48. Other reserves
Movements in the other reserve were as follows:
| In million of euros | 2024 | 2023 |
|---|---|---|
| Balance as at 1 January | 4,467.1 | 4,116.4 |
| Appropriation of result for previous financial year | 216.3 | 354.9 |
| Movement in legal reserve for participating interests | -16.1 | -12.7 |
| Sum of actuarial gains and losses on employee benefits, | 3.9 | -7.9 |
| of which corporate income tax | -1.2 | 2.4 |
| Realised share of unrealised remeasurement GTS | 40.3 | 43.5 |
| Remeasurement reserve retained interest of EemsEnergyTerminal | - | -29.5 |
| Realised share of unrealised remeasurement EemsEnergyTerminal | 8.1 | - |
| Balance as at 31 December | 4,718.5 | 4,467.1 |
For more information on the movements see notes 8 ‘Investments in joint ventures’, 22 ‘Employee benefits’, 46 ‘Remeasurement reserve’, 47 ‘Legal reserve for participating interests’ and 49 ‘Unappropriated result’.
Our group company GTS is the network operator of the national gas grid in the Netherlands, as defined in the Dutch Gas Act. The Dutch Minister of Economic Affairs has set rules with regard to proper financial management by network operators (Besluit Financieel Beheer Netbeheerders [‘BFBN]). These rules include a minimum for equity, which can lead to restrictions with regard to the level of distributable reserves. At the end of 2024, GTS met the ratios from these rules used to monitor minimum equity. However, on the balance sheet date GTS did not meet ratio A, which monitors the ratio between the operating result before interest and tax and GTS’ gross interest expenses. This can be entirely attributed to GTS’ one-off low operating result in 2024, as explained in note 1 ‘Significant matters and events’. Not meeting ratio A was part of the reason why GTS did not pay us any dividend for 2024, in accordance with the provisions of the BFBN.