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

Before appropriation of result

A deferred tax liability of € 1.2 million has been recognised for the difference between the fiscal and commercial valuation of the participations of € 5.6 million at year-end 2019 (2018: € 4.4 million).

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

Bouwinvest has management agreements with the Dutch funds it manages. These management agreements are for an indefinite period with a two-year notice period.

All amounts in € thousands

Bouwinvest received a management fee totalling € 46.1 million in 2019 (2018: € 38.5 million), consisting of € 45.2 million (2018: € 38.3 million) based on the invested capital.

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