10. Deferred income tax

The movement of deferred tax assets and liabilities is as follows:

• * Adjusted for comparison purposes

As of 2021, the tax losses accumulated up to and including 2021 can be carried forward indefinitely in time, with only 50% per year being carried forward insofar as the taxed profit exceeds € 1 million. As a result, a review of projected profits for the years up to and including 2024 and projected profits for the term of the new franchise has led to an upward revaluation of the tax asset temporary differences and losses offset against tax in the amount of €367 million. The total amount of recognised deferred tax assets in the Netherlands is €340 million. See note 9 for an explanation of the tax burden.

At the end of 2020, the Group impaired deferred tax assets for temporary differences and losses offset against tax of the fiscal unity in the Netherlands due to insufficient projected profits over the period of loss set-off (six years) for an amount of €525 million.

The tax deductibility of the termination payments in the United Kingdom has been assessed and a partial tax asset recognised in 2021.

Unrecognised deferred tax assets

Deferred tax assets have not been recognised in respect of the following items because it is unlikely that future taxable profits will be available against which the Group can utilise the benefits. Unrecognised deferred tax assets by country are as follows: