The movement in the participations recognised in the financial fixed assets that do not belong to the group are as follows:

The compensable loss at year-end 2016 amounted to € 8.1 million (2015: € 11.9 million). Taking into account the compensable loss, the deferred tax asset has been set at 2.0 million.

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

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.