All amounts in € thousands
| | Note | 2016 | 2015 |
Operating activities | | | |
Net result | | 1,100 | 1,910 |
Adjustments for: | | | |
Valuation movements | | 251 | (212) |
Result on disposal of investment property | | - | (163) |
Net finance result | | 24 | - |
Movements in working capital | | 1,445 | (724) |
Cash flow generated from operating activities | | 2,820 | 811 |
Interest paid | | (24) | - |
Cash flow from operating activities | | 2,796 | 811 |
| | | | |
Investment activities | | | |
Proceeds from sale of investment property | | - | 5,706 |
Payments of investment property | | (23,126) | (15,114) |
Cash flows from investment activities | | (23,126) | (9,408) |
| | | | |
Finance activities | | | |
Proceeds from the issue of share capital | | 20,000 | 18,000 |
Dividends paid | | (1,433) | (1,416) |
Cash flows from finance activities | | 18,567 | 16,584 |
| | | | |
Net increase (decrease) in cash and cash equivalents | | (1,763) | 7,987 |
Cash and cash equivalents at beginning of year | | 10,238 | 2,251 |
Cash and cash equivalents at end of year | 14 | 8,475 | 10,238 |