Isquerelle has 500,000 of losses carried forward: 200,000 expire at the end of 20X6, the balance at the end of 20X9 (tax data). Its probable taxable profit is nil in 20X6 and will reach 400,000 over 20X7-20X9 (case assumptions). It has no taxable differences. Tax rate: 25%. Which deferred tax asset is recognised?