The compensable losses amounted to € 3.1 million at year-end 2017 (2016: € 8.1 million). Taking into account the compensable loss, the deferred tax asset has been estimated at € 0.8 million.

The cash and cash equivalents are freely available to the company.

Before appropriation of result

A deferred tax liability of € 0.7 million has been recognised for the difference between the fiscal and commercial valuation of the participations of € 2.9 million at year-end 2017 (2016: € 1.7 million).

The movements in the short-term liabilities related to pension premiums were as follows:

This is a fee incentive to be paid to bpfBOUW for the year 2017.

Bouwinvest has management agreements with the funds for an indefinite period with a two-year notice period, as well as a mandate with bpfBOUW regarding the International portfolios for an indefinite period with a five-year notice period.