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.

Bouwinvest received a management fee of € 34.3 million in 2017 (2016: € 30.7 million), € 33.3 million (2016: € 29.2 million) of which was based on the assets under management.

The pension fund costs chargeable to the financial year can be broken down as follows: