2025 in Figures

In 2025, our clients’ trust in Delen Private Bank continued to strengthen — reflected in the growth of the assets we manage on their behalf. By year-end, assets under management totalled €76.4 billion, up 14% on the previous year. This consistent growth shows that clients value our careful, long-term approach and the personal relationships we build with them.

A word from our CEO

Banking is a marathon, not a sprint. Those who find the right pace can go the distance. That’s true in sport and music, and just as true in banking. With the right rhythm comes consistency. It is the foundation of our approach at Delen Private Bank, because success isn’t built on exceptional moments, but on what we do with care and discipline, day after day.

Read Michel Buysschaert’s perspective

Growing trust, growing assets

Assets under management continued on their steady growth path, despite a less predictable political and economic environment. This growth reflects both our organic development and a considered strategy of external growth in Belgium and the Netherlands. Together, they confirm our bank’s long-term direction.

New inflows were broad-based across all the countries in which we operate. Both existing and new clients entrusted us with their assets. Within Delen Continental (Belgium, the Netherlands, Luxembourg and Switzerland), 90% of clients opt for discretionary management.

What explains these figures?

Lasting client relationships, often spanning generations
A consistent and carefully managed investment strategy
An efficient organisation with a strong focus on quality
Close collaboration between Delen Private Bank and Bank Van Breda

Growth across all regions

Growth in client assets was recorded in every region where the bank is active.

In  Belgium, we once again delivered strong growth, while also carrying out an intensive post-acquisition integration of Dierickx Leys. Over nine months, we met individually with 6,000 Dierickx Leys clients and integrated them into our operating model. By year-end, the integration of both organisations was complete, and the remaining client accounts had been carefully transferred to Delen Private Bank.

The transition went smoothly thanks to the dedication of our client-facing and operational teams, backed by a robust, fully integrated IT set-up.

Bank Van Breda, our sister bank, remained a key contributor, with €16.9 billion in AuM from clients it introduced — representing 31% of total AuM in continental Europe.

In the Netherlands, Delen Private Bank made further progress. Growth was supported by the continued confidence of both existing and new clients, and we expanded our footprint with the acquisitions of Petram & Co and Servatus Vermogensmanagement, both completed on 1 October.

In Switzerland and Luxembourg, we saw steady growth in the number of clients choosing discretionary management.

At JM Finn (UK), assets under management rose to €13.6 billion. While inflows increased again, net growth remained under pressure. In response, we continued to build a more centralised approach within our discretionary portfolio management.

Sustained growth driven by organic inflows and acquisitions

Delen’s growth story is one of balance and strong local roots, combined with selective international expansion and a continued broadening of its services. Of the €76.4 billion in assets under management in 2025, €60 billion stems from organic growth (including market effects), while €16.4 billion was added through acquisitions.

The bank has delivered balanced growth over the past five years, reflecting a consistent and sustainable trajectory.

Over the past five years, assets under management recorded a compound annual growth rate (CAGR) of 11.12%. This metric reflects the average annual growth rate over a multi-year period.

Over the same period, the number of employees grew at a CAGR of 9.05%. This parallel growth shows that the bank’s expansion is closely aligned with the strengthening of its organisation — a natural feature of the private banking model, where personal service and proximity remain central.

Strong satisfaction scores in 2025

In spring 2025, we ran our biennial client satisfaction survey with the support of an independent research agency. The findings are clear: 92% of respondents rated Delen Private Bank 8 out of 10 or higher. Two in three clients would also recommend us to family or friends — a strong vote of confidence.

Clients particularly value our reliability, personal approach and accessibility. Our discretionary wealth management is also rated highly, with 88% saying they are very satisfied with portfolio management. These results reinforce our focus on quality, close relationships and long-term partnership, and they help us to keep refining our service.

Dialogue at the heart of responsible investing

Through clients’ investments in our in-house funds, Delen Private Bank has an indirect impact on environmental, social and governance (ESG) practices at the companies in which we invest. As more client assets have been brought together within our discretionary wealth management approach, the impact of our sustainable strategy has increased. By the end of 2025, responsibly managed client assets totalled €56 billion.

All these funds follow a responsible investment approach, with some regional variations — representing 88% of total invested assets on the continent.
At JM Finn, further progress was made in 2025. A formal responsible investment policy was introduced for the local discretionary funds, adding a further €499 million in responsibly managed assets.

Delen Private Bank first introduced a responsible investment policy in 2016. Initially focused on excluding certain companies and sectors, the bank’s approach has since evolved. Today, it rests on three pillars: integration, engagement and exclusion.

Integration of ESG data

Alongside financial analysis, investment decisions are guided by ESG risk scores from Sustainalytics, which assess the extent to which a company’s financial value is exposed to sustainability-related risks. The lower the ESG risk score, the more effectively a company manages ESG factors. The weighted average ESG risk score of Delen’s largest profile fund (dynamic profile) stands at 17.29 — well below that of the relevant benchmark index (18.47).

Engagement

A cornerstone of our responsible investment approach. In collaboration with Federated Hermes EOS, we engage actively in dialogue with the companies in which we invest on key ESG topics. Priorities for these dialogues are set annually. In 2025, EOS engaged with more than 80% of the companies in the equity portfolio, focusing on environmental, social, governance and strategic issues. In total, this resulted in 1,657 engagement cases across 279 companies. As an active shareholder, Cadelam also consistently exercises its voting rights at general meetings — helping to support or challenge key strategic decisions.

Exclusion

the final step in our responsible investment approach. If engagement fails to deliver sufficient progress, or if a company’s sustainability profile deteriorates, we may decide to divest. At the same time, certain companies are excluded upfront based on clear criteria. We do not invest in companies involved in controversial activities, such as tobacco production. High ESG risk companies may also be excluded from the portfolio as a last resort when engagement proves insufficient.

New offices foster personal contact

Staying close to our clients is one of the foundations of Delen’s service. In Belgium, this is clearly reflected in the opening of ten new offices over the past eight years. By the end of 2025, Delen Private Bank had sixteen offices in its home market, including its new office in Wavre.

Delen Private Bank is present in 16 cities in Belgium

Our new office in Wavre

In the Netherlands, we operate from Amsterdam, Heerenveen, Hengelo, ’s-Hertogenbosch, Noordwijk, Utrecht and Waalre. This office network has reinforced the Netherlands’ role as the group’s second strategic centre. In October 2025, we finalised the acquisitions of Petram & Co and Servatus Vermogensmanagement.

Delen Private Bank is present in 7 cities in the Netherlands

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The people behind our personal service

To safeguard the quality and distinctive character of its service, the bank continues to expand its workforce year after year. Recruitment remains strong across the organisation, including IT, commercial and support functions. The dedication and professionalism of all teams ensure that clients continue to benefit from the bank’s strengths: a personal approach, operational excellence and ready accessibility.

To support employees’ professional and personal development, the bank places strong emphasis on training and education.

In the series 'Delen through the eyes of colleagues', employees talk about their role in the bank, what their early career experiences have been like and the opportunities they've had to grow professionally. Discover their stories. (Only available in Dutch and French)

Efficiency, profitability and capital strength

Our performance reflects an efficient operating model backed by a strong capital position. A centralised set-up for discretionary portfolio management, combined with a robust IT infrastructure, supports this efficiency and sets us apart within the sector.

In 2025, our cost/income ratio was 48.2%. For Delen Private Bank Continental (Belgium, the Netherlands, Luxembourg and Switzerland), the ratio was even lower at 41.4%.

As of 31 December 2025, Delen Private Bank’s consolidated shareholders’ equity (group share) totalled €1.262 billion. We remain very well capitalised, with a Common Equity Tier 1 (CET1) ratio of 29.2%. Return on average equity reached 20.8%, a robust level.

Other 2025 highlights

As an organisation rooted in society, Delen Private Bank aims to contribute actively to the community — through partnerships and philanthropic initiatives.

Through the Delen Private Bank Philanthropy Fund, managed by the King Baudouin Foundation, we support initiatives focused on young people facing social, mental or educational challenges. By investing in their wellbeing and education, these initiatives aim to strengthen their confidence, broaden their opportunities and support their long-term prospects.

Since its founding, the bank has been an active partner in the arts and sport, guided by a clear long-term perspective. In the arts, this takes shape through close partnerships with fairs such as BRAFA, Art Brussels and Art Antwerp, as well as leading institutions including KMSKA and Opera Ballet Vlaanderen. Through our Delen.ART platform and exhibitions in our offices, we also create opportunities for artists and galleries to gain visibility and connect with art enthusiasts.

That same long-term approach shapes our sports partnerships, from collaborations with Soudal Open to support for various hockey clubs. We also invest in young talent at the start of promising careers, offering financial support and — where desired — guidance in financial planning, so they can focus fully on their development.

BRAFA

Soudal Open

Young hockey players

Would you like to explore our 2025 figures in more detail?

The extended summary provides further insight into the bank’s mission, strategy, activities and its financial and ESG performance in 2025.

Read the annual report summary Print this page

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A trusted partner for the long term

These results reflect our focus on simplicity, careful execution and long-term thinking. Would you like to discuss what this could mean for your wealth?

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