The compensable loss at year-end 2015 amounted to € 11,941,000 (2014: € 18,012,000). This deferred tax asset can be taken in the following three years up to and including 2018.

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

Before appropriation of result

The movements in the short-term debt with regard 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 and Heritage portfolios for an indefinite period with a five year notice period.

All amounts in € thousands unless otherwise stated

Bouwinvest received a management fee of in total € 30.5 million (2014: € 27.9 million), of which € 29.7 million (2014: € 25.7 million) is based on the assets under management and € 0.8 million (2014: 2.2 million) is based on other mandates and