9 Taxes and social security charges

10 Pension premiums

The movement in short-term liabilities related to pensions was as follows:

11 Payables to shareholder and associates

The decrease of € 4.3 million of the payables to bpfBOUW relating to the incentive fee with respect to bpfBOUW's participation in the Bouwinvest Dutch Residential Fund is a result of the amendment of the fee-structure as of 1 January 2023.

Off balance sheet rights and obligations

Bouwinvest has management agreements with the Dutch funds it manages. These agreements are open-ended and payment after termination is for two years.

Note to the consolidated statement of profit or loss

All amounts in € thousands, unless otherwise stated.