The movement in the group companies and participations that belong to the group recognised under financial fixed assets were as follows:

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: