8 Administrative expenses
2023 | 2022 | |
Management fee Bouwinvest | 32,585 | 38,696 |
Audit fees | 101 | 59 |
Marketing fees | 477 | 414 |
Other administrative expenses | 2,000 | 1,738 |
Legal fees | 25 | 50 |
Total administrative expenses | 35,188 | 40,957 |
Where administrative expenses relate directly to the operation of the property portfolio, they are charged to operating expenses. Where administrative expenses relate directly to the development of the property portfolio, they are capitalised.
The other administrative expenses consist of regulators' costs and costs for sustainability development. The decrease of € 5.8 million compared to 2022 mainly relates to a lower Management fee Bouwinvest due to the decreased average NAV of the Fund during the year.