In 2023, NS had an underlying result from operating activities1of -€191 million (2022: -€4212million, 2021: -€952 million, 2020: -€890 million).

Below, we present the income statement plus explanatory notes, up to the result from operating activities, differentiating between our activities in the Netherlands and those in Germany.

An adjusted and condensed cash flow statement is shown below.

We expect to see further financial challenges in the years ahead. This is due to high inflation rates, the long-term drop in passenger numbers and the end of the support measures that were introduced in connection with the COVID-19 pandemic.

Taxes are the primary source of income for the government, and are used to fund general facilities. This includes the railway infrastructure, which is of crucial importance to NS.