8 Deferred tax liabilities
| | 2019 | 2018 |
Deferred tax liabilities | 1,235 | 903 |
Total | 1,235 | 903 |
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 deferred tax liability is of a long-term nature.