in thousands of EUR

2019

2018

Development costs

38,914

34,715

Conversion differences

–2,806

–3,527

Balance sheet value as at 31 December

36,108

31,188

Development costs

The movement in the statutory reserve for development costs is as follows:

in thousands of EUR

2019

2018

Balance sheet value as at 1 January

34,715

28,240

Transfer of other reserve

4,199

6,475

Balance sheet value as at 31 December

38,914

34,715

Conversion differences

The movement in the statutory reserve for conversion differences is as follows:

in thousands of EUR

2019

2018

Balance sheet value as at 1 January

–3,527

–3,252

Exchange results on participating interests

721

–275

Balance sheet value as at 31 December

–2,806

–3,527