Before appropriation of result

The difference between the fiscal and commercial valuation of the participations is € 1.7 million for which a deferred tax liability of € 0.4 million is recognised. The deferred tax liability has a long-term nature.

The movements in the short-term debt with regard to pension premiums were as follows:

This is a fee incentive to be paid to bpfBOUW over the year 2016.

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 and Heritage portfolios for an indefinite period with a five year notice period.

All amounts in € thousands unless otherwise stated

Bouwinvest received a management fee of in total € 30.7 million (2015: € 30.5 million), of which € 29.2 million (2015: € 29.1 million) is based on the assets under management and € 1.5 million (2015: 1.4 million) is based on other mandates and

The pension fund agreements chargeable to the financial year are composed as follows: