12 Management fee

Bouwinvest received a management fee totalling € 55.0 million (2022: € 59.9 million) on the basis of the net asset value.

13 Personnel costs

Wages and salaries increased by € 2.6 million in 2023. This increase was the result of the indexation effective 1 July 2023, annual personnel salary increases and increased number of personnel.

14 Other operating expenses

The marginally lower other operating expenses were impacted by several factors described hereafter. Automation costs decreased by € 1.5 million due to cost savings initiated during the year, which were offset by higher consultancy and project costs.

15 Result from investments in associates

16 Interest income and expenses