
-78,717
59,314
Fair value change of the hedging instruments
79,795
58,193
Ineffectiveness
1,078
1,121
Hedged items included in the fair
value hedge relationship
Carrying amount of hedged items
Accumulated amount of fair value hedge
adjustments on the hedged item
included in the carrying amount of the
hedged item
Change in value of
the hedged item
used as the basis
for the
ineffectiveness for
the period
Asset
Liability
Asset
Liability
Hedged items at 31 December 2025
Interest rate risk
Loans and advances to the public and
private sectors
2,246,333
\u2014
-159,811
\u2014
-44,501
Financial assets at fair value through
other comprehensive income
2,678,537
\u2014
-10,823
\u2014
-33,573
Issued debt securities
\u2014
1,517,460
\u2014
-6,615
-643
Discontinued hedges
\u2014
\u2014
89,707
4,202
\u2014
Total
4,924,870
1,517,460
-80,927
-2,412
-78,717
Hedged items included in the fair
value hedge relationship
Carrying amount of hedged items
Accumulated amount of fair value hedge
adjustments on the hedged item
included in the carrying amount of the
hedged item
Change in value of
the hedged item
used as the basis
for the
ineffectiveness for
the period
Asset
Liability
Asset
Liability
Hedged items at 31 December 2024
Interest rate risk
Loans and advances to the public and
private sectors
2,045,434
-115,419
34,095
Financial assets at fair value through
other comprehensive income
2,719,522
-49,526
41,357
Issued debt securities
1,516,816
-7,258
-16,138
Discontinued hedges
84,123
17,537
Total
4,764,956
1,516,816
-80,822
10,279
59,314
The result of ineffectiveness is presented under line item\u00a0
Result on financial transactions.
\"\"
4. Financial assets at fair value through
profit or loss
Financial assets at fair value through profit or loss
2025
2024
Total
186,850
272,494
Debt instruments
Financial assets from trading activities (FVPL)
Structured debt instruments
0
0
Financial assets at fair value through profit or loss
Government and government-guaranteed bonds
63,432
45,621
Sovereign, supranationals and agencies (SSA) bonds
55,879
80,686
Covered bonds
\u2014
69,936
Puttable investment funds
54,615
59,358
Company cumprefs (shareholdings) (FVPL mandatory)
\u2014
1,238
Total debt instruments
173,926
256,838
Equity instruments
Financial assets from trading activities (FVPL)
Shares, listed
6,236
8,787
Shares, unlisted
8
10
Financial assets at fair value through profit or loss
Shares, unlisted (FVPL mandatory)
6,680
6,859
Total equity instruments
12,924
15,656
Company cumprefs (shareholdings) and equity instruments
are mandatorily measured at fair value because they do not
meet the SPPI test. The other assets are designated at fair
value through profit or loss, as this significantly reduces
inconsistency in measurement and/or recognition.
The maximum credit risk to which we were exposed in the
reporting period is equal to the carrying amount.
Changes in financial assets at fair value through profit or loss 2
2025
2024
At 1 January
263,696
219,681
Purchases
22,392
71,048
Sales
-106,956
-32,434
Redemptions
\u2014
\u2014
Value changes
869
4,847
Amortisation
603
554
At 31 December
180,605
263,696
5. Financial assets at fair value through
other comprehensive income
Financial assets at fair value through other comprehensive income
2025
2024
Fair value
Face value
Fair value
Face value
Total
3,088,775
3,154,154
2,991,140
3,047,101
Government and government-guaranteed bonds
915,102
951,800
746,789
768,800
Sovereign, supranationals and agencies (SSA) bonds
1,087,831
1,116,530
1,115,129
1,146,523
Covered bonds
884,813
885,000
890,680
893,585
Residential mortgage-backed securities
201,029
200,824
238,543
238,193
Changes in face value of Financial assets at fair value through other comprehensive income
2025
2024
At 1 January
3,047,101
2,260,442
Additions or releases without transfer
-450,647
-426,941
Financial assets originated or purchased
557,700
1,213,600
At 31 December
3,154,154
3,047,101
Changes in Financial assets at fair value through other comprehensive income
2025
2024
At 1 January
2,991,140
2,208,514
Purchases
545,043
1,174,019
Sales
-352,657
-211,304
Redemptions
-98,354
-216,941
Value changes
-9,932
28,300
Amortisation
13,534
8,552
At 31 December
3,088,774
2,991,140
The change in loss allowance for financial assets at fair value
through other comprehensive income is recognised in Other
comprehensive income and does not reduce the carrying
amount of the financial asset.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-616": { "value": "
We use derivatives for both trading and hedging purposes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-618": { "value": "
4. Financial assets at fair value through
profit or loss
Financial assets at fair value through profit or loss
2025
2024
Total
186,850
272,494
Debt instruments
Financial assets from trading activities (FVPL)
Structured debt instruments
0
0
Financial assets at fair value through profit or loss
Government and government-guaranteed bonds
63,432
45,621
Sovereign, supranationals and agencies (SSA) bonds
55,879
80,686
Covered bonds
\u2014
69,936
Puttable investment funds
54,615
59,358
Company cumprefs (shareholdings) (FVPL mandatory)
\u2014
1,238
Total debt instruments
173,926
256,838
Equity instruments
Financial assets from trading activities (FVPL)
Shares, listed
6,236
8,787
Shares, unlisted
8
10
Financial assets at fair value through profit or loss
Shares, unlisted (FVPL mandatory)
6,680
6,859
Total equity instruments
12,924
15,656
Company cumprefs (shareholdings) and equity instruments
are mandatorily measured at fair value because they do not
meet the SPPI test. The other assets are designated at fair
value through profit or loss, as this significantly reduces
inconsistency in measurement and/or recognition.
The maximum credit risk to which we were exposed in the
reporting period is equal to the carrying amount.
Changes in financial assets at fair value through profit or loss 2
2025
2024
At 1 January
263,696
219,681
Purchases
22,392
71,048
Sales
-106,956
-32,434
Redemptions
\u2014
\u2014
Value changes
869
4,847
Amortisation
603
554
At 31 December
180,605
263,696
15. Financial liabilities at fair value through
profit or loss
Financial liabilities at fair value through profit or loss
2025
2024
Total
511,802
464,891
Debt instruments
Financial liabilities at fair value through profit or loss
Unstructured debt instruments
\u2014
\u2014
Structured debt instruments
508,600
462,553
Other financial liabilities at fair value through profit or loss
2,418
2,223
Total debt instruments
511,018
464,776
Equity instruments
Financial liabilities from trading activities
Shares, listed
784
116
Total equity instruments
784
116
All financial liabilities at fair value through profit or loss,
except for Other financial liabilities at fair value through
profit or loss, are designated at fair value through profit or
loss on initial recognition because this significantly reduces
inconsistency in measurement or recognition.
Other financial liabilities at fair value through profit or loss
of \u20ac2.4\u00a0million comprise the contingent cash consideration
regarding the Accuro acquisition. For the contingent cash
consideration for Wilton Family Office, see \"Business
combination in 2025\".
We have issued debt instruments which are managed on the
basis of fair value, as this largely eliminates or reduces
inconsistencies in valuation and disclosure.
The cumulative change in the fair value of Financial liabilities
at fair value through profit or loss reflects changes in own
credit risk, the maturity of all unstructured debt
instruments, and the issuance of new structured debt
instruments. The effect of changes in own credit risk is
recognised in other comprehensive income.
The change in own credit risk amounted to a total of
\u20ac3.5\u00a0million negative (2024: \u20ac2.6 million negative) and was
mainly caused by a decline in the credit spread across the
entire curve compared with 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-617": { "value": "
4. Financial assets at fair value through
profit or loss
Financial assets at fair value through profit or loss
2025
2024
Total
186,850
272,494
Debt instruments
Financial assets from trading activities (FVPL)
Structured debt instruments
0
0
Financial assets at fair value through profit or loss
Government and government-guaranteed bonds
63,432
45,621
Sovereign, supranationals and agencies (SSA) bonds
55,879
80,686
Covered bonds
\u2014
69,936
Puttable investment funds
54,615
59,358
Company cumprefs (shareholdings) (FVPL mandatory)
\u2014
1,238
Total debt instruments
173,926
256,838
Equity instruments
Financial assets from trading activities (FVPL)
Shares, listed
6,236
8,787
Shares, unlisted
8
10
Financial assets at fair value through profit or loss
Shares, unlisted (FVPL mandatory)
6,680
6,859
Total equity instruments
12,924
15,656
Company cumprefs (shareholdings) and equity instruments
are mandatorily measured at fair value because they do not
meet the SPPI test. The other assets are designated at fair
value through profit or loss, as this significantly reduces
inconsistency in measurement and/or recognition.
The maximum credit risk to which we were exposed in the
reporting period is equal to the carrying amount.
Changes in financial assets at fair value through profit or loss 2
2025
2024
At 1 January
263,696
219,681
Purchases
22,392
71,048
Sales
-106,956
-32,434
Redemptions
\u2014
\u2014
Value changes
869
4,847
Amortisation
603
554
At 31 December
180,605
263,696
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-619": { "value": "
6. Loans and advances to the public and
private sectors
Loans and advances to the public and private sectors
2025
2024
Total
9,605,107
9,331,093
Mortgage loans
6,948,708
6,844,833
Loans3
1,442,084
1,392,120
Current accounts
425,036
419,662
Securities-backed loans and settlement receivables3
993,038
825,257
Subordinated loans
3,479
3,479
Value adjustments fair value hedge accounting
-180,703
-119,174
Loss allowance for expected credit losses
-26,534
-35,084
Loss allowance for expected credit losses
2025
2024
Total
-26,534
-35,084
Mortgage loans
-3,630
-3,516
Current accounts
-16,574
-17,171
Other loans and advances
-6,330
-14,397
For more information, see \"Risk management\", under 3.8,
Loss allowance for expected credit losses.
Changes in gross carrying amount of Loans and advances
to the public and private sectors
Stage 1
Stage 2
Stage 3
Total
At 1 January 2025
8,543,086
1,080,263
106,780
9,730,128
Additions or releases without transfer
-973,036
-687,408
-37,365
-1,697,808
Transfer to Stage 1
921,266
-916,953
-9,246
-4,933
Transfer to Stage 2
-1,715,464
1,726,687
-14,244
-3,021
Transfer to Stage 3
-40,454
-12,784
48,560
-4,679
Financial assets originated or purchased
2,165,063
\u2014
\u2014
2,165,063
Amounts written off
\u2014
\u2014
-5,506
-5,506
At 31 December 2025
8,900,460
1,189,804
88,979
10,179,244
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
3 We have changed the presentation. Lombard loans have been reclassified from Loans to Security\u2011backed loans and settlement receivables to better reflect the
\u00a0 underlying collateral. This reclassification resulted in an impact of approximately \u20ac534 million on the 2024 comparative figures. The comparative figure for 2024 has
\u00a0 been adjusted accordingly.
Changes in gross carrying amount of Loans and advances
to the public and private sectors
Stage 1
Stage 2
Stage 3
Total
At 1 January 2024
7,971,984
1,568,936
126,779
9,667,699
Additions or releases without transfer
-2,530,827
828,163
-47,638
-1,750,302
Transfer to Stage 1
4,169,441
-4,182,728
-7,387
-20,673
Transfer to Stage 2
-2,917,432
2,888,423
-4,617
-33,625
Transfer to Stage 3
-19,276
-22,532
41,742
-65
Financial assets originated or purchased
1,869,195
\u2014
\u2014
1,869,195
Amounts written off
\u2014
\u2014
-2,100
-2,100
At 31 December 2024
8,543,086
1,080,263
106,780
9,730,128
See \u201cRisk management\u201d, under Note 3, Credit risk for more
information about Loans and advances to the public and
private sectors.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-621": { "value": "
8. Investments in associates using the equity
method
Changes in associates using the equity method
2025
2024
At 1 January
117,557
110,890
Acquisitions and contributions
4,193
5,060
Sales and repayments
-9,293
-3,076
Income from associates
6,923
6,334
Dividend received
-24
-1,393
Other changes
719
-258
At 31 December
120,075
117,557
All associates valued using the equity method are unlisted
investments. See also Note 23, Income from securities and
associates.
23. Income from securities and associates
Income from securities and associates
2025
2024
Total
15,193
18,352
Income from associates using the equity method
2,704
6,334
Realised result of associates using the equity method
4,220
79
Realised and unrealised gains/losses on investments at fair value through profit or loss
3,192
6,208
Other gains/losses on sales
5,077
5,731
Income from securities and associates decreased by
\u20ac3.2\u00a0million, despite the sale of OGD Holding (\u20ac4.2 million
positive). The fall was mainly due to lower income from
associates and a decline in dividends received.
Associates
Investments in associates using the equity method
As part of our investment policy, we invest in medium-sized
companies in the Netherlands, only holding minority
interests. These investments are classified as investments in
associates using the equity method.
The table below shows the largest investments in associates
based on the carrying amount.
In 2025, we sold our interest in OGD Holding BV (31.3%). In
2024, no investments were sold; see Note 23, Income from
securities and associates.
Name
Activities
Head office
Interest
Bolster Investments
Co\u00f6peratief UA
Bolster Investments Co\u00f6peratief UA is an investment fund managed
by Bolster Investment Partners BV. A flexible, long-term investor,
Bolster Investment Partners specialises in partnerships with
entrepreneur-led and family-owned businesses through minority and
majority interests.
Amsterdam
29.75%
Bolster Investments II
Co\u00f6peratief UA
Bolster Investments II Co\u00f6peratief UA is an investment fund,
managed by Bolster Investment Partners BV. A flexible, long-term
investor, Bolster Investment Partners specialises in partnerships with
entrepreneur-led and family-owned businesses through minority and
majority interests.
Amsterdam
22.00%
Langosta BV
Langosta participates in financing companies.
Amsterdam
47.74%
Ploeger Oxbo Holding BV
Ploeger Oxbo develops, manufactures and sells a wide range of
specialist harvesting equipment to customers across the world.
Roosendaal
11.83%
Tecnotion Investment BV
Tecnotion designs, produces and sells linear motors across the world,
to the semiconductor, electronics, LCD, automotive and robotics
industries among other sectors.
Almelo
38.00%
The interest of 11.83% in Ploeger Oxbo Holding BV is
classified as an associate because Van Lanschot Kempen
exercises significant influence through its governance and
oversight rights.
Aggregated financial information of associates for
which Van Lanschot Kempen applies the equity
method (\u20ac1,000)
2025
2024
Associates,
equity method
Attributable to
Van Lanschot
Kempen
Associates,
equity method
Attributable to
Van Lanschot
Kempen
Total
403,161
116,107
367,205
110,892
Current assets
198,929
29,823
261,316
40,444
Non-current assets
545,524
107,615
530,779
102,946
Current liabilities
-55,492
-8,781
-101,551
-18,156
Non-current liabilities
-285,800
-37,969
-323,339
-43,559
Goodwill
23,643
17,541
Impairments
\u2014
\u2014
Other
1,776
11,676
Other financial information
Dividend received
50
24
3,501
1,393
Income from operational activities
15,613
2,974
32,469
6,638
Share of net income
28,311
6,923
21,306
6,334
Unrecognised share of losses
343
117
343
117
Comprehensive income
\u2014
\u2014
\u2014
The table below shows the income and expenses that we
report for associates using the equity method in the
statement of income and the positions included in the
statement of financial position, as well as commitments
given at year-end in respect of these entities.
Transactions with Investments in associates using the equity method (\u20ac1,000)
2025
2024
Income
\u2014
\u2014
Amount payable
225
1,361
Commitments
16,415
20,595
Loans granted to entities in which we exercise significant
influence but do not have decisive control are granted on
market terms and secured on collateral provided. No
impairments were applied to the receivables in either 2025
or 2024.
Van Lanschot Kempen Participaties
Investments using the equity method held by Van\u00a0Lanschot
Kempen Participaties are managed by Bolster Investment
Partners. Van\u00a0Lanschot Kempen Participaties invests in a
portfolio of equity funds. In addition, one of the portfolio
companies issued cumulative preference shares. Moreover,
a subordinated loan has been issued to one of the portfolio
companies.
The table below shows Van Lanschot Kempen Participaties\u2019
financial impact on the consolidated statement of financial
position and statement of income. The table does not include
information about controlling interests.
Van Lanschot Kempen Participaties at 31 December 2025 (\u20ac1,000)
Investment activity
Item
Carrying
value
Interest
Income from
securities
and associates
Impairments
Total
Direct investment
Investment in associates
using the equity method
27,974
\u2014
2,178
\u2014
2,178
Shareholdings
Financial assets at fair
value through profit or loss
\u2014
62
\u2014
\u2014
62
Subordinated loans
Loans and advances to the
public and private sectors
3,479
\u2014
\u2014
\u2014
\u2014
Fund investment
Financial assets at fair
value through profit or loss
277
\u2014
378
\u2014
378
Total
31,730
62
2,556
\u2014
2,618
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-620": { "value": "
8. Investments in associates using the equity
method
Changes in associates using the equity method
2025
2024
At 1 January
117,557
110,890
Acquisitions and contributions
4,193
5,060
Sales and repayments
-9,293
-3,076
Income from associates
6,923
6,334
Dividend received
-24
-1,393
Other changes
719
-258
At 31 December
120,075
117,557
All associates valued using the equity method are unlisted
investments. See also Note 23, Income from securities and
associates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-622": { "value": "
9. Property and equipment
Property and equipment
2025
2024
Total
116,763
71,462
Buildings
16,922
19,707
Right-of-use \u2013 buildings
78,694
29,413
Right-of-use \u2013 transport equipment
10,716
12,883
IT, operating system software and communications equipment
3,217
3,747
Other assets
4,210
4,104
Work in progress
3,004
1,607
Lease liabilities amounted to \u20ac94.4 million at year-end 2025
(2024: \u20ac45.2\u00a0million) and are included in Other liabilities.
As of 1 June 2025, our new office in Amsterdam was
recognised in the statement of financial position. This is
captured in the line item Right-of-use \u2013 buildings and is the
main driver of the increase. This effect is likewise observable
in the lease liability and in the corresponding deferred tax
asset and liability balances. Implementation of a dedicated
IFRS 16 tool revealed an historic depreciation error, which we
corrected in 2025 through a non\u2011material prior\u2011period
adjustment, ensuring full alignment with IFRS 16 going
forward. This is presented under Other changes.
Changes in property and equipment in
2025
Buildings
Right-of-use
\u2013 buildings
Right-of-use
\u2013 transport
equipment
IT, operating
system
software and
communica-
tions
equipment
Other assets
Work in
progress
Total
At 1 January
19,707
29,413
12,883
3,747
4,104
1,607
71,462
Additions
2,666
60,725
5,325
1,591
638
1,397
72,343
Disposals
-1,778
-845
-1,320
\u2014
\u2014
\u2014
-3,943
Capitalisation of investments
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Depreciation
-3,674
-12,682
-4,428
-2,181
-532
\u2014
-23,497
Other changes
\u2014
2,082
-1,744
60
\u2014
\u2014
398
At 31 December
16,922
78,694
10,716
3,217
4,210
3,004
116,763
Historical cost
37,506
141,551
20,720
14,660
9,563
3,004
227,004
Accumulated depreciation and
impairments
-20,584
-62,857
-10,004
-11,443
-5,353
\u2014
-110,241
Net carrying amount at 31 December
16,922
78,694
10,716
3,217
4,210
3,004
116,763
Changes in property and equipment in
2024
Buildings
Right-of-use
\u2013 buildings
Right-of-use
\u2013 transport
equipment
IT, operating
system
software and
communica-
tions
equipment
Other assets
Work in
progress
Total
At 1 January
19,326
30,139
5,966
4,573
4,117
1,038
65,159
Additions
3,482
8,526
11,140
1,349
1,697
569
26,762
Disposals
-1,325
\u2014
\u2014
\u2014
-1,213
\u2014
-2,538
Capitalisation of investments
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Depreciation
-1,776
-9,252
-4,223
-2,175
-497
\u2014
-17,922
At 31 December
19,707
29,413
12,883
3,747
4,104
1,607
71,462
Historical cost
38,469
41,579
17,105
14,810
8,063
1,607
121,634
Accumulated depreciation and
impairments
-18,762
-12,165
-4,223
-11,063
-3,959
\u2014
-50,172
Net carrying amount at 31 December
19,707
29,413
12,883
3,747
4,104
1,607
71,462
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-623": { "value": "
Property and equipment
2025
2024
Total
116,763
71,462
Buildings
16,922
19,707
Right-of-use \u2013 buildings
78,694
29,413
Right-of-use \u2013 transport equipment
10,716
12,883
IT, operating system software and communications equipment
3,217
3,747
Other assets
4,210
4,104
Work in progress
3,004
1,607
Lease liabilities amounted to \u20ac94.4 million at year-end 2025
(2024: \u20ac45.2\u00a0million) and are included in Other liabilities.
As of 1 June 2025, our new office in Amsterdam was
recognised in the statement of financial position. This is
captured in the line item Right-of-use \u2013 buildings and is the
main driver of the increase. This effect is likewise observable
in the lease liability and in the corresponding deferred tax
asset and liability balances. Implementation of a dedicated
IFRS 16 tool revealed an historic depreciation error, which we
corrected in 2025 through a non\u2011material prior\u2011period
adjustment, ensuring full alignment with IFRS 16 going
forward. This is presented under Other changes.
Changes in property and equipment in
2025
Buildings
Right-of-use
\u2013 buildings
Right-of-use
\u2013 transport
equipment
IT, operating
system
software and
communica-
tions
equipment
Other assets
Work in
progress
Total
At 1 January
19,707
29,413
12,883
3,747
4,104
1,607
71,462
Additions
2,666
60,725
5,325
1,591
638
1,397
72,343
Disposals
-1,778
-845
-1,320
\u2014
\u2014
\u2014
-3,943
Capitalisation of investments
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Depreciation
-3,674
-12,682
-4,428
-2,181
-532
\u2014
-23,497
Other changes
\u2014
2,082
-1,744
60
\u2014
\u2014
398
At 31 December
16,922
78,694
10,716
3,217
4,210
3,004
116,763
Historical cost
37,506
141,551
20,720
14,660
9,563
3,004
227,004
Accumulated depreciation and
impairments
-20,584
-62,857
-10,004
-11,443
-5,353
\u2014
-110,241
Net carrying amount at 31 December
16,922
78,694
10,716
3,217
4,210
3,004
116,763
Changes in property and equipment in
2024
Buildings
Right-of-use
\u2013 buildings
Right-of-use
\u2013 transport
equipment
IT, operating
system
software and
communica-
tions
equipment
Other assets
Work in
progress
Total
At 1 January
19,326
30,139
5,966
4,573
4,117
1,038
65,159
Additions
3,482
8,526
11,140
1,349
1,697
569
26,762
Disposals
-1,325
\u2014
\u2014
\u2014
-1,213
\u2014
-2,538
Capitalisation of investments
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Depreciation
-1,776
-9,252
-4,223
-2,175
-497
\u2014
-17,922
At 31 December
19,707
29,413
12,883
3,747
4,104
1,607
71,462
Historical cost
38,469
41,579
17,105
14,810
8,063
1,607
121,634
Accumulated depreciation and
impairments
-18,762
-12,165
-4,223
-11,063
-3,959
\u2014
-50,172
Net carrying amount at 31 December
19,707
29,413
12,883
3,747
4,104
1,607
71,462
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-626": { "value": "
10. Goodwill and other intangible assets
Goodwill and other intangible assets
2025
2024
Total
306,459
308,880
Goodwill
190,227
184,070
Other intangible assets
116,232
124,810
The carrying amounts of goodwill arising from
acquisitions\u00a0and other intangible assets are presented in
the\u00a0table above.
Changes in goodwill and other intangible assets in 2025
Goodwill
Client
relationships
Brand
names
Carbon
credits
Application
software
Total
At 1 January
184,070
115,459
4,046
1,477
3,827
308,880
Additions acquired through business combinations
6,156
5,664
\u2014
\u2014
\u2014
11,820
Amortisation
\u2014
-11,060
-2,007
-80
-1,094
-14,242
At 31 December
190,227
110,063
2,039
1,398
2,732
306,459
Historical cost
190,227
187,328
21,897
1,597
9,584
410,633
Accumulated amortisation and impairments
\u2014
-77,266
-19,858
-200
-6,851
-104,174
Net carrying amount at 31 December
190,227
110,063
2,039
1,398
2,732
306,459
The additions to goodwill and client relationships are due
to\u00a0the acquisition of Wilton Family Office in the second half
of 2025; see \u201cBusiness combination in 2025\u201d.
Changes in goodwill and other intangible assets in 2024
Goodwill
Client
relationships
Brand
names
Carbon
credits
Application
software
Total
At 1 January
179,363
121,134
6,054
1,557
4,941
313,049
Additions acquired through business combinations
4,707
7,479
\u2014
\u2014
\u2014
12,186
Amortisation
\u2014
-13,154
-2,007
-80
-1,114
-16,355
At 31 December
184,070
115,459
4,046
1,477
3,827
308,880
Historical cost
184,070
181,664
21,897
1,597
9,584
398,812
Accumulated amortisation and impairments
\u2014
-66,205
-17,850
-120
-5,757
-89,932
Net carrying amount at 31 December
184,070
115,459
4,046
1,477
3,827
308,880
We have defined five CGUs, namely Private Clients
Netherlands, Private Clients Belgium, Investment
Management Clients, Investment Banking Clients, and
Other. These correspond to our operating segments (see
\"Segment information\"). The following table shows the
allocation of goodwill to the different CGUs (no goodwill was
allocated to Other). For the performance of the underlying
CGUs, see \"Financial performance\".
Allocation of goodwill to CGUs
2025
2024
Total
190,227
184,070
Private Clients Netherlands
46,656
40,499
Private Clients Belgium
81,391
81,391
Investment Management Clients
20,888
20,888
Investment Banking Clients
41,293
41,293
Methodology
We carried out our annual impairment test on goodwill. To
determine whether an impairment is necessary, the
recoverable amount of each CGU or group of CGUs is
compared with its carrying amount. In line with IFRS
Accounting Standards, the recoverable amount is
determined as the higher of the fair value less costs of
disposal (FVLCOD) and value in use (ViU). If either of these
amounts exceeds the carrying amount, an impairment is not
necessary and the other value does not have to be
calculated.
Value in use
The ViU calculation uses equity cash flow projections for
each CGU or group of CGUs for a five-year period. These
projections are based on 2025 and on the financial estimates
for the years 2026 until 2029 used by management in its
strategic forecast at the end of 2025. For the period after
the explicit projections per CGU, the growth rate is set at the
long-term market growth rate of 2.0%. This growth rate
applies to all CGUs, as in the long term all CGUs will be
impacted by the same economic market developments. The
rate is based on our own projections and on wealth
management market projections by market experts. The
discounted cash flow model uses one baseline scenario.
Management has compared the main assumptions with
market forecasts and expectations. Cash flow estimates are
based on our strategic plans and on potential future trends.
Events and factors that could have a significant impact on
estimates include stock and bond market developments,
effects of mergers and acquisitions, competitive conditions,
client behaviour and changes in client relationships, cost
structure, trends in inflation, interest rates and risks, and
other circumstances specific to the industry and sector.
Equity cash flows are discounted using a cost of equity for
each CGU that reflects the risk-free interest rate,
supplemented with a surcharge for the market risk exposure
of the CGU or group of CGUs, and a small-firm premium.
Fair value less costs of disposal
The FVLCOD method uses the market price at valuation
date of our peer group within the segment, and their average
earnings for a five-year reference period are used to
calculate the price-earnings (PE) multiple. The recoverable
amount is calculated using the median price-earnings ratio
and the average earnings of the CGU over a five-year period,
including projections based on management\u2019s strategic
forecast.
CGU
Method used for
recoverable amount
Discount rate after tax %
PE multiple
2025
2024
2025
2024
2025
2024
Private Clients Netherlands
ViU
ViU
8.7
10.7
n/a
n/a
Private Clients Belgium
ViU
ViU
8.7
10.7
n/a
n/a
Investment Management Clients
ViU
ViU
11.2
12.2
n/a
n/a
Investment Banking Clients
ViU
ViU
10.3
11.2
n/a
n/a
The impairment test performed in 2025 did not result in
goodwill impairments. Based on the ViU calculation and the
headroom for all CGUs with allocated goodwill, we did not
see reason to use the FVLCOD calculation for 2025. The
sensitivity analysis in the table below supports this
conclusion. For the CGUs with allocated goodwill, a
sensitivity analysis was carried out on the baseline scenario
with particular attention to changes in long-term growth, the
discount rate and the long-term EBIT margin.
In addition, an annual test is carried out for indications of
impairment of other intangible assets with a finite useful life.
The acquired brand names are still active and no objective
indication for impairment was apparent at year-end 2025
and year-end 2024. For the line item Client relationships,
changes in the AuM volume are assessed. The useful life
tests carried out in 2025 and 2024 provided no indication of
a need for further examination. Consequently, no
impairment is recognised for other intangible assets.
Sensitivity analysis value in use method
Change required in each key assumption for headroom to
equal zero, in percentage points
Headroom with
terminal growth rate
at 0%
Headroom
Net profit margin
Cost of equity
Private Clients Netherlands
1,248
-27.6%
14.1%
991
Private Clients Belgium
761
-44.1%
21.1%
603
Investment Management Clients
265
-24.4%
23.5%
223
Investment Banking Clients
38
-9.5%
4.3%
29
Expected amortisation of intangible assets
2026
2027
2028
2029
2030
2031\u201343
Total
14,039
12,724
12,178
11,631
11,631
54,030
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-625": { "value": "
10. Goodwill and other intangible assets
Goodwill and other intangible assets
2025
2024
Total
306,459
308,880
Goodwill
190,227
184,070
Other intangible assets
116,232
124,810
The carrying amounts of goodwill arising from
acquisitions\u00a0and other intangible assets are presented in
the\u00a0table above.
Changes in goodwill and other intangible assets in 2025
Goodwill
Client
relationships
Brand
names
Carbon
credits
Application
software
Total
At 1 January
184,070
115,459
4,046
1,477
3,827
308,880
Additions acquired through business combinations
6,156
5,664
\u2014
\u2014
\u2014
11,820
Amortisation
\u2014
-11,060
-2,007
-80
-1,094
-14,242
At 31 December
190,227
110,063
2,039
1,398
2,732
306,459
Historical cost
190,227
187,328
21,897
1,597
9,584
410,633
Accumulated amortisation and impairments
\u2014
-77,266
-19,858
-200
-6,851
-104,174
Net carrying amount at 31 December
190,227
110,063
2,039
1,398
2,732
306,459
The additions to goodwill and client relationships are due
to\u00a0the acquisition of Wilton Family Office in the second half
of 2025; see \u201cBusiness combination in 2025\u201d.
Changes in goodwill and other intangible assets in 2024
Goodwill
Client
relationships
Brand
names
Carbon
credits
Application
software
Total
At 1 January
179,363
121,134
6,054
1,557
4,941
313,049
Additions acquired through business combinations
4,707
7,479
\u2014
\u2014
\u2014
12,186
Amortisation
\u2014
-13,154
-2,007
-80
-1,114
-16,355
At 31 December
184,070
115,459
4,046
1,477
3,827
308,880
Historical cost
184,070
181,664
21,897
1,597
9,584
398,812
Accumulated amortisation and impairments
\u2014
-66,205
-17,850
-120
-5,757
-89,932
Net carrying amount at 31 December
184,070
115,459
4,046
1,477
3,827
308,880
We have defined five CGUs, namely Private Clients
Netherlands, Private Clients Belgium, Investment
Management Clients, Investment Banking Clients, and
Other. These correspond to our operating segments (see
\"Segment information\"). The following table shows the
allocation of goodwill to the different CGUs (no goodwill was
allocated to Other). For the performance of the underlying
CGUs, see \"Financial performance\".
Allocation of goodwill to CGUs
2025
2024
Total
190,227
184,070
Private Clients Netherlands
46,656
40,499
Private Clients Belgium
81,391
81,391
Investment Management Clients
20,888
20,888
Investment Banking Clients
41,293
41,293
Methodology
We carried out our annual impairment test on goodwill. To
determine whether an impairment is necessary, the
recoverable amount of each CGU or group of CGUs is
compared with its carrying amount. In line with IFRS
Accounting Standards, the recoverable amount is
determined as the higher of the fair value less costs of
disposal (FVLCOD) and value in use (ViU). If either of these
amounts exceeds the carrying amount, an impairment is not
necessary and the other value does not have to be
calculated.
Value in use
The ViU calculation uses equity cash flow projections for
each CGU or group of CGUs for a five-year period. These
projections are based on 2025 and on the financial estimates
for the years 2026 until 2029 used by management in its
strategic forecast at the end of 2025. For the period after
the explicit projections per CGU, the growth rate is set at the
long-term market growth rate of 2.0%. This growth rate
applies to all CGUs, as in the long term all CGUs will be
impacted by the same economic market developments. The
rate is based on our own projections and on wealth
management market projections by market experts. The
discounted cash flow model uses one baseline scenario.
Management has compared the main assumptions with
market forecasts and expectations. Cash flow estimates are
based on our strategic plans and on potential future trends.
Events and factors that could have a significant impact on
estimates include stock and bond market developments,
effects of mergers and acquisitions, competitive conditions,
client behaviour and changes in client relationships, cost
structure, trends in inflation, interest rates and risks, and
other circumstances specific to the industry and sector.
Equity cash flows are discounted using a cost of equity for
each CGU that reflects the risk-free interest rate,
supplemented with a surcharge for the market risk exposure
of the CGU or group of CGUs, and a small-firm premium.
Fair value less costs of disposal
The FVLCOD method uses the market price at valuation
date of our peer group within the segment, and their average
earnings for a five-year reference period are used to
calculate the price-earnings (PE) multiple. The recoverable
amount is calculated using the median price-earnings ratio
and the average earnings of the CGU over a five-year period,
including projections based on management\u2019s strategic
forecast.
CGU
Method used for
recoverable amount
Discount rate after tax %
PE multiple
2025
2024
2025
2024
2025
2024
Private Clients Netherlands
ViU
ViU
8.7
10.7
n/a
n/a
Private Clients Belgium
ViU
ViU
8.7
10.7
n/a
n/a
Investment Management Clients
ViU
ViU
11.2
12.2
n/a
n/a
Investment Banking Clients
ViU
ViU
10.3
11.2
n/a
n/a
The impairment test performed in 2025 did not result in
goodwill impairments. Based on the ViU calculation and the
headroom for all CGUs with allocated goodwill, we did not
see reason to use the FVLCOD calculation for 2025. The
sensitivity analysis in the table below supports this
conclusion. For the CGUs with allocated goodwill, a
sensitivity analysis was carried out on the baseline scenario
with particular attention to changes in long-term growth, the
discount rate and the long-term EBIT margin.
In addition, an annual test is carried out for indications of
impairment of other intangible assets with a finite useful life.
The acquired brand names are still active and no objective
indication for impairment was apparent at year-end 2025
and year-end 2024. For the line item Client relationships,
changes in the AuM volume are assessed. The useful life
tests carried out in 2025 and 2024 provided no indication of
a need for further examination. Consequently, no
impairment is recognised for other intangible assets.
Sensitivity analysis value in use method
Change required in each key assumption for headroom to
equal zero, in percentage points
Headroom with
terminal growth rate
at 0%
Headroom
Net profit margin
Cost of equity
Private Clients Netherlands
1,248
-27.6%
14.1%
991
Private Clients Belgium
761
-44.1%
21.1%
603
Investment Management Clients
265
-24.4%
23.5%
223
Investment Banking Clients
38
-9.5%
4.3%
29
Expected amortisation of intangible assets
2026
2027
2028
2029
2030
2031\u201343
Total
14,039
12,724
12,178
11,631
11,631
54,030
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-624": { "value": "
10. Goodwill and other intangible assets
Goodwill and other intangible assets
2025
2024
Total
306,459
308,880
Goodwill
190,227
184,070
Other intangible assets
116,232
124,810
The carrying amounts of goodwill arising from
acquisitions\u00a0and other intangible assets are presented in
the\u00a0table above.
Changes in goodwill and other intangible assets in 2025
Goodwill
Client
relationships
Brand
names
Carbon
credits
Application
software
Total
At 1 January
184,070
115,459
4,046
1,477
3,827
308,880
Additions acquired through business combinations
6,156
5,664
\u2014
\u2014
\u2014
11,820
Amortisation
\u2014
-11,060
-2,007
-80
-1,094
-14,242
At 31 December
190,227
110,063
2,039
1,398
2,732
306,459
Historical cost
190,227
187,328
21,897
1,597
9,584
410,633
Accumulated amortisation and impairments
\u2014
-77,266
-19,858
-200
-6,851
-104,174
Net carrying amount at 31 December
190,227
110,063
2,039
1,398
2,732
306,459
The additions to goodwill and client relationships are due
to\u00a0the acquisition of Wilton Family Office in the second half
of 2025; see \u201cBusiness combination in 2025\u201d.
Changes in goodwill and other intangible assets in 2024
Goodwill
Client
relationships
Brand
names
Carbon
credits
Application
software
Total
At 1 January
179,363
121,134
6,054
1,557
4,941
313,049
Additions acquired through business combinations
4,707
7,479
\u2014
\u2014
\u2014
12,186
Amortisation
\u2014
-13,154
-2,007
-80
-1,114
-16,355
At 31 December
184,070
115,459
4,046
1,477
3,827
308,880
Historical cost
184,070
181,664
21,897
1,597
9,584
398,812
Accumulated amortisation and impairments
\u2014
-66,205
-17,850
-120
-5,757
-89,932
Net carrying amount at 31 December
184,070
115,459
4,046
1,477
3,827
308,880
We have defined five CGUs, namely Private Clients
Netherlands, Private Clients Belgium, Investment
Management Clients, Investment Banking Clients, and
Other. These correspond to our operating segments (see
\"Segment information\"). The following table shows the
allocation of goodwill to the different CGUs (no goodwill was
allocated to Other). For the performance of the underlying
CGUs, see \"Financial performance\".
Allocation of goodwill to CGUs
2025
2024
Total
190,227
184,070
Private Clients Netherlands
46,656
40,499
Private Clients Belgium
81,391
81,391
Investment Management Clients
20,888
20,888
Investment Banking Clients
41,293
41,293
Methodology
We carried out our annual impairment test on goodwill. To
determine whether an impairment is necessary, the
recoverable amount of each CGU or group of CGUs is
compared with its carrying amount. In line with IFRS
Accounting Standards, the recoverable amount is
determined as the higher of the fair value less costs of
disposal (FVLCOD) and value in use (ViU). If either of these
amounts exceeds the carrying amount, an impairment is not
necessary and the other value does not have to be
calculated.
Value in use
The ViU calculation uses equity cash flow projections for
each CGU or group of CGUs for a five-year period. These
projections are based on 2025 and on the financial estimates
for the years 2026 until 2029 used by management in its
strategic forecast at the end of 2025. For the period after
the explicit projections per CGU, the growth rate is set at the
long-term market growth rate of 2.0%. This growth rate
applies to all CGUs, as in the long term all CGUs will be
impacted by the same economic market developments. The
rate is based on our own projections and on wealth
management market projections by market experts. The
discounted cash flow model uses one baseline scenario.
Management has compared the main assumptions with
market forecasts and expectations. Cash flow estimates are
based on our strategic plans and on potential future trends.
Events and factors that could have a significant impact on
estimates include stock and bond market developments,
effects of mergers and acquisitions, competitive conditions,
client behaviour and changes in client relationships, cost
structure, trends in inflation, interest rates and risks, and
other circumstances specific to the industry and sector.
Equity cash flows are discounted using a cost of equity for
each CGU that reflects the risk-free interest rate,
supplemented with a surcharge for the market risk exposure
of the CGU or group of CGUs, and a small-firm premium.
Fair value less costs of disposal
The FVLCOD method uses the market price at valuation
date of our peer group within the segment, and their average
earnings for a five-year reference period are used to
calculate the price-earnings (PE) multiple. The recoverable
amount is calculated using the median price-earnings ratio
and the average earnings of the CGU over a five-year period,
including projections based on management\u2019s strategic
forecast.
CGU
Method used for
recoverable amount
Discount rate after tax %
PE multiple
2025
2024
2025
2024
2025
2024
Private Clients Netherlands
ViU
ViU
8.7
10.7
n/a
n/a
Private Clients Belgium
ViU
ViU
8.7
10.7
n/a
n/a
Investment Management Clients
ViU
ViU
11.2
12.2
n/a
n/a
Investment Banking Clients
ViU
ViU
10.3
11.2
n/a
n/a
The impairment test performed in 2025 did not result in
goodwill impairments. Based on the ViU calculation and the
headroom for all CGUs with allocated goodwill, we did not
see reason to use the FVLCOD calculation for 2025. The
sensitivity analysis in the table below supports this
conclusion. For the CGUs with allocated goodwill, a
sensitivity analysis was carried out on the baseline scenario
with particular attention to changes in long-term growth, the
discount rate and the long-term EBIT margin.
In addition, an annual test is carried out for indications of
impairment of other intangible assets with a finite useful life.
The acquired brand names are still active and no objective
indication for impairment was apparent at year-end 2025
and year-end 2024. For the line item Client relationships,
changes in the AuM volume are assessed. The useful life
tests carried out in 2025 and 2024 provided no indication of
a need for further examination. Consequently, no
impairment is recognised for other intangible assets.
Sensitivity analysis value in use method
Change required in each key assumption for headroom to
equal zero, in percentage points
Headroom with
terminal growth rate
at 0%
Headroom
Net profit margin
Cost of equity
Private Clients Netherlands
1,248
-27.6%
14.1%
991
Private Clients Belgium
761
-44.1%
21.1%
603
Investment Management Clients
265
-24.4%
23.5%
223
Investment Banking Clients
38
-9.5%
4.3%
29
Expected amortisation of intangible assets
2026
2027
2028
2029
2030
2031\u201343
Total
14,039
12,724
12,178
11,631
11,631
54,030
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-628": { "value": "
11. Tax assets
Tax assets
2025
2024
Total
10,029
18,092
Current tax assets
459
1,329
Deferred tax assets
9,570
16,763
Changes in deferred taxes in 2025
At 1 January
Through
statement
of income
Acquisitions of
subsidiaries
To equity
At 31 December
Deferred tax assets
Employee benefits
5,742
-123
-1,577
4,043
Property and equipment
3,017
1,177
409
4,604
Lease liabilities
10,900
12,882
\u2014
23,782
Derivatives
2,213
\u2014
-227
1,986
Loss available for set-off
135
9
\u2014
144
Commission
30
2
\u2014
32
Investment portfolio
7,095
\u2014
-6,397
698
Other
598
45
212
856
Total deferred tax assets before offsetting
29,730
13,991
-7,579
36,143
Offsetting deferred tax assets
-26,574
Total deferred tax assets after offsetting
9,570
Deferred tax liabilities
Right-of-use assets \u2013 buildings
6,313
12,922
409
19,644
Right-of-use assets \u2013 transport equipment
3,264
-532
\u2014
2,732
Intangible assets
24,507
-2,703
1,461
\u2014
23,266
Other
172
\u2014
71
243
Total deferred tax liabilities before offsetting
34,257
9,687
1,461
480
45,885
Offsetting deferred tax liabilities
-26,574
Total deferred tax liabilities after offsetting
19,310
See Note 9, Property and Equipment, for more information
on the increase of the deferred taxes on lease liabilities and
right-of-use assets \u2013 buildings.
The non-current portion of deferred tax assets that is
expected to be recovered or settled after more than
12\u00a0months amounted to \u20ac36.0 million (2024: \u20ac29.7 million).
See Note 31, Income tax, for more information.
Changes in deferred taxes in 2024
At 1 January
Through
statement
of income
To equity
At 31 December
Deferred tax assets
Employee benefits
5,553
253
-64
5,742
Property and equipment
2,531
486
\u2014
3,017
Lease liabilities
9,304
1,595
\u2014
10,900
Derivatives
2,439
\u2014
-227
2,213
Loss available for set-off
134
1
\u2014
135
Commission
26
4
\u2014
30
Investment portfolio
3,506
\u2014
3,589
7,095
Other
-576
-201
1,375
598
Total deferred tax assets before offsetting
22,917
2,138
4,674
29,730
Offsetting deferred tax assets
-12,968
Total deferred tax assets after offsetting
16,763
Deferred tax liabilities
Right-of-use assets \u2013 buildings
6,661
-349
\u2014
6,313
Right-of-use assets \u2013 transport equipment
1,530
1,733
\u2014
3,264
Intangible assets
25,291
-784
\u2014
24,507
Other
163
\u2014
9
172
Total deferred tax liabilities before offsetting
33,646
601
9
34,257
Offsetting deferred tax liabilities
-12,968
Total deferred tax liabilities after offsetting
21,288
Unrecognised losses
2025
2024
Total unrecognised losses
21,859
21,374
Unrecognised losses are losses for which it is not probable
that taxable profit will be available in the near future, against
which the unused tax losses can be offset.
Unrecognised losses relate to carry-forward losses of
Van\u00a0Lanschot Kempen Investment Management (UK) Ltd,
amounting to \u20ac17 million (2024: \u20ac16 million), and to our
non-strategic subsidiary Allshare BV, amounting to
\u20ac5\u00a0million (2024: \u20ac5 million). As neither the UK nor the
Netherlands observe any time limit for offsetting losses,
these tax losses can be carried forward indefinitely.
18. Tax liabilities
Tax liabilities
2025
2024
Total
42,420
32,655
Current tax liabilities
23,110
11,367
Deferred tax liabilities
19,310
21,288
For changes in deferred tax liabilities, see Note 11, Tax
assets. See Note 31, Income tax, for more information.
31. Income tax
Income tax
2025
2024
Operating profit before tax
216,036
193,512
Total gross result
216,036
193,512
Prevailing tax rate in the Netherlands (in %)
25.8
25.8
Tax
58,603
51,572
Total tax
58,603
51,572
Expected tax on the basis of the prevailing tax rate in the Netherlands
55,737
49,926
Increase/decrease in tax payable due to:
Non-deductible interest
2,534
3,273
Tax-free income from securities and associates
-2,144
-1,711
Non-deductible costs
3,730
3,243
Non-deductible losses
445
141
Adjustments to taxes for prior financial years
690
179
Impact of foreign tax rate differences
-608
-422
Addition/(release) deferred tax assets
\u2014
-1
Other changes
-1,781
-3,056
Total increase/decrease
2,866
1,646
Total tax
58,603
51,572
This tax amount consists of the tax expense for the financial
year on the operating result as disclosed in the statement of
income, also allowing for any tax relief facilities. Changes in
the effective tax rate (ETR) were mainly due to non-
deductible expenses and non-deductible interest expenses,
only partially offset by the deductibility of coupon payments
on our AT1 capital securities, which is included in Other
changes. The effective tax rate for 2025 was 26.79% (2024:
26.65%).
In December 2022, EU member states adopted the
EU\u00a0Directive on minimum taxation (Pillar 2). Under this
directive, multinational companies are subject to a minimum
ETR of 15% in every jurisdiction where they have an entity. If
the ETR is lower than 15%, a top-up tax is applied to reach a
15% effective tax burden. Companies with a global turnover
exceeding \u20ac750 million in at least two of the four reporting
years immediately preceding the reporting year fall within
the scope of Pillar 2. As of 2024, the Minimum Tax Act, in
which Pillar 2 is formalised, has been effective in the
Netherlands. Our consolidated revenues in the 2020\u201322
period were below \u20ac750 million; however since 2023,
consolidated revenues have exceeded this level, which
means that Van Lanschot Kempen falls within the scope of
the Pillar 2 rules for the 2025 financial year. For this
calculation, we qualify for the transitional country-by-
country reporting (CbCR) safe harbour, due to the simplified
ETR test. Our effective tax rate is well above the minimum
tax burden, also as measured by this simplified ETR test, so
no top-up tax is due. As a result, neither the mandatory
recognition and disclosure exception in IAS 12.4A nor the
disclosure requirements in IAS 12.88A-88D applied to us in
2025.
Key income tax components
2025
2024
Total
58,603
51,572
Income tax
62,826
48,590
Income/expense from foreign tax rate differences
-608
422
Income/expense from changes in deferred tax assets
-13,991
2,138
Income/expense from changes in deferred tax liabilities
9,687
601
Income/expense from prior-year adjustments
690
-179
The breakdown of deferred tax assets and liabilities through
the statement of income is as follows:
Deferred tax assets
2025
2024
Total
-13,991
2,138
Employee benefits
123
253
Commissions
-2
4
Property and equipment
-1,177
486
Lease liabilities
-12,882
1,595
Tax-loss carry-forwards
-9
1
Other
-45
-201
Deferred tax liabilities
2025
2024
Total
9,687
601
Property and equipment
12,390
1,385
Intangible assets
-2,703
-784
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-627": { "value": "
11. Tax assets
Tax assets
2025
2024
Total
10,029
18,092
Current tax assets
459
1,329
Deferred tax assets
9,570
16,763
18. Tax liabilities
Tax liabilities
2025
2024
Total
42,420
32,655
Current tax liabilities
23,110
11,367
Deferred tax liabilities
19,310
21,288
For changes in deferred tax liabilities, see Note 11, Tax
assets. See Note 31, Income tax, for more information.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-629": { "value": "
12. Other assets
Other assets
2025
2024
Total
289,841
204,132
Interest receivable
53,537
50,621
Commission receivable
106,788
88,397
Transitory items
47,413
34,208
Other
82,103
30,907
The line item Other comprises amounts receivable such as
debtors, short-term receivables related to solicitor escrow
accounts and to the investment in the fund managed by
AEGON Asset Management, and suspense accounts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-631": { "value": "
13. Due to banks
Due to banks
2025
2024
Total
295,802
164,804
Deposits
253,431
122,314
Payables arising from unsettled securities transactions
21,070
25,904
Loans and advances drawn
21,301
16,587
Deposits include a total of \u20ac153.4 million (2024:
\u20ac122.3\u00a0million), serving as collateral for liabilities arising from
derivatives transactions.
16. Issued debt securities
Issued debt securities
2025
2024
Total
1,493,799
1,491,254
Covered bonds
1,498,466
1,496,977
Value adjustments fair value hedge accounting
-4,667
-5,724
Issued debt securities comprise debt instruments with
interest rates that are either fixed or variable, in so far as not
subordinated.
Face value versus carrying amount
The value adjustment of debt securities as a result of hedge
accounting is recognised under the line item Issued debt
securities.
Face value versus carrying amount of issued
debt securities at 31 December 2025
Face value
Value adjustments
fair value hedge
accounting
Premium/discount
Carrying amount
Total
1,500,000
-4,667
-1,534
1,493,799
Covered bond
1,500,000
-4,667
-1,534
1,493,799
Face value versus carrying amount of issued
debt securities at 31 December 2024
Face value
Value adjustments
fair value hedge
accounting
Premium/discount
Carrying amount
Total
1,500,000
-5,724
-3,023
1,491,254
Covered bond
1,500,000
-5,724
-3,023
1,491,254
20. Subordinated loans
Subordinated loans
2025
2024
Total
153,445
153,825
Certificates of indebtedness
153,445
153,825
Amortised cost versus carrying amount
The value adjustment of subordinated loans used as hedged
items is recognised under Subordinated loans.
Amortised cost versus carrying amount subordinated loans
at 31 December 2025
Amortised cost
Premium/
discount
Carrying
amount
Total
150,000
3,445
153,445
Inflation-linked subordinated bond 08/33
25,000
332
25,332
Inflation-linked subordinated bond 08/38
25,000
817
25,817
Inflation-linked subordinated bond 08/43
50,000
2,340
52,340
2.000% subordinated bond 03/32
50,000
-44
49,956
Amortised cost versus carrying amount subordinated loans
at 31 December 2024
Amortised cost
Premium/
discount
Carrying
amount
Total
150,000
3,825
153,825
Inflation-linked subordinated bond 08/33
25,000
457
25,457
Inflation-linked subordinated bond 08/38
25,000
924
25,924
Inflation-linked subordinated bond 08/43
50,000
2,525
52,525
2.000% subordinated bond 03/32
50,000
-81
49,919
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-630": { "value": "
13. Due to banks
Due to banks
2025
2024
Total
295,802
164,804
Deposits
253,431
122,314
Payables arising from unsettled securities transactions
21,070
25,904
Loans and advances drawn
21,301
16,587
Deposits include a total of \u20ac153.4 million (2024:
\u20ac122.3\u00a0million), serving as collateral for liabilities arising from
derivatives transactions.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-632": { "value": "
14. Public and private sector liabilities
Public and private sector liabilities
2025
2024
Total
13,367,280
12,766,921
Savings
7,062,329
5,846,985
Deposits
2,112,649
3,071,220
Current accounts
3,870,437
3,525,079
Other client assets
323,694
324,995
Value adjustments fair value hedge accounting
-1,829
-1,359
Public and private sector liabilities increased, primarily due to
an increase in savings (\u20ac1,215 million) and current accounts
(\u20ac345 million), partially driven by conversions from deposits
(\u20ac959 million) and inflow of savings. The increase in savings
has mainly taken place since March 2025, with a peak in
December.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-633": { "value": "
16. Issued debt securities
Issued debt securities
2025
2024
Total
1,493,799
1,491,254
Covered bonds
1,498,466
1,496,977
Value adjustments fair value hedge accounting
-4,667
-5,724
Issued debt securities comprise debt instruments with
interest rates that are either fixed or variable, in so far as not
subordinated.
Face value versus carrying amount
The value adjustment of debt securities as a result of hedge
accounting is recognised under the line item Issued debt
securities.
Face value versus carrying amount of issued
debt securities at 31 December 2025
Face value
Value adjustments
fair value hedge
accounting
Premium/discount
Carrying amount
Total
1,500,000
-4,667
-1,534
1,493,799
Covered bond
1,500,000
-4,667
-1,534
1,493,799
Face value versus carrying amount of issued
debt securities at 31 December 2024
Face value
Value adjustments
fair value hedge
accounting
Premium/discount
Carrying amount
Total
1,500,000
-5,724
-3,023
1,491,254
Covered bond
1,500,000
-5,724
-3,023
1,491,254
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-634": { "value": "
17. Provisions
Provisions
2025
2024
Total
25,699
29,515
Provision for pensions
16,165
23,023
Provision for long-service benefits
2,974
3,034
Provision for restructuring
\u2014
\u2014
Provision for financial guarantees and loan commitments
2,202
2,004
Other provisions
4,358
1,454
We operate a number of employee schemes under which
participants receive payments or benefits after they retire.
Specifically, there is a pension scheme and a discount
scheme for mortgage interest rates, as well as a long-service
benefits scheme.
The following defined benefit schemes were valued for the
purpose of the 2025 financial statements:
\u2013 The long-service benefits, which depend on the number
of years of service.
\u2013 Both a defined contribution scheme and a defined
benefit scheme are in place for employees working at
Mercier Van Lanschot. The defined benefit scheme
applies only for pension accrued up to and including
2024. The pensionable salary for the defined benefit
scheme is taken as the average basic salary over the last
five years of service. The pension capital is insured via
deferred capital without return of premium (UKZT by its
Flemish acronym). The accompanying term life assurance
is funded from risk premiums. The defined contribution
pension plans have been set up according to the Belgian
approach of defined contributions but do not fulfil all the
criteria of a defined contribution pension plan according
to IAS 19.
\u2013 For this reason, the defined contribution pension plans
are treated as a defined benefit plan in the consolidated
financial statements.
\u2013 Until year-end 2019, former Kempen operated an
average salary scheme under which 1.875% of the
pensionable salary \u2013 salary less state pension offset, with
an annual ceiling of \u20ac41,232 \u2013 was accrued for each year
of service and which was based on a retirement age of
68. The surviving dependants\u2019 pension was insured on a
risk basis.
\u2013 The pension plan of Van Lanschot Kempen Switzerland
has been set up according to the Swiss approach to
defined contributions but does not fulfil all the criteria of
a defined contribution pension plan according to IAS 19.
For this reason, the Swiss pension plan is treated as a
defined benefit plan in the consolidated financial
statements. As the plan assets exceed the calculated
defined benefit obligation for this plan in 2025, a pension
asset is recognised in the line item Other assets, taking
into account the requirements of IFRIC 14.
Only within our former Kempen pension scheme, plan assets
fund the obligations (i.e. the scheme is funded). The other
schemes are unfunded; payments in any year are made
directly by Van Lanschot Kempen. The pension schemes
have been placed with insurers and a pension institution,
which are responsible for the pension administration, risk
insurance and communication of legal documents to
employees who are scheme members. Decisions on and
changes to pension scheme content are taken by an internal
pensions committee.
Where applicable, in the Netherlands the Works Council is
consulted for its advice and/or approval.
Our current Van Lanschot Kempen pension scheme is an
individual defined contribution scheme. The former
Van\u00a0Lanschot scheme is classified as a collective defined
contribution scheme, and the change of scheme has no
impact from an accounting perspective. The former Kempen
scheme still has an obligation to pay guarantee costs and to
provide indexation on the accrued pension benefits; the
remainder of the provision (\u20ac12.1\u00a0million) stays on the
balance sheet. As it has no legally enforceable right to use
the surplus in plan assets for settling the obligations for
indexation and guarantee costs, Van Lanschot Kempen
applies an asset ceiling to the relevant assets in the pension
scheme.
Defined benefit obligations are calculated using the
projected unit credit method.
Obligations/assets included in the statement of financial position by scheme
at 31 December 2025
Pensions
Employee
discounts
Long-service
benefits
Defined benefit obligations
170,054
42
2,974
Fair value of plan assets
154,227
\u2014
\u2014
Surplus/deficit
-15,827
-42
-2,974
Obligation at year-end
-15,827
-42
-2,974
In 2025, the year-end pension obligation consisted of a net
defined benefit asset of \u20ac0.3 million, see Note 12, Other
assets, in addition to a net defined liability of \u20ac16.2 million.
Obligations/assets included in the statement of financial position by scheme
at 31 December 2024
Pensions
Employee
discounts
Long-service
benefits
Defined benefit obligations
183,854
48
3,034
Fair value of plan assets
160,831
\u2014
\u2014
Surplus/deficit
-23,023
-48
-3,034
Obligation at year-end
-23,023
-48
-3,034
Changes in defined benefit obligations for pension scheme
2025
2024
Defined benefit obligations at 1 January
183,854
168,056
Current service costs
3,503
2,462
Interest costs
5,568
5,645
Members' contributions
739
495
Gross benefits
-6,798
-2,362
Transfers
-302
-488
Remeasurements arising from changes in financial assumptions
-676
6,631
Remeasurements arising from changes in demographic assumptions
-205
-237
Experience adjustments
-15,765
3,755
Effect of foreign exchange rates
136
-103
Defined benefit obligations at 31 December
170,054
183,854
At 31 December 2025, the weighted average duration of the
defined benefit obligation was 16 years (2024: 18\u00a0years).
Changes in defined benefit obligations for long-service benefits scheme
2025
2024
Defined benefit obligations at 1 January
3,034
3,007
Current service costs
197
195
Interest costs
97
92
Financial assumptions
1
-53
Gross benefits
-355
-273
Experience adjustments
\u2014
66
Defined benefit obligations at 31 December
2,974
3,034
Changes in fair value of pension plan assets
2025
2024
Fair value at 1 January
160,831
145,005
Expected return on plan assets
4,927
4,906
Financial assumptions
-10,467
10,120
Employer's contribution
5,902
3,533
Gross benefits
-6,625
-2,150
Transfers
-302
-488
Experience adjustments
-162
\u2014
Effect of foreign exchange rates
123
-95
Fair value at 31 December
154,227
160,831
Actual return on plan assets
-5,540
15,026
Current service costs of pension scheme included in statement of income
2025
2024
Current service costs
3,503
2,462
Net interest costs
5,568
5,645
Expected return on plan assets
-4,927
-4,906
Net costs
4,144
3,201
Current service costs of long-service benefits scheme included in statement of income
2025
2024
Current service costs
197
195
Net interest costs
97
92
Financial assumptions
1
-53
Net costs
295
234
The assets in Van Lanschot Kempen's pension plan are
funded through contracts with insurance companies.
Consequently, the asset value in the measurement of the
pension liability is based on these insurance contracts.
At each reporting date, an asset/liability matching study is
carried out by the pension fund\u2019s asset manager, in which the
consequences of the strategic investment policies are
analysed. The strategic investment policies pursued by the
pension fund are bound by the maximum investment risk.
The maximum investment risk is linked to a strategic asset
mix comprising 73% in fixed income and 27% in equity
income investments, with a duration match of 75%. A
bandwidth of 5% is in place. The other investment category
consists of funds managed by an external pension fund
manager. Because of our well-diversified strategic asset mix,
concentration risk and entity-specific or plan-specific risks
are limited. The most significant actuarial assumptions made
at the reporting date are as follows:
Assumptions
2025
2024
Actuarial interest rate pension
1.30% - 4.30%
0.90% - 3.50%
Actuarial interest rate employee discounts
0.0%
0.0%
Actuarial interest rate long-service benefits
3.85%
3.20%
Expected return on investments
1.70% - 4.30%
1.20% - 3.50%
Price inflation
2.00% - 2.15%
2.00% - 2.25%
General salary increase
0.00% - 2.10%
1.00% - 2.10%
Retirement age
65-68 years
65-68 years
The mortality rate is based on publicly available mortality
tables for the relevant countries. For the calculations at
31\u00a0December 2025, the following mortality tables were
used:
\u2013 Kempen's former pension plans: the mortality tables as
published by the Dutch Association of Actuaries
(Prognosetafel AG2024);
\u2013 Mercier Van Lanschot: the mortality table as published
by the Institute of Actuaries in Belgium (MR/FR) with an
age correction of -3 years;
\u2013 Van Lanschot Kempen Switzerland: the mortality table
as published by BVG (BVG 2020 GT).
For Kempen's former pension plans, a reduction of 50 bps in
the actuarial interest rate will lead to increase of 9.0% in the
pension obligation, while a rise of 50 bps in the actuarial
interest rate will lead to a decrease of 8.0% in the pension
obligations and will have no effect on the current service
costs in the statement of income, as no future contributions
will be made due to the change in pension scheme.
For Mercier Van Lanschot, a reduction of 25 bps in the
actuarial interest rate will lead to an increase of 1.2% in the
pension obligations and a rise of 25 bps in the actuarial
interest rate will lead to a decrease of 1.2% in the pension
obligations.
For Van Lanschot Kempen Switzerland, a reduction of
50\u00a0bps in the actuarial interest rate will lead to an increase of
7.2% in the pension obligations and a rise of 50\u00a0bps in the
actuarial interest rate will lead to a decrease of 6.3% in the
pension obligations.
History of changes in pension scheme
gains and losses
2025
2024
2023
2022
2021
Defined benefit obligations
170,054
183,854
168,056
162,144
248,435
Fair value of plan assets
154,227
160,831
145,005
139,039
209,841
Surplus/deficit
-15,827
-23,023
-23,051
-23,105
-38,594
Actuarial gains/losses on obligations
-16,646
10,149
1,376
-88,829
-50,011
Actuarial gains/losses on investments
-10,467
10,120
1,125
-73,578
-40,351
Expected contributions for 2026
Pension
obligations
Employee
discounts
Long-service
benefits scheme
Total
2,523
\u2014
189
Expected employer's contributions
975
\u2014
189
Expected employees' contributions
1,548
\u2014
\u2014
Provision for restructuring
2025
2024
At 1 January
\u2014
2,156
Withdrawals
\u2014
-2,156
Additions
\u2014
\u2014
At 31 December
\u2014
\u2014
Provision for financial guarantees and loan commitments
2025
2024
At 1 January
2,004
2,207
Withdrawals
\u2014
-203
Additions
198
\u2014
At 31 December
2,202
2,004
Other provisions
2025
2024
At 1 January
1,454
2,229
Withdrawals
\u2014
-750
Release
-6
-261
Additions
2,908
235
Other changes
1
2
At 31 December
4,358
1,454
Other provisions include provisions made for various legal
claims and defined benefit obligations for employee discount
schemes.
Other provisions include an amount of \u20ac2.2 million (2024:
\u20ac1.1 million) with an expected maturity of one year or
longer. All provisions for financial guarantees and loan
commitments are short-term. The amount and timing of the
outflow of economic benefits regarding provisions are
uncertain.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-635": { "value": "
19. Other liabilities
Other liabilities
2025
2024
Total
309,150
247,596
Interest payable
65,388
75,398
Other accruals and deferred income
49,455
49,263
Lease liabilities
94,436
45,157
Other
99,872
77,779
Other liabilities comprise lease liabilities, income received to
be credited to future periods and amounts payable such as
accrued interest, payables, suspense accounts and unsettled
items.
Payments not included in lease liability measurement
2025
2024
Total
2,076
1,346
Leases of low-value assets
346
299
Variable lease payments
1,730
1,047
Interest expense on leases amounted to \u20ac2.5 million in 2025
(2024: \u20ac1.3 million) and is recognised in the statement of
income under line item Other interest expense in Note 22,
Net interest income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-636": { "value": "
20. Subordinated loans
Subordinated loans
2025
2024
Total
153,445
153,825
Certificates of indebtedness
153,445
153,825
Amortised cost versus carrying amount
The value adjustment of subordinated loans used as hedged
items is recognised under Subordinated loans.
Amortised cost versus carrying amount subordinated loans
at 31 December 2025
Amortised cost
Premium/
discount
Carrying
amount
Total
150,000
3,445
153,445
Inflation-linked subordinated bond 08/33
25,000
332
25,332
Inflation-linked subordinated bond 08/38
25,000
817
25,817
Inflation-linked subordinated bond 08/43
50,000
2,340
52,340
2.000% subordinated bond 03/32
50,000
-44
49,956
Amortised cost versus carrying amount subordinated loans
at 31 December 2024
Amortised cost
Premium/
discount
Carrying
amount
Total
150,000
3,825
153,825
Inflation-linked subordinated bond 08/33
25,000
457
25,457
Inflation-linked subordinated bond 08/38
25,000
924
25,924
Inflation-linked subordinated bond 08/43
50,000
2,525
52,525
2.000% subordinated bond 03/32
50,000
-81
49,919
", "dimensions": { "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-638": { "value": "
21. Total equity
Total equity
31/12/2025
31/12/2024
Total
1,380,518
1,377,304
Equity attributable to shareholders
Issued share capital
43,040
43,040
Treasury shares
-19,406
-19,928
Share premium reserve
152,243
211,725
Revaluation reserve
-2,007
-20,405
Actuarial results on defined benefit schemes
-21,501
-26,584
Currency translation reserve
1,302
768
Cash flow hedge reserve
-5,712
-6,363
Own credit risk reserve
-2,577
-1,966
Retained earnings
984,435
962,866
Other reserves
953,940
908,316
Undistributed profit (attributable to shareholders)
148,431
131,855
Total equity attributable to shareholders
1,278,247
1,275,008
Equity attributable to AT1 capital securities
AT1 capital securities
100,000
100,000
Undistributed profit attributable to AT1 capital securities
2,242
2,242
Total equity attributable to AT1 capital securities
102,241
102,242
Equity attributable to other non-controlling interests
Other non-controlling interests
-98
-135
Undistributed profit attributable to other non-controlling interests
128
189
Total equity attributable to other non-controlling interests
29
54
In June 2025, Van Lanschot Kempen returned \u20ac59.5 million
(\u20ac1.40 per Class A share) to shareholders. This capital return
was charged against share capital, which was first increased
by the same amount through a transfer from the share
premium reserve.
Share capital
31/12/2025
31/12/2024
Number
Par value
Number
Par value
Class A ordinary shares
43,039,938
43,040
43,039,938
43,040
Unissued shares
106,960,062
106,960
106,960,062
106,960
Authorised capital
150,000,000
150,000
150,000,000
150,000
Changes in share capital
2025
2024
Number
Nominal value
Number
Nominal value
At 1 January
43,039,938
43,040
43,039,938
43,040
Shares issued
\u2014
\u2014
\u2014
\u2014
At 31 December
43,039,938
43,040
43,039,938
43,040
All shares were paid up in cash. During the 2025 financial
year, we conditionally granted 239,485 depositary receipts
for Class A ordinary shares (2024: \u20ac27,479). Van\u00a0Lanschot
Kempen holds 550,478 depositary receipts for Class A
ordinary shares to meet open positions (2024:\u00a0662,748). For
more information on share-based payments, see Note 27,
Staff costs.
Awards of unconditional shares and depositary receipts to
staff are linked to performance and employment contracts.
For more information about share schemes for staff and the
Management Board, see page 118.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-637": { "value": "
21. Total equity
Total equity
31/12/2025
31/12/2024
Total
1,380,518
1,377,304
Equity attributable to shareholders
Issued share capital
43,040
43,040
Treasury shares
-19,406
-19,928
Share premium reserve
152,243
211,725
Revaluation reserve
-2,007
-20,405
Actuarial results on defined benefit schemes
-21,501
-26,584
Currency translation reserve
1,302
768
Cash flow hedge reserve
-5,712
-6,363
Own credit risk reserve
-2,577
-1,966
Retained earnings
984,435
962,866
Other reserves
953,940
908,316
Undistributed profit (attributable to shareholders)
148,431
131,855
Total equity attributable to shareholders
1,278,247
1,275,008
Equity attributable to AT1 capital securities
AT1 capital securities
100,000
100,000
Undistributed profit attributable to AT1 capital securities
2,242
2,242
Total equity attributable to AT1 capital securities
102,241
102,242
Equity attributable to other non-controlling interests
Other non-controlling interests
-98
-135
Undistributed profit attributable to other non-controlling interests
128
189
Total equity attributable to other non-controlling interests
29
54
In June 2025, Van Lanschot Kempen returned \u20ac59.5 million
(\u20ac1.40 per Class A share) to shareholders. This capital return
was charged against share capital, which was first increased
by the same amount through a transfer from the share
premium reserve.
Share capital
31/12/2025
31/12/2024
Number
Par value
Number
Par value
Class A ordinary shares
43,039,938
43,040
43,039,938
43,040
Unissued shares
106,960,062
106,960
106,960,062
106,960
Authorised capital
150,000,000
150,000
150,000,000
150,000
Changes in share capital
2025
2024
Number
Nominal value
Number
Nominal value
At 1 January
43,039,938
43,040
43,039,938
43,040
Shares issued
\u2014
\u2014
\u2014
\u2014
At 31 December
43,039,938
43,040
43,039,938
43,040
All shares were paid up in cash. During the 2025 financial
year, we conditionally granted 239,485 depositary receipts
for Class A ordinary shares (2024: \u20ac27,479). Van\u00a0Lanschot
Kempen holds 550,478 depositary receipts for Class A
ordinary shares to meet open positions (2024:\u00a0662,748). For
more information on share-based payments, see Note 27,
Staff costs.
Awards of unconditional shares and depositary receipts to
staff are linked to performance and employment contracts.
For more information about share schemes for staff and the
Management Board, see page 118.
Changes in reserves in 2025
Revaluation
reserve
financial
assets at
fair value
through
other
comprehensive
income
Actuarial
results on
defined
benefit
schemes
Currency
translation
reserve
Cash flow
hedge
reserve
Own credit
risk reserve
Retained
earnings
Total
At 1 January
-20,405
-26,583
767
-6,363
-1,966
962,866
908,315
Net changes in fair value
18,398
\u2014
\u2014
651
\u2014
\u2014
19,049
Value change own credit risk
\u2014
\u2014
\u2014
\u2014
-611
\u2014
-611
Profit appropriation
\u2014
\u2014
\u2014
\u2014
\u2014
131,855
131,855
Dividend
\u2014
\u2014
\u2014
\u2014
\u2014
-116,840
-116,840
Share plans
\u2014
\u2014
\u2014
\u2014
\u2014
2,949
2,949
Actuarial results
\u2014
5,082
\u2014
\u2014
\u2014
\u2014
5,082
Other changes
\u2014
\u2014
535
\u2014
\u2014
3,604
4,139
At 31 December
-2,007
-21,502
1,303
-5,712
-2,577
984,434
953,940
Tax effects
-6,397
-1,647
\u2014
-227
212
\u2014
-8,059
Changes in reserves in 2024
Revaluation
reserve
financial
assets at
fair value
through
other
comprehensive
income
Actuarial
results on
defined
benefit
schemes
Currency
translation
reserve
Cash flow
hedge
reserve
Own credit
risk reserve
Retained
earnings
Total
At 1 January
-10,083
-26,759
1,026
-7,015
1,989
928,871
888,029
Net changes in fair value
-10,322
\u2014
\u2014
651
\u2014
\u2014
-9,670
Value change own credit risk
\u2014
\u2014
\u2014
\u2014
-3,956
\u2014
-3,956
Profit appropriation
\u2014
\u2014
\u2014
\u2014
\u2014
118,446
118,446
Dividend
\u2014
\u2014
\u2014
\u2014
\u2014
-84,731
-84,731
Share plans
\u2014
\u2014
\u2014
\u2014
\u2014
1,140
1,140
Actuarial results
\u2014
175
\u2014
\u2014
\u2014
\u2014
175
Other changes
\u2014
\u2014
-258
\u2014
\u2014
-860
-1,119
At 31 December
-20,405
-26,584
768
-6,363
-1,966
962,866
908,316
Tax effects
3,589
-73
\u2014
-227
1,375
\u2014
4,665
The proposed dividend for 2025 has been set at \u20ac3.00 per
ordinary share (2024: \u20ac2.75 per ordinary share).The
dividend proposal will be submitted for adoption to the
AGM to be held on 21\u00a0May\u00a02026.
Nature and purpose of other reserves
Treasury shares: This includes the cost price of treasury
shares kept by Van Lanschot Kempen for shares awarded to
staff under current remuneration and equity schemes.
Share premium reserve: This includes amounts paid to
Van\u00a0Lanschot Kempen by shareholders above the nominal
value of purchased shares.
Revaluation reserve: This includes changes in the fair value of
FVOCI investments.
Actuarial results on defined benefit schemes: This includes
actuarial gains and losses on revaluation of investments and
defined benefit obligations. The actuarial gains and losses
related to a shortfall in minimum performance on defined
contribution plan assets, required under Belgian and Swiss
law, are also included.
Currency translation reserve: This reserve (which is not
available for free distribution) includes currency exchange
differences resulting from the valuation of investments in
group companies at the prevailing exchange rate in so far as
the currency rate risk is not hedged.
Cash flow hedge reserve: This includes the share in the gain or
loss on hedging instruments in cash flow hedges that have
been designated as an effective hedge.
Own credit risk reserve: This includes the changes in
Van\u00a0Lanschot Kempen\u2019s own credit risk of financial liabilities
at fair value through profit or loss.
Retained earnings: This includes past profits added to equity
and changes in connection with the share scheme", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-639": { "value": "
Changes in reserves in 2025
Revaluation
reserve
financial
assets at
fair value
through
other
comprehensive
income
Actuarial
results on
defined
benefit
schemes
Currency
translation
reserve
Cash flow
hedge
reserve
Own credit
risk reserve
Retained
earnings
Total
At 1 January
-20,405
-26,583
767
-6,363
-1,966
962,866
908,315
Net changes in fair value
18,398
\u2014
\u2014
651
\u2014
\u2014
19,049
Value change own credit risk
\u2014
\u2014
\u2014
\u2014
-611
\u2014
-611
Profit appropriation
\u2014
\u2014
\u2014
\u2014
\u2014
131,855
131,855
Dividend
\u2014
\u2014
\u2014
\u2014
\u2014
-116,840
-116,840
Share plans
\u2014
\u2014
\u2014
\u2014
\u2014
2,949
2,949
Actuarial results
\u2014
5,082
\u2014
\u2014
\u2014
\u2014
5,082
Other changes
\u2014
\u2014
535
\u2014
\u2014
3,604
4,139
At 31 December
-2,007
-21,502
1,303
-5,712
-2,577
984,434
953,940
Tax effects
-6,397
-1,647
\u2014
-227
212
\u2014
-8,059
Changes in reserves in 2024
Revaluation
reserve
financial
assets at
fair value
through
other
comprehensive
income
Actuarial
results on
defined
benefit
schemes
Currency
translation
reserve
Cash flow
hedge
reserve
Own credit
risk reserve
Retained
earnings
Total
At 1 January
-10,083
-26,759
1,026
-7,015
1,989
928,871
888,029
Net changes in fair value
-10,322
\u2014
\u2014
651
\u2014
\u2014
-9,670
Value change own credit risk
\u2014
\u2014
\u2014
\u2014
-3,956
\u2014
-3,956
Profit appropriation
\u2014
\u2014
\u2014
\u2014
\u2014
118,446
118,446
Dividend
\u2014
\u2014
\u2014
\u2014
\u2014
-84,731
-84,731
Share plans
\u2014
\u2014
\u2014
\u2014
\u2014
1,140
1,140
Actuarial results
\u2014
175
\u2014
\u2014
\u2014
\u2014
175
Other changes
\u2014
\u2014
-258
\u2014
\u2014
-860
-1,119
At 31 December
-20,405
-26,584
768
-6,363
-1,966
962,866
908,316
Tax effects
3,589
-73
\u2014
-227
1,375
\u2014
4,665
The proposed dividend for 2025 has been set at \u20ac3.00 per
ordinary share (2024: \u20ac2.75 per ordinary share).The
dividend proposal will be submitted for adoption to the
AGM to be held on 21\u00a0May\u00a02026.
Nature and purpose of other reserves
Treasury shares: This includes the cost price of treasury
shares kept by Van Lanschot Kempen for shares awarded to
staff under current remuneration and equity schemes.
Share premium reserve: This includes amounts paid to
Van\u00a0Lanschot Kempen by shareholders above the nominal
value of purchased shares.
Revaluation reserve: This includes changes in the fair value of
FVOCI investments.
Actuarial results on defined benefit schemes: This includes
actuarial gains and losses on revaluation of investments and
defined benefit obligations. The actuarial gains and losses
related to a shortfall in minimum performance on defined
contribution plan assets, required under Belgian and Swiss
law, are also included.
Currency translation reserve: This reserve (which is not
available for free distribution) includes currency exchange
differences resulting from the valuation of investments in
group companies at the prevailing exchange rate in so far as
the currency rate risk is not hedged.
Cash flow hedge reserve: This includes the share in the gain or
loss on hedging instruments in cash flow hedges that have
been designated as an effective hedge.
Own credit risk reserve: This includes the changes in
Van\u00a0Lanschot Kempen\u2019s own credit risk of financial liabilities
at fair value through profit or loss.
Retained earnings: This includes past profits added to equity
and changes in connection with the share scheme", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-640": { "value": "3.0", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-641": { "value": "2.75", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsPaidOrdinarySharesPerShare", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-642": { "value": "
Treasury shares: This includes the cost price of treasury
shares kept by Van Lanschot Kempen for shares awarded to
staff under current remuneration and equity schemes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-643": { "value": "
22. Net interest income
Net interest income
2025
2024
Total interest income
618,824
666,523
Interest income on cash equivalents
33
79
Interest income on balances at central banks
27,040
64,317
Interest income on banks, and public and private sectors
230,202
234,482
Interest income on financial assets at fair value through other comprehensive income
74,801
68,491
Interest income on other financial assets at amortised cost
38,757
38,163
Interest income calculated using the effective interest method
370,833
405,532
Interest income on financial assets at fair value through profit or loss
5,225
6,138
Interest income on derivatives
231,745
246,353
Other interest income
11,022
8,499
Other interest income
247,991
260,990
Total interest expense
454,684
491,063
Interest expense on banks, and public and private sectors
159,825
227,226
Interest expense on issued debt securities
36,249
40,302
Interest expense on subordinated loans
8,891
9,261
Interest expense calculated using the effective interest method
204,965
276,789
Interest expense on derivatives
228,317
189,433
Other interest expense
21,402
24,841
Other interest expense
249,719
214,274
Net interest income
164,141
175,460
In 2025, net interest income wa s \u20ac11.3 million lower than in
2024. This decrease was primarily due to lower savings
margins, as ECB rate cuts were passed through more slowly
to savings rates.
This timing difference reduced margins in the first half of the
year. Margins recovered in the second half as savings rate
repricing was completed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-644": { "value": "
23. Income from securities and associates
Income from securities and associates
2025
2024
Total
15,193
18,352
Income from associates using the equity method
2,704
6,334
Realised result of associates using the equity method
4,220
79
Realised and unrealised gains/losses on investments at fair value through profit or loss
3,192
6,208
Other gains/losses on sales
5,077
5,731
Income from securities and associates decreased by
\u20ac3.2\u00a0million, despite the sale of OGD Holding (\u20ac4.2 million
positive). The fall was mainly due to lower income from
associates and a decline in dividends received.
Disclosure of interests in other entities
Key judgements and assumptions
We rely on key judgements and assumptions when
determining control and significant influence. We have
included these under the headings \u201cBasis of consolidation\u201d
and \u201cSummary of material accounting policies\u201d.
Interests in subsidiaries
The consolidated statement of financial position and
statement of income comprise subsidiaries and entities in
which Van Lanschot Kempen has control, but exclude the
names of relatively minor subsidiaries and entities.
Subsidiaries (%)
2025
2024
Van Lanschot Kempen (Schweiz) AG
100
100
Kempen Dutch Inflation Fund I NV
100
100
Van Lanschot Kempen Investment Management NV
100
100
Van Lanschot Kempen Bewaarder NV
100
100
Van Lanschot Kempen AM NL BV
100
100
Van Lanschot Kempen (USA) Inc.
100
100
Van Lanschot Kempen Participaties BV
100
100
Beheermaatschappij \"Orthenstraat\" BV
100
100
Sapphire Investments BV
100
100
Quion 17 BV
100
100
Efima Hypotheken BV
100
100
LansOG Beheer BV
100
100
Hof Hoorneman NV
100
100
Accuro NV
\u2014
100
Wilton Investment Services BV
100
\u2014
Consolidated structured entities controlled
by Van Lanschot Kempen
In the consolidated statement of financial position, we
consolidate structured entities. These are designed in such a
way that the voting rights are not the dominant factor in
deciding who controls the entity, and the relevant activities
are governed by contractual arrangements. Van Lanschot
Kempen is exposed to substantially all of the risk of the
structured entity and thereby controls it. Therefore, these
structured entities do not qualify as a transfer of risk and
reward of the financial assets and are not derecognised from
our statement of financial position.
We consolidate the following structured entities:
\u2013 Van Lanschot Kempen SB Covered Bond Company BV;
\u2013 Van Lanschot Conditional Pass-Through Covered Bond
Company 2 BV.
Public Soft Bullet Covered Bond (SBCB) programme
We established a soft bullet covered bond programme in
March 2022. In June 2022, we launched the first bond of
\u20ac500 million (maturity of five and a half years, coupon of
2.5%). A second \u20ac500 million bond was issued in May 2023
(maturity of three years, coupon of 3.5%). Finally, in October
2023 a bond was transferred from the discontinued CPT
programme to the SBCB programme. All bonds were placed
with institutional investors.
Retained Conditional Pass-Through (CPT) Covered Bond 2
programme
We established a retained CPT programme in July 2019. In
September 2019, the first bond of \u20ac300 million was issued.
This bond was increased by \u20ac200 million to \u20ac500 million in
June 2023. All bonds were retained by Van Lanschot
Kempen. In 2024, we restructured the outstanding
instrument, extended the maturity date to September 2028,
and reset the coupon at 1.3%.
The table below shows the total amounts of the mortgage
loans involved in each covered bond programme.
Van Lanschot Kempen provides no financial or other support
to the covered bond entities, and has no intention of
providing such support.
Structured entities (\u20ac1,000)
31/12/2025
31/12/2024
Fair value
Carrying amount
Fair value
Carrying amount
Total
2,218,131
2,371,005
2,408,048
2,553,285
Public Soft Bullet Covered Bond programme
1,692,957
1,807,748
1,844,749
1,949,707
Retained Conditional Pass-Through Covered Bond 2
programme
525,174
563,257
563,299
603,577
Non-controlling interests
The consolidated statement of financial position and
statement of income include a number of non-controlling
interests; a list of non-controlling interests in Van Lanschot
Kempen subsidiaries is provided below.
Non-controlling interests (\u20ac1,000)
31/12/2025
31/12/2024
Total
29
54
Consolidated investment funds
29
54
Van Lanschot Kempen\u2019s minority interests are recognised
under non-controlling interests as part of equity.
Changes in non-controlling
interests (\u20ac1,000)
2025
2024
Non-controlling
interests
Undistributed
profit attributable
to non-controlling
interests
Total
Non-controlling
interests
Undistributed
profit attributable
to non-controlling
interests
Total
At 1 January
-134
189
55
134
-40
93
Profit appropriation
189
-189
\u2014
-40
40
\u2014
Dividend
-152
\u2014
-152
-228
\u2014
-228
Result for the reporting
period
\u2014
128
128
\u2014
189
189
Other changes
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
At 31 December
-97
128
30
-134
189
55
Consolidated investments
The table below provides aggregated information
on\u00a0consolidated investments.
Financial information consolidated investments (\u20ac1,000)
2025
2024
Total assets
41
116
Total liabilities
4
48
Equity attributable to shareholders
80
14
Equity attributable to non-controlling interests
29
54
Total income from operating activities
151
285
Total expenses
-8
49
Taxes
\u2014
\u2014
Net income
159
236
Of which attributable to shareholders
32
47
Of which attributable to non-controlling interests
128
189
Associates
Investments in associates using the equity method
As part of our investment policy, we invest in medium-sized
companies in the Netherlands, only holding minority
interests. These investments are classified as investments in
associates using the equity method.
The table below shows the largest investments in associates
based on the carrying amount.
In 2025, we sold our interest in OGD Holding BV (31.3%). In
2024, no investments were sold; see Note 23, Income from
securities and associates.
Name
Activities
Head office
Interest
Bolster Investments
Co\u00f6peratief UA
Bolster Investments Co\u00f6peratief UA is an investment fund managed
by Bolster Investment Partners BV. A flexible, long-term investor,
Bolster Investment Partners specialises in partnerships with
entrepreneur-led and family-owned businesses through minority and
majority interests.
Amsterdam
29.75%
Bolster Investments II
Co\u00f6peratief UA
Bolster Investments II Co\u00f6peratief UA is an investment fund,
managed by Bolster Investment Partners BV. A flexible, long-term
investor, Bolster Investment Partners specialises in partnerships with
entrepreneur-led and family-owned businesses through minority and
majority interests.
Amsterdam
22.00%
Langosta BV
Langosta participates in financing companies.
Amsterdam
47.74%
Ploeger Oxbo Holding BV
Ploeger Oxbo develops, manufactures and sells a wide range of
specialist harvesting equipment to customers across the world.
Roosendaal
11.83%
Tecnotion Investment BV
Tecnotion designs, produces and sells linear motors across the world,
to the semiconductor, electronics, LCD, automotive and robotics
industries among other sectors.
Almelo
38.00%
The interest of 11.83% in Ploeger Oxbo Holding BV is
classified as an associate because Van Lanschot Kempen
exercises significant influence through its governance and
oversight rights.
Aggregated financial information of associates for
which Van Lanschot Kempen applies the equity
method (\u20ac1,000)
2025
2024
Associates,
equity method
Attributable to
Van Lanschot
Kempen
Associates,
equity method
Attributable to
Van Lanschot
Kempen
Total
403,161
116,107
367,205
110,892
Current assets
198,929
29,823
261,316
40,444
Non-current assets
545,524
107,615
530,779
102,946
Current liabilities
-55,492
-8,781
-101,551
-18,156
Non-current liabilities
-285,800
-37,969
-323,339
-43,559
Goodwill
23,643
17,541
Impairments
\u2014
\u2014
Other
1,776
11,676
Other financial information
Dividend received
50
24
3,501
1,393
Income from operational activities
15,613
2,974
32,469
6,638
Share of net income
28,311
6,923
21,306
6,334
Unrecognised share of losses
343
117
343
117
Comprehensive income
\u2014
\u2014
\u2014
The table below shows the income and expenses that we
report for associates using the equity method in the
statement of income and the positions included in the
statement of financial position, as well as commitments
given at year-end in respect of these entities.
Transactions with Investments in associates using the equity method (\u20ac1,000)
2025
2024
Income
\u2014
\u2014
Amount payable
225
1,361
Commitments
16,415
20,595
Loans granted to entities in which we exercise significant
influence but do not have decisive control are granted on
market terms and secured on collateral provided. No
impairments were applied to the receivables in either 2025
or 2024.
Van Lanschot Kempen Participaties
Investments using the equity method held by Van\u00a0Lanschot
Kempen Participaties are managed by Bolster Investment
Partners. Van\u00a0Lanschot Kempen Participaties invests in a
portfolio of equity funds. In addition, one of the portfolio
companies issued cumulative preference shares. Moreover,
a subordinated loan has been issued to one of the portfolio
companies.
The table below shows Van Lanschot Kempen Participaties\u2019
financial impact on the consolidated statement of financial
position and statement of income. The table does not include
information about controlling interests.
Van Lanschot Kempen Participaties at 31 December 2025 (\u20ac1,000)
Investment activity
Item
Carrying
value
Interest
Income from
securities
and associates
Impairments
Total
Direct investment
Investment in associates
using the equity method
27,974
\u2014
2,178
\u2014
2,178
Shareholdings
Financial assets at fair
value through profit or loss
\u2014
62
\u2014
\u2014
62
Subordinated loans
Loans and advances to the
public and private sectors
3,479
\u2014
\u2014
\u2014
\u2014
Fund investment
Financial assets at fair
value through profit or loss
277
\u2014
378
\u2014
378
Total
31,730
62
2,556
\u2014
2,618
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-645": { "value": "
24. Net commission income
Net commission income
2025
2024
Total
567,468
511,089
Securities commissions
34,943
31,532
Management commissions
488,581
437,491
Cash transactions and funds transfer commissions
7,091
6,407
Corporate Finance and Equity Capital Markets commissions
30,590
29,700
Other commissions
6,264
5,960
Securities and management commissions were up by
\u20ac54.5\u00a0million compared with 2024, mainly due to strong
AuM growth on the back of inflows and market
performance. Securities and management commissions
include fees from fiduciary activities.", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-646": { "value": "
25. Result on financial transactions
Result on financial transactions
2025
2024
Total
12,967
13,383
Gains/losses on securities trading
3,084
2,347
Gains/losses on currency trading
9,975
10,994
Gains/losses on derivatives under hedge accounting
1,078
1,121
Realised gains/losses on financial assets at fair value through other comprehensive income
85
-820
Gains/losses on economic hedges/hedge accounting not applied
30,923
30,975
Gains/losses on financial assets and liabilities at fair value through profit or loss
-32,178
-31,234
In 2025, the realised gains/losses on financial assets at fair
value through other comprehensive income consisted solely
of gains/losses reclassified upon derecognition from
accumulated other comprehensive income to profit and loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-648": { "value": "
26. Other income
Other income
2025
2024
Total
-737
6,321
Net sales
2,608
9,058
Cost of sales
-3,345
-2,736
Other income comprises net sales and cost of sales from
non-strategic investments arising from debt conversion. In
certain cases, where a company has not been able to repay a
corporate loan granted by Van Lanschot Kempen, the loan
has been converted into a shareholding, thus giving the
company time to recover.
In 2024, net sales included a non\u2011recurring gain at Allshare;
the absence of this item reduces the 2025 result.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-647": { "value": "
26. Other income
Other income
2025
2024
Total
-737
6,321
Net sales
2,608
9,058
Cost of sales
-3,345
-2,736
Other income comprises net sales and cost of sales from
non-strategic investments arising from debt conversion. In
certain cases, where a company has not been able to repay a
corporate loan granted by Van Lanschot Kempen, the loan
has been converted into a shareholding, thus giving the
company time to recover.
In 2024, net sales included a non\u2011recurring gain at Allshare;
the absence of this item reduces the 2025 result.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-650": { "value": "
27. Staff costs
Staff costs
2025
2024
Total
364,198
345,591
Salaries and wages
261,866
250,024
Pension costs for defined contribution schemes
34,575
31,940
Pension costs for defined benefit schemes
3,908
2,936
Other social security costs
33,054
30,218
Share-based payments for variable remuneration
6,631
7,467
Other staff costs
24,165
23,005
In 2025, share-based payments added \u20ac4.9 million to equity
(2024: \u20ac4.4 million). Of the total expenses arising from
share-based payments, \u20ac3.2 million is included in Salaries
and wages (2024: \u20ac2.8 million). Share-based payment
expenses totalled \u20ac10.2 million at year-end 2025 (2024:
\u20ac9.0\u00a0million). Pension costs for defined contribution
schemes include \u20ac1.9 million for Management Board
members (2024: \u20ac1.8 million).
The number of staff at year-end 2025 was 2,309
(2024:\u00a02,229). The average number of staff in FTEs was
2,100 (2024: 1,990), as shown below:
Average number of staff (FTEs) during the year
2025
2024
Total
2,100
1,990
Netherlands
1,823
1,736
Belgium
193
175
Other
85
78
Conditional depositary receipts for shares are granted to
staff both under the variable remuneration policy for
identified staff and the long-term share plan (LTP).
Conditional depositary receipts for shares granted to staff (excluding Management Board)
2025
2024
At 1 January
84,455
88,133
Granted
17,885
27,479
Vested
-34,492
-26,301
Forfeited rights
-221
-4,856
At 31 December
67,627
84,455
The fair value is determined based on the volume-weighted
day price for depositary receipts for Class A ordinary shares
on the second trading day after release of Van Lanschot
Kempen\u2019s annual figures. The fair value is equal to the share
price less the discounted value of expected dividends during
the vesting period. Depositary receipts granted in 2025 had a
weighted average fair value of \u20ac33.96 (2024: \u20ac20.51).
In 2025, 3 ,788 conditional depositary receipts for shares
were granted under the LTP to a number of senior managers
other than members of the Management Board (2024:\u00a04,221).
The part of the variable remuneration that is deferred and
conditional is spread evenly over the vesting period of four
years, and a one-year retention period applies to the deferred
and conditional share certificates after they have become
unconditional.
Conditional options granted to staff
31/12/2025
31/12/2024
Number of options
Average exercise
price
Number of options
Average exercise
price
At 1 January
\u2014
\u2014
\u2014
\u2014
Granted
16,628
57.80
\u2014
\u2014
Expired and forfeited options
\u2014
\u2014
\u2014
\u2014
At 31 December
16,628
57.80
\u2014
\u2014
The exercise period runs from 1 January 2029 to
20\u00a0May\u00a02030 and options may only be exercised during open
periods. The options are granted to Mercier van Lanschot's
staff.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-649": { "value": "
27. Staff costs
Staff costs
2025
2024
Total
364,198
345,591
Salaries and wages
261,866
250,024
Pension costs for defined contribution schemes
34,575
31,940
Pension costs for defined benefit schemes
3,908
2,936
Other social security costs
33,054
30,218
Share-based payments for variable remuneration
6,631
7,467
Other staff costs
24,165
23,005
In 2025, share-based payments added \u20ac4.9 million to equity
(2024: \u20ac4.4 million). Of the total expenses arising from
share-based payments, \u20ac3.2 million is included in Salaries
and wages (2024: \u20ac2.8 million). Share-based payment
expenses totalled \u20ac10.2 million at year-end 2025 (2024:
\u20ac9.0\u00a0million). Pension costs for defined contribution
schemes include \u20ac1.9 million for Management Board
members (2024: \u20ac1.8 million).
The number of staff at year-end 2025 was 2,309
(2024:\u00a02,229). The average number of staff in FTEs was
2,100 (2024: 1,990), as shown below:
Average number of staff (FTEs) during the year
2025
2024
Total
2,100
1,990
Netherlands
1,823
1,736
Belgium
193
175
Other
85
78
Conditional depositary receipts for shares are granted to
staff both under the variable remuneration policy for
identified staff and the long-term share plan (LTP).
Conditional depositary receipts for shares granted to staff (excluding Management Board)
2025
2024
At 1 January
84,455
88,133
Granted
17,885
27,479
Vested
-34,492
-26,301
Forfeited rights
-221
-4,856
At 31 December
67,627
84,455
The fair value is determined based on the volume-weighted
day price for depositary receipts for Class A ordinary shares
on the second trading day after release of Van Lanschot
Kempen\u2019s annual figures. The fair value is equal to the share
price less the discounted value of expected dividends during
the vesting period. Depositary receipts granted in 2025 had a
weighted average fair value of \u20ac33.96 (2024: \u20ac20.51).
In 2025, 3 ,788 conditional depositary receipts for shares
were granted under the LTP to a number of senior managers
other than members of the Management Board (2024:\u00a04,221).
The part of the variable remuneration that is deferred and
conditional is spread evenly over the vesting period of four
years, and a one-year retention period applies to the deferred
and conditional share certificates after they have become
unconditional.
Conditional options granted to staff
31/12/2025
31/12/2024
Number of options
Average exercise
price
Number of options
Average exercise
price
At 1 January
\u2014
\u2014
\u2014
\u2014
Granted
16,628
57.80
\u2014
\u2014
Expired and forfeited options
\u2014
\u2014
\u2014
\u2014
At 31 December
16,628
57.80
\u2014
\u2014
The exercise period runs from 1 January 2029 to
20\u00a0May\u00a02030 and options may only be exercised during open
periods. The options are granted to Mercier van Lanschot's
staff.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-651": { "value": "
The number of staff at year-end 2025 was 2,309
(2024:\u00a02,229). The average number of staff in FTEs was
2,100 (2024: 1,990), as shown below:
Average number of staff (FTEs) during the year
2025
2024
Total
2,100
1,990
Netherlands
1,823
1,736
Belgium
193
175
Other
85
78
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-652": { "value": "
28. Other administrative expenses
Other administrative expenses
2025
2024
Total
146,181
152,669
Accommodation expenses
11,015
11,030
Marketing and communication
16,446
13,914
Office expenses
3,384
3,824
IT expenses
46,805
53,120
External independent auditors' fees
5,217
5,583
Consultancy fees
17,106
16,091
Travel and hotel fees
4,698
4,348
Information providers' fees
18,645
17,724
External service providers' charges
10,780
10,984
Other
12,086
16,052
Consultancy fees relate to advisory services (business
consultancy, tax) and the implementation and maintenance
of software and hardware.
Fees charged by our external independent auditors and their
network of offices are presented including VAT and can be
broken down as follows:
Fees charged by external independent auditors in 2025
KPMG
Accountants NV
Other KPMG
network firms
Total
Total
3,899
1,061
4,960
Audit of the financial statements
2,517
905
3,422
Other audit services
782
156
938
Limited assurance procedures regarding CSRD
518
\u2014
518
Tax services
\u2014
\u2014
\u2014
Other non-audit services
82
\u2014
82
Fees charged by external independent auditors in 2024
PwC Accountants
NV
Other PwC
network firms
Total
Total
4,441
995
5,436
Audit of the financial statements
2,931
995
3,926
Other audit services
278
\u2014
278
Limited assurance procedures regarding CSRD
635
\u2014
635
Tax services
\u2014
\u2014
\u2014
Other non-audit services
597
\u2014
597
This is a summary of the services rendered by our external
independent auditor KPMG Accountants NV and its
network:
\u2013 Financial statements audit;
\u2013 Financial statements audit for funds managed by
Van\u00a0Lanschot Kempen Investment Management NV;
\u2013 Statutory audit of controlled and related entities;
\u2013 Audit of the regulatory returns to be submitted to
De\u00a0Nederlandsche Bank;
\u2013 ISAE 3402 type II engagement in respect of institutional
and semi-institutional clients administering asset
management services of Van Lanschot Kempen NV and
Van Lanschot Kempen Investment Management NV;
\u2013 Non-audit assurance engagements on safeguarding
client assets;
\u2013 Agreed-upon procedures on the comfort letter on the
special purpose consolidated financial report in the
context of Article 26.2 of Capital Requirements
Regulation No. 575/2013 as of 31\u00a0December 2025;
\u2013 DGS ISAE 3402 Type II;
\u2013 Limited assurance on CSRD;
\u2013 ISAE 3000 Swift CSP;
\u2013 WTP ISAE 3000.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-653": { "value": "
Fees charged by our external independent auditors and their
network of offices are presented including VAT and can be
broken down as follows:
Fees charged by external independent auditors in 2025
KPMG
Accountants NV
Other KPMG
network firms
Total
Total
3,899
1,061
4,960
Audit of the financial statements
2,517
905
3,422
Other audit services
782
156
938
Limited assurance procedures regarding CSRD
518
\u2014
518
Tax services
\u2014
\u2014
\u2014
Other non-audit services
82
\u2014
82
Fees charged by external independent auditors in 2024
PwC Accountants
NV
Other PwC
network firms
Total
Total
4,441
995
5,436
Audit of the financial statements
2,931
995
3,926
Other audit services
278
\u2014
278
Limited assurance procedures regarding CSRD
635
\u2014
635
Tax services
\u2014
\u2014
\u2014
Other non-audit services
597
\u2014
597
This is a summary of the services rendered by our external
independent auditor KPMG Accountants NV and its
network:
\u2013 Financial statements audit;
\u2013 Financial statements audit for funds managed by
Van\u00a0Lanschot Kempen Investment Management NV;
\u2013 Statutory audit of controlled and related entities;
\u2013 Audit of the regulatory returns to be submitted to
De\u00a0Nederlandsche Bank;
\u2013 ISAE 3402 type II engagement in respect of institutional
and semi-institutional clients administering asset
management services of Van Lanschot Kempen NV and
Van Lanschot Kempen Investment Management NV;
\u2013 Non-audit assurance engagements on safeguarding
client assets;
\u2013 Agreed-upon procedures on the comfort letter on the
special purpose consolidated financial report in the
context of Article 26.2 of Capital Requirements
Regulation No. 575/2013 as of 31\u00a0December 2025;
\u2013 DGS ISAE 3402 Type II;
\u2013 Limited assurance on CSRD;
\u2013 ISAE 3000 Swift CSP;
\u2013 WTP ISAE 3000.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-654": { "value": "
29. Depreciation and amortisation
Depreciation and amortisation
2025
2024
Total
36,829
34,273
Buildings
3,674
1,776
Right-of-use assets \u2013 buildings
13,001
9,252
Right-of-use assets \u2013 transport equipment
3,398
4,223
IT, operating system software and communications equipment
2,181
2,175
Application software
1,094
1,114
Intangible assets arising from acquisitions
13,068
15,162
Other depreciation and amortisation
413
572
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-655": { "value": "
30. Impairments
Impairments
2025
2024
Total
-4,213
-1,439
Cash and cash equivalents and balances at central banks
0
0
Due from banks
0
\u2014
Financial assets at fair value through other comprehensive income
-496
481
Loans and advances to the public and private sectors
-3,536
-2,079
Other financial assets at amortised cost
-235
163
Financial guarantees and loan commitments
54
-5
Impairments of financial instruments
-4,213
-1,439
The impairment charges relating to the financial instruments
were down on 2024, mainly due to releases of Stage 3
exposures. For more information on impairments related to
financial instruments, see \"Risk management\", under 3.8,
Loss allowance for expected credit losses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-656": { "value": "
31. Income tax
Income tax
2025
2024
Operating profit before tax
216,036
193,512
Total gross result
216,036
193,512
Prevailing tax rate in the Netherlands (in %)
25.8
25.8
Tax
58,603
51,572
Total tax
58,603
51,572
Expected tax on the basis of the prevailing tax rate in the Netherlands
55,737
49,926
Increase/decrease in tax payable due to:
Non-deductible interest
2,534
3,273
Tax-free income from securities and associates
-2,144
-1,711
Non-deductible costs
3,730
3,243
Non-deductible losses
445
141
Adjustments to taxes for prior financial years
690
179
Impact of foreign tax rate differences
-608
-422
Addition/(release) deferred tax assets
\u2014
-1
Other changes
-1,781
-3,056
Total increase/decrease
2,866
1,646
Total tax
58,603
51,572
This tax amount consists of the tax expense for the financial
year on the operating result as disclosed in the statement of
income, also allowing for any tax relief facilities. Changes in
the effective tax rate (ETR) were mainly due to non-
deductible expenses and non-deductible interest expenses,
only partially offset by the deductibility of coupon payments
on our AT1 capital securities, which is included in Other
changes. The effective tax rate for 2025 was 26.79% (2024:
26.65%).
In December 2022, EU member states adopted the
EU\u00a0Directive on minimum taxation (Pillar 2). Under this
directive, multinational companies are subject to a minimum
ETR of 15% in every jurisdiction where they have an entity. If
the ETR is lower than 15%, a top-up tax is applied to reach a
15% effective tax burden. Companies with a global turnover
exceeding \u20ac750 million in at least two of the four reporting
years immediately preceding the reporting year fall within
the scope of Pillar 2. As of 2024, the Minimum Tax Act, in
which Pillar 2 is formalised, has been effective in the
Netherlands. Our consolidated revenues in the 2020\u201322
period were below \u20ac750 million; however since 2023,
consolidated revenues have exceeded this level, which
means that Van Lanschot Kempen falls within the scope of
the Pillar 2 rules for the 2025 financial year. For this
calculation, we qualify for the transitional country-by-
country reporting (CbCR) safe harbour, due to the simplified
ETR test. Our effective tax rate is well above the minimum
tax burden, also as measured by this simplified ETR test, so
no top-up tax is due. As a result, neither the mandatory
recognition and disclosure exception in IAS 12.4A nor the
disclosure requirements in IAS 12.88A-88D applied to us in
2025.
Key income tax components
2025
2024
Total
58,603
51,572
Income tax
62,826
48,590
Income/expense from foreign tax rate differences
-608
422
Income/expense from changes in deferred tax assets
-13,991
2,138
Income/expense from changes in deferred tax liabilities
9,687
601
Income/expense from prior-year adjustments
690
-179
The breakdown of deferred tax assets and liabilities through
the statement of income is as follows:
Deferred tax assets
2025
2024
Total
-13,991
2,138
Employee benefits
123
253
Commissions
-2
4
Property and equipment
-1,177
486
Lease liabilities
-12,882
1,595
Tax-loss carry-forwards
-9
1
Other
-45
-201
Deferred tax liabilities
2025
2024
Total
9,687
601
Property and equipment
12,390
1,385
Intangible assets
-2,703
-784
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-657": { "value": "
32. Earnings per ordinary share
Earnings per ordinary share
2025
2024
Net result
157,433
141,940
Share of AT1 capital securities
-8,875
-9,896
Share of other non-controlling interests
-128
-189
Net result for calculation of earnings per share
148,431
131,855
Weighted average number of ordinary shares in issue
42,450,477
42,385,602
Earnings per ordinary share (\u20ac)
3.50
3.11
Proposed dividend per ordinary share (\u20ac)
3.00
2.75
To calculate earnings per ordinary share, the number of
ordinary shares consists solely of the weighted average
number of shares in issue, ignoring any treasury shares held
by the company.
33. Diluted earnings per ordinary share
Diluted earnings per ordinary share
2025
2024
Net result for calculation of diluted earnings per share
148,431
131,855
Weighted average number of ordinary shares in issue
42,450,477
42,385,602
Potential shares
307,297
165,192
Weighted average number of ordinary shares in issue, fully diluted
42,757,774
42,550,794
Diluted earnings per ordinary share (\u20ac)
3.47
3.10
Diluted earnings per ordinary share are calculated the same
way as earnings per share, but taking into account the
number of shares that could potentially cause dilution.
Diluted earnings per ordinary share reflect the weighted
average number of ordinary shares that would be in issue
upon conversion into ordinary shares of all potential shares.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-658": { "value": "
Business combination in 2025
On 21 July 2025, we announced the acquisition of the Dutch
multi-family office and asset manager, Wilton Family Office.
Through this acquisition, Van Lanschot Kempen further
strengthens its position in the higher segment of private
banking, while Wilton Family Office benefits from future-
proofing and continued growth as part of a specialist,
independent wealth manager. The assets acquired included
Wilton Family Office's client relationships, which have been
joined with Van Lanschot Kempen. On 1 December 2025,
Van Lanschot Kempen announced the completion of this
transaction. We consolidated Wilton Family Office in our
financial statements as of 28 November 2025, as part of
Private Clients Netherlands.
Wilton Family Office's operating result before tax since the
acquisition date of 28 November 2025 has been included in
our consolidated statement of income. For 2025, this
amounted to a loss of \u20ac0.1 million, consisting of total income
of \u20ac0.2 million and total expenses of \u20ac0.3 million.
The table below sets out the allocation of the acquisition
price to the fair value of the acquired assets (including any
identifiable intangible assets) and liabilities at the acquisition
date. The identifiable intangible assets reflect the acquired
client relationships. The goodwill is attributable to the future
profitability of the acquired business in anticipation of
synergies achieved from the business combination.
The total purchase consideration consists of solely a cash
component. It includes a contingent amount of \u20ac1.9\u00a0million
related to the earn-out agreement and was initially
recognised under Note 15, Financial liabilities at fair value
through profit or loss. The deferred contingent liability will
be remeasured on reporting dates, based on Wilton Family
Office's current and projected financial performance.
Wilton Family Office (\u20ac million)
Fair value of
acquisition
Carrying amount of
acquisition
Cash and cash equivalents
1.5
1.5
Property and equipment
0.1
0.1
Intangible assets
5.7
\u2014
Financial assets at fair value through profit or loss
\u2014
\u2014
Other assets
0.3
0.3
Total identifiable assets
7.6
1.9
Other liabilities
0.3
0.3
Deferred tax liabilities
1.5
\u2014
Total identifiable liabilities
1.8
0.3
Total net assets
5.8
1.6
Goodwill
6.2
Cash consideration
12.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-659": { "value": "1 Stichting Pensioenfonds F. van Lanschot merged into HNPF on 1 January 2025.
Related parties
(\u20ac1,000)
In the normal course of business, we enter into various
related party transactions. Parties are considered related if
one party exercises control or has significant influence over
the other party regarding financial or operating decisions.
Parties related to us include our key management personnel,
Supervisory Board members, our subsidiaries, affiliates and
parties with significant influence in Van Lanschot Kempen.
These transactions are conducted at arm's length.
Key management personnel comprises our Management
Board, who are responsible for implementing our strategy
and managing our activities (see \"Management Board
members\").
Management and Supervisory Board remuneration
2025
2024
Fixed salary, amount in cash
3,501
3,589
Fixed salary, amount in shares
2,334
2,032
Extraordinary items
\u2014
\u2014
Fixed payment for pension and disability insurance costs
1,902
1,835
Supervisory Board fees in cash
691
630
Total remuneration
8,429
8,086
Share-based payment expenses
279
261
Total staff cost
8,708
8,347
Key management personnel transactions
A number of key management personnel, or their related
parties, hold positions in other companies that result in them
having control or significant influence over these companies.
A number of these companies transacted with Van Lanschot
Kempen during the year. The terms and conditions of these
transactions were at arm's length.
Van Lanschot Kempen has a lease agreements for the offices
in Brussels and Antwerp for which the rent paid in the
relevant 2025 period was \u20ac135,000. Additionally,
Van\u00a0Lanschot Kempen granted a Lombard loan to an entity
in which key management has a 25% stake.
Affiliates
2025
2024
Income
Expenses
Income
Expenses
Stichting Pensioenfonds F. van Lanschot 1
\u2014
\u2014
968
\u2014
Parties with significant influence in Van Lanschot Kempen
On the basis of IFRS guidelines, entities with a shareholding
of at least 20% in Van Lanschot Kempen are parties with
significant influence in Van Lanschot Kempen.
The table below shows the year-end income and expenses
relating to these parties in the statement of income and the
statement of financial position. It presents parties where
significant influence is assumed, although we also assess
other qualitative factors to determine the parties having
significant influence.
Shareholder ING Group has raised its stake in Van Lanschot
Kempen to over 20%. We do not view ING Group as a party
with significant influence, as it holds rights similar to other
ordinary shareholders and does not influence financial or
operating decisions, nor does it have any rights to board
representation.
\u00a0 \u00a0
Parties with significant influence in Van Lanschot Kempen in 2025
Income
Expenses
Amount receivable
Amount payable
Stichting Administratiekantoor van gewone aandelen A
Van Lanschot Kempen
\u2014
\u2014
\u2014
79
LDDM Holding BV
9
18
\u2014
1,462
Parties with significant influence in Van Lanschot Kempen in 2024
Income
Expenses
Amount receivable
Amount payable
Stichting Administratiekantoor van gewone aandelen A
Van\u00a0Lanschot Kempen
\u2014
\u2014
\u2014
67
LDDM Holding BV
5
8
\u2014
1,720
1 Number of shares held by Thomas Vanderlinden as of 1 September 2025, the date as of which he was appointed as a member of the Management Board.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-660": { "value": "
Disclosure of interests in other entities
Key judgements and assumptions
We rely on key judgements and assumptions when
determining control and significant influence. We have
included these under the headings \u201cBasis of consolidation\u201d
and \u201cSummary of material accounting policies\u201d.
Interests in subsidiaries
The consolidated statement of financial position and
statement of income comprise subsidiaries and entities in
which Van Lanschot Kempen has control, but exclude the
names of relatively minor subsidiaries and entities.
Subsidiaries (%)
2025
2024
Van Lanschot Kempen (Schweiz) AG
100
100
Kempen Dutch Inflation Fund I NV
100
100
Van Lanschot Kempen Investment Management NV
100
100
Van Lanschot Kempen Bewaarder NV
100
100
Van Lanschot Kempen AM NL BV
100
100
Van Lanschot Kempen (USA) Inc.
100
100
Van Lanschot Kempen Participaties BV
100
100
Beheermaatschappij \"Orthenstraat\" BV
100
100
Sapphire Investments BV
100
100
Quion 17 BV
100
100
Efima Hypotheken BV
100
100
LansOG Beheer BV
100
100
Hof Hoorneman NV
100
100
Accuro NV
\u2014
100
Wilton Investment Services BV
100
\u2014
Consolidated structured entities controlled
by Van Lanschot Kempen
In the consolidated statement of financial position, we
consolidate structured entities. These are designed in such a
way that the voting rights are not the dominant factor in
deciding who controls the entity, and the relevant activities
are governed by contractual arrangements. Van Lanschot
Kempen is exposed to substantially all of the risk of the
structured entity and thereby controls it. Therefore, these
structured entities do not qualify as a transfer of risk and
reward of the financial assets and are not derecognised from
our statement of financial position.
We consolidate the following structured entities:
\u2013 Van Lanschot Kempen SB Covered Bond Company BV;
\u2013 Van Lanschot Conditional Pass-Through Covered Bond
Company 2 BV.
Public Soft Bullet Covered Bond (SBCB) programme
We established a soft bullet covered bond programme in
March 2022. In June 2022, we launched the first bond of
\u20ac500 million (maturity of five and a half years, coupon of
2.5%). A second \u20ac500 million bond was issued in May 2023
(maturity of three years, coupon of 3.5%). Finally, in October
2023 a bond was transferred from the discontinued CPT
programme to the SBCB programme. All bonds were placed
with institutional investors.
Retained Conditional Pass-Through (CPT) Covered Bond 2
programme
We established a retained CPT programme in July 2019. In
September 2019, the first bond of \u20ac300 million was issued.
This bond was increased by \u20ac200 million to \u20ac500 million in
June 2023. All bonds were retained by Van Lanschot
Kempen. In 2024, we restructured the outstanding
instrument, extended the maturity date to September 2028,
and reset the coupon at 1.3%.
The table below shows the total amounts of the mortgage
loans involved in each covered bond programme.
Van Lanschot Kempen provides no financial or other support
to the covered bond entities, and has no intention of
providing such support.
Structured entities (\u20ac1,000)
31/12/2025
31/12/2024
Fair value
Carrying amount
Fair value
Carrying amount
Total
2,218,131
2,371,005
2,408,048
2,553,285
Public Soft Bullet Covered Bond programme
1,692,957
1,807,748
1,844,749
1,949,707
Retained Conditional Pass-Through Covered Bond 2
programme
525,174
563,257
563,299
603,577
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-661": { "value": "
Non-controlling interests
The consolidated statement of financial position and
statement of income include a number of non-controlling
interests; a list of non-controlling interests in Van Lanschot
Kempen subsidiaries is provided below.
Non-controlling interests (\u20ac1,000)
31/12/2025
31/12/2024
Total
29
54
Consolidated investment funds
29
54
Van Lanschot Kempen\u2019s minority interests are recognised
under non-controlling interests as part of equity.
Changes in non-controlling
interests (\u20ac1,000)
2025
2024
Non-controlling
interests
Undistributed
profit attributable
to non-controlling
interests
Total
Non-controlling
interests
Undistributed
profit attributable
to non-controlling
interests
Total
At 1 January
-134
189
55
134
-40
93
Profit appropriation
189
-189
\u2014
-40
40
\u2014
Dividend
-152
\u2014
-152
-228
\u2014
-228
Result for the reporting
period
\u2014
128
128
\u2014
189
189
Other changes
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
At 31 December
-97
128
30
-134
189
55
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-662": { "value": "
Commitments and contingent liabilities
(\u20ac1,000)
Contingent liabilities and irrevocable commitments
2025
2024
Total
271,650
277,950
Guarantees, etc.
60,132
52,588
Irrevocable unused credit facilities
171,148
130,745
Irrevocable lease commitments1
\u2014
58,326
Other irrevocable commitments
40,369
36,291
For several group companies, guarantees totalling
\u20ac104.4\u00a0million (2024: \u20ac237.3 million) have been issued. It is
uncertain whether, when and how much of these contingent
liabilities will be claimed.
The following tables show the contingent items (contingent
liabilities and irrevocable commitments) based on their
remaining contractual terms to maturity at the reporting
date.
For each transaction that we have guaranteed, the maximum
guaranteed amount is included in the relevant term bucket.
For each obligation arising from an irrevocable commitment,
the committed amount is classified in the relevant term
bucket.
Contractual maturity of contingent items at 31 December 2025
Withdrawable
on demand
<3 months
3 to 12
months
1 to 5 years
More than
5 years
Total
Total
20,882
105,001
11,287
59,988
74,492
271,650
Guarantees, etc.
5,944
3,277
5,242
13,673
31,996
60,132
Irrevocable unused credit facilities
14,938
101,724
1,062
45,014
8,410
171,148
Irrevocable lease commitments
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other irrevocable commitments
\u2014
\u2014
4,983
1,300
34,086
40,369
Contractual maturity of contingent items at 31 December 2024
Withdrawable
on demand
<3 months
3 to 12
months
1 to 5 years
More than
5 years
Total
Total
33,333
76,201
11,086
49,836
107,493
277,950
Guarantees, etc.
2,483
4,237
8,862
13,887
23,119
52,588
Irrevocable unused credit facilities
30,850
71,965
2,224
21,284
4,423
130,745
Irrevocable lease commitments
\u2014
\u2014
\u2014
13,366
44,960
58,326
Other irrevocable commitments
\u2014
\u2014
\u2014
1,300
34,991
36,291
Other commitments
We have entered into several IT contracts, e.g. for hiring
services and capacity, and for licensing and maintenance of
our systems. Our future contractual payment commitments
for IT contracts amount to \u20ac84.5\u00a0million (2024:
\u20ac58.1\u00a0million) and solely consist of intangible asset expenses.
Early termination of these contracts could result in
additional costs. Potential exit fees are linked to the
remaining term of the contracts.
In 2025, the presentation of other commitments was
adjusted to better reflect the actual commitments of the
group. As a result, the 2024 comparative figures were
adjusted, resulting in a decrease of approximately \u20ac22.9
million.
Future payments for IT and other contracts (\u20ac1,000)
2025
2024
Total
145,828
127,822
Within 1 year
46,888
47,203
1 to 5 years
83,765
70,593
More than 5 years
15,175
10,026
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
1 We have changed the presentation. An amount of approximately \u20ac58 million relating to irrevocable lease commitments, previously disclosed but not included in the
\u00a0 total, has been included in the total commitments for 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-663": { "value": "
Commitments and contingent liabilities
(\u20ac1,000)
Contingent liabilities and irrevocable commitments
2025
2024
Total
271,650
277,950
Guarantees, etc.
60,132
52,588
Irrevocable unused credit facilities
171,148
130,745
Irrevocable lease commitments1
\u2014
58,326
Other irrevocable commitments
40,369
36,291
For several group companies, guarantees totalling
\u20ac104.4\u00a0million (2024: \u20ac237.3 million) have been issued. It is
uncertain whether, when and how much of these contingent
liabilities will be claimed.
The following tables show the contingent items (contingent
liabilities and irrevocable commitments) based on their
remaining contractual terms to maturity at the reporting
date.
For each transaction that we have guaranteed, the maximum
guaranteed amount is included in the relevant term bucket.
For each obligation arising from an irrevocable commitment,
the committed amount is classified in the relevant term
bucket.
Contractual maturity of contingent items at 31 December 2025
Withdrawable
on demand
<3 months
3 to 12
months
1 to 5 years
More than
5 years
Total
Total
20,882
105,001
11,287
59,988
74,492
271,650
Guarantees, etc.
5,944
3,277
5,242
13,673
31,996
60,132
Irrevocable unused credit facilities
14,938
101,724
1,062
45,014
8,410
171,148
Irrevocable lease commitments
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other irrevocable commitments
\u2014
\u2014
4,983
1,300
34,086
40,369
Contractual maturity of contingent items at 31 December 2024
Withdrawable
on demand
<3 months
3 to 12
months
1 to 5 years
More than
5 years
Total
Total
33,333
76,201
11,086
49,836
107,493
277,950
Guarantees, etc.
2,483
4,237
8,862
13,887
23,119
52,588
Irrevocable unused credit facilities
30,850
71,965
2,224
21,284
4,423
130,745
Irrevocable lease commitments
\u2014
\u2014
\u2014
13,366
44,960
58,326
Other irrevocable commitments
\u2014
\u2014
\u2014
1,300
34,991
36,291
Other commitments
We have entered into several IT contracts, e.g. for hiring
services and capacity, and for licensing and maintenance of
our systems. Our future contractual payment commitments
for IT contracts amount to \u20ac84.5\u00a0million (2024:
\u20ac58.1\u00a0million) and solely consist of intangible asset expenses.
Early termination of these contracts could result in
additional costs. Potential exit fees are linked to the
remaining term of the contracts.
In 2025, the presentation of other commitments was
adjusted to better reflect the actual commitments of the
group. As a result, the 2024 comparative figures were
adjusted, resulting in a decrease of approximately \u20ac22.9
million.
Future payments for IT and other contracts (\u20ac1,000)
2025
2024
Total
145,828
127,822
Within 1 year
46,888
47,203
1 to 5 years
83,765
70,593
More than 5 years
15,175
10,026
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-664": { "value": "
Contingent liabilities and irrevocable commitments
2025
2024
Total
271,650
277,950
Guarantees, etc.
60,132
52,588
Irrevocable unused credit facilities
171,148
130,745
Irrevocable lease commitments1
\u2014
58,326
Other irrevocable commitments
40,369
36,291
For several group companies, guarantees totalling
\u20ac104.4\u00a0million (2024: \u20ac237.3 million) have been issued. It is
uncertain whether, when and how much of these contingent
liabilities will be claimed.
The following tables show the contingent items (contingent
liabilities and irrevocable commitments) based on their
remaining contractual terms to maturity at the reporting
date.
For each transaction that we have guaranteed, the maximum
guaranteed amount is included in the relevant term bucket.
For each obligation arising from an irrevocable commitment,
the committed amount is classified in the relevant term
bucket.
Contractual maturity of contingent items at 31 December 2025
Withdrawable
on demand
<3 months
3 to 12
months
1 to 5 years
More than
5 years
Total
Total
20,882
105,001
11,287
59,988
74,492
271,650
Guarantees, etc.
5,944
3,277
5,242
13,673
31,996
60,132
Irrevocable unused credit facilities
14,938
101,724
1,062
45,014
8,410
171,148
Irrevocable lease commitments
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other irrevocable commitments
\u2014
\u2014
4,983
1,300
34,086
40,369
Contractual maturity of contingent items at 31 December 2024
Withdrawable
on demand
<3 months
3 to 12
months
1 to 5 years
More than
5 years
Total
Total
33,333
76,201
11,086
49,836
107,493
277,950
Guarantees, etc.
2,483
4,237
8,862
13,887
23,119
52,588
Irrevocable unused credit facilities
30,850
71,965
2,224
21,284
4,423
130,745
Irrevocable lease commitments
\u2014
\u2014
\u2014
13,366
44,960
58,326
Other irrevocable commitments
\u2014
\u2014
\u2014
1,300
34,991
36,291
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-665": { "value": "
Segment information
In all our business activities, we are known for our high-
quality and personal services, delivered by experts in their
field. Private banking is at the heart of our offering, closely
integrated with investment management and investment
banking services. By offering end-to-end services in this way,
we bring our clients and our networks together, enabling
meaningful connections.
Private Clients Netherlands
We are the largest pure-play private bank in the
Netherlands. We build long-lasting relationships that enable
us to be there for our clients through various life phases.
Significant moments such as the sale of a company, the
transfer of wealth or regulatory reforms are when we can
make a difference as a trusted adviser. We bring together
the expertise needed for both personal and business
challenges, recognising their complex interconnections.
Clients can rely on specialists who understand their world,
specific circumstances, and ambitions. We provide wealth
management solutions with their goals as our starting point.
Alongside this, we offer a wide range of services \u2013 including
investment and savings solutions, mortgages, Lombard
loans, private and business financing, semi-institutional
services, wealth transfer and philanthropy services \u2013 always
integrated into a long-term relationship. Our private banking
clients include entrepreneurs, wealthy individuals and
families, business and healthcare professionals, foundations
and associations.
Besides our private banking activities in the Netherlands,
our Swiss subsidiary offers international private banking
services to Dutch and Belgian families, entrepreneurs and
family offices. This aligns with our ambition to be the bank of
choice for clients seeking international diversification. Evi,
our online investment platform with a personal touch, serves
clients directly and via intermediaries to meet the diverse
needs of our affluent clients in the Netherlands.
Private Clients Belgium
Mercier Van Lanschot is our brand in Belgium, combining
local entrepreneurship and a foundational ethos of investing
together with the strength and expertise of Van Lanschot
Kempen as a whole. We are the challenger in a very
attractive market, with ample room to grow. We offer
entrepreneurs, wealthy individuals and families
comprehensive wealth management services, wealth
planning and Lombard loans.
Investment Management Clients
Our investment management business comprises
investment services for our private banking clients,
wholesale investment services for institutional clients across
Western Europe and fiduciary management for institutional
clients in the Netherlands and the UK. As a leading fiduciary
manager in the Netherlands and a challenger in the UK, we
are known for our strong ability to address complex client
needs with suitable investment solutions. In parallel with
solid investment management and active, high-conviction
strategies, our investment experts bring a hands-on,
entrepreneurial spirit to a range of investment challenges.
This part of our business specialises in:
\u2013 Investment services for our private banking clients;
\u2013 Our own funds: small caps, high dividend, credits and
listed real assets, alternative fixed income, non-listed
real assets, private markets, farmland and multi-asset
impact;
\u2013 Fiduciary management for pension funds in the
Netherlands and the UK;
\u2013 Services to independent wealth managers, including a
secure platform, handling custody and execution, and
access to selected investment solutions
Investment Banking Clients
Our investment bank combines an international outlook
with a sector-focused approach, specialising in European
real estate and life sciences. We serve European corporates,
international institutional clients and private banking clients
in the Benelux region, offering specialist services such as
M&A, equity capital markets transactions, debt advisory
services, and equities research and trading.
Other
The Other segment comprises activities in the fields of
interest rate, management book, market and liquidity risk
management, structured products activities, and staff
departments, as well as the activities of Van Lanschot
Kempen Participaties, our investment in the Bolster funds,
and consolidated investments.
The tables below give insight in the operating results before
tax per operating segment. The expenses are shown in a
compressed format to ensure year-on-year comparability,
because changes in the organisational structure can result in
shifts between cost categories.
Operating segments in 2025\u00a0 \u00a0 \u00a0
(\u20ac million)
Private Clients
Netherlands
Private Clients
Belgium
Investment
Management
Clients
Investment
Banking Clients
Other
Total
Statement of income
Net interest income
143.4
14.5
1.6
0.1
4.6
164.1
Income from securities and
associates
\u2014
\u2014
0.1
0.0
15.1
15.2
Net commission income
257.1
131.0
133.7
40.8
4.8
567.5
Result on financial transactions
1.0
0.8
0.0
3.1
8.1
13.0
Other income
\u2014
\u2014
\u2014
\u2014
-0.7
-0.7
Total income from operating
activities
401.4
146.3
135.4
44.0
31.9
759.0
Total expenses
267.1
78.9
110.1
43.2
43.7
543.0
Operating result before tax
134.3
67.4
25.3
0.8
-11.7
216.0
Operating segments in 2024\u00a0 \u00a0 \u00a0
(\u20ac million)
Private Clients
Netherlands
Private Clients
Belgium
Investment
Management
Clients
Investment
Banking Clients
Other
Total
Statement of income
Net interest income
156.9
9.3
0.9
-0.4
8.7
175.5
Income from securities and
associates
\u2014
\u2014
0.2
3.7
14.5
18.4
Net commission income
234.2
105.5
127.2
40.4
3.8
511.1
Result on financial transactions
1.3
\u2014
-0.1
2.2
10.0
13.4
Other income
\u2014
\u2014
\u2014
\u2014
6.3
6.3
Total income from operating
activities
392.4
114.9
128.2
45.8
43.4
724.6
Total expenses
257.4
77.0
103.3
41.9
51.4
531.1
Operating result before tax
134.9
37.8
24.9
3.9
-8.1
193.5
The tables below give additional information on the
geographical spread of income from operating activities.
Geographical segments in 2025 (\u20ac million)
Netherlands
Belgium
Other
Total
Statement of income
Total income from operating activities
583.8
143.8
31.5
759.0
Of which income from other segments
-15.8
22.6
-6.8
\u2014
Statement of financial position
Due from banks
3.2
\u2014
\u2014
3.2
Investments in associates using the equity method
120.1
\u2014
\u2014
120.1
Other non-current assets\u00b2
309.0
92.9
2.4
404.3
Total non-current assets3
432.3
92.9
2.4
527.6
Geographical segments in 2024 (\u20ac million)
Netherlands
Belgium
Other
Total
Statement of income
Total income from operating activities
580.1
113.6
30.9
724.6
Of which income from other segments
-26.4
32.0
-5.5
\u2014
Statement of financial position
Due from banks
66.7
\u2014
\u2014
66.7
Investments in associates using the equity method
117.6
\u2014
\u2014
117.6
Other non-current assets2
270.5
106.0
3.1
379.6
Total non-current assets3
454.7
106.0
3.1
563.8
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
1 Includes Income from securities and associates, Result on financial transactions and Other income as presented in the consolidated statement of income.
2 Includes Property and equipment, Goodwill and other intangible assets and Other assets as presented in the consolidated statement of financial position.
3 Other than financial instruments, deferred tax assets and post-employment assets.
Country-by-country reporting 2025
Country
Name of
subsidiary
Nature of
activities
Average
number of
staff (FTEs)
Total income
from
operating
activities
(\u20ac million)
Operating
result before
tax
(\u20ac million)
Income tax
(\u20ac million)
Government
subsidies
(\u20ac million)
Total
2,100
759.0
216.0
-58.6
\u2014
Netherlands
Van Lanschot Kempen
NV
Wealth
management
1,823
583.8
147.3
-39.0
\u2014
Belgium
Van Lanschot Kempen
NV branch Mercier
Van Lanschot4
Wealth
management
193
143.8
70.9
-19.1
\u2014
Switzerland
Van Lanschot Kempen
(Schweiz) AG
Wealth
management
44
18.7
-1.7
\u2014
\u2014
United Kingdom
Van Lanschot Kempen
Investment
Management (UK) Ltd
Asset
management
35
8.3
-1.9
\u2014
\u2014
United States
Van Lanschot Kempen
(USA) Inc.
Securities
broker-dealer
3
3.6
1.5
-0.5
\u2014
France
Van Lanschot Kempen
Investment
Management NV
branch
Asset
management
2
0.9
-0.1
0.0
\u2014
Sweden
Van Lanschot Kempen
NV cross-border
activity
Investment
banking
0
0.0
0.0
0.0
\u2014
Country-by-country reporting 2024
Country
Name of
subsidiary
Nature of
activities
Average
number of
staff (FTEs)
Total income
from
operating
activities
(\u20ac million)
Operating
result before
tax
(\u20ac million)
Income tax
(\u20ac million)
Government
subsidies
(\u20ac million)
Total
1,990
724.6
193.5
-51.6
\u2014
Netherlands
Van Lanschot Kempen
NV
Wealth
management
1,736
580.1
150.1
-39.1
\u2014
Belgium
Van Lanschot Kempen
NV branch Mercier
Van Lanschot4
Wealth
management
175
113.6
43.5
-12.0
\u2014
Switzerland
Van Lanschot Kempen
(Schweiz) AG
Wealth
management
39
19.2
1.5
-0.2
\u2014
United Kingdom
Van Lanschot Kempen
Investment
Management (UK) Ltd
Asset
management
33
7.3
-2.4
\u2014
\u2014
United States
Van Lanschot Kempen
(USA) Inc.
Securities
broker-dealer
5
3.7
0.7
-0.2
\u2014
France
Van Lanschot Kempen
Investment
Management NV
branch
Asset
management
2
0.7
0.2
-0.1
\u2014
Sweden
Van Lanschot Kempen
NV cross-border
activity
Investment
banking
0
\u2014
0.0
0.0
\u2014
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
4 On 1 January 2024, the legal merger between Mercier Vanderlinden Asset Management and Van Lanschot Kempen (the acquiring entity) became effective. As a result
\u00a0 of this merger, Mercier Vanderlinden Asset Management ceased to exist as a legal entity and continued, after integration with the Van Lanschot Belgium branch, as
\u00a0 Mercier Van Lanschot.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-666": { "value": "
Profit appropriation
If the annual general meeting adopts the dividend proposal
as included in these financial statements (see Note 32,
Earnings per ordinary share), the appropriation of net result
will be as follows:
Profit appropriation (\u20ac1,000)
2025
2024
Total
148,431
131,855
Addition to reserves
20,963
15,318
Dividend on Class A ordinary shares
127,468
116,537
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-667": { "value": "148431000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-668": { "value": "131855000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-669": { "value": "
Remuneration of the Management and Supervisory Boards
For further details of remuneration received in 2025,
see\u00a0\u201cRemuneration report\u201d on page 118.
Total remuneration of the individual members of the Management Board (\u20ac1,000)
Management Board member
Year
Fixed salary
amount in
cash
Fixed salary
amount in
shares
Total fixed
salaries
Pension and
disability
insurance
Total
remuneration
Share-based
payment
expenses
Total staff
cost
Maarten Edixhoven
2025
787
525
1,312
428
1,739
60
1,800
2024
891
388
1,279
417
1,696
78
1,774
Jeroen Kroes
2025
509
339
848
276
1,125
39
1,164
2024
514
313
827
270
1,097
35
1,132
Damla Hendriks
2025
509
339
848
276
1,125
39
1,164
2024
300
183
483
158
641
20
661
Arjan Huisman
2025
509
339
848
276
1,125
39
1,164
2024
514
313
827
270
1,097
35
1,132
Wendy Winkelhuijzen
2025
509
339
848
276
1,125
39
1,164
2024
514
313
827
270
1,097
35
1,132
Erik van Houwelingen
2025
509
339
848
276
1,125
39
1,164
2024
514
313
827
270
1,097
35
1,132
Thomas Vanderlinden
2025
170
113
283
92
375
24
399
2024
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Richard Bruens
2025
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
2024
342
209
551
180
731
46
777
Total 2025
2025
7,737
279
8,016
Total 2024
2024
7,456
284
7,740
To aid interpretation of the remuneration table, we provide
a few key explanatory points below.
To ensure consistency between 2024 and 2025, total
remuneration was determined using a uniform definition
comprising fixed salary together with pension and
disability\u2011insurance contributions, while excluding business
expenses. A proportion of the fixed salary of all Management
Board members is paid in Van Lanschot Kempen shares.
In 2025, Maarten\u202fEdixhoven received 11,709 shares (2024:
13,788), Thomas\u202fVanderlinden received 2,249 shares, and
the other members of the Management Board each received
7,570 shares (2024: 11,110; 2024: Damla\u202fHendriks 6,481).
The number of shares granted is based on the average share
price in the first four trading days of January, which
amounted to \u20ac44.81 in 2025 (2024: \u20ac28.10). For
Thomas\u202fVanderlinden, the average share price amounted to
\u20ac50.29, as he was appointed on 1 September. All
share\u2011based awards are subject to a five\u2011year lock\u2011up period,
enabling the company to provide an 18.5% discount on the
shares.
Several changes in the composition of the Management
Board also affected the year\u2011on\u2011year comparison:
Damla\u202fHendriks was appointed to the Management Board
on 1\u202fJune\u202f2024, while Thomas\u202fVanderlinden joined on
1\u202fSeptember\u202f2025. Richard\u202fBruens stepped down from the
Management Board on 1\u202fJune\u202f2024.
Number of depositary receipts for shares held by Management Board members in 2025
At 1 January1
Bought/awarded
Sold/post-
employment
At 31 December
Maarten Edixhoven
61,996
7,661
\u2014
69,657
Jeroen Kroes
34,500
4,690
\u2014
39,190
Damla Hendriks
3,026
4,690
\u2014
7,716
Arjan Huisman
87,501
4,690
\u2014
92,191
Wendy Winkelhuijzen
26,217
4,690
\u2014
30,907
Erik van Houwelingen
52,002
4,690
\u2014
56,692
Thomas Vanderlinden
21,482
2,746
\u2014
24,228
Total
286,724
33,857
\u2014
320,581
Loans to Management Board members 2025 (\u20ac1,000)
At 31 December
Repaid in the year
Interest range
Type
Maarten Edixhoven
\u2014
\u2014
\u2014
\u2014
Jeroen Kroes
308
12
1.35%
Mortgage
Damla Hendriks
907
13
3.65 - 3.67%
Mortgage
Arjan Huisman
\u2014
\u2014
\u2014
\u2014
Wendy Winkelhuijzen
1,024
28
1.65 - 4.31%
Mortgage
Erik van Houwelingen
2,126
25
1.25 - 4.91%
Mortgage
Thomas Vanderlinden
5,400
\u2014
0.68%
Lombard loan
Total
9,765
78
Loans to Management Board members 2024 (\u20ac1,000)
At 31 December
Repaid in the year
Interest range
Type
Maarten Edixhoven
\u2014
\u2014
\u2014
\u2014
Jeroen Kroes
320
12
1.35%
Mortgage
Damla Hendriks
\u2014
\u2014
\u2014
\u2014
Arjan Huisman
\u2014
\u2014
\u2014
\u2014
Wendy Winkelhuijzen
1,052
409
1.65 - 4.31%
Mortgage
\u2014
680
5.60%
Bridge loan
Erik van Houwelingen
2,151
24
1.25 - 4.91%
Mortgage
Total
3,523
1,125
No advances or guarantees have been granted to members
of the Management Board. No impairments or write-offs
have occurred on loans granted to Management Board
members.
Remuneration of the Supervisory Board (\u20ac1,000)
2025
2024
Frans Blom
133
130
Else Bos (from 21 October 2024)
96
11
Karin Bergstein
107
104
Brigitte Boone
89
87
Maarten Muller
103
100
Elizabeth Nolan
107
94
Robert Swaak (from 1 November 2025)
14
\u2014
Manfred Schepers (until 22 May 2025)
42
104
Total
691
630
No loans or advances had been granted to members of the
Supervisory Board at 31\u00a0December 2025 and 31\u00a0December
2024.
The company and its subsidiaries only grant personal loans,
guarantees etc. to Supervisory Board members as part of
normal operations and in keeping with conditions laid down
in financial services regulations.
Any such loans or guarantees are subject to the approval of
the Supervisory Board. Loans are not forgiven.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-670": { "value": "
Events after the reporting period
We propose a capital return of \u20ac0.80 per share in June 2026,
which has been approved by DNB. We will convene an
extraordinary general meeting (EGM) on 9\u00a0April 2026 to
confirm this proposal. The expected impact of this capital
return is approximately -\u20ac34 million on our equity and
approximately -0.7 percentage points on the CET1 ratio.
In January 2026, we announced our intention to combine
current activities related to equity research, sales, sales
trading, and trading and equity capital market execution into
a 50/50 joint venture with KBC Securities. The transaction is
expected to close in the fourth quarter of 2026, subject to
regulatory approvals. This transaction is expected to have a
negative impact of approximately a quarter of a percentage
point on the CET1 ratio.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }