A deferred tax liability of € 0.9 million has been recognised for the difference between the fiscal and commercial valuation of the participations of € 4.4 million at year-end 2018 (2017: € 2.9 million).

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

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.

All amounts in € thousands

Bouwinvest received a management fee totalling € 38.5 million in 2018 (2017: € 34.3 million), consisting of € 38.3 million (2017: € 33.3 million) based on the invested capital.

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