B. Investments in subsidiaries

The movements in the 'Investments in subsidiaries' were as follows:

Excel

(€ in thousands)

2014

2013

BALANCE AS AT 1 JANUARY

2,873,122

2,842,149

Result of subsidiaries

46,405

34,923

Transfer to stock compensation reserve

4,126

4,965

Currency translation differences

13,967

–8,925

Other direct equity movements

–1,086

10

BALANCE AS AT 31 DECEMBER

2,936,534

2,873,122

A list of subsidiaries and affiliated companies prepared in accordance with the relevant legal requirements (the Dutch Civil Code Book 2, Part 9, sections 379 and 414) is deposited at the office of the Chamber of Commerce in Amsterdam, the Netherlands.