All amounts in € thousands
| | | 2015 | | 2014 |
Cash flow from operating activities | | | | |
Net result | 4,422 | | 3,173 | |
Adjustments for: | | | | |
Depreciations | 654 | | 765 | |
Result from participations | (841) | | 331 | |
Deferred tax assets | 1,474 | | (220) | |
Movements in working capital: | | | | |
Movement in receivables | 722 | | (1,196) | |
Movement in current liabilities | 4 | | (885) | |
Cash flow from operations | 6,435 | | 1,968 | |
Interest received | - | | 21 | |
Interest paid | - | | - | |
Cash flow from operating activities | | 6,435 | | 1,989 |
| | | | | |
Cash flow from investment activities | | | | |
Investments in tangible fixed assets | (15) | | (451) | |
Investments in intangible fixed assets | (351) | | - | |
Dividends received | 385 | | 242 | |
Cash flow from investment activities | | 19 | | (209) |
| | | | | |
Cash flow from financing activities | | | | |
Proceeds from sale of group companies | - | | 4,001 | |
Acquisition of other participations | - | | (5,906) | |
Dividends paid | (2,186) | | - | |
Cash flow from financing activities | | (2,186) | | (1,905) |
| | | | | |
Net cash flow | | 4,268 | | (125) |
| | | | | |
Cash and cash equivalents as at 1 January | | 12,486 | | 12,611 |
Increase/(decrease) in cash and cash equivalents | | 4,268 | | (125) |
Cash and cash equivalents as at 31 December | | 16,754 | | 12,486 |