Stemra does not invest the copyright royalties yet to be distributed. The cash and cash equivalents are held in various demand deposit accounts. In 2025, net financial income amounted to € 0.4 million.

This standard focuses on the trend of the management costs level. The standard stipulates that the costs should not increase any more than the consumer index price of the year to which the annual report relates. The budgeted cost increase in 2023 is 20.1%. The actual CPI increase for 2023 will be known in early 2024.

The budgeted cost increase in 2023 is calculated in relation to the actual costs in 2022, which are lower than budgeted. The higher management costs in 2023 are caused by improvement and change initiatives, including the replacement of the IT system. Because the start was hampered by Covid-19 and tightness in the labour market, the expected growth in costs to make this possible has also remained limited in previous years. Improvements are expected in the 2023 budget.

Under this item, the management costs are related to the distribution. In the 2023 budget, this results in an expense ratio of 18.2% for Buma/Stemra. This is higher than in previous years, which is caused by the higher budgeted management costs in 2023 due to further professionalisation of the organisation. This is expected to lead to higher collection flows from 2024. This will then also have the effect of further increasing the distribution in the future, as a result of which the cost percentage in relation to the distribution is expected to decrease from 2025. Buma/Stemra applies the cost standard with regard to collection and not the cost standard with regard to distribution, because the latter offers the option of controlling.

Under this item, management costs are related to the royalties. In the 2023 budget, this jointly results in an expense ratio of 14.6% for Buma/Stemra. Despite the rising management costs, this is lower than in the budget for 2022 (14.8%), which is caused by the higher royalties in 2023. The further professionalisation of the organisation is expected to lead to higher collection flows from 2024. This will also have the effect of further decreasing the cost percentage in relation to the royalties.

Under this item, the management costs are related to the copyright royalties. The standard is 15%.

In the 2022 budget Buma/Stemra jointly will meet this standard with a 14.8% cost ratio. On the basis of the provisional cost allocation, Stemra is expected to arrive at a cost ratio of 15.9%.

A decline is expected once the incidental high costs of replacing the obsolete IT system normalise and the results of the strategy implementation become visible.

Under this item, the management costs are related to the distribution. The standard is 15%.

In the 2022 budget Buma/Stemra jointly does not meet this standard with a 15.8% cost ratio. This is mainly due to the COVID-19 impact on Buma’s funds available for distribution and the incidental high costs for the replacement of the outdated IT system. Once these effects normalise and the results of the implementation of the strategy become visible, this cost ratio is expected to decrease. Stemra is, however, expected to satisfy this standard in 2022.

The standard focuses on the trend of the management cost level. The standard stipulates that the costs should not increase any more than the consumer index price of the year to which the annual report relates.

The budgeted cost increase in 2022 will turn out higher than the change in the consumer price index for the year. This is due to the catching up on improvement and change initiatives postponed from previous years, including the replacement of the IT system. The actual change in the consumer price index for 2022 will not be known until early 2023.

Under this item, the management costs are related to the distribution. The standard is 15%.

In the 2021 budget, this standard is not satisfied. This is primarily because of Buma’s decreasing distribution in 2021, arising from the lower collection. Stemra is expected to satisfy this standard, however; distribution there is expected to increase, especially due to the catching up on private copy funds from previous years.

The standard focuses on the trend of the management costs level. The standard stipulates that the costs should not increase any more than the consumer index price of the year to which the annual report relates.

The budgeted cost increase in 2021 will turn out higher than the change in the consumer price index for the year. This is due to the catching up on improvement and change initiatives postponed from previous years, including the replacement of the IT system. The actual change in the consumer price index for 2021 will not be known until early 2022.

Over the series of several years, since the introduction of the standard, the development of the management costs has remained within the development in the consumer price index.

Under this item, the management costs are related to the copyright royalties. The standard is 15%.

In the 2021 budget, this standard is not satisfied, mainly because of the decrease in collection of royalties as a result of the coronavirus measures. The budgeted management costs are also increasing, especially in connection with the necessary replacement of the outdated IT system. Without the impact of the coronavirus, the expense ratio would have remained below the standard of 15.0%.

Stemra’s management costs rose to € 7.5 million in 2025. The increase is primarily due to higher costs passed on for the management, maintenance and licences of the new IT environment, as well as higher staff costs. The allocation key for management costs between Buma and Stemra remained at 84/16. 

Stemra’s management costs consist of staff costs (€ 3.7 million), general and other expenses (€ 3.6 million) and accommodation costs (€ 0.2 million).

Buma’s management costs rose to € 39.7 million in 2025. The increase is primarily attributable to higher staff costs, further growth in the number of FTEs, and higher costs associated with the management, maintenance and licences of the new IT environment. The costs remained slightly below budget. The allocation key for management costs between Buma and Stemra remained unchanged at 84/16 in 2025.

Buma’s management costs consist of staff costs (€ 19.6 million), general and other expenses (€ 16.8 million), depreciation costs (€ 2.5 million) and accommodation costs (€ 0.9 million). 

The standard focuses on the trend of the management costs level. The standard stipulates that the costs should not increase any more than the consumer index price of the year which the annual report relates to.

Potentially, the 2020 cost increase due to initiatives for improvement and change will be higher than the CPI change in that year. This cannot be determined – and if necessary explained – until the actual CPI change is known at the beginning of 2021.

Under this item, the management costs are linked to the distribution. The standard is 15%. This standard is met in Budget 2020.

Under this item, the management costs are related to the royalties. The standard is 15%. This standard was satisfied in 2022.

Stemra’s management costs rose by 13.8% (€ 0.9 million) in 2025 compared with 2024. Over the same period, the consumer price index rose by 3.3%. As a result, the rise in costs in 2025 was higher than the annual change in the CPI. This is explained by the fact that, in 2025, further steps have been taken to implement the strategy, which entailed temporary additional costs. Examples of this are the increase in the number of FTEs, the replacement of the IT environment and costs associated with the management, maintenance and licences of the new IT environment.

Under this item, the management costs are related to the distribution. The standard is 15%. This standard was satisfied in 2022.

Under this item, the management costs are related to the royalties. The internal standard is 15%. In 2025, this ratio stood at 15.7%. This meant that the internal standard was exceeded in 2025. The overspend is due to investments in improved systems and the fact that, due to ongoing coordination regarding withholding tax, not all foreign payments could yet be invoiced.

Buma’s management costs rose by 13.4% (€ 4.7 million) in 2025 compared with 2024. Over the same period, the consumer price index rose by 3.3%. As a result, the rise in costs in 2025 was higher than the annual change in the CPI. This is explained by the fact that, in 2025, Buma has taken further steps to implement the strategy, which entailed temporary additional costs. Examples of this are the increase in the number of FTEs, the replacement of the IT environment and costs associated with the management, maintenance and licences of the new IT environment.

Under this item, the management costs are related to the distribution. The standard is 15%. This standard was satisfied in 2022.

Under this item, the management costs are related to the royalties. The 2025 budget standard was 15.5%. In 2025, this ratio stood at 15.6%, exceeding the standard by 0.1%. The overspend is attributable to the temporary additional costs of the IT transition and to the fact that, due to ongoing coordination regarding withholding tax, not all foreign payments could yet be invoiced.

Stemra’s income amounted to € 6.4 million in 2025. The decrease compared with 2024 is mainly due to lower administration fees for collection, as a result of lower royalties in 2025.

Buma’s financial income and expenses amounted to € 13.3 million in 2025. This is mainly due to the positive investment result of € 11.9 million. Returns on both equity and fixed-income securities were positive. The positive investment result has helped to cover management costs and hence minimise cost deductions for rights holders.

Buma’s income amounted to € 34.5 million in 2025. Income consists mainly of administration fees deducted for collection, membership fees and registration fees, and other income. The administration fees deducted were higher than budgeted because the average deduction rate turned out to be higher than budgeted. 

Royalty income from abroad amounted to € 3.0 million in 2025. The decline compared with 2024 is linked to issues regarding image rights at Salt Rights and to withholding tax, which meant that not all foreign payments could be invoiced on time. 

Revenues from Private Copy, Lending Right and Graphic amounted to € 4.2 million in 2025. The category thus remained a stable component of Stemra’s revenue collection.

Revenues from online music use amounted to € 22.5 million in 2025. Online thus remained the largest segment within Stemra, accounting for approximately 47% of total collection income. Revenues were lower than in 2024, partly due to share picture issues and partly because 2024 benefited from a catch-up effect compared with 2023. Online remains the most important segment within Stemra.

Royalty income from Radio & TV amounted to € 7.0 million for Stemra in 2025. Revenues were slightly lower than in 2024. Within this category, the IT transition played a role in the timing and processing of distributions.

Royalty income from In-House Productions (PIEB) and Special Licensing amounted to € 4.7 million in 2025. This segment was lower than in 2024. The decline is partly due to market developments and changes in the way certain rights are commercialised. 

Royalty income from BIEM contracts for mechanical sound carriers amounted to € 6.6 million in 2025. This traditional Stemra segment has therefore remained relatively stable but is consistently affected by changing music use patterns and the ongoing digitalisation of the market.

Royalty income from abroad amounted to € 13.3 million in 2025. The decline compared with 2024 was mainly due to issues with share images in Salt Rights and the complexity of withholding tax, which meant that invoices could not be issued to all sister organisations in a timely manner.

Online Buma’s royalty income amounted to € 51.8 million in 2025. This is lower than in 2024. The decline is partly due to issues with share pictures and the fact that 2024 benefited from catching up on 2023. Nevertheless, Online remains an important strategic segment. BumaStemra continues to invest in improving the processing of online music use and in further onboarding Digital Service Providers.

The Restaurants and Bars market segment was worth € 17.1 million in 2025. This meant that the level remained slightly above that of 2024. Revenues from the Restaurants and Bars sector has continued to recover following the initial impact of Covid-19 and is once again a stable source of income.

Revenues from workspaces, shops and stores totalled € 42.2 million in 2025. This segment remained a stable pillar of Buma’s collection operations. The number of licensed venues in shops, restaurants and bars, and workspaces stood at approximately 145,600.

Revenues from the Live Performances market segment amounted to € 49.6 million in 2025. This segment therefore remained stable compared with 2024. In 2025, around 80,000 performances had been licensed. Revenues are being driven by the continued normalisation of the live music market, higher ticket prices and improved set list processing.

The Radio, TV and Providers market segment recorded € 80.6 million in 2025. As a result, this segment remained the largest part of Buma’s collection income. The increase compared with 2024 was partly due to back-billing and ongoing contract cycles. Within this segment, the foundation has been further strengthened by a review of rates and terms and conditions.