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45. Legal reserve for participating interests

Movements in the legal reserve for participating interests were as follows:

In millions of euros 2025 2024
     
Balance as at 1 January 143.1 127.0
     
Share in retained earnings and direct movements in equity of joint ventures and associates 70.7 42.9
Received dividend joint ventures and associates -25.0 -26.8
     
Balance as at 31 December 188.8 143.1

The legal reserve for participating interests relates entirely to investments in joint ventures and associates measured using the equity method. We determine the amount of the legal reserve on an individual basis, which means that the movements in the legal reserve may deviate from the result and dividend payments by our joint ventures as included in the consolidated financial statements. For a further explanation of the result and the dividend payments by our joint ventures, see note ‎7 ‘Investments in joint ventures’ and note ‎8 ‘Investments in associates’ to the consolidated financial statements.