Annual reports have undergone a fundamental transformation in recent years. Whereas they used to be primarily a financial review, today they are a multi-layered strategic accountability document bringing together strategy, governance, sustainability, risks and financial performance. New regulations such as the CSRD have accelerated this development. For example, sustainability statements now account for an average of 25 per cent of the total content of AMX funds.

That is good news.

Greater transparency ultimately leads to better governance and better decision-making. But at the same time, a new problem is emerging.

Compliance wins. Communication loses.

Many organisations focus all their energy on complying with laws and regulations. And rightly so. But when a document runs to hundreds of pages, has dozens of authors and has to cater to an ever-increasing number of frameworks, the result is almost inevitably a report written primarily for auditors.

Not for investors. Not for staff. Not for customers. And ultimately, not for directors either. We see this reflected in many AMX annual reports. The technical quality and the ticking off of requirements are improving, but readability and communicative power often lag behind.

Why we developed the Annual Report Benchmark

At Mattmo, we have been helping organisations with corporate reporting since 1993. We kept seeing the same question come up: How good is our annual report, really, compared to other organisations?

Strikingly, there was hardly any objective answer to this question. That is why we developed the AMX 2025 Annual Report Benchmark.

We analysed the annual reports of 25 AMX companies for the 2025 financial year and assessed them against four key criteria:

• Language & readability: Is the strategic message understandable to a broad audience?
• Digital accessibility (WCAG): Is the document digitally inclusive (including alt text and correct tagging)?
• Accountability & reporting frameworks: Does the report comply with frameworks such as CSRD/ESRS and does it provide the appropriate assurance?
• Machine-readability and digital navigation: Is the data structured efficiently and provided with logical navigation (such as PDF bookmarks)?

Not just from a regulatory perspective. But rather by asking: How user-friendly is this report actually?

What stood out to us?

The results show a clear pattern:

• Compliance is the absolute comfort zone

Virtually all mid-cap funds comply fully with reporting requirements and incorporate frameworks such as CSRD/ESRS. InPost stands out in this regard.

• Language and human touch lag behind

Many texts contain formal and dry jargon. Construction firms such as Heijmans and BAM do a good job of translating their complex strategies into understandable language, but organisations such as Van Lanschot, Vopak and Theon produce documents that are difficult to grasp.

• Significant differences in digital inclusivity

Digital accessibility for screen readers, for example, shows marked contrasts. Aalberts, Arcadis, Corbion and Vopak score very highly in this regard, in contrast to organisations such as Air France-KLM, Allfunds, Fugro and WDP.

• Landscape format is the norm, but navigation is often lacking

More than 75 per cent of companies now opt for a landscape format tailored to on-screen reading. However, in documents running to hundreds of pages, robust navigation is crucial. Aalberts and BAM guide both readers and algorithms flawlessly via PDF bookmarks and internal links, whilst other organisations create a digital maze.

Heijmans shows how it should be done

Our benchmark reveals that Heijmans’ annual report is the top-scoring one (closely followed by Signify and Aalberts).

Not because it is the thinnest report – at 329 pages, plus a 125-page sustainability statement, it is a substantial document. But Heijmans makes sharp editorial choices. It articulates a clear strategic positioning based on five pillars, provides concrete reporting on sustainability, and makes use of powerful bold statements and real-world case studies.

This demonstrates that quality lies not in fewer pages, but in better information architecture and a clear narrative.

The next step in corporate reporting

Annual reports are unlikely to become any shorter in the coming years. ESG, digital tagging, AI, XBRL and European regulations mean that the volume of information will only continue to grow.

This means that organisations can no longer simply ask themselves:

Are we complying with the rules?

But also: can our target audience still find, understand and trust the story?

In our view, that is precisely where the next step in corporate reporting lies. Not even more information, but better communication.

Download the AMX 2025 Annual Report Benchmark

Curious to find out how the 25 AMX companies score on readability, accessibility, machine-readability and reporting quality?

Download the Mattmo AMX 2025 Annual Report Benchmark or contact us for an objective review of your own annual report.

Het bericht AMX annual reports are ballooning to 287 pages: compliance feels comfortable, readability gets left behind verscheen eerst op Mattmo Creative - Amsterdam.

Het bericht Achmea Annual Report verscheen eerst op Mattmo Creative - Amsterdam.

With mandatory digital filing from financial year 2025 onwards and the requirements from CSRD and VSME, a fragmented reporting process is no longer sustainable. Our collaboration brings technology and design together in one integrated approach, where compliance and communicative power go hand in hand.

We sealed the partnership with the signing of the agreement by Monique Mulder of Mattmo and Marcel Rosenbrand, founder of F19.

Curious how we do it? Read more about our collaboration with F19.

Het bericht We are joining forces with F19 verscheen eerst op Mattmo Creative - Amsterdam.

Het bericht Van Wijnen ESG Report verscheen eerst op Mattmo Creative - Amsterdam.

Mattmo developed this infographic in close collaboration with PostNL as part of its annual report production. However, the infographic is designed to be used in conversations with job applicants, the press, financiers, and other stakeholders to clarify how PostNL’s value chain is structured.

A complex assignment: mapping the value chain
Visualizing a value chain is not a simple task. The infographic must convey several things:

• PostNL’s upstream value chain, including hiring of personnel, deployment of transport assets, data, and partnerships.
• PostNL’s own operations and processes, traditional mail, parcels, and e-commerce. These are offered both physically and increasingly digitally and via the cloud.
• The downstream value chain with PostNL’s customers and ‘beyond customers’, but also other stakeholders, including shareholders and society.

All these elements had to be recognizable, coherent, and visible in the correct order — without overwhelming the reader with complexity. The metaphor of a road was chosen to effectively visualize all relevant items.

“We were looking for a way to visualize in a single coherent image how our value chain relates to the impacts, risks, and opportunities we identified from our dual materiality analysis. Mattmo assembled a multidisciplinary team consisting of a sustainability expert, communications strategist, and designer, and in a number of sessions, we managed to translate that abstract story into a visual that makes it understandable and recognizable to our stakeholders.”
– Willem Wassink

Why this infographic works so well

Why this infographic works so well
What makes this infographic special is the combination of simplicity and completeness.
With a smart layered structure, it is clearly displayed:

• Which sources and resources form the basis
• How PostNL’s core activities add value
• What outcomes and effects that produces, both financial and societal

Thanks to visual hierarchy, use of color, and clear iconography, the infographic is intuitively readable. At a glance, it becomes clear how PostNL interacts with its suppliers, customers, and other stakeholders — from mail and parcel delivery, e-commerce, and digital services to social engagement and sustainability.

From strategic themes to societal impact

The infographic maps not only the logistics chain, but also broader themes such as:

• Sustainability (for example CO₂ reduction and sustainable urban logistics)
• Digital transformation
• Customer focus and innovation
• Responsible employership and diversity

In this way, the picture bridges the gap between operational activities and strategic ambitions, something that is precisely lacking in many traditional annual reports.

The power of visual storytelling in annual reports

More and more organizations want to not only present data in their reporting, but also tell their story visually.
Infographics like this value creation map make complex strategies accessible to a broad audience: from investors and analysts to employees and societal stakeholders.

At Mattmo we believe that good visual storytelling is indispensable in modern corporate communication. A strong infographic makes connections visible, invites depth and increases involvement with the content.

Make your strategy visible at a glance?

Would you like to visualize your strategy, value creation, and impact clearly and attractively, just like PostNL?
At Mattmo Creative, we support organizations in developing powerful infographics, visual annual reports, and impact communication that make strategy and societal value tangible.

View the PostNL value chain in the 2024 annual report here: PostNL value chain infographic

Would you also like to work on a visually strong and strategically clear report? Contact us. Together, we make your impact visible.

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Het bericht PostNL value chain verscheen eerst op Mattmo Creative - Amsterdam.

Het bericht Nexent Bank Annual Report verscheen eerst op Mattmo Creative - Amsterdam.

Het bericht Link Snacks EMEA CSR Report verscheen eerst op Mattmo Creative - Amsterdam.

Het bericht MUFG Bank (Europe) Annual Reports verscheen eerst op Mattmo Creative - Amsterdam.