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25. Related party balances and transactions

An overview of the subsidiaries of Precious Woods is presented in Note 31. Details of transactions between the Group and other related parties are disclosed below. Major shareholders holding 3 % or more of Precious Woods Holding are disclosed in Note 23.

a. Balances and transactions

The balances with related parties, as of 31 December 2020 and 2019, are detailed below:

in thousand EUR   2020   2019
Trade receivables and other current receivables from associates   12   48
Non-current loan to associates   365  
         
Trade and other current liabilities to associates   701   129
Current loans from shareholders with significant influence   2 293   5 896
Non-current loans from shareholders with significant influence   27 328   22 727
Non-current financial liabilities from shareholders with significant influence   3 418   2 303
         
Paid interest expenses to shareholders with significant influence   474   485
Paid interest expenses to other shareholders     51
b. Compensation

During the ordinary course of business in 2020 and 2019, the Group granted remunerations to related parties as follows:

in thousand EUR   2020   2019
Board of Directors        
Short-term employee benefits   200   205
Post-employment employee benefits   9   10
Total remuneration and fees Board of Directors   209   216
Group Management        
Short-term employee benefits   771   742
Post-employment employee benefits   135   118
Total Group Management   906   859
Operating management        
Short-term employee benefits   685   702
Post-employment employee benefits   84   77
Total operating management   768   779
Total compensation to key management personnel   1 883   1 854

There was no compensation paid related to long-term benefits, termination benefits or share-based payments.