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\n

\n\n
Note 1a. Statement of compliance with IFRS
\n
The consolidated financial statements of the Fluxys Belgium group for the financial year
\n
ended 31 December 2022 have been prepared in accordance with the International
\n
Financial Reporting Standards, as approved by the European Union and applicable on
\n
the balance sheet date.
\n
All amounts are stated in thousands of euro.
\n

\n\n\n
Note 1b. Judgement and use of estimates
\n
The preparation of financial statements requires the use of estimates and assumptions to
\n
determine the value of assets and liabilities, and to assess the positive and negative
\n
consequences of unforeseen situations and events at the balance sheet date, as well as
\n
revenues and expenses of the financial year.
\n
Significant estimates made by the group in the preparation of the financial statements
\n
relate mainly to the valuation of the recoverable amount of property, plant and
\n
equipment, and intangible assets (see Notes 5.1 and 5.2), the valuation of rights of use
\n
and lease obligations under leases (see Notes 5.3 and 5.11), the valuation of any
\n
provisions and assets/liabilities (see Notes 5.13 and 7) and in particular the provisions for
\n
litigation and pension and related liabilities (see Note 5.14).
\n
Due to the uncertainties inherent in all valuation processes, the group revises its estimates
\n
on the basis of regularly updated information. Future results may differ from these
\n
estimates.
\n
Other than the use of estimates, group management also uses judgement in defining the
\n
accounting treatment for certain operations and transactions not addressed under the
\n
IFRS standards and interpretations currently in force.
\n
Therefore, in the balance sheet, the group records the regulatory liabilities corresponding
\n
to the excess of regulated revenue received according to the real costs to be covered
\n
by the authorized regulated tariffs. This difference is transferred from the income
\n
statement to the balance sheet in the regulatory liabilities (non-current and current - See
\n
Note 5.12). Where required, the regulatory assets are accounted for in the balance sheet
\n
on the line for \u2018regulatory assets\u2019 when the regulated revenue received is lower than the
\n
real costs to be covered by the authorised regulated tariffs.
\n
These latter are recognised in as much as the group considers their recovery highly likely.
\n
This accounting method (see Note 2.12) has been determined by the group, as no
\n
definitive guidance on \u2018rate-regulated activities\u2019 has been published to date.
\n

\n\n

\n\n

\n

\n

\n\n
Note 1c. Date of authorisation for issue
\n
The Board of Directors of Fluxys Belgium SA authorised these IFRS financial statements for
\n
issue on 29 March 2023.
\n

\n\n\n
Note 1d. Standards, amendments and interpretations applicable on 1 January
\n
2022
\n
The following standards and interpretations are applicable for the annual period starting
\n
from 1 January 2022
\n
\u2022 Amendments to IFRS 3 - Reference to the Conceptual Framework
\n
\u2022 Amendments to IAS 16 - Property, Plant and Equipment: Proceeds before
\n
Intended Use
\n
\u2022 Amendments to IAS 37 - Onerous Contracts - Costs of Fulfilling a Contract
\n
\u2022 IFRS 1 First-time Adoption of International Financial Reporting Standards \u2013
\n
Subsidiary as a first-time adopter
\n
\u2022 IFRS 9 Financial Instruments - Fees in the \u201910 per cent\u2019 test for derecognition of
\n
financial liabilities
\n
\u2022 IAS 41 Agriculture - Taxation in fair value measurements
\n
The application of these amendments has not had a significant impact on the financial
\n
statements of the group.
\n

\n\n\n
Note 1e. Standards, amendments and interpretations applicable from 1 January
\n
2023 and later
\n
At the date of authorization of these financial statements, the standards and
\n
interpretations listed below have been issued but are not yet mandatory:
\n
\u2022 Amendments to IAS 1 Presentation of Financial Statements: Classification of
\n
Liabilities as Current or Non-current (effective for annual periods beginning on or
\n
after 1 January 2024, but not yet adopted at European level)
\n
\u2022 Amendments to IAS 1 Presentation of Financial Statements and the IFRS 2 Practice
\n
Statement 2: Disclosure of Accounting policies (effective for annual periods
\n
beginning on or after 1 January 2023)
\n
\u2022 Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and
\n
Errors: Definition of Accounting Estimates (effective for annual periods beginning
\n
on or after 1 January 2023)
\n
\u2022 Amendments to IAS 12 Income taxes: Deferred tax related to assets and liabilities
\n
arising from a single transaction (effective for annual periods beginning on or after
\n
1 January 2023)
\n
\u2022 Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback (effective
\n
for annual periods beginning on or after 1 January 2024)
\n
\u2022 Amendments to IFRS 17 Insurance Contracts: Initial application of IFRS 17 and IFRS
\n
9 Financial Instruments
\n
\u2022 IFRS 17 Insurance Contracts (effective for annual periods beginning on or after 1
\n
January 2023)
\n
These standards, amendments and interpretations have not been adopted early. The
\n
application of these standards, amendments and interpretations will have no significant
\n
impact on the financial statements of the group.
\n

\n\n

\n\n

\n\n

\n

\n

\n
Note 2. Accounting principles and policies
\n
The accounting principles and policies set out below were approved at the Fluxys
\n
Belgium Board of Directors meeting of 29 March 2023.
\n
Changes or additions compared with the previous financial year are underlined.
\n\n

\n\n
Note 2.1. General principles
\n
The financial statements fairly present Fluxys Belgium group\u2019s financial position, results of
\n
operations and cash flows.
\n
The group\u2019s financial statements have been prepared on the accrual basis of
\n
accounting, except for the cash flow statement.
\n
Assets and liabilities have not been offset against each other, except when required or
\n
allowed by an international accounting standard.
\n
Current and non-current assets and liabilities have been presented separately in the
\n
balance sheet of the Fluxys Belgium group.
\n
The accounting policies have been applied in a coherent manner.
\n

\n\n

\n\n\n
Note 2.2. Balance sheet date
\n
The consolidated financial statements are prepared as of 31 December, i.e. the parent
\n
entity\u2019s balance sheet date.
\n

\n\n
Note 2.3. Events after the balance sheet date
\n
The book value of assets and liabilities at the balance sheet date is adjusted when events
\n
after the balance sheet date provide evidence of conditions that existed at the balance
\n
sheet date.
\n
Adjustments can be made until the date of authorisation for issue of the financial
\n
statements by the Board of Directors.
\n
Other events relating to circumstances arising after balance sheet date are disclosed in
\n
the notes to the consolidated financial statements, if significant.
\n\n

\n\n

\n\n
Note 2.4. Basis of consolidation
\n
The Fluxys Belgium group's consolidated financial statements have been prepared in
\n
accordance with IFRS and in particular with IFRS 3 (Business Combinations), IFRS 10
\n
(Consolidated Financial Statements), IFRS 11 (Joint Arrangements) and IAS 28
\n
(Investments in Associates and Joint Ventures).
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n\n

\n\n

\n\n

\n

\n\n
Subsidiaries
\n
The Fluxys group\u2019s consolidated financial statements include the financial statements of
\n
the parent entity and the financial statements of the entities it controls and its subsidiaries.
\n
The investor controls an investee when he is exposed\u2014or has rights\u2014to variable returns
\n
from its involvement with the investee and has the ability to affect those returns through
\n
its power over the investee.
\n
The investor has power over the investee when he holds existing rights that give the
\n
current ability to direct the relevant activities, i.e. the activities of the investee that
\n
significantly affect the investee's returns, even he does not hold the majority of the voting
\n
rights in the investee concerned.
\n
The parent entity must consolidate the subsidiary as of the date it obtains the control over
\n
it and must cease to consolidate when it loses control over it. In this way revenues and
\n
charges of a subsidiary acquired or transferred in the course of the financial year are
\n
included in the consolidated income statement and in the consolidated statement of
\n
comprehensive income as from the date on which the parent entity acquired the control
\n
over the subsidiary and up to the date on which it ceased to control the latter.
\n

\n\n\n

\n\n

\n\n
Investments in joint ventures
\n
A joint venture is a joint arrangement in which the parties exercising joint control over the
\n
undertaking have rights to the net assets of the undertaking. Joint control means
\n
contractually agreed sharing of the control exercised over an undertaking, which only
\n
exists in the cases where the decisions on the relevant activities require the unanimous
\n
consent of the parties sharing the control.
\n
The results and assets and liabilities of associates or joint ventures are accounted for in
\n
the present consolidated financial statements in accordance with the equity method,
\n
unless the investment, or a part thereof, is classified as an asset held for sale in
\n
accordance with IFRS 5.
\n
An investment in an associate or joint venture is initially accounted for at cost. It then
\n
integrates the share of the group in the net results and the other elements of the
\n
comprehensive result of the undertaking accounted for under the equity method. Finally,
\n
dividends distributed by this entity decrease the value of the investment.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n\n

\n\n
Note 2.5. Intangible assets
\n
An intangible asset is recognised as an asset if it is probable that future economic
\n
benefits attributable to the asset will flow to the entity and if the cost of the asset can be
\n
measured reliably.
\n
Intangible assets are recognised at cost in the balance sheet (cost method), less any
\n
accumulated depreciation and any accumulated impairment losses.
\n
Intangible assets with a limited useful life are depreciated over their useful life.
\n
Computer software is depreciated at 20% per annum.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n
Subsequent expenditure is capitalised if it generates economic benefits exceeding the
\n
initial standard of performance.
\n\n

\n\n
Intangible assets are reviewed at each balance sheet date to identify indications of
\n
potential impairment that may have arisen during the financial year. In case such
\n
indications are noted, an estimate of the recoverable amount of the related intangible
\n
assets is made. The recoverable amount is defined as the higher of the fair value less
\n
costs to sell of an asset and its value in use.
\n
The value in use is calculated by discounting future cash inflows and outflows generated
\n
by the continuous use of the asset and its final disposal at an appropriate discount rate.
\n
Intangible assets are impaired when their book value exceeds the amount that can be
\n
recovered, as a result of obsolescence of these assets or due to economic or
\n
technological circumstances.
\n
Intangible assets with an indefinite useful life are subject to an annual impairment test,
\n
and an impairment loss is recognised when their book value exceeds their recoverable
\n
amount.
\n
The useful life, the depreciation method, as well as the potential residual value of
\n
intangible assets are reassessed at each balance sheet date and revised prospectively, if
\n
applicable.
\n

\n\n

\n\n\n
Emission rights for greenhouse gases
\n
Emission rights for greenhouse gases acquired at fair value are recognised as intangible
\n
assets at their acquisition cost. Rights granted free of charge are recognised as intangible
\n
assets at a nil book value.
\n
The cost associated with emission of greenhouse gases in the atmosphere is recognised
\n
as an operating expense, the counterpart being a liability for the obligation to deliver
\n
allowances covering the effective emission over the period concerned (other debts). This
\n
expense is measured by reference to the weighted average cost of the acquired or
\n
granted allowances.
\n
This liability is derecognised on the delivery of allowances to the government by
\n
withdrawing emission rights from intangible assets.
\n
In case the allowances are insufficient to cover the emission of greenhouse gases during
\n
the financial year, the group accounts for a provision. This provision is measured by
\n
reference to the market value at the balance sheet date of the allowances yet to be
\n
purchased.
\n
The excess emission rights not sold on the market are valued at the balance sheet date
\n
by reference to the weighted average cost of the acquired or granted allowances, or at
\n
market value if lower than the weighted average cost.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n

\n
Note 2.6. Property, plant and equipment
\n
Property, plant and equipment (PPE) is recognised as an asset if it is probable that future
\n
economic benefits attributable to the asset will flow to the entity and if the cost of the
\n
asset can be measured reliably.
\n
PPE is recognised at cost in the balance sheet (cost method), less any accumulated
\n
depreciation and any accumulated impairment losses.
\n
Subsequent expenditure is capitalised if it generates economic benefits exceeding the
\n
initial standard of performance.
\n\n

\n\n
PPE is reviewed at each balance sheet date to identify indications of potential
\n
impairment that may have arisen during the financial year. In case such indications are
\n
noted, an estimate of the recoverable amount of the PPE in question is established. The
\n
recoverable amount is defined as the higher of the fair value less costs to sell of an asset
\n
and its value in use. The value in use is calculated by discounting future cash inflows and
\n
outflows generated by the continuous use of the asset and its final disposal at an
\n
appropriate discount rate.
\n

\n\n

\n\n\n
Subsidies
\n
Subsidies related to property, plant and equipment as well as contributions by third
\n
parties in the funding of such assets are deducted from the acquisition cost of these
\n
assets.
\n

\n\n\n
Depreciation methods
\n
PPE is depreciated over its useful life.
\n
Each significant component of PPE is recognised separately and depreciated over its
\n
useful life.
\n
The depreciation method reflects the rate at which the group expects to consume the
\n
future economic benefits related to the asset, taking into account the time during which
\n
the assets may generate regulated revenue.
\n
The regulated investments intended to increase the security of supply in Europe are
\n
depreciated under a diminishing balance method, which more accurately reflects the
\n
rate at which the group expects to consume the future economic benefits of these
\n
assets. This is a specific list of regulated infrastructure investments, which are essential for
\n
gas transmission in Europe and form an integral part of the RAB.
\n
The methods and durations of depreciation used are as follows:
\n
Straight-line method:
\n
\u2022 50 years for transmission pipelines in Belgium, terminalling facilities and tanks;
\n
In line with the new tariff method applied since 01.01.2020, all investments (new and
\n
existing) in gas transmission pipelines are fully depreciated by December 2049 at the
\n
latest.
\n
\u2022 50 years for administrative buildings, staff housing and facilities;
\n
\u2022 40 years for storage facilities;
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n\n

\n\n
\u2022 33 years for industrial buildings;
\n
\u2022 20 years for investments related to the extensions of the Zeebrugge LNG terminal;
\n
\u2022 10 years for equipment and furniture;
\n
\u2022 5 years for vehicles and site machinery;
\n
\u2022 4 years for computer hardware;
\n
\u2022 3 years for prototypes;
\n
Declining-balance method:
\n
\u2022 This method only applies for investments made to ensure security of supply: declining-
\n
balance.
\n
The useful life, the depreciation method, as well as the potential residual value of
\n
property, plant and equipment are reassessed at each balance sheet date and revised
\n
prospectively, if applicable.
\n

\n\n

\n\n\n
Note 2.7. Leases
\n
Definition of \u2018lease\u2019
\n
A contract is or contains a lease if it conveys a right to control the use of an identified
\n
asset for a period of time in exchange for a consideration.
\n
To determine whether a lease confers the right to control use of a determined asset for a
\n
determined period of time, the entity must appreciate whether, throughout the period of
\n
use, it has the right to:
\n
\u2022 obtain substantially all of the economic benefits from the use of the asset; and
\n
\u2022 direct the use of the asset.
\n
To determine the duration of the lease, any options for renewal or termination are
\n
considered, as required under IFRS 16, taking into account the probability of exercising
\n
the option as well as whether it is under the control of the lessee.
\n
The group as a lessee
\n
At the start of the lease, the lessee recognises a right-of-use asset and a lease obligation.
\n
Right-of-use assets
\n
The group recognises right-of-use assets on the date of the start of the contract, i.e. the
\n
date on which the asset becomes available for use. These assets are valued at the initial
\n
cost of the lease obligation minus amortisation and any depreciation, adjusted to take
\n
into account any revaluations of the lease obligation. The initial cost of the right-of-use
\n
assets includes the present value of the lease obligation, the initial costs incurred by the
\n
lessee, rent payments made on the start date or before that date, minus any incentives
\n
obtained by the lessee. These assets are depreciated over the estimated lifetime of the
\n
underlying asset or over the duration of the contract if this period is shorter, unless the
\n
group is sufficiently certain of obtaining ownership of the asset at the end of the contract.
\n
Right-of-use assets are presented separately from other assets as a different entry under
\n
non-current assets.
\n

\n\n

\n\n

\n\n

\n\n

\n\n
Lease obligations
\n
The lease obligation is valued at the present value of the rent payments that have not
\n
yet been paid. The present value of the rent payments must be calculated using the
\n
interest rate implicit in the lease if it is possible to determine that rate. If not, the lessee
\n
must use its incremental borrowing rate.
\n
The incremental borrowing rate is the interest rate that the lessee would have to pay to
\n
borrow over a similar term, and with a similar security, the funds necessary to obtain an
\n
asset of similar value to the right-of-use asset in a similar economic environment.
\n
Over the duration of the contract, the lessee values the lease obligation as follows:
\n
\u2022 by increasing the book value to reflect the interest on the lease obligation;
\n
\u2022 by reducing the book value to reflect the rent payments made;
\n
\u2022 by revaluing the book value to reflect the new appreciation of the lease obligation
\n
or amendments to the lease.
\n
The services included in leases do not form part of the lease debt.
\n
Lease obligations are presented in a separate entry under current and non-current
\n
interest-bearing liabilities (see note 5.11).
\n
Short-term leases and low-value leases
\n
For short-term leases (duration of 12 months or less), the Fluxys Belgium group registers a
\n
lease expense.
\n
To determine the criteria for a low-value lease, a threshold has been determined, except
\n
for vehicles, which are included in the group of vehicles leased for more than one year
\n
without applying the value criteria.
\n
For short-term leases, and low-value leases, the effect on profit/loss is not significant.
\n

\n\n

\n\n

\n\n

\n\n

\n

\n\n
Presentation
\n
In the consolidated income statement, the interest charge on the lease obligation is
\n
presented separately from the depreciation charge that applies to the right-of-use asset.
\n
In the cash flow statement, the cash flows will be presented as follows:
\n
\u2022 cash outflows relating to the principal of the lease obligation and the interest paid, in
\n
the financing activities;
\n
\u2022 rent payments for short-term leases, low-value leases and variable rent payments
\n
that have not been taken into account in the valuation of the lease obligations, in
\n
the operating activities.
\n
The group as a lessor
\n
The group leases out some facilities under finance lease as a lessor.
\n
Assets under finance lease are assets for which the group substantially transfers risks and
\n
rewards related to the economic ownership to the lessee. Assets leased under such
\n
contracts are recognised on the balance sheet as receivables in an amount equal to the
\n
net investment in the lease contract in question. Lease payments received are
\n
apportioned between financial income and repayments of the lease receivable so as to
\n
achieve a constant rate of return on the net investment by the group in the finance lease
\n
contract.
\n
When the classification of contracts under finance lease is based on the present value of
\n
the minimum lease payments, the most pertinent criteria adopted is the following: a
\n
contract is considered a finance lease if the present value of the minimum lease
\n
payments amounts to at least 90% of the fair value of the leased asset at the inception of
\n
the lease contract.
\n
No residual value is assumed for gas transmission assets in Belgium, due to the specific
\n
nature of the activities concerned.
\n

\n\n\n

\n

\n

\n
Note 2.8. Financial instruments
\n
Recognition and derecognition of financial assets and liabilities
\n
Recognition
\n
Financial assets and liabilities are recognised when the group becomes party to the
\n
instrument\u2019s contractual terms.
\n\n

\n\n
Derecognition of financial assets
\n
The group has to derecognise a financial asset if and only if the contractual rights on the
\n
cash flows of the financial asset expire, or where it transfers almost all the risks and
\n
advantages inherent to the ownership of the financial asset to a third party.
\n
If the group neither transfers nor retains substantially all the risks and rewards of ownership
\n
of a transferred asset, and retains control of the transferred asset, the group continues to
\n
recognise the financial asset to the extent of its continuing involvement and recognises a
\n
related liability for the amount received.
\n
If the group keeps almost all the risks and advantages inherent to the ownership of the
\n
financial asset, it continues to recognise the whole financial asset and recognises a
\n
financial liability for the consideration received.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n

\n\n

\n

\n\n
When a financial asset measured at amortised cost is derecognised, the difference
\n
between the amortised cost and the sum of the considerations received is transferred to
\n
the income statement.
\n
When an investment in equity instruments until now measured at fair value with changes
\n
to other comprehensive income are derecognised, the accumulated profit/loss
\n
recognised previously in other comprehensive income is not reclassified to net income.
\n

\n\n\n
Derecognition of financial liabilities
\n
The entity derecognises a financial liability only if this liability is extinguished, i.e. once the
\n
obligation is fulfilled, cancelled or it expires.
\n
The difference between the book value of an extinguished financial liability and the
\n
consideration paid, including, where applicable, the assets (non-cash) transferred and
\n
the liabilities acquired must be recognised in the income statement.
\n
Unconsolidated equity instruments (such as shares and equity rights)
\n
The Fluxys Belgium group values the unconsolidated equity instruments at fair value with
\n
changes to other comprehensive income.
\n
However, given the materiality of certain instruments and the unavailability of recent
\n
market values, certain equity instruments are accounted for at the initial cost.
\n
The dividends received for these equity instruments are recognised in financial income
\n
under the item \u2018Dividends from unconsolidated entities\u2019.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
\n

\n

\n

\n

\n
\n

\n

\n\n
\n\n
\n
\n
\n
Short-term investments, cash and cash equivalents
\n\n
Cash investments in the form of bonds or commercial paper, having a maturity date
\n
exceeding three months, are reported as financial assets measured at amortised cost.
\n
These are shown in the balance sheet under non-current \u2018other financial assets\u2019 and
\n
under current \u2018investments\u2019.
\n
Cash and cash equivalents include short-term investments, short-term bank deposits and
\n
deposits readily convertible to a known cash amount and which are subject to an
\n
insignificant risk of changes in value (maximum of three months).
\n
Cash and cash equivalents held are reported as financial assets measured at amortised
\n
cost.
\n
\n\n
The economic model used by the Fluxys Belgium group to manage financial assets aims
\n
to hold them in order to obtain contractual cash flows. The sales of financial assets are
\n
rare, and the group does not expect to proceed with such sales in the future, except in
\n
the case of an increased credit risk for the assets over and above the policy advocated
\n
by the group. A sale may also be motivated by an unexpected financing need.
\n
Where the conditions required to be qualified as financial assets valued at amortised cost
\n
are not met, these financial assets concerned are valued at fair value with changes to
\n
net profit/loss.
\n\n
Trade and other receivables
\n
Trade and other receivables are stated at their face value reduced by any amounts
\n
deemed unrecoverable.
\n
When the time value of money is significant, trade and other receivables are discounted.
\n
Impairment losses are recognised when the book value of these items at balance sheet
\n
date exceeds their recoverable amount.
\n
\n\n\n
\n\n
Expected credit losses and write-downs
\n
Expected credit losses on financial assets accounted for at amortised cost are
\n
calculated using an individual approach, based on the credit quality of the counterparty
\n
and the maturity of the financial asset.
\n
Expected credit losses are calculated using a probability of default over 12 months
\n
where the credit risk is low.
\n
A financial asset is impaired where one or more events have occurred with a negative
\n
effect on the future estimated cash flows of this financial asset. The indications of the
\n
impairment of a financial asset encompass data that may be observed on the following
\n
events:
\n
\u2022 defaults in payments for more than 90 days,
\n
\u2022 significant financial difficulty of the issuer or debtor and
\n
\u2022 increasing probability of bankruptcy or financial restructuring of the lender.
\n
If the economic forecast (for example gross domestic product) deteriorates over the
\n
course of next year, which could lead to an increase in the number of defaults, the
\n
historical default rates are adjusted. At each balance sheet date, the historical default
\n
rates observed are updated and the changes in the forecast estimates are analysed.
\n
\n\n
\n\n
\n\n
\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n\n

\n\n

\n\n
\n
\n

\n

\n

\n\n
Interest-bearing liabilities
\n
Interest-bearing liabilities are recognised at the net amount received. Following initial
\n
recognition, interest-bearing liabilities are recorded at amortised cost. The difference
\n
between the amortised cost and the redemption value is recognised in the income
\n
statement under the effective interest rate method over the term of the liabilities.
\n
\n\n\n
Trade payables
\n
Trade payables are stated at face value.
\n
When the time value of money is significant, trade payables are discounted.
\n
\n\n

\n\n

\n\n

\n\n\n
Note 2.9. Inventories
\n
Valuation
\n
Inventories are valued at the lower of cost and net realisable value.
\n
Inventories are written down to account for:
\n
\u2022 a reduction in net realisable value, or
\n
\u2022 impairment losses due to unforeseen circumstances related to the nature or use of
\n
the assets.
\n
This impairment on inventories is recognised in the income statement in the period in
\n
which they arise.
\n
Gas inventory
\n
Gas inventory changes are valued under the weighted average cost method.
\n
Supplies and consumables
\n
Supplies and consumables are valued under the weighted average cost method.
\n
Work in progress
\n
Work in progress for third parties is valued at cost, including indirectly attributable costs.
\n
When the outcome of a contract can be reliably estimated, contract revenue and
\n
expenses are recognised as revenue and expenses respectively by reference to the
\n
stage of completion of the contract at balance sheet date. Any expected loss is
\n
recognised immediately as an expense in the income statement.
\n

\n\n

\n\n

\n\n

\n\n

\n

\n\n

\n\n
Note 2.10. Borrowing costs
\n
Borrowing costs directly attributable to the acquisition, building or production of assets
\n
requiring a substantial period of time to get ready for their intended use (property, plant
\n
and equipment, investment property, etc.) are added to the costs of the assets
\n
concerned until they are ready for use or sale.
\n
The amount of the borrowing costs to be capitalised is the actual cost incurred in
\n
borrowing the funds, as reduced by income from any temporary investment of these
\n
funds.
\n

\n\n

\n\n\n

\n
Note 2.11. Provisions
\n
Provisions are recognised as a liability in the balance sheet when they meet the following
\n
criteria:
\n
\u2022 the group has a present (legal or constructive) obligation arising from a past event;
\n
\u2022 it is probable (i.e. more likely than not) that the settlement of this obligation will lead
\n
to an outflow of resources embodying economic benefits;
\n
\u2022 the amount of the obligation can be reliably estimated.
\n
No provision is recognised if the above conditions are not met.
\n
The amount recognised as a provision is the best estimate of the expenditure required to
\n
settle the present obligation at the balance sheet date, in other words the amount the
\n
entity reasonably expects to have to pay to discharge the obligation at balance sheet
\n
date, or to transfer it to a third party at the same date.
\n
This estimation is based either on a request from a third party or on estimates or detailed
\n
calculations. For all provisions recognised, management considers that the probability of
\n
an outflow of resources exceeds 50%.
\n
When the time value of money is significant, provisions are discounted. The discount rate
\n
used is a rate before tax reflecting current market estimates of the time value of money
\n
and taking into account any risks associated with the type of liability in question.
\n
All risks incurred by the group that do not comply with the above-mentioned criteria are
\n
disclosed as contingent liabilities in the Notes.
\n\n
Employee benefits
\n
Some companies in the Fluxys group have established supplementary \u2018defined benefit\u2019
\n
or \u2018defined contribution\u2019 pension plans. Benefits provided under these plans are based
\n
on the number of years of service and the employee\u2019s salary.
\n
\u2018Defined benefit\u2019 pension plans enable employees to benefit from a capital sum
\n
calculated on the basis of a formula which takes account of their annual salary at the
\n
end of their career and their seniority when they retire.
\n
\u2018Defined contribution\u2019 pension plans provide employees with a capital sum accumulated
\n
from personal and employer contributions, based on the salary.
\n
In Belgium, the law requires that the employer guarantee a minimum return for defined
\n
contribution, which varies based on the market rates.
\n
The accounting method used by the group to value these \u2018defined contribution pension
\n
plans, with a guaranteed minimum return\u2019, is identical to the method used for \u2018defined
\n
benefit\u2019 plans.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
In case of death before retirement, these plans provide a capital sum for the surviving
\n
spouse, as well as allowances for orphans.
\n
Other employee benefits
\n
Certain group companies offer their employees post-employment benefits such as the
\n
reimbursement of medical costs and price subsidies, and other long-term benefits
\n
(seniority bonuses).
\n
Valuation
\n
These liabilities are valued annually by a qualified actuary.
\n
Regular payments made in relation to the supplementary pension plans are recognised
\n
as expenses at the time they are incurred.
\n
\u2018Defined benefit\u2019 pension plans
\n
Provisions for pensions and other collective agreements are reported in the balance
\n
sheet in accordance with IAS 19 (Employee Benefits), using the projected unit credit
\n
method (PUCM).
\n
The current value of post-employment benefits is determined at each balance sheet
\n
date based on the projected salary estimated at the end of the employee\u2019s career, the
\n
rate of inflation, life expectancy, staff turnover and the expected age of retirement. The
\n
present value of defined benefit obligations is determined using a discount rate based
\n
on high-quality bonds with maturity dates close to the weighted average maturity of the
\n
plans concerned and which are denominated in the currency in which the benefits are
\n
to be paid.
\n
The amount accounted for in respect of post-employment liabilities corresponds to the
\n
difference between the current value of future obligations and the fair value of assets in
\n
the plan destined to cover them. Any deficit resulting from this valuation is subject to the
\n
recognition of a provision to cover this risk. In the opposite case, an asset is recognised in
\n
line with the surplus of the defined benefit pension plan, capped at the current value of
\n
any future reimbursement from the plan or any reduction in future contributions to the
\n
plan.
\n
The remeasurements of the liabilities or assets in the balance sheet comprise:
\n
\u2022 the actuarial gains or losses on the defined benefit liabilities resulting from
\n
adjustments relating to experience and/or changes in actuarial assumptions
\n
(including the effect of the change in the discount rate);
\n
\u2022 the return on plan assets (excluding amounts included in net interest) and changes in
\n
the effect of the asset ceiling (excluding amounts included in net interest).
\n
These remeasurements are directly recognised in equity through the other items in
\n
comprehensive income.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n\n

\n\n
\u2018Defined contribution\u2019 pension plans
\n
The liabilities of the group with regard to \u2018defined contribution\u2019 plans are limited to the
\n
employer contributions paid recorded in the results.
\n
Actuarial gains and losses relating to other long-term employee benefits
\n
The other long-term benefits are accounted for in the same way as the post-employment
\n
benefits, but revaluations are fully accounted for in the financial results in the financial
\n
year in which they occur.
\n

\n\n

\n\n\n
Note 2.12. Revenue recognition
\n
The group accounts for operating revenue as it meets a service obligation by supplying
\n
the customer with the promised good or service and as this latter obtains control thereof.
\n
The Fluxys Belgium group uses a five-stage approach to determine whether a contract
\n
entered into with a customer may be accounted for and the way in which revenue
\n
should be recognised:
\n
1. identification of the contract,
\n
2. identification of the service obligations,
\n
3. determination of the transaction price,
\n
4. distribution of the transaction price between the service obligations and
\n
5. recognition of operating revenue where the service obligations are met or where the
\n
control of the goods or services is transferred to the customer.
\n
Group revenues mainly come from standard regulated contracts for which both the
\n
services to be provided and the price of the service are clearly identified.
\n
Fluxys Belgium and its subsidiaries transfer the control of their regulated services
\n
progressively and in doing so meet their service obligation and account for operating
\n
revenue progressively. It should be noted that the revenue from regulated activity is
\n
recognised based on reserved capacities.
\n
Furthermore, the Fluxys Belgium group makes sales of gas that are necessary for
\n
balancing operations and its operational needs. These services, fulfilled at a specific time,
\n
are recognised in operating revenue at the time of their fulfilment. From 1 June 2020,
\n
these balancing operations are conducted by the joint venture with Balansys.
\n
Regulated income received by the group may generate a gain or a loss compared with
\n
the target rate of return on the capital invested. Gains are reported and recognised as
\n
regulatory liabilities, whereas losses are included in operating revenue to offset the
\n
accounting of regulatory assets. The Group has no regulatory assets in the published
\n
periods.
\n
The regulatory framework is explained in further detail in the chapter on \u2018Regulatory and
\n
legal framework\u2019 of the annual report.
\n

\n\n

\n\n

\n\n

\n\n

\n\n
In note 4 - Segment income statement, the distinction is shown between the revenue
\n
invoiced and the revenue recognised. The latter includes the revenue invoiced, but also
\n
the movements in regulatory assets and liabilities.
\n
The following table provides more detailed information on the Group\u2019s services
\n
(performance obligations), types of contract, pricing, and the way in which operating
\n
revenue is recognised. Most of this revenue is regulated.
\n

\n\n

\n\n

\n\n

\n\n

\n\n
Legal
\n
entity
\n
Revenue
\n
stream
\n
Performance obligation: nature, customer
\n
and timing of satisfaction
\n
Contract type and
\n
pricing
\n
Fluxys
\n
Belgium
\n
Transmission
\n
services
\n
Nature of performance obligation: sale of
\n
capacity and related services in the
\n
pipeline infrastructure to its customers to
\n
transmit natural gas to distribution system
\n
operators, power stations and major
\n
industrial end-users in Belgium or to transport
\n
natural gas to a border point for
\n
transmission to other end-user markets in
\n
Europe.
\n
Customers: gas shippers reserve capacity
\n
slots (short + long term contracts)
\n
Revenue recognition: the performance
\n
obligation consists in making these
\n
capacities available for the customers for
\n
use at the customers\u2019 discretion (cf. IFRS
\n
15.26 (e)).
\n
Basically, the contracts between Fluxys
\n
Belgium and their customers determine that
\n
the latter reserve a certain capacity that
\n
can be used over a certain period, at the
\n
choice of the customer.
\n
Thus, Fluxys Belgium will transfer to the
\n
customer a series of services that are
\n
substantially the same and that have the
\n
same pattern of transfer to the customer
\n
(IFRS 15.22 (b)).
\n
Each service in the series provided by Fluxys
\n
Belgium is a performance obligation
\n
satisfied over time, as described by IFRS
\n
15.35a (the customer simultaneously
\n
receives and consumes the benefits
\n
provided by Fluxys\u2019 performance as Fluxys
\n
performs).
\n
Therefore, the reserved capacities are
\n
invoiced and recognised monthly over the
\n
period covered by the contract related to
\n
the capacities reserved (in accordance
\n
with IFRS 15.39 and IFRS 15.B15), i.e. over
\n
time recognition.
\n
Regulated Standard
\n
Transmission
\n
Agreement.
\n
Regulated tariffs are
\n
expressed in
\n
\u20ac/kWh/h/year
\n
Fluxys
\n
Belgium
\n
Storage
\n
capacity
\n
service
\n
Nature of performance obligation: storage
\n
services enabling customers to use buffer
\n
capacity flexibly according to their needs.
\n
The gas is stored in the underground
\n
facilities in Loenhout, Belgium.
\n
Most of the revenues are generated by the
\n
sale of standard bundled packages,
\n
composed of injection, storage and
\n
withdrawing capacity throughout the
\n
storage season in fixed proportion. Such
\n
contracts can be both long term and short
\n
term.
\n
Customers: As for transmission, the revenues
\n
are based on the reserved capacities.
\n
Regulated Standard
\n
Storage Agreement
\n
(in combination with
\n
a regulated Standard
\n
Transmission
\n
Agreement to enable
\n
injecting into and
\n
withdrawing from the
\n
gas grid \u2013 see above).
\n
Regulated tariffs for
\n
storage capacity are
\n
expressed in \u20ac/stan-
\n
dard bundled unit per
\n
year. Tariffs for
\n
separately purchased
\n

\n\n

\n\n

\n\n

\n\n

\n\n
Revenue recognition: revenue is recognised
\n
over time as these services are performed
\n
continuously throughout the contractual term
\n
storage capacity are
\n
expressed in
\n
\u20ac/GWh/year.
\n
Injection or
\n
withdrawal capacity
\n
is expressed in
\n
\u20ac/m\u00b3(n)/h/year.
\n
Fluxys
\n
LNG
\n
Terminalling
\n
services
\n
Nature of performance obligations:
\n
Unloading services (time slots are sold in
\n
advance, the so-called \u2018berthing rights\u2019),
\n
possibly combined with related services
\n
such as storage, regasification or sending
\n
out (i.e. transform the liquid gas into gas
\n
that can be injected in the grid).
\n
Loading services
\n
Transhipment services, that occur in 2 forms:
\n
Ship-To-Ship: unloading of LNG from one
\n
LNG ship directly to another.
\n
Ship-Storage-Ship: LNG is unloaded from an
\n
LNG ship, then stored in a tank at the
\n
terminal. It can be loaded a few days later
\n
by another LNG ship.
\n
Customers: Customers reserve berthing
\n
rights in advance, these can be both long
\n
term and short term contracts.
\n
Revenue recognition: revenue of these
\n
berthing rights is recognised over time
\n
based on the reserved capacity,
\n
independently of whether the slots are used
\n
or not.
\n
For some additional services, such as
\n
storage, revenue is recognised over time as
\n
well, in accordance with IFRS 15.35(a). For
\n
other additional services, such as
\n
regasification, revenue is recognised at a
\n
point in time.
\n
Standard regulated
\n
LNG Terminalling
\n
Agreement, mostly
\n
combined with a
\n
separate standard
\n
regulated LNG
\n
Service Agreement
\n
for ancillary services
\n
such as storage and
\n
sending out capacity,
\n
etc.
\n
Tariffs for (un)loading
\n
are expressed in
\n
\u20ac/berthing right for
\n
the capacity
\n
reservations.
\n
For storage and for
\n
regasification and
\n
sending out services,
\n
tariffs are expressed in
\n
\u20ac/MWh/day.
\n
Regulated standard
\n
LNG Transhipment
\n
Service Agreement.
\n
Tariffs are expressed in
\n
\u20ac/berthing right for
\n
the transhipment
\n
services.
\n
For additional storage
\n
services, the tariff is
\n
expressed in
\n
\u20ac/MWh/day.
\n

\n\n

\n\n

\n\n
\n

\n

\n\n

\n\n
\n
Note 2.13. Income taxes
\n
Current tax is determined in accordance with local tax regulations and calculated on
\n
the income of the parent entity, subsidiaries and joint operations.
\n\n
Deferred tax liabilities and assets reflect the future taxable and deductible temporary
\n
differences, respectively, between the book base and the tax base of assets and
\n
liabilities.
\n
Deferred tax liabilities and assets are measured at the enacted or substantially enacted
\n
new income tax rate applicable to the financial year in which the underlying asset is
\n
expected to be realised or the underlying liability is expected to be settled.
\n
Any later change in rates requires a change to the deferred taxes. This is accounted for
\n
via the other items of the global profit/loss for the part concerning operations that are
\n
usually accounted for in these items. The balance of the change in deferred taxes is
\n
accounted for in the net profit/loss for the period.
\n
Deferred tax assets are recognised only to the extent that it is probable that taxable
\n
profit will be available against which the future deductible temporary differences can be
\n
offset.
\n
\n\n

\n\n

\n\n

\n
Note 3. Acquisitions, disposals and restructuring
\n
Consolidation scope
\n
The consolidation scope and percentage of interests in consolidated entities remained
\n
identical to those of 31 December 2021.
\n
Information on investments
\n\n
Fully consolidated entities
\n
Name of
\n
the
\n
subsidiary
\n
Registered office
\n
Entity number
\n
% owner
\n
-
\n
ship
\n
Core
\n
business
\n
Currency
\n
Balance
\n
sheet date
\n
Fluxys LNG
\n
SA
\n
Rue Guimard 4
\n
B - 1040 Brussels
\n
0426 047 853 100.00%
\n
LNG
\n
terminalling
\n
\u20ac
\n
31
\n
December
\n
Flux Re SA
\n
Rue de Merl 74
\n
L - 2146
\n
Luxembourg
\n
- 100.00%
\n
Reinsurance
\n
entity
\n
\u20ac
\n
31
\n
December
\n
\n\n\n

\n

\n\n
Entities accounted for using the equity method
\n
Name of
\n
the
\n
subsidiary
\n
Registered office
\n
Entity
\n
number
\n
% owner-
\n
ship
\n
Core
\n
business
\n
Currency
\n
Balance
\n
sheet date
\n
Balansys
\n
SA
\n
Rue de Bouillon
\n
59-61
\n
L - 1248
\n
Luxembourg
\n
- 50.00%
\n
Balancing
\n
operator
\n
\u20ac
\n
31
\n
December
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n
Nature and scope of the restrictions related to the assets and liabilities of
\n
the group
\n
Special rights are attached to the special share of the Belgian State in Fluxys Belgium,
\n
other than the normal rights attached to all other shares. These special rights are
\n
exercised by the Federal Minister in charge of Energy and can be summarised as follows:
\n
\u2022 the right to oppose to all transfers, any assignment as security or change of the
\n
destination of strategic assets of Fluxys Belgium of which the list is set out in an annex
\n
to the royal decree of 16 June 1994, if the Federal Minister in charge of Energy
\n
considers that this operation prejudices the national interests in the area of energy;
\n
\u2022 the right to appoint two representatives of the federal government with a
\n
consultative vote in the Board of Directors and the Strategic Committee of Fluxys
\n
Belgium;
\n
\u2022 the right of the representatives of the federal government, within four business days,
\n
to appeal to the Federal Minister in charge of Energy on the basis of objective, non-
\n
discriminatory and transparent criteria, as defined in the Royal Decree of 5
\n
December 2000, against any decision of the Board of Directors or any advice of the
\n
strategic Committee of Fluxys Belgium (including the investment and business plan
\n
and related budget) which they regard as contrary to the guidelines of the country\u2019s
\n
energy policy, including the government's objectives concerning the country's
\n
energy supply. The appeal is suspensive. If the Federal Minister in charge of Energy
\n
has not cancelled the decision concerned within eight business days after this
\n
appeal, it becomes final;
\n
\u2022 a special voting right in case of deadlock in the General meeting on a matter
\n
concerning the objectives of the federal energy policy.
\n
There are no other significant restrictions that may limit the ability of the group to access
\n
or use its assets and discharge its liabilities. However, it must be noted that the assets of
\n
Flux Re are destined to cover the risk of the company in the scope of its reinsurance
\n
activities. The total assets in the balance sheet of Flux Re came to \u20ac164.1 million as at 31-
\n
12-2022 compared to \u20ac173.2 million as at 2021 year-end.
\n
Balansys SA is a company governed by Luxembourg law in which 50% of shares are held
\n
by Fluxys Belgium SA and 50% by Creos Luxembourg SA. The objective of this company is
\n
to integrate the Belgian and Luxembourg natural gas markets. As part of this objective,
\n
an agreement has been signed between the shareholders that stipulates that Balansys
\n
SA shares may not be encumbered with any guarantees or transferred, unless for the
\n
benefit of another transmission network operator and with the agreement of the other
\n
shareholder.
\n
The key figures of Balansys are shown in the table below:
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n
Entity accounted for using the equity method
\n
31-12-202
\n
2
\n
In thousands of \u20ac (*)
\n
31-12-202
\n
1
\n
In thousands of \u20ac (*)
\n
Non-current assets
\n
0
\n
0
\n
Current assets
\n
100,112
\n
66,040
\n
Equity
\n
100
\n
100
\n
Non-current liabilities
\n
30,060
\n
18,061
\n
Current liabilities 69,9
\n
52
\n
48,879
\n
Operating revenue
\n
461,307
\n
168,837
\n
Operating expenses
\n
460,282
\n
-
\n
168,546
\n
Net financial result -
\n
989
\n
-
\n
280
\n
Income tax expenses -3
\n
7
\n
-
\n
11
\n
Net profit/loss for the period
\n
0
\n
0
\n
Entities accounted for by the equity method
\n
50
\n
50
\n
Result of entities accounted for by the equity
\n
method
\n
0
\n
0
\n
(*) Figures before intercompany eliminations, on a 100% basis and subject to approval of
\n
the accounts by the governing bodies and the general assembly of the entity.
\n

\n\n

\n\n

\n\n

\n\n
Note 4. Income statement and operating segments
\n
Operating segments
\n
Fluxys Belgium group carries out activities in the following operating segments:
\n
transmission, storage, LNG terminalling activities in Belgium and other activities.
\n
The segment information is based on a classification into these operating segments.
\n
Transmission activities comprise all operations subject to the Gas Act related to
\n
transmission of gas in Belgium.
\n
Storage activities comprise all operations subject to the Gas Act related to storage of gas
\n
at Loenhout in Belgium.
\n
Terminalling activities comprise all activities subject to the Gas Act related to the LNG
\n
terminal at Zeebrugge in Belgium.
\n
The three aforementioned activities are regulated and strictly separated. Offsetting
\n
balances between these activities is not authorised.
\n
The segment 'other activities' comprises other services rendered by Fluxys Belgium group
\n
such as the operational support of the IZT and ZPT terminals
\n
2
\n
in Belgium and work for third
\n
parties.
\n
The Fluxys Belgium group operates mainly in Belgium and does not therefore publish
\n
information by geographical sector.
\n
The Chief Operating Decision Maker (CODM) is the CEO.
\n
Basis of accounting relating to transactions between operating segments
\n
Transactions between operating segments mainly relate to capacity reservations by one
\n
segment subject to the Gas Act with another. These transactions are charged at the
\n
same regulatory tariffs as for external clients.
\n
Information relating to the main customers
\n
The group\u2019s main customers are users of transmission and storage services and of the
\n
Zeebrugge LNG Terminal.
\n
2
\n
Interconnector Zeebrugge Terminal (IZT): Fluxys Belgium rents part of its installations to IZT
\n
under a finance lease and also provides operational support and maintenance. The
\n
cooperation with IZT is based on contracts (no participation by Fluxys Belgium).
\n
Zeepipe Terminal (ZPT): Fluxys Belgium contributes to the operations of ZPT on a
\n
contractual basis (no participation).
\n

\n\n

\n\n

\n\n

\n\n
Segment income statement at 31-12-2022
\n
In thousands of \u20ac
\n
Trans-
\n
mission
\n
Storage
\n
Terminal-
\n
ling
\n
Other
\n
Elimination
\n
between
\n
segments
\n
Total
\n
Operating revenue
\n
710,702
\n
34,817
\n
157,292
\n
20,666
\n
-
\n
10,918
\n
912,559
\n
Sales and services to
\n
external customers
\n
866,993
\n
15,882
\n
297,722
\n
21,033
\n
0
\n
1,201,630
\n
Transactions with other
\n
segments
\n
1,312
\n
8,473
\n
1,500
\n
-
\n
367
\n
-
\n
10,918
\n
0
\n
Changes in regulatory
\n
assets and liabilities
\n
-
\n
157,603
\n
10,462
\n
-
\n
141,930
\n
0
\n
0
\n
-
\n
289,071
\n
Sales of gas related to
\n
balancing operations and
\n
operational needs
\n
138,655
\n
10,327
\n
129,584
\n
0
\n
0
\n
278,566
\n
Sales of gas related to
\n
balancing of operations
\n
and operational needs
\n
273,348
\n
8,673
\n
163,699
\n
0
\n
0
\n
445,720
\n
Changes in regulatory
\n
liabilities
\n
-
\n
134,693
\n
1,654
\n
-
\n
34,115
\n
0
\n
0
\n
-
\n
167,154
\n
Other operating income
\n
5,426
\n
129
\n
4,736
\n
5,999
\n
-
\n
78
\n
16,212
\n
Consumables, merchandise
\n
and supplies used
\n
-
\n
1,144
\n
1
\n
-
\n
34
\n
-
\n
4,405
\n
0
\n
-
\n
5,582
\n
Purchase of gas related to
\n
balancing of operations and
\n
operational needs
\n
-
\n
139,057
\n
-
\n
9,924
\n
-
\n
126,197
\n
0
\n
0
\n
-
\n
275,178
\n
Miscellaneous goods and
\n
services
\n
-
\n
419,316
\n
-
\n
9,600
\n
-
\n
40,577
\n
-
\n
6,946
\n
10,918
\n
-
\n
465,521
\n
Employee expenses -
\n
96,731
\n
-
\n
7,216
\n
-
\n
23,360
\n
-
\n
5,702
\n
78
\n
-
\n
132,931
\n
Other operating expenses -
\n
3,944
\n
-
\n
588
\n
-
\n
374
\n
-
\n
52
\n
0
\n
-
\n
4,958
\n
Depreciations -
\n
111,009
\n
-
\n
8,361
\n
-
\n
47,656
\n
-
\n
1,025
\n
0
\n
-
\n
168,051
\n
Provisions for risks and charges
\n
3,970
\n
-
\n
15
\n
99
\n
2,938
\n
1
\n
6,993
\n
Impairment losses -
\n
14,173
\n
0
\n
-
\n
647
\n
16
\n
0
\n
-
\n
14,804
\n
Profit/loss from continuing
\n
operations
\n
73,379
\n
9,570
\n
52,866
\n
11,489
\n
1
\n
147,305
\n
Change in the fair value of
\n
financial instruments
\n
0
\n
0
\n
0
\n
-
\n
1,298
\n
0
\n
-
\n
1,298
\n
Financial income
\n
2,759
\n
306
\n
567
\n
957
\n
0
\n
4,589
\n
Finance costs -
\n
26,131
\n
-
\n
2,894
\n
-
\n
9,788
\n
-
\n
1,992
\n
0
\n
-
\n
40,805
\n
Profit/loss before taxes
\n
50,007
\n
6,982
\n
43,645
\n
9,156
\n
1
\n
109,791
\n
Income tax expenses -
\n
26,063
\n
Net profit/loss for the period
\n
83,728
\n

\n\n

\n\n

\n\n

\n\n

\n\n
Segment income statement at 31-12-2021
\n
In thousands of \u20ac
\n
Trans-
\n
mission
\n
Storage
\n
Terminal-
\n
ling
\n
Others
\n
Elimination
\n
between
\n
segments
\n
Total
\n
Operating revenue
\n
384,346
\n
33,536
\n
145,680
\n
26,343
\n
-16,714
\n
573,191
\n
Sales and services to
\n
external customers
\n
286,969
\n
32,791
\n
137,826
\n
20,135
\n
0
\n
477,721
\n
Transactions with other
\n
segments
\n
892
\n
8,137
\n
1,477
\n
6,208
\n
-16,714
\n
0
\n
Changes in regulatory
\n
assets and liabilities
\n
96,485
\n
-
\n
7,392
\n
6,377
\n
0
\n
0
\n
95,470
\n
Sales of gas related to
\n
balancing operations and
\n
operational needs
\n
20,038
\n
2,948
\n
9,392
\n
0
\n
0
\n
32,378
\n
Sales of gas related to
\n
balancing of operations
\n
and operational needs
\n
65,830
\n
2,948
\n
22,975
\n
0
\n
0
\n
91,753
\n
Changes in regulatory
\n
liabilities
\n
-
\n
45,792
\n
0
\n
-
\n
13,583
\n
0
\n
0 -
\n
59,375
\n
Other operating income
\n
4,256
\n
115
\n
2,467
\n
6,327
\n
-58
\n
13,107
\n
Consumables, merchandise
\n
and supplies used
\n
-
\n
991
\n
-
\n
5
\n
-
\n
27
\n
-
\n
2,399
\n
0 -
\n
3,422
\n
Purchase of gas related to
\n
balancing of operations and
\n
operational needs
\n
-
\n
20,038
\n
-
\n
2,948
\n
-
\n
9,392
\n
0
\n
0 -
\n
32,378
\n
Miscellaneous goods and
\n
services
\n
-
\n
117,044
\n
-
\n
7,838
\n
-
\n
26,379
\n
-
\n
11,800
\n
16,713 -
\n
146,348
\n
Employee expenses -
\n
80,839
\n
-
\n
6,510
\n
-
\n
20,409
\n
-
\n
4,850
\n
59 -
\n
112,549
\n
Other operating expenses -
\n
3,841
\n
-
\n
523
\n
-
\n
462
\n
-
\n
248
\n
0 -
\n
5,074
\n
Depreciations -
\n
116,067
\n
-
\n
9,568
\n
-
\n
47,520
\n
-
\n
838
\n
0 -
\n
173,993
\n
Provisions for risks and charges -
\n
2,117
\n
28
\n
-
\n
121
\n
-
\n
4,861
\n
1 -
\n
7,070
\n
Impairment losses
\n
1
\n
0
\n
0
\n
-
\n
22
\n
0 -
\n
21
\n
Profit/loss from continuing
\n
operations
\n
67,704
\n
9,235
\n
53,229
\n
7,652
\n
1
\n
137,821
\n
Change in the fair value of
\n
financial instruments
\n
0 0 0 -
\n
114
\n
0 -
\n
114
\n
Financial income
\n
125
\n
14
\n
32
\n
971
\n
0
\n
1,142
\n
Finance costs -
\n
24,251
\n
-
\n
2,711
\n
-
\n
10,011
\n
-
\n
1,402
\n
0 -
\n
38,375
\n
Profit/loss before taxes
\n
43,578
\n
6,538
\n
43,250
\n
7,107
\n
1
\n
100,474
\n
Income tax expenses -
\n
24,953
\n
Net profit/loss for the period
\n
75,521
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
Note 4.1. Operating revenue
\n
Analysis of operating revenue by business segment:
\n
Operating revenue
\n
In thousands of \u20ac
\n
Notes 31-12-2022 31-12-202
\n
1
\n
Change
\n
Transmission in Belgium 4.1.1
\n
709,390
\n
383,454
\n
325,936
\n
Storage in Belgium 4.1.1
\n
26,344
\n
25,399
\n
945
\n
Terminalling in Belgium 4.1.1
\n
155,792
\n
144,203
\n
11,589
\n
Other operating
\n
income
\n
4.1.2
\n
21,033
\n
20,135
\n
898
\n
Total
\n
912,559
\n
573,191
\n
339,368
\n
Operating revenue in the 2022 financial year amounted to \u20ac912,559 thousand, which
\n
represents an increase of \u20ac339,368 thousand as compared with the previous financial
\n
year.
\n
4.1.1 Transmission, storage and terminalling services in Belgium are
\n
subject to the Gas Act.
\n
Revenue from these services aims to ensure an authorised return on capital invested and
\n
to cover the operating expenses related to these services, while integrating the
\n
productivity efforts to be accomplished by the network operator, as well as permitted
\n
depreciation.
\n
The bulk of the increase in sales and regulated services relates to transmission services
\n
(\u20ac325,936 thousand). This increase is mainly due to the accounting settlement of the
\n
exceptional solidarity contribution of \u20ac300 million. The regulatory nature of this
\n
contribution makes the impact on the result neutral. Charged revenues increased
\n
significantly in 2022, as the infrastructure was largely used to support the security of supply
\n
of surrounding countries. These additional revenues, including auction premiums, do not
\n
benefit shareholders but are offset by a higher allocation to regulatory liabilities.
\n
Revenue from storage services is slightly up compared to 2021. Sales are down in 2022,
\n
but this decrease is offset by the use of regulatory liabilities in accordance with the tariff
\n
proposal.
\n
With regard to terminalling revenue, this is up \u20ac11,589 thousand, largely following spot slot
\n
auction sales. Almost all of these sales are allocated to regulatory liabilities.
\n
4.1.2 Other operating revenue relates mainly to work and services for
\n
third parties and the provision of facilities.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
Note 4.2. Operating expenses
\n
Operating expenses excluding depreciations,
\n
impairment losses and provisions
\n
In thousands of \u20ac
\n
Notes 31-12-2022 31-12-2021 Change
\n
Consumables, merchandise and
\n
supplies used
\n
4.2.1 -
\n
5,582
\n
-
\n
3,422
\n
-
\n
2,160
\n
Miscellaneous goods and services 4.2.2 -
\n
465,521
\n
-
\n
146,348
\n
-
\n
319,173
\n
Employee expenses 4.2.3 -
\n
132,931
\n
-
\n
112,549
\n
-
\n
20,382
\n
Other operating expenses 4.2.4 -
\n
4,958
\n
-
\n
5,074
\n
116
\n
Total operating expenses -
\n
608,992
\n
-
\n
267,393
\n
-
\n
341,599
\n
4.2.1. Consumables, merchandise and supplies used
\n
This item mainly includes costs for transport material taken out of inventory for
\n
maintenance and repair projects as well as costs for work carried out on behalf of third
\n
parties.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
4.2.2. Miscellaneous goods and services
\n
Miscellaneous goods and services are mainly composed of:
\n
31-12-
\n
2022
\n
31-12-
\n
2021
\n
Change
\n
Purchase of equipment -
\n
6,324
\n
-
\n
8,674
\n
2,350
\n
Rent and rental charges (1) -
\n
7,623
\n
-
\n
5,496
\n
-
\n
2,127
\n
Maintenance and repair expenses -
\n
24,601
\n
-
\n
24,365
\n
-
\n
236
\n
Goods and services supplied to the group -
\n
19,376
\n
-
\n
6,540
\n
-
\n
12,836
\n
Third-party remuneration -
\n
354,502
\n
-
\n
52,496
\n
-
\n
302,006
\n
Royalties and contributions -
\n
40,083
\n
-
\n
37,681
\n
-
\n
2,402
\n
Non-personnel related insurance costs -
\n
6,451
\n
-
\n
6,096
\n
-
\n
355
\n
Other miscellaneous goods and services -
\n
6,561
\n
-
\n
5,000
\n
-
\n
1,561
\n
Total -
\n
465,521
\n
-
\n
146,348
\n
-
\n
319,173
\n
(1)Amounts that relate mainly to services that do not meet the definition of a lease under IFRS 16.
\n
The main increase in this item ensues from the exceptional solidarity contribution of \u20ac300
\n
million that the Belgian State established for the operator of the natural gas transmission
\n
network to support the Belgian population during the energy crisis. Goods and services
\n
supplied to the group, and royalties, are also up.
\n
This evolution, apart from the solidarity contribution, is in line with the reference
\n
framework for the 2020-2023 regulatory period.
\n
Third-party remuneration increased by \u20ac302,006 thousand. This evolution is largely due to
\n
the solidarity contribution of \u20ac300 million. Another important cost is related to the study
\n
with a view to installing a new electric compressor at our storage facility in Loenhout.
\n
The increase in goods and services supplied to the group reflects the high price of
\n
electricity, but also the increase of activity in the terminal and the transmission network.
\n
The cost of electricity is up \u20ac9,272 thousand compared to 2021.
\n
As for the \u20ac2,402 thousand increase in royalties and contribution compared to 2021, this is
\n
largely explained by compensation paid by Flux Re to Fluxys SA (which is offset by using
\n
the corresponding provision of 2021). The use of this provision in 2022 compensates the
\n
cost of the compensation paid.
\n
The increase in rent and rent expense comes from the higher prices of software.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
4.2.3. Auditor remuneration
\n
Other miscellaneous goods and services (see note 4.2.2.) include the total remuneration
\n
paid to the auditor by Fluxys Belgium NV and its consolidated subsidiaries. These fees are
\n
presented below.
\n
Auditor remuneration
\n
In thousands of \u20ac
\n
31-12-
\n
2022
\n
31-12-
\n
2021
\n
Change
\n
Audit fees -
\n
179
\n
-152 -
\n
27
\n
Other non-audit services -
\n
38
\n
-18 -
\n
20
\n
Total remuneration -
\n
217
\n
-170 -
\n
47
\n
The amount of other (non-audit) services provided by the statutory auditor and persons
\n
professionally related to him are in line with article 3:64 and 65 of the Code of companies
\n
and associates and approved by the Audit Committee in advance. They mainly relate to
\n
ad-hoc and limited assurance attestations.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
4.2.4. Employee expenses
\n
Employee expenses have increased \u20ac20,382 thousand as compared with 2021, among
\n
other things as a result of indexation.
\n
The average headcount of the Group is slightly up, from 912 in 2021 to 914 in 2022.
\n
Expressed in FTE (full-time equivalents), these figures convert to 883.4 in 2022 compared to
\n
881.4 in 2021.
\n
Workforce
\n
Financial year Preceding financial year
\n
Total number
\n
of staff
\n
Total in FTE
\n
Total number
\n
of staff
\n
Total in FTE
\n
Average number of employees
\n
914
\n
883.4
\n
912
\n
881.4
\n
Fluxys Belgium
\n
865
\n
836.1
\n
864
\n
835.3
\n
Executives
\n
308
\n
300.2
\n
295
\n
286.7
\n
Employees
\n
557
\n
535.9
\n
569
\n
548.6
\n
Fluxys LNG
\n
48
\n
46.8
\n
47
\n
45.5
\n
Executives
\n
3
\n
2.9
\n
3
\n
3.1
\n
Employees
\n
45
\n
43.9
\n
43
\n
42.4
\n
Flux Re
\n
1
\n
0.5
\n
1
\n
0.5
\n
Headcount at balance sheet
\n
date
\n
939
\n
908.6
\n
918
\n
886.2
\n
Fluxys Belgium
\n
891
\n
862.0
\n
869
\n
839.2
\n
Executives
\n
321
\n
313.1
\n
300
\n
291.3
\n
Employees
\n
570
\n
548.9
\n
569
\n
547.9
\n
Fluxys LNG
\n
47
\n
46.2
\n
48
\n
46.5
\n
Executives
\n
3
\n
2.9
\n
3
\n
2.9
\n
Employees
\n
44
\n
43.3
\n
45
\n
43.6
\n
Flux Re
\n
1
\n
0.5
\n
1
\n
0.5
\n
4.2.5. Other operating expenses
\n
Other operating expenses include property taxes, local taxes, and losses on disposals or
\n
retirements of property, plant and equipment.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
4.2.6. Depreciations
\n
Depreciation charges on property, plant and equipment over the period are down by
\n
\u20ac7,343 thousand as compared with the previous financial year because the depreciation
\n
for certain historic assets came to an end in the previous financial year.
\n
However, depreciation charges on intangible assets over the period are up by \u20ac1,541
\n
thousand as compared with the previous financial year following the higher level of
\n
investments in intangible assets over these past few years.
\n
Depreciations, impairment losses and provisions
\n
In thousands of \u20ac
\n
Notes 31-12-2022 31-12-202
\n
1
\n
Change
\n
Depreciations 4.2.5 -
\n
168,051
\n
-
\n
173,993
\n
5,942
\n
Intangible assets -
\n
12,385
\n
-
\n
10,844
\n
-
\n
1,541
\n
Property, plant and equipment -
\n
150,915
\n
-
\n
158,258
\n
7,343
\n
Right of Use Assets -
\n
4,751
\n
-
\n
4,891
\n
140
\n
Provisions for risks and charges 4.2.6
\n
6,993
\n
-
\n
7,070
\n
14,063
\n
Impairment losses -
\n
14,804
\n
-
\n
21
\n
-
\n
14,783
\n
Inventories -
\n
14,819
\n
1
\n
-
\n
14,820
\n
Trade receivables 15 -
\n
22
\n
37
\n
Total depreciations, impairment
\n
losses and provisions
\n
-
\n
175,862
\n
-
\n
181,084
\n
5,222
\n
4.2.7. Provisions for risks and charges
\n
The significant change in provisions, of \u20ac14,063 thousand as compared with the previous
\n
financial year can chiefly be explained by the increase in discount rates, which ended
\n
up resulting in a reduction of the provision for employee benefits and by the use of a
\n
provision relating to a claim established during the previous financial year, the
\n
compensation for which was paid in 2022 (see Note 4.2.2.).
\n
An impairment loss on gas stocks of \u20ac17,714 thousand was recorded in 2022 to reflect the
\n
price of gas on 31/12/2022 which was considerably lower than the average price of gas
\n
in stock. This was partly offset by a partial reversal of the impairment of the spare parts
\n
inventory.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
Note 4.3. Financial income
\n
Financial income
\n
In thousands of \u20ac
\n
Notes 31-12-202
\n
2
\n
31-12-2021
\n
Change
\n
Dividends from unconsolidated
\n
entities
\n
0
\n
0
\n
0
\n
Financial income from leasing
\n
contracts
\n
4.3.1
\n
56
\n
60 -
\n
4
\n
Interest income on investments and
\n
cash equivalents
\n
4.3.2
\n
3,970
\n
927
\n
3,043
\n
Other interest income 4.3.2
\n
83
\n
30
\n
53
\n
Unwinding of discounts on provisions 4.4.2
\n
0
\n
126 -
\n
126
\n
Other financial income
\n
480
\n
125
\n
355
\n
Total
\n
4,589
\n
1,268 3,
\n
321
\n
4.3.1. Financial income from leasing contracts
\n
Financial income from leasing contracts relates to the Interconnector
\n
Zeebrugge Terminal (IZT) facilities.
\n
4.3.2. Interest on investments and cash equivalents
\n
Interest on investments and cash equivalents mainly comes, in 2022, from investments
\n
recognised at amortised cost in accordance with IFRS 9. The amount of this interest is up
\n
as compared with 2021, following the increase in interest rates.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
Note 4.4. Finance costs
\n
Finance costs
\n
In thousands of \u20ac
\n
Notes 31-12-202
\n
2
\n
31-12-202
\n
1
\n
Change
\n
Borrowing interest costs 4.4.1 -
\n
39,292
\n
-
\n
37,338
\n
-
\n
1,954
\n
Unwinding of discounts on
\n
provisions
\n
4.4.2 -
\n
383
\n
0
\n
-
\n
383
\n
Interest charges on leasing
\n
contracts
\n
-
\n
890
\n
-
\n
983
\n
93
\n
Other finance costs -
\n
240
\n
-
\n
180
\n
-
\n
60
\n
Total -
\n
40,805
\n
-38,
\n
501
\n
-2,
\n
304
\n
4.4.1. Borrowing interest costs
\n
Borrowing interest costs primarily include interest on the loans from the European
\n
Investment Bank and Fluxys, on bonds and on regulatory liabilities.
\n
4.4.2. Unwinding of discounts on provisions
\n
This item almost exclusively concerns employee benefits that are recognised and valued
\n
in accordance with IAS 19 and includes, apart from the unwinding of discounts on
\n
provisions, returns from associated assets, and actuarial gains and losses recognised in
\n
profit/loss. The change is mainly associated with an increase in the discount rates at year-
\n
end.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
Note 4.5. Income tax expenses
\n
Income tax expense is analysed as follows:
\n
Income tax expenses In thousands of \u20ac
\n
Notes 31-12-202
\n
2
\n
31-12-202
\n
1
\n
Change
\n
Current tax 4.5.1 -
\n
35,730
\n
-
\n
37,137
\n
1,407
\n
Deferred tax 4.5.2
\n
9,667
\n
12,184
\n
-
\n
2,517
\n
Total 4.5.3 -
\n
26,063
\n
-24,953 -
\n
1,110
\n
Income tax expenses are up \u20ac1,110 thousand as compared with the preceding financial
\n
year. This change can essentially be explained by the following factors:
\n
\u2022 an increase in earnings before tax;
\n
\u2022 a reduction in the amount of the deduction for revenues from innovation (from
\n
\u20ac10,000 thousand estimated in 2021 to \u20ac5,400 thousand estimated in 2022);
\n
This increase was partly compensated by the deduction for energy efficiency
\n
investments obtained by Fluxys LNG. The amount of this deduction for the year 2022 is
\n
estimated at \u20ac4,366 thousand.
\n
Income tax expenses include both current and deferred taxes, which are detailed
\n
separately below.
\n

\n\n

\n\n

\n\n
4.5.1. Current tax
\n
In thousands of \u20ac
\n
31-12-2022 31-12-202
\n
1
\n
Change
\n
Income taxes on the result of the current
\n
period
\n
-36,052 -
\n
36,465
\n
413
\n
Taxes and withholding taxes due or
\n
paid
\n
-35,066 -
\n
36,938
\n
1,872
\n
Excess of payment of taxes and
\n
withholding taxes (included in assets)
\n
-1,213
\n
47
\n
-
\n
1,260
\n
Estimated additional taxes (included in
\n
liabilities)
\n
227
\n
426
\n
-
\n
199
\n
Adjustments to previous years\u2019 current
\n
taxes
\n
322 -
\n
672
\n
994
\n
Total -35,730 -
\n
37,137
\n
1,407
\n
Current tax decreased by \u20ac1,407 thousand in 2022.
\n
4.5.2 Deferred tax
\n
In thousands of \u20ac
\n
31-12-202
\n
2
\n
31-12-2021
\n
Change
\n
Relating to origination or reversal of
\n
temporary differences
\n
9,667
\n
12,184 -
\n
2,517
\n
Differences arising from the valuation of
\n
property, plant and equipment
\n
11,37
\n
8
\n
12,094
\n
-71
\n
6
\n
Changes in provisions
\n
263
\n
-28
\n
291
\n
Other changes -1,97
\n
4
\n
118 -2,09
\n
2
\n
Relating to tax rate changes or to new taxes
\n
0
\n
0
\n
0
\n
Relating to changes in accounting policies
\n
and errors
\n
0
\n
0
\n
0
\n
Relating to changes in fiscal status of entity or
\n
shareholders
\n
0
\n
0
\n
0
\n
Total
\n
9,667
\n
12,184 -
\n
2,517
\n
Deferred tax is primarily influenced by the difference between the book value and the
\n
tax base of property, plant and equipment.
\n
The deferred tax profit decreased by \u20ac2,517 thousand compared to 2021. This decrease
\n
can primarily be explained by adjustments of the tax base for financial assets.
\n

\n\n

\n\n

\n\n
4.5.3. Reconciliation of expected
\n
income tax rate and effective
\n
average income tax rate
\n
In thousands of \u20ac
\n
31-12-202
\n
2
\n
31-12-202
\n
1
\n
Change
\n
Income tax as per applicable tax rate \u2013
\n
Financial year
\n
-27,448 -
\n
25,119
\n
-
\n
2,329
\n
Profit/loss before taxes
\n
109,791
\n
100,474
\n
9,317
\n
Applicable tax rate
\n
25.00%
\n
25.00%
\n
0%
\n
Elements that justify transition to the effective
\n
average tax rate
\n
1,063
\n
838
\n
225
\n
Income tax rate differences between
\n
jurisdictions
\n
-
\n
58,0
\n
5
\n
-
\n
63
\n
Changes in tax rates
\n
0
\n
0
\n
0
\n
Tax-exempt income
\n
0
\n
0
\n
0
\n
Non-deductible expenses -
\n
1,396,0
\n
-
\n
1,375
\n
-
\n
21
\n
Taxable dividend income
\n
0
\n
0
\n
0
\n
Deductible notional interest cost
\n
0
\n
0
\n
0
\n
Other (1)
\n
2,517
\n
2,208
\n
309
\n
Income tax as per effective average tax rate \u2013
\n
Financial year
\n
-26,385,0 -
\n
24,281
\n
-
\n
2,104
\n
Profit/loss before taxes
\n
109,791
\n
100,474
\n
9,317
\n
Average effective tax rate
\n
24.03%
\n
24.17%
\n
-
\n
0.14%
\n
Taxation of tax-free reserves
\n
0
\n
0
\n
0
\n
Adjustments to previous years\u2019 current taxes (1) 322 -
\n
672
\n
994
\n
Total income tax expense -26,063 -
\n
24,953
\n
-
\n
1,110
\n
(1) In 2022, Fluxys LNG obtained the deduction for energy efficiency investments for the year
\n
2021. This tax advantage is incorporated into the regulated tariffs.
\n
The average effective tax rate for 2022 amounted to 24.03% compared with 24.17% the
\n
previous year.
\n

\n\n

\n\n

\n\n
Note 4.6. Net profit/loss for the period
\n
Net profit/loss for the period In thousands of \u20ac
\n
31-12-202
\n
2
\n
31-12-202
\n
1
\n
Change
\n
Non-controlling interests
\n
0
\n
0
\n
0
\n
Group share
\n
83,728
\n
75,521
\n
8,207
\n
Total profit/loss for the period
\n
83,728
\n
75,521
\n
8,207
\n
The consolidated net profit for the financial year amounted to \u20ac83,728 thousand, an
\n
increase of \u20ac8,207 thousand compared with 2021.
\n

\n\n

\n\n

\n\n
Note 4.7. Earnings per share
\n
In thousands of \u20ac 31-12-202
\n
2
\n
31-12-202
\n
1
\n
Net profit/loss from continuing operations
\n
attributable to the parent company\u2019s
\n
shareholders
\n
83,728
\n
75,521
\n
Net profit/loss
\n
83,728
\n
75,521
\n
Impact of dilutive instruments
\n
0
\n
0
\n
Diluted net profit/loss from continuing operations
\n
attributable to the parent company\u2019s
\n
shareholders
\n
83,728
\n
75,521
\n
Net profit/loss from discontinued operations
\n
attributable to the parent company\u2019s
\n
shareholders
\n
0
\n
0
\n
Net profit/loss
\n
0
\n
0
\n
Impact of dilutive instruments
\n
0
\n
0
\n
Diluted net profit/loss from discontinued
\n
operations attributable to the parent
\n
company\u2019s
\n
shareholders
\n
0
\n
0
\n
Net profit/loss attributable to the parent
\n
company\u2019s shareholders
\n
83,728
\n
75,521
\n
Net profit/loss
\n
83,728
\n
75,521
\n
Impact of dilutive instruments
\n
0
\n
0
\n
Diluted net profit/loss attributable to the parent
\n
company\u2019s shareholders
\n
83,728
\n
75,521
\n
Denominator (in units) 31-12-
\n
2022
\n
31-12-
\n
2021
\n
Average number of outstanding shares
\n
70,263,501
\n
70,263,501
\n
Impact of dilutive instruments
\n
0
\n
0
\n
Diluted average number of outstanding shares
\n
70,263,501
\n
70,263,501
\n

\n\n

\n\n

\n\n
Earnings per share (in euros) 31-12-202
\n
2
\n
31-12-202
\n
1
\n
Basic earnings per share from continuing operations attributable
\n
to the parent company\u2019s shareholders
\n
1.1916
\n
1.0748
\n
Diluted basic earnings per share from continuing operations
\n
attributable to the parent company\u2019s shareholders
\n
1.1916
\n
1.0748
\n
Basic earnings per share from discontinued operations
\n
attributable to the parent company\u2019s shareholders
\n
0.0000
\n
0.0000
\n
Diluted basic earnings per share from discontinued operations
\n
attributable to the parent company\u2019s shareholders
\n
0.0000
\n
0.0000
\n
Basic earnings per share
\n
attributable to the parent company\u2019s shareholders
\n
1.1916
\n
1.0748
\n
Diluted basic earnings per share
\n
attributable to the parent company\u2019s shareholders
\n
1.1916
\n
1.0748
\n

\n\n

\n\n

\n\n
Note 5. Segment balance sheet
\n
Segment balance sheet at 31-12-2022
\n
In thousands of \u20ac
\n
Trans-
\n
mission
\n
Storage
\n
Terminal-
\n
ling
\n
Other
\n
Unallo-
\n
cated
\n
Total
\n
Property, plant and
\n
equipment
\n
1,156,981
\n
125,365
\n
572,946
\n
83
\n
0
\n
1,855,375
\n
Intangible assets
\n
22,009
\n
10
\n
845
\n
0
\n
0
\n
22,864
\n
Right of use assets
\n
7,724
\n
318
\n
18,932
\n
3,046
\n
0
\n
30,020
\n
Other financial assets
\n
95
\n
0
\n
0
\n
111,076
\n
0
\n
111,171
\n
Inventories
\n
54,453
\n
3,100
\n
1,211
\n
3,892
\n
0
\n
62,656
\n
Lease receivables
\n
0
\n
0
\n
0
\n
2,094
\n
0
\n
2,094
\n
Net trade receivables
\n
110,249
\n
1,071
\n
6,633
\n
33,852
\n
0
\n
151,805
\n
Other assets
\n
0
\n
0
\n
0
\n
0
\n
1,170,585
\n
1,170,585
\n
3,406,570
\n
Interest-bearing
\n
liabilities
\n
368,097
\n
61,020
\n
232,249
\n
510,675
\n
0
\n
1,172,041
\n
Other financial liabilities
\n
0
\n
0
\n
20
\n
3,555
\n
0
\n
3,575
\n
Other liabilities
\n
563,230
\n
41,595
\n
330,468
\n
0
\n
652,044
\n
1,587,337
\n
2,762,953
\n
Equity
\n
643,617
\n
3,406,570
\n
Investments over the
\n
period in PP&E
\n
36,814
\n
87
\n
1
\n
67,736
\n
104
\n
0
\n
105,525
\n
Investments over the
\n
period in intangible
\n
assets
\n
11,294
\n
0
\n
71
\n
0
\n
0
\n
11,365
\n

\n\n

\n\n

\n\n
Segment balance sheet at 31-12-2021 In
\n
thousands of \u20ac
\n
Trans-
\n
mission
\n
Storage
\n
Terminal-
\n
ling
\n
Other
\n
Unallo-
\n
cated
\n
Total
\n
Property, plant and
\n
equipment
\n
1,219,055
\n
132,855
\n
550,044
\n
83
\n
0
\n
1,902,037
\n
Intangible assets
\n
22,614
\n
14
\n
1,263
\n
0
\n
0
\n
23,891
\n
Right of use assets
\n
8,999
\n
327
\n
21,505
\n
2,696
\n
0
\n
33,527
\n
Other financial assets
\n
91
\n
0
\n
0
\n
88,551
\n
0
\n
88,642
\n
Inventories
\n
35,078
\n
3,100
\n
589 275
\n
0
\n
39,042
\n
Lease receivables
\n
0
\n
0
\n
0
\n
2,695
\n
0
\n
2,695
\n
Net trade receivables
\n
57,161
\n
2,158
\n
7,017
\n
19,051
\n
0
\n
85,387
\n
Other assets
\n
0
\n
0
\n
0
\n
0
\n
459,293
\n
459,293
\n
2,634,514
\n
Interest-bearing liabilities
\n
632,486
\n
47,153
\n
259,041
\n
280,843
\n
0
\n
1,219,523
\n
Other financial liabilities
\n
0
\n
0
\n
18
\n
3,236
\n
0
\n
3,254
\n
Other liabilities
\n
268,432
\n
53,167
\n
152,241
\n
0
\n
298,223
\n
772,063
\n
1,994,840
\n
Equity
\n
639,674
\n
2,634,514
\n
Investments over the period
\n
in PP&E
\n
32,630
\n
564
\n
17,440
\n
14
\n
0
\n
50,648
\n
Investments over the period
\n
in intangible assets
\n
6,186
\n
12
\n
329
\n
0
\n
0
\n
6,52
\n
7
\n

\n\n

\n\n

\n\n
Note 5.1. Property, plant and equipment
\n
Movements in property, plant and equipment
\n
Gross book value Land Buildings
\n
Gas
\n
transmission*
\n
Gas storage *
\n
At 31-12-2020
\n
48,416
\n
161,231
\n
3,462,837
\n
386,670
\n
Investments
\n
1,060
\n
51
\n
14,882
\n
22
\n
Grants received
\n
0
\n
0
\n
0
\n
0
\n
Disposals and retirements -
\n
75
\n
-
\n
189
\n
-
\n
8,697
\n
0
\n
Internal transfers
\n
0
\n
0
\n
2,300
\n
0
\n
Changes in the
\n
consolidation scope and
\n
assets held for sale
\n
0
\n
0
\n
0
\n
0
\n
Translation adjustments
\n
0
\n
0
\n
0
\n
0
\n
At 31-12-2021
\n
49,401
\n
161,093
\n
3,471,322
\n
386,692
\n
Investments
\n
186
\n
166
\n
26,
\n
325
\n
312
\n
Grants received
\n
0
\n
0
\n
0
\n
0
\n
Disposals and retirements -
\n
2
\n
0
\n
-6,
\n
725
\n
-
\n
5
\n
Internal transfers
\n
0
\n
0
\n
15,
\n
204
\n
121
\n
Changes in the
\n
consolidation scope and
\n
assets held for sale
\n
0
\n
0
\n
0
\n
0
\n
Translation adjustments
\n
0
\n
0
\n
0
\n
0
\n
At 31-12-2022 49,
\n
585
\n
161,
\n
259
\n
3,506,
\n
126
\n
387,
\n
120
\n
*subject to the Gas Act
\n

\n\n

\n\n

\n\n
In thousands of \u20ac
\n
LNG Terminal*
\n
Other
\n
facilities
\n
and machinery
\n
Furniture,
\n
equipment &
\n
vehicles
\n
Assets under
\n
construction &
\n
instalments paid
\n
Total
\n
1,457,308
\n
43,511
\n
62,777
\n
6,719
\n
5,629,469
\n
3,025
\n
0
\n
7,232
\n
24,376
\n
50,648
\n
-
\n
513
\n
0
\n
0
\n
0 -
\n
513
\n
-
\n
18
\n
0
\n
-
\n
11,857
\n
0 -
\n
20,836
\n
0
\n
0
\n
0
\n
-
\n
2,300
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
1,459,802
\n
43,511
\n
58,152
\n
28,795
\n
5,658,768
\n
1,880
\n
0
\n
8,450
\n
68,206
\n
105,525
\n
0
\n
0
\n
0
\n
0
\n
0
\n
-
\n
290
\n
0
\n
-
\n
8,240
\n
0 -
\n
15,262
\n
0
\n
0
\n
0
\n
-
\n
15,325
\n
0
\n
0
\n
0
\n
-
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
1,461,392
\n
43,511
\n
58,362
\n
81,676
\n
5,749,031
\n

\n\n

\n\n

\n\n

\n\n
Movements in property, plant and equipment
\n
Depreciation and impairment losses Land Buildings
\n
Gas
\n
transmission*
\n
Gas
\n
storage*
\n
As at 31-12-2020
\n
0
\n
-
\n
98,618
\n
-
\n
2,289,869
\n
-
\n
251,390
\n
Depreciation
\n
0
\n
-4,0
\n
14
\n
-
\n
96,005
\n
-
\n
9,357
\n
Disposals and retirements
\n
0
\n
175
\n
8,233
\n
0
\n
Internal transfers
\n
0
\n
0
\n
0
\n
0
\n
Changes in the consolidation scope
\n
and assets held for sale
\n
0
\n
0
\n
0
\n
0
\n
Translation adjustments
\n
0
\n
0
\n
0
\n
0
\n
As at 31-12-2021
\n
0
\n
-
\n
102,457
\n
-
\n
2,377,641
\n
-
\n
260,747
\n
Depreciation
\n
0
\n
-
\n
3,988
\n
-
\n
89,701
\n
-
\n
8,137
\n
Disposals and retirements
\n
0
\n
0
\n
5,888
\n
1
\n
Internal transfers
\n
0
\n
0
\n
0
\n
0
\n
Changes in the consolidation scope
\n
and assets held for sale
\n
0
\n
0
\n
0
\n
0
\n
Translation adjustments
\n
0
\n
0
\n
0
\n
0
\n
As at 31-12-2022
\n
0
\n
-
\n
106,445
\n
-
\n
2,461,454
\n
-
\n
268,883
\n
Net book values as at 31-12-2022
\n
49,585
\n
54,814
\n
1,044,672
\n
118,237
\n
Net book values as at 31-12-2021
\n
49,401
\n
58,636
\n
1,093,681
\n
125,945
\n
*subject to the Gas Act
\n

\n\n

\n\n

\n\n

\n\n

\n\n
In thousands of \u20ac
\n
LNG Terminal*
\n
Other facilities
\n
and machinery
\n
Furniture,
\n
equipment &
\n
vehicles
\n
Assets under
\n
construction &
\n
instalments paid
\n
Total
\n
-
\n
889,570
\n
-
\n
43,259
\n
-
\n
45,554
\n
0
\n
-
\n
3,618,260
\n
-
\n
43,218
\n
-
\n
7
\n
-
\n
5,657
\n
0
\n
-
\n
158,258
\n
2
\n
0
\n
11,377
\n
0
\n
19,787
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
-
\n
932,786
\n
-
\n
43,266
\n
-
\n
39,834
\n
0
\n
-
\n
3,756,731
\n
-
\n
43,208
\n
0
\n
-
\n
5,881
\n
0
\n
-
\n
150,915
\n
8
\n
0
\n
8,093
\n
0
\n
13,990
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
-
\n
975,986
\n
-
\n
43,266
\n
-
\n
37,622
\n
0
\n
-
\n
3,893,656
\n
485,406
\n
245
\n
20,740
\n
81,676
\n
1,855,375
\n
527,016
\n
245
\n
18,318
\n
28,795
\n
1,902,037
\n

\n\n

\n\n

\n\n

\n\n
Movements in property, plant and equipment
\n
Land Buildings
\n
Gas
\n
transmission*
\n
Gas
\n
storage*
\n
Net book values as at 31-12-2022,
\n
of which:
\n
49,585
\n
54,814
\n
1,044,672
\n
118,237
\n
At cost
\n
49,585
\n
54,814
\n
1,044,672
\n
118,237
\n
At revaluation
\n
0
\n
0 0
\n
0
\n
Supplementary information
\n
0
\n
0 0
\n
0
\n
Net book value of assets
\n
temporarily retired from active use
\n
110
\n
0 0
\n
0
\n
*subject to the Gas Act
\n
Property, plant and equipment mainly comprises the group\u2019s transmission, storage
\n
(Loenhout) and LNG terminalling (Zeebrugge) facilities.
\n
In 2022, Fluxys Belgium group made property, plant and equipment investments in
\n
infrastructure of \u20ac102,527 thousand. Furthermore, Fluxys Belgium group made \u20ac2,996
\n
thousand IT investments in the network infrastructure as well as in the computers and
\n
devices inventory.
\n
\u20ac67,736 thousand was allocated to LNG infrastructure projects (mainly for the
\n
construction of 3 new Open Rack Vaporizers and 3 new truck loading bays in the
\n
Zeebrugge LNG Terminal) and \u20ac33,817 thousand to project linked to transmission activity.
\n
In 2022 no costs for loans were activated on construction investments.
\n

\n\n

\n\n

\n\n
In thousands of \u20ac
\n
LNG Terminal*
\n
Other facilities
\n
and machinery
\n
Furniture,
\n
equipment &
\n
vehicles
\n
Assets under
\n
construction &
\n
instalments paid
\n
Total
\n
485,406
\n
245
\n
20,740
\n
81,676
\n
1,855,375
\n
485,406
\n
245
\n
20,740
\n
81,676
\n
1,855,375
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
110
\n
The depreciation charge for the period amounts to \u20ac150,915 thousand and reflects the
\n
rhythm at which the group expects to consume the economic benefits linked to those
\n
property, plant and equipment.
\n
The assets that are used within the regulated market are depreciated over their useful
\n
life, as stated in point 6 of the accounting principles (Note 2), without taking into account
\n
a residual value, given the specificity of the sector\u2019s activities.
\n
Other property, plant and equipment is depreciated over its useful life as estimated by
\n
the group, taking into account actual and potential contracts, and considering
\n
reasonable market assumptions, based on the principle of matching of revenues and
\n
costs. Given the specific nature of the activities concerned, the residual value, if any, of
\n
the facilities in question has been ignored.
\n
At the balance sheet date, the group does not hold property, plant and equipment
\n
assets which have been pledged as security against liabilities.
\n
At the end of the financial year, the group has identified no signal or event that would
\n
lead any item of property, plant and equipment to be impaired.
\n
This assessment takes into account the regulatory framework in which the Group
\n
operates and of the present energy transition in which the Group plays an active role.
\n
This refers, for example, to the conversion of our low-calorific gas network to high-calorific
\n
gas, the transport of molecules other than natural gas, and the efforts required to
\n
combat climate change. All the investments and regulated assets of the Group ensue in
\n
a right to a regulated authorised rate of return for their lifespan (see also accounting
\n
principles in Note 2.6).
\n

\n\n

\n\n

\n\n

\n\n
Note 5.2. Intangible assets
\n
Movements in the book value of intangible assets In thousands of \u20ac
\n
Gross book value Software
\n
\u2018Client
\n
portfolios\u2019
\n
assets
\n
CO
\n
2
\n
Emission
\n
rights
\n
Total
\n
As at 31-12-2020 22,
\n
457
\n
52,
\n
800
\n
0
\n
75,
\n
257
\n
Investments 6,
\n
528
\n
0
\n
0
\n
6,
\n
528
\n
Disposals and retirements -6,
\n
176
\n
0
\n
0
\n
-6,
\n
176
\n
Translation adjustments
\n
0
\n
0
\n
0
\n
0
\n
Changes in the consolidation
\n
scope
\n
0
\n
0
\n
0
\n
0
\n
Other
\n
0
\n
0
\n
0
\n
0
\n
As at 31-12-2021 22,
\n
809
\n
52,
\n
800
\n
0
\n
75,
\n
609
\n
Investments
\n
11,365
\n
0
\n
0
\n
11,365
\n
Disposals and retirements -
\n
3,627
\n
0
\n
0
\n
-
\n
3,627
\n
Translation adjustments
\n
0
\n
0
\n
0
\n
0
\n
Changes in the consolidation
\n
scope
\n
0
\n
0
\n
0
\n
0
\n
Other
\n
0
\n
0
\n
0
\n
0
\n
As at 31-12-2022
\n
30,547
\n
52,800
\n
0
\n
83,347
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
Movements in the book value of intangible assets
\n
In thousands of \u20ac
\n
Depreciation and impairment
\n
losses
\n
Software
\n
\u2018Client
\n
portfolios\u2019
\n
assets
\n
CO
\n
2
\n
Emission
\n
rights
\n
Total
\n
As at 31-12-2020 -
\n
13,603
\n
-
\n
33,447
\n
0
\n
-
\n
47,050
\n
Depreciation and impairment
\n
losses
\n
-
\n
4,394
\n
-
\n
6,450
\n
0
\n
-
\n
10,844
\n
Disposals and retirements
\n
6,176
\n
0
\n
0
\n
6,176
\n
Translation adjustments
\n
0
\n
0
\n
0
\n
0
\n
Changes in the consolidation
\n
scope
\n
0
\n
0
\n
0
\n
0
\n
Other
\n
0
\n
0
\n
0
\n
0
\n
As at 31-12-2021 -
\n
11,821
\n
-
\n
39,897
\n
0
\n
-
\n
51,718
\n
Depreciation and impairment
\n
losses
\n
-
\n
5,934
\n
-
\n
6,451
\n
0
\n
-
\n
12,385
\n
Disposals and retirements
\n
3,619
\n
0
\n
0
\n
3,619
\n
Translation adjustments
\n
0
\n
0
\n
0
\n
0
\n
Changes in the consolidation
\n
scope
\n
0
\n
0
\n
0
\n
0
\n
Other
\n
0
\n
0
\n
0
\n
0
\n
As at 31-12-2022 -
\n
14,136
\n
-
\n
46,348
\n
0
\n
-
\n
60,484
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
Movements in the book value of intangible assets
\n
In thousands of \u20ac
\n
Software
\n
\u2018Client portfolios\u2019
\n
assets
\n
CO
\n
2
\n
Emission
\n
rights
\n
Total
\n
Net book values as
\n
at 31-12-2022
\n
16,411
\n
6,453
\n
0
\n
22,864
\n
Net book values as
\n
at 31-12-2021
\n
10,988 12,903
\n
0
\n
23,891
\n
Intangible assets include the net book value of software, the portfolio of \u2018Hub\u2019 clients and
\n
CO
\n
2
\n
emission rights.
\n
The software included in intangible assets is investment software developed or
\n
purchased by the group. This software is depreciated over 5 years on a straight-line basis.
\n
Major investments during the financial year concern software developed in relation to
\n
gas flow and asset management and related administrative tools.
\n
In 2015, Fluxys Belgium acquired all of Huberator\u2019s business activities for \u20ac52.8 million. This
\n
intangible asset will be fully depreciated in 2023 (on a straight-line basis).
\n
Certain gas transmission facilities in Belgium are included in the scheme for greenhouse
\n
gas emission allowance trading. Accordingly, Fluxys Belgium group was given free
\n
emission rights for 2022 amounting to 20,752 tonnes of CO
\n
2
\n
for the compression, storage
\n
and terminalling activity sites. In accordance with the accounting policies stated in Note
\n
2, the unused emission rights have been recognised at nil value in intangible assets.
\n
The group emphasises that no indications existed at the balance sheet date that any
\n
item of property, plant and equipment may have been impaired.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n
Note 5.3. Right of use assets
\n
The right of use assets are mainly linked to concession rights for land on which gas
\n
transmission and terminalling facilities (Zeebrugge) have been built.
\n
These contracts don\u2019t have significant termination or extension options. The rent is not
\n
variable, except for some contracts that have a clause for yearly indexation. The impact
\n
thereof is not material.
\n
Right of use assets
\n
In thousands of \u20ac
\n
Land &
\n
Buildings
\n
Facilities Cars Total
\n
As at 31-12-2020
\n
29,426
\n
3,487
\n
3,554
\n
36,467
\n
Additional rights
\n
0
\n
0
\n
1,968
\n
1,968
\n
Depreciation and impairment losses -
\n
2,405
\n
-
\n
763
\n
-
\n
1,723
\n
-
\n
4,891
\n
Disposals
\n
0
\n
0
\n
-17 -
\n
17
\n
Other changes
\n
0
\n
0
\n
0
\n
0
\n
As at 31-12-2021
\n
27,021
\n
2,724
\n
3,782
\n
33,527
\n
Additional rights
\n
0
\n
0
\n
1,351
\n
1,351
\n
Depreciation and impairment losses -
\n
2,405
\n
-
\n
763
\n
-
\n
1,583
\n
-
\n
4,751
\n
Disposals
\n
0
\n
0
\n
-107 -
\n
107
\n
Other changes
\n
0
\n
0
\n
0
\n
0
\n
As at 31-12-2022
\n
24,616
\n
1,961
\n
3,443
\n
30,020
\n

\n\n

\n\n

\n\n

\n\n

\n

\n

\n

\n\n

\n\n
\n\n
Note 5.4. Other financial assets
\n
Other financial assets
\n
In thousands of \u20ac
\n
Notes 31-12-202
\n
2
\n
31-12-
\n
2021
\n
Shares at cost
\n
24
\n
24
\n
Investment securities at fair value through profit
\n
or loss
\n
5.4.1
\n
0
\n
0
\n
Investment securities at amortised cost 5.4.1 53,
\n
481
\n
26,289
\n
Other investments at cost 5.4.1 54,
\n
019
\n
59,009
\n
Financial instruments at fair value through profit
\n
or loss
\n
3,
\n
576
\n
3,254
\n
Other financial assets at cost
\n
71
\n
66
\n
Total 111,
\n
171
\n
88,642
\n
5.4.1. These items include cash investments with a maturity longer than one year. They
\n
are mainly from Flux Re of which the cash is destined to cover the risk of the entity in the
\n
scope of its reinsurance business. The maturity of these investments is between 2023 and
\n
2032.
\n
The increase observed in the table above represents the new investments made with
\n
maturities of more than one year by Flux Re using the investment funds that matured in
\n
2022.
\n
The assets held by Flux Re are significantly higher than the minimum capital requirements
\n
under Solvency II (\u20ac16.3 million).
\n
\n\n

\n\n

\n\n\n
Note 5.5. Other non-current assets
\n
Other non-current assets
\n
In thousands of \u20ac
\n
Notes 31-12-202
\n
2
\n
31-12-
\n
2021
\n
Change
\n
Plan asset surpluses \u2018IAS 19
\n
Employee benefits\u2019
\n
5.14
\n
26,461
\n
15,123
\n
11,338
\n
Total
\n
26,461
\n
15,123
\n
11,338
\n
The value of plan assets in the provision for employee benefits increased in 2022 because
\n
of a rise in interest rates.
\n

\n\n

\n\n

\n\n

\n\n
\n\n
Note 5.6. Inventories
\n
Book value of inventories
\n
In thousands of \u20ac
\n
31-12-202
\n
2
\n
31-12-
\n
2021
\n
Change
\n
Supplies 24,
\n
803
\n
20,
\n
250
\n
4,
\n
553
\n
Gross book value 28,
\n
678
\n
27,
\n
019
\n
1,
\n
659
\n
Impairment losses -3,
\n
875
\n
-6,
\n
769
\n
2,
\n
894
\n
Goods held for resale (gas) 36,
\n
981
\n
18,
\n
517
\n
18,
\n
464
\n
Gross book value 54,
\n
695
\n
18,
\n
517
\n
36,
\n
178
\n
Impairment losses -17,
\n
714
\n
0
\n
-17,
\n
714
\n
Work in progress
\n
872
\n
275
\n
597
\n
Gross book value
\n
872
\n
275
\n
597
\n
Impairment losses
\n
0
\n
0
\n
0
\n
Total 62,
\n
656
\n
39,
\n
042
\n
23,
\n
614
\n
Inventories of materials connected to the transmission network are at their normal levels.
\n
The considerable increase in the gross book value of goods held for resale can primarily
\n
be explained by the strong increase in gas prices during the financial year, partially
\n
compensated by impairment losses at the end of the financial year following lower gas
\n
prices as at 31 December 2022.
\n
Impact of movements on net profit/loss
\n
In thousands of \u20ac
\n
31-12-202
\n
2
\n
31-12-
\n
2021
\n
Change
\n
Inventories \u2013 purchased or used
\n
38,433
\n
12,663
\n
25,770
\n
Impairment losses -
\n
14,819
\n
1
\n
-
\n
14,820
\n
Total
\n
23,614
\n
12,664
\n
10,950
\n
The movements of work in progress are included in other operating income in the income
\n
statement. The other movements of inventories are included in purchase of gas related
\n
to balancing of operations and operational needs.
\n
\n\n

\n\n

\n\n

\n\n
\n\n
\n\n
\n\n
\n
Note 5.7. Trade and other receivables
\n
Trade and other receivables
\n
In thousands of \u20ac
\n
Note 31-12-202
\n
2
\n
31-12-
\n
2021
\n
Change
\n
Gross trade receivables
\n
153,377
\n
86,974
\n
66,403
\n
Impairment losses -
\n
1,572
\n
-
\n
1,587
\n
15
\n
Net trade receivables 5.7.1
\n
151,805
\n
85,387
\n
66,418
\n
Other receivables
\n
12,494
\n
5,059
\n
7,435
\n
Total
\n
164,299
\n
90,446
\n
73,853
\n
The increase in trade receivables is in line with the increase in sales and services to
\n
external customers.
\n\n
5.7.1 Fluxys Belgium group reduces its exposure to credit risk, both in terms of default
\n
and concentration of risk, by requiring short payment terms from its customers (payment
\n
within one month), a strict policy for the follow-up of trade receivables, and a systematic
\n
evaluation of its counterparties' financial position. The credit losses expected and
\n
accounted for in trade and other receivables are not very material for the Fluxys Belgium
\n
group.
\n
Trade receivables can be broken down as follows according to their ageing:
\n
Net trade receivables according to ageing
\n
In thousands of \u20ac
\n
31-12-202
\n
2
\n
31-12-
\n
2021
\n
Change
\n
Receivables not past due 150,
\n
829
\n
84,
\n
891
\n
65,
\n
938
\n
Receivables < 3 months
\n
885
\n
405
\n
480
\n
Receivables 3 - 6 months
\n
0
\n
0
\n
0
\n
Receivables > 6 months
\n
0
\n
0
\n
0
\n
Receivables in litigation or doubtful
\n
91
\n
91
\n
0
\n
Total 151,
\n
805
\n
85,
\n
387
\n
66,
\n
418
\n
Disputed or doubtful receivables mainly concern grid users. Those deemed irrecoverable
\n
have been subject to impairment losses of 100%.
\n
\n\n
\n\n
\n\n
\n\n

\n\n

\n\n

\n\n

\n\n
\n\n
\n\n
Note 5.8. Short-term investments, cash and cash equivalents
\n
Investments relate to investments in the form of bonds, commercial paper and bank
\n
deposits over more than three months and maximum one year.
\n
Cash and cash equivalents are mainly euro investments in commercial paper that
\n
mature within a maximum of three months after the date of acquisition, deposits made
\n
with Fluxys (cash pooling), term deposits at credit institutions, current account bank
\n
balances and cash in hand.
\n
Short-term investments, cash and cash equivalents
\n
In thousands of \u20ac
\n
31-12-202
\n
2
\n
31-12-
\n
2021
\n
Change
\n
Short-term investments 26,113
\n
45,740
\n
-
\n
19,627
\n
Cash and cash equivalents
\n
1,070,708
\n
366,931
\n
703,777
\n
Cash equivalents and cash pooling
\n
1,025,335
\n
320,254
\n
705,081
\n
Short-term deposits
\n
8,108
\n
2,849
\n
5,259
\n
Bank balances
\n
37,246
\n
43,815
\n
-
\n
6,569
\n
Cash in hand 19
\n
13
\n
6
\n
Total
\n
1,096,821
\n
412,671
\n
684,150
\n
In 2022, the average rate of return on short-term investments, cash and cash equivalents
\n
was 0.45%. The credit losses expected and accounted for in investments, cash and cash
\n
equivalents are not material for the Fluxys Belgium group.
\n
The increase in cash equivalents is primarily due to the increase in sales following major
\n
gas flows to Germany and the Netherlands.
\n
\n\n
\n\n

\n\n

\n\n

\n\n

\n\n
Note 5.9. Other current assets
\n
Other current assets
\n
In thousands of \u20ac
\n
Notes 31-12-202
\n
2
\n
31-12-2021
\n
Change
\n
Accrued income
\n
1,213
\n
733
\n
480
\n
Prepaid expenses
\n
13,033
\n
13,360
\n
-
\n
327
\n
Other current assets 5.9.1
\n
2,940
\n
1,680
\n
1,260
\n
Total
\n
17,186
\n
15,773
\n
1,413
\n
Other current assets mainly comprise prepaid expenses amounting to \u20ac13,033 thousand
\n
(insurance, fees, rent, etc.) as well as various items of accrued income.
\n
5.9.1 Other current assets include the short-term share of the plan asset surpluses
\n
compared with the actuarial liability relating to the group's pension liabilities (see Notes
\n
5.5 and 5.14).
\n

\n\n

\n\n

\n\n
\n\n
Note 5.10. Equity
\n
On 31-12-2022, equity amounted to \u20ac643,617 thousand. The \u20ac3,943 thousand
\n
increase since the previous year comes essentially from the comprehensive income for
\n
the period (\u20ac100,907 thousand),which is largely offset by the dividends paid in 2022
\n
(\u20ac96,964 thousand).
\n
Note on parent entity shareholding
\n
Ordinary
\n
shares
\n
Preference
\n
shares
\n
Total
\n
I. Movements in number of shares
\n
1. Number of shares, opening balance
\n
70.263.501
\n
0
\n
70.263.501
\n
2. Number of shares issued
\n
3. Number of ordinary shares cancelled or
\n
reduced (-)
\n
4. Number of preference shares cancelled or
\n
reduced (-)
\n
5. Other increase (decrease)
\n
6. Number of shares, closing balance
\n
70.263.501
\n
0
\n
70.263.501
\n
II. Other information
\n
1. Face value of shares
\n
No face
\n
value
\n
mentioned
\n
2. Number of shares owned by the company 0
\n
0
\n
0
\n
3. Interim dividends during the financial year
\n
The share capital of Fluxys Belgium SA is represented by 70,263,501 shares with no face
\n
value, divided into two categories, in addition to the specific share.
\n
Shares in category B are and remain registered. They are held by long-term shareholders.
\n
Category D shares are registered or dematerialised and are mainly held by the general
\n
public.
\n
The Belgian State owns one specific registered share, namely share no. 1, which does not
\n
belong to any of the above categories and shall be referred to hereinafter as the
\n
'specific share'. In accordance with the Fluxys Belgium articles of association, this 'specific
\n
share' carries specific rights. These specific rights remain attached to this share in addition
\n
to the common rights attached to the ordinary shares of Fluxys Belgium (former
\n
\u201cDistrigas\u201d), as long as this share is owned by the Belgian State, as established in Articles 3
\n
to 5 of the Royal Decree of 16 June 1994. These specific rights are exercised by the
\n
Federal Minister responsible for energy. In addition to these specific rights this 'specific
\n
share' also entitles to receive 100 times the dividend or any other distribution by the entity
\n
to its shareholders, than the ones attached to the category B or D shares.
\n
\n\n

\n\n

\n\n

\n\n
\n\n
Note 5.11. Interest-bearing liabilities
\n
Non-current interest-bearing liabilities In
\n
thousands of \u20ac
\n
Notes 31-12-2022 31-12-2021 Change
\n
Leases 5.11.3
\n
25,878 29,260 -3,382
\n
Bonds 5.11.1
\n
696,985 696,558 427
\n
Other borrowings 5.11.2
\n
392,909 436,273 -43,364
\n
Total
\n
1,115,772 1,162,091 -46,319
\n
Of which debts guaranteed by the public
\n
authorities or by sureties
\n
0 0 0
\n
Current interest-bearing liabilities
\n
In thousands of \u20ac
\n
Notes 31-12-2022 31-12-
\n
2021
\n
Change
\n
Leases 5.11.3 2,
\n
477
\n
2,
\n
804
\n
-
\n
327
\n
Bonds 5.11.1 2,
\n
523
\n
2,
\n
523
\n
0
\n
Other borrowings 5.11.2
\n
51,269
\n
52,105
\n
-
\n
836
\n
Total
\n
56,269
\n
57,432
\n
-
\n
1,163
\n
Of which debts guaranteed by the
\n
public authorities or by sureties
\n
0
\n
0
\n
0
\n
5.11.1. In November 2014 and October 2017, Fluxys Belgium issued bonds for a total of
\n
\u20ac700,000 thousand. These bonds offer a gross annual coupon of 1.75% and 3.25%
\n
respectively. They will mature between 2027 and 2034.
\n
5.11.2. Other borrowings include:
\n
\u2022 A 25-year loan of \u20ac400,000 thousand at a fixed rate contracted with the EIB in
\n
December 2008 to finance investments in developing the gas transmission network,
\n
the balance of which was \u20ac226,000 thousand as at 31-12-2022.
\n
\u2022 A loan of \u20ac257,000 thousand at a fixed rate of 3.20% with Fluxys to cover needs
\n
relating to investments necessary for the transshipment services at the Zeebrugge
\n
LNG Terminal. The balance still due as at 31-12-2022 is \u20ac210,273 thousand.
\n
\u2022 Short-term loans and accrued interest amounting to \u20ac7,905 thousand.
\n
5.11.3. Lease liabilities are accounted for in line with IFRS 16 and are limited to the
\n
contractual obligations, even if the Group expects certain contracts to be extended in
\n
the future, but this option isn\u2019t stated in the current contract.
\n
\n\n

\n\n

\n\n

\n\n
\n\n
Changes in liabilities based on financing activities
\n
31.12.2021 Cash flow Other movements 31.12.2022
\n
New lease
\n
contracts
\n
Reclassifi-
\n
cation
\n
between
\n
non-current
\n
and current
\n
Variation in
\n
accrued
\n
interests
\n
payable
\n
Non-current
\n
interest-
\n
bearing
\n
liabilities
\n
1,162,091 0 1,351 -48,097 0 427 1,115,772
\n
Leases 29,260 0 1,351 -4,733 0 0 25,878
\n
Bonds 696,558 0 0 0 0 427 696,985
\n
Other
\n
borrowings
\n
436,273 0 0 -43,364 0 0 392,909
\n
Current
\n
interest-
\n
bearing
\n
liabilities
\n
57,432 -48,455 0 48,097 -805 0 56,269
\n
Leases 2,804 -5,060 0 4,733 0 0 2,477
\n
Bonds 2,523 0 0 0 0 0 2,523
\n
Other
\n
borrowings
\n
52,105 -43,395 0 43,364 -805 0 51,269
\n
Total 1,219,523 -48,455 1,351 0 -805 427 1,172,041
\n
Cash flows relating to interest-bearing liabilities are included in points IV.1.6, IV.2.3 and
\n
IV.2.5 of the consolidated statement of cash flows.
\n
The change in accrued interests payable and the amortisation of issuance costs (in total
\n
-\u20ac321 thousand) relates to the difference between:
\n
- the interests paid, including leases (see point IV.3.1 of the consolidated
\n
statement of cash flows: -\u20ac35,274 thousand) and
\n
- the sum of borrowing interest costs and interests on lease liabilities (see Note 4.4:
\n
\u20ac40,183 thousand) minus the interest on regulatory liabilities of \u20ac5,230 thousand =
\n
\u20ac34,953 thousand.
\n
\n\n

\n\n

\n\n

\n\n
\n\n
Maturity of interest-bearing liabilities at 31-12-2022,
\n
non-discounted
\n
In thousands of \u20ac
\n
Up to one year
\n
Between one and
\n
five years
\n
More than five
\n
years
\n
Total
\n
Leases 3,
\n
336
\n
16,033 14,
\n
711
\n
34,
\n
080
\n
Bonds 19,
\n
316
\n
364,769 439,
\n
990
\n
824,
\n
075
\n
Other borrowings 66,
\n
752
\n
219,478 242,
\n
561
\n
528,
\n
791
\n
Total 89,
\n
404
\n
600,280 697,
\n
262
\n
1,386,
\n
946
\n
Maturity of interest-bearing liabilities at 31-12-2021,
\n
non-discounted
\n
In thousands of \u20ac
\n
Up to one year
\n
Between one
\n
and
\n
five years
\n
More than five
\n
years
\n
Total
\n
Leases
\n
3,747
\n
17,155
\n
17,829
\n
38,732
\n
Bonds
\n
19,316
\n
67,216
\n
753,909
\n
840,441
\n
Other borrowings
\n
69,183
\n
225,858
\n
295,028
\n
590,069
\n
Total
\n
92,246
\n
310,229
\n
1,066,766
\n
1,469,242
\n
\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
Note 5.12. Regulatory liabilities
\n
Regulatory liabilities
\n
In thousands of \u20ac
\n
Note 31.12.2022
\n
31.12.2021
\n
Difference
\n
Other financing \u2013 long term
\n
612,582
\n
83,505
\n
529,077
\n
Other financing \u2013 short term
\n
149,863
\n
15,425
\n
134,438
\n
Total of other financing (A) 5.12.1
\n
762,445
\n
98,
\n
930
\n
663,515
\n
Other liabilities \u2013 long term
\n
134,227
\n
314,372
\n
-
\n
180,145
\n
Other liabilities \u2013 short term
\n
38,622
\n
60,538
\n
-
\n
21,916
\n
Total of other liabilities (B) 5.12.2
\n
172,849
\n
374,910
\n
-
\n
202,061
\n
Total of regulatory liabilities (A+B
\n
= C)
\n
935,294
\n
473,840
\n
461,454
\n
Presentation in balance sheet:
\n
0
\n
Non-current regulatory liabilities
\n
746,809
\n
397,877
\n
348,932
\n
Current regulatory liabilities
\n
188,485
\n
75,963
\n
112,522
\n
Total of regulatory liabilities (C)
\n
935,294
\n
473,840
\n
461,454
\n
5.12.1 Other financing corresponds to the specific allocations of regulatory liabilities at
\n
the group\u2019s disposal firstly to finance specific investments, notably in the second jetty at
\n
Zeebrugge and secondly, the cost associated with the conversion of part of the gas
\n
transmission network. These amounts bear interest at a 10-year OLO rate for one part and
\n
the remainder at the average 1-year Euribor rate. Auction premiums of \u20ac 668.6 million
\n
were realised in 2022; this amount was recorded under \u2018Other financing \u2013 long-term\u2019 for \u20ac
\n
523.7 million and under \u2018Other financing \u2013 short-term\u2019 for \u20ac 144.9 million. This presentation
\n
is justified by the different regulatory treatment applied to auction premiums in
\n
accordance with the European network code.
\n
5.12.2 The other regulatory liabilities included in \u2018other liabilities\u2019 include the positive
\n
differences between the regulated tariffs invoiced and the regulated tariffs acquired.
\n
These amounts bear interest at the average Euribor 1-year rate.
\n
The regulatory liabilities are reconciled with the segment reporting and the statement of
\n
cash flows as follows:
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
Movements of the regulatory liabilities In thousands of \u20ac
\n
Long term + short term Other financing(A)
\n
Other liabilities
\n
(B)
\n
Total
\n
Balance as at 01.01.2022 98,929
\n
374,911
\n
473,840
\n
Use -5,002 -4
\n
08,333
\n
-
\n
413,335
\n
Additions 668,519 201
\n
,041
\n
869,560
\n
Interest 1,512 3,71
\n
8
\n
5,230
\n
Transfer -1,512
\n
1,512
\n
0
\n
Balance as at 31.12.2022 762,445
\n
172,849
\n
935,294
\n
The sum of use and additions amounts to \u20ac456,225 thousand and is in line with the sum of
\n
the changes in regulatory liabilities in note 4 (segment information - net change in
\n
revenue).
\n
This net increase in regulatory liabilities also corresponds with the change in regulatory
\n
liabilities included in item 1.2.6. of the cash flow table.
\n
The \u20ac5,230 thousand interest charge on regulatory liabilities was accounted for in the
\n
finance costs.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n
Note 5.13. Provisions
\n\n
5.13.1 Provisions for employee benefits
\n
Provisions for employee benefits
\n
In thousands of \u20ac
\n
Provisions at 31-12-2021
\n
64,718
\n
Additions
\n
10,822
\n
Use -
\n
14,764
\n
Release
\n
0
\n
Unwinding of the discount
\n
2,375
\n
Actuarial gains/losses recognised in the profit/loss (seniority
\n
bonuses)
\n
-
\n
121
\n
Expected return on plan assets -
\n
1,734
\n
Actuarial gains/losses recognised in equity -
\n
22,905
\n
Reclassification to the assets
\n
12,598
\n
Provisions at 31-12-2022, of which:
\n
50,988
\n
Non-current provisions
\n
47,444
\n
Current provisions
\n
3,543
\n
The provisions for employee benefits (see Note 5.14) are down \u20ac13,730 thousand. This fall
\n
can primarily be explained by a combination of an increase in the discount rates partially
\n
compensated by a negative return on plan assets in 2022. In addition to the reduction in
\n
provisions, there is also an increase in the surplus from plan assets (see Note 5.14).
\n

\n\n

\n\n

\n\n

\n\n
5.13.2. Other provisions
\n
Provisions for:
\n
In thousands of \u20ac
\n
Litigation and
\n
claims
\n
Environment and site
\n
restoration
\n
Total other
\n
provisions
\n
Provisions at 31-12-2021
\n
5,630
\n
1,685
\n
7,315
\n
Additions
\n
20
\n
0
\n
20
\n
Use -
\n
3,069
\n
-
\n
2
\n
-
\n
3,071
\n
Release
\n
0
\n
0
\n
0
\n
Unwinding of the discount
\n
0
\n
-
\n
137
\n
-
\n
137
\n
Provisions at 31-12-2022, of
\n
which:
\n
2,581
\n
1,546
\n
4,127
\n
Non-current provisions
\n
2,581
\n
1,546
\n
4,127
\n
Current provisions
\n
0
\n
0
\n
0
\n

\n\n

\n\n

\n\n
5.13.3 Movements in the income statement and maturity of provisions
\n
Movements in the income statement are detailed as follows:
\n
Impact 2022
\n
In thousands of \u20ac
\n
Additions Use and reversals Total
\n
Operating profit (loss)
\n
10,842
\n
-
\n
17,835
\n
-
\n
6,993
\n
Financial profit (loss)
\n
2,238
\n
-
\n
1,855
\n
383
\n
Total
\n
13,080
\n
-
\n
19,690
\n
-
\n
6,610
\n
Maturity of provisions at 31-12-2022
\n
In thousands of \u20ac
\n
Up to one year
\n
Between one
\n
and five years
\n
More than
\n
five years
\n
Total
\n
Litigation and claims
\n
0
\n
0
\n
2,581
\n
2,581
\n
Environment and site restoration
\n
0
\n
1,
\n
546
\n
0
\n
\n
1,546
\n
\n
Subtotal
\n
0
\n
1,685
\n
2,442
\n
4,127
\n
Employee benefits
\n
3,543
\n
14,172
\n
33,273
\n
50,988
\n
Total
\n
3,543
\n
15,857
\n
35,715
\n
55,115
\n
Maturity of provisions at 31-12-2021 In
\n
thousands of \u20ac
\n
Up to one year
\n
Between one
\n
and five years
\n
More than five
\n
years
\n
Total
\n
Litigation and claims
\n
3,069
\n
2,561
\n
0
\n
5,630
\n
Environment and site
\n
restoration
\n
0
\n
1,685
\n
0
\n
1,685
\n
Subtotal
\n
3,069
\n
4,246
\n
0
\n
7,315
\n
Employee benefits
\n
4,201
\n
16,804
\n
43,713
\n
64,718
\n
Total
\n
7,270
\n
21,050 43,713 72,033
\n

\n\n

\n\n

\n\n

\n
Provisions for litigation and claims
\n
In 2022, a provision was used to cover the amount of a litigation with third-parties (see
\n
also Notes 4.2.6. and 7.1).
\n
The other provisions have been established to cover likely litigation payments arising for
\n
instance from the construction of the Zeebrugge LNG terminal (1983).
\n
The estimation for these provisions is based on the value of claims filed or on the
\n
estimated amount of risk incurred.
\n
Provisions for the environment and site restoration
\n
These provisions essentially cover the costs of safety, clean-up and restoration of sites
\n
subject to closure.
\n
These provisions are accrued in accordance with the Belgian regional environmental
\n
legislation and the Belgian Gas Act. These works require action plans and numerous
\n
studies in cooperation with the various public authorities and the institutions established
\n
for this purpose.
\n\n

\n\n
Note 5.14. Provisions for employee benefits
\n
Description of the principal retirement schemes and related benefits
\n
In Belgium collective agreements regulate the rights of entity employees in the electricity
\n
and gas industries.
\n
Defined benefit pension plans
\n
These agreements cover 'salary scale' personnel recruited before 1 June 2002 and
\n
management personnel recruited before 1 May 1999 allowing affiliates to benefit from a
\n
capital calculated based on a formula that takes account of their final annual salary
\n
and the number of years of service when they retire. These are called \u2018defined benefit
\n
pension plans\u2019.
\n
Obligations under these defined benefit pension plans are funded through a number of
\n
pension funds for the electricity and gas industries and through insurance companies.
\n
Employees and employers contribute to these pension plans. The employer\u2019s contribution
\n
is determined annually on the basis of an actuarial report. This is to ensure that the
\n
minimum legal funding requirements have been met and that the long-term funding of
\n
the benefits is assured.
\n
Description of the main actuarial risks
\n
The group is exposed, in connection with its defined benefit pension plans, to risks related
\n
to actuarial assumptions concerning investments, interest rates, life expectancy and
\n
salary development.
\n
The present value of defined benefit obligations is determined using a discount rate
\n
based on high-quality bonds.
\n
The assumptions concerning salary increases, inflation, personnel movements and
\n
expected average retirement age are defined based on historic entity statistics. The
\n
mortality tables used are those published by the IABE (Institute of Actuaries in Belgium).
\n
At the end of 2022, the defined benefit pension plans have surplus plan assets of \u20ac29,401
\n
thousand (2021: \u20ac16,803 thousand) compared with the actuarial liability on estimated
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
liabilities of the group. The amount was therefore transferred to the assets in the balance
\n
sheet under 'Other non-current assets' (note 5.5) and 'Other current assets' (note 5.9.1).
\n
The financing policy was amended in 2018 to ensure that surpluses are recovered over
\n
the duration of the pension plans. In addition, transfers between different pension plans
\n
are possible.
\n
Defined contribution pension plans with guaranteed minimum return
\n
In Belgium, \u2018Salary scale\u2019 personnel recruited after 1 June 2002 and management staff
\n
recruited after 1 May 1999 as well as the members of the management benefit from
\n
defined contribution pension plans.
\n
The pension plans are financed by contributions from employees and employers, the
\n
latter corresponding to a multiple of the contributions from employees. Obligations under
\n
these defined contribution pension plans are funded through a number of pension funds
\n
for the electricity and gas industries and through insurance companies.
\n
The assets of the pension funds are allocated among the various categories of the
\n
following risks:
\n
\u2022 Low risk: bonds in the euro zone and/or high-quality bonds.
\n
\u2022 Medium risk: risk diversification between bonds, convertible bonds, real-estate
\n
and equity instruments.
\n
\u2022 High risk: equity instruments, real estate, etc.
\n
\u2022 Dynamic Asset Allocation: rapid adjustment of the portfolio structure in case of
\n
specific events in order to limit losses in periods of stress.
\n
Belgian law requires that the employer guarantees a minimum return for defined
\n
contribution plans. These minimum returns vary based on the market rates.
\n
For the minimum returns guaranteed by the employer, the following elements apply:
\n
\u2022 For contributions paid up until 31-12-2015, the minimum return of 3.25% for
\n
employer contributions and 3.75% for employee contributions applies up to that
\n
date.
\n
\u2022 For contributions paid since 01-01-2016, the minimum return is variable based on
\n
OLO rates, with a minimum of 1.75% and a maximum of 3.75%. Given the current
\n
rates, this minimum guaranteed return has been set at 1.75%.
\n
\u2022 The accounting method used by the group to value these \u2018defined contribution
\n
pension plans, with a guaranteed minimum return\u2019, is identical to the method
\n
used for \u2018defined benefit plans\u2019 (see Note 2.11).
\n
For certain defined contribution plans, the contributions increase depending on the
\n
seniority in the Group (referred to as \u2018backloaded\u2019). For these plans, the contributions are
\n
distributed uniformly over time.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
Description of the main risks
\n
Defined contribution plans expose the employer to the risk of a minimum return on
\n
pension fund assets that do not offer a sufficient guaranteed return.
\n
Other long-term employee benefits
\n
Fluxys Belgium group also has early pension schemes, other post-employment benefits
\n
such as reimbursement of medical expenses and price subsidies, as well as other long-
\n
term benefits (seniority bonuses). Not all of these benefits are funded.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
Funding status of the employee benefits
\n
In thousands of \u20ac Pensions * Other **
\n
2022 2021 2022 2021
\n
Present value of funded obligations -
\n
194,397
\n
-
\n
221,035
\n
-32,840 -
\n
47,941
\n
Fair value of plan assets
\n
205,651
\n
221,062
\n
0
\n
0
\n
Funding status of plans
\n
11,254
\n
27
\n
-32,840 -
\n
47,941
\n
Effect of the asset ceiling
\n
0
\n
0
\n
0
\n
0
\n
Other
\n
0
\n
0
\n
0
\n
0
\n
Net employee benefit liability
\n
11,254
\n
27
\n
-32,840 -
\n
47,941
\n
Of which assets
\n
29,401
\n
16,80
\n
3
\n
0
\n
0
\n
Of which liabilities -
\n
18,147
\n
-
\n
16,777
\n
-32,840 -
\n
47,941
\n
* Pensions also include non-prefinanced early-retirement obligations. They also include,
\n
since 2018, contributions paid to cover pension schemes with a profile that takes into
\n
account seniority.
\n
** The item \u2018Other\u2019 includes seniority bonuses paid over the course of the career as well
\n
as other post-employment benefits (reimbursement of medical expenses and price
\n
subsidies (discount on energy costs)).
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
Movements in the present value of obligations
\n
In thousands of \u20ac Pensions * Other **
\n
2022 2021 2022 2021
\n
At the start of the period -
\n
221,035
\n
-
\n
234,450
\n
-
\n
47,941
\n
-
\n
51,384
\n
Service costs -
\n
9,239
\n
-
\n
9,310
\n
-
\n
1,289
\n
-
\n
1,305
\n
Early retirement costs -
\n
1,030
\n
-362
\n
0
\n
0
\n
Financial loss (-) / profit (+) -
\n
1,879
\n
-529 -
\n
496
\n
-
\n
223
\n
Participant\u2019s contributions -
\n
807
\n
-796
\n
0
\n
0
\n
Change in demographic
\n
assumptions
\n
-
\n
777
\n
-969 -
\n
605
\n
-
\n
581
\n
Change in financial assumptions
\n
44,415
\n
11,942
\n
16,144
\n
4,922
\n
Change from experience
\n
adjustments
\n
-
\n
12,505
\n
35 -
\n
398
\n
-
\n
1,233
\n
Past service costs
\n
0
\n
-
\n
1,671
\n
0
\n
0
\n
Benefits paid
\n
8,460
\n
15,075
\n
1,745
\n
1,863
\n
Reclassifications
\n
0
\n
0
\n
0
\n
0
\n
Other
\n
0
\n
0
\n
0
\n
0
\n
At the end of the period -
\n
194,397
\n
-
\n
221,035
\n
-
\n
32,840
\n
-
\n
47,941
\n
The past service cost is related to the change in plan.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
Movements in the fair value of plan assets
\n
In thousands of \u20ac Pensions * Other **
\n
2022 2021 2022 2021
\n
At the start of the period
\n
221,062
\n
214,386
\n
0
\n
0
\n
Interest income
\n
1,733
\n
476
\n
0
\n
0
\n
Return on plan assets (excluding net
\n
interest income)
\n
-
\n
28,296
\n
13,141
\n
0
\n
0
\n
Employer\u2019s contributions
\n
13,756
\n
5,904
\n
1,745
\n
1,863
\n
Participants\u2019 contributions
\n
807
\n
796
\n
0
\n
0
\n
Benefits paid -
\n
8,460
\n
-
\n
15,075
\n
-
\n
1,745
\n
-
\n
1,863
\n
Change in financial assumptions
\n
5,049
\n
1,434
\n
0
\n
0
\n
Other
\n
0
\n
0
\n
0
\n
0
\n
At the end of the period
\n
205,651
\n
221,062
\n
0
\n
0
\n
Actual return on plan assets -
\n
26,563
\n
13,617
\n
0
\n
0
\n
The return on pension plan assets in 2022 is considerably lower than in 2021 following
\n
difficult conditions on the financial markets in 2022.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n\n

\n

\n\n
Costs recognised in profit or loss
\n
In thousands of \u20ac Pensions * Other **
\n
2022 2021 2022 2021
\n
Cost
\n
Service costs -
\n
9,240
\n
-
\n
9,310
\n
-
\n
1,289
\n
-
\n
1,305
\n
Early retirement costs -
\n
1,030
\n
-
\n
362
\n
0
\n
\n
0
\n
\n
Past service costs
\n
0
\n
-
\n
1,671
\n
0
\n
\n
0
\n
\n
Actuarial gains/(losses) on other
\n
long-term benefits
\n
121
\n
188
\n
0
\n
\n
0
\n
\n
Net interest on net liabilities/(assets)
\n
Interest expense on obligations -
\n
1,879
\n
-
\n
529
\n
-
\n
496
\n
-
\n
223
\n
Interest income on plan assets
\n
1,734
\n
476
\n
0
\n
\n
0
\n
\n
Costs recognised in profit or loss -
\n
10,294
\n
-
\n
11,208
\n
-
\n
1,785
\n
-
\n
1,528
\n
Actuarial losses (gains) recognised in other comprehensive income
\n
In thousands of \u20ac Pensions * Other**
\n
2022 2021 2022 2021
\n
Change in demographic assumptions -
\n
777
\n
-
\n
969
\n
-
\n
605
\n
-
\n
581
\n
Change in financial assumptions
\n
49,343
\n
13,188
\n
16,144
\n
4,922
\n
Change from experience adjustments -
\n
12,505
\n
35
\n
-
\n
398
\n
-
\n
1,233
\n
Effect of the asset ceiling
\n
0
\n
0
\n
0
\n
0
\n
Return on plan assets (excluding net interest
\n
income)
\n
-
\n
28,296
\n
13,141
\n
0
\n
0
\n
Actuarial losses (gains) recognised in other
\n
comprehensive income
\n
7,765
\n
25,395
\n
15,141
\n
3,108
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
Allocation of obligation by type of participant to the plan
\n
In thousands of \u20ac 2022 2021
\n
Active plan participants -
\n
186,116
\n
-
\n
220,051
\n
Non-active participants with deferred benefits -
\n
21,413
\n
-
\n
20,620
\n
Retirees and beneficiaries -
\n
19,708
\n
-
\n
28,305
\n
Total -
\n
227,237
\n
-
\n
268,976
\n
Allocation of obligation by type of benefit
\n
In thousands of \u20ac 2022 2021
\n
Retirement and death benefits -
\n
194,397
\n
-221,035
\n
Other post-employment benefits (medical expenses
\n
and price subsidies)
\n

\n
-24,065
\n
-37,815
\n
Seniority bonuses
\n
-8,775
\n
-10,126
\n
Total -
\n
227,237
\n
-268,976
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
Main actuarial assumptions used
\n
2022 2021
\n
Discount rate between 10 to 12 years
\n
3.73%
\n
0.61%
\n
Discount rate between 13 to 19 years
\n
3.75%
\n
1.07%
\n
Discount rate over 19 years
\n
3.73%
\n
1.07%
\n
Expected average salary increase
\n
2.04%
\n
2.05%
\n
Expected inflation
\n
1.99%
\n
1.75%
\n
Expected increase in health expenses
\n
2.99%
\n
2.75%
\n
Expected increase of price subsidies
\n
1.99%
\n
1.75%
\n
Average assumed retirement age
\n
63(BAR) / 65(CAD)
\n
63(BAR) / 65(CAD)
\n
Mortality tables IABE
\n
prospective
\n
IABE prospective
\n
Life expectancy in years:
\n
For a person aged 65 at the balance sheet date:
\n
- Male
\n
20
\n
20
\n
- Female
\n
24
\n
24
\n
For a person aged 65 in 20 years:
\n
- Male
\n
22
\n
22
\n
- Female
\n
26
\n
26
\n
The discount rate of the plans depends on their estimated average duration.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
The fair value of plan assets is distributed based on the following major
\n
categories
\n
202
\n
2
\n
2021
\n
Listed investments 92.
\n
83%
\n
79.76%
\n
Shares - eurozone 13.
\n
91%
\n
15.56%
\n
Shares - outside eurozone 14.
\n
86%
\n
19.85%
\n
Government bonds - eurozone 0.
\n
62%
\n
2.38%
\n
Other bonds - eurozone 28.
\n
68%
\n
27.71%
\n
Other bonds - outside eurozone 34.
\n
76%
\n
14.25%
\n
Non-listed investments 7.
\n
17%
\n
20.24%
\n
Insurance contracts 0.
\n
00%
\n
0.00%
\n
Real estate 1.
\n
46%
\n
2.80%
\n
Cash and cash equivalents 4.
\n
47%
\n
3.18%
\n
Other 1.
\n
25%
\n
14.27%
\n
Total (in %) 100.
\n
00%
\n
100.00%
\n
Total (in thousands of \u20ac) 205.
\n
651
\n
221,062
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
Sensitivity analysis
\n
Impact on obligations
\n
In thousands of \u20ac
\n
Increase (-) / Decrease (+)
\n
Increase in discount rate (0.25%) 6,
\n
159
\n
Average salary increase - Excluding inflation (0.1%) -2,
\n
056
\n
Increase in inflation rate (0.25%) -5,
\n
016
\n
Increase in healthcare benefits (0.01%)
\n
-44
\n
Increase in price subsidies (0.5%) -1,
\n
465
\n
Increase in life expectancy of retirees (1 year) -
\n
971
\n
Average weighted duration of obligations
\n
2022 2021
\n
Average weighted duration of defined benefit obligations
\n
9
\n
9
\n
Average weighted duration of other post-employment obligations
\n
19
\n
20
\n
Expected contribution to pay for employee benefits relating to extra-
\n
statutory pensions
\n
In thousands of \u20ac
\n
Expected contribution for 2022 (for all
\n
pension and other obligations, listed above)
\n
13,352
\n
The contributions to be paid are function of the payroll of the population concerned.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
Note 5.15. Deferred tax assets and liabilities
\n
Recognised deferred tax liabilities
\n
In thousands of \u20ac
\n
31-12-202
\n
2
\n
31-12-2021
\n
Difference
\n
Valuation of assets
\n
105,227
\n
116,605 -
\n
11,378
\n
Accrued income
\n
237
\n
388 -
\n
151
\n
Fair value of financial instruments
\n
2,252
\n
126
\n
2,126
\n
Provisions for employee benefits or provisions not
\n
accepted under IFRS
\n
35,832
\n
30,369
\n
5,463
\n
Other normative differences
\n
0
\n
0
\n
0
\n
Total
\n
143,548
\n
147,488 -
\n
3,940
\n
Deferred tax assets and liabilities are offset within each taxable entity. They are all fully
\n
recognised.
\n
The main source of deferred tax is the difference between the book value and the tax
\n
base of property, plant and equipment. This difference arises firstly from the recognition in
\n
the opening balance sheet of property, plant and equipment at their fair value
\n
corresponding to their deemed cost and, secondly, from the recognition at fair value of
\n
the assets and liabilities arising from the SEGEO and Distrigas & C\u00b0 business combinations
\n
in 2008.
\n
Provisions accounted for in accordance with IAS 19 (Employee benefits) and provisions
\n
recognised under local GAAP but not recognised under IFRS are another major source of
\n
deferred tax.
\n

\n\n

\n\n

\n\n

\n

\n\n

\n\n
Movement for the period
\n
In thousands of \u20ac
\n
Deferred tax
\n
As at 31-12-2021
\n
147,488
\n
Deferred tax expenses \u2013 Profit & loss account -
\n
9,666
\n
Deferred tax expenses \u2013 other comprehensive
\n
income
\n
5,726
\n
As at 31-12-2022
\n
143,548
\n

\n\n

\n\n\n

\n\n
Note 5.16. Trade and other payables
\n
Trade and other liabilities
\n
In thousands of \u20ac
\n
31-12-202
\n
2
\n
31-12-
\n
2021
\n
Change
\n
Trade payables
\n
60,357
\n
36,095
\n
24,262
\n
Payroll and related items
\n
39,517
\n
32,915
\n
6,602
\n
Other payables
\n
344,659
\n
4,297
\n
340,362
\n
Total
\n
444,533
\n
73,307
\n
371,226
\n
The significant increase in other payables is related to the recognition of the exceptional
\n
solidarity contribution of \u20ac300 million.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n
Note 6. Financial instruments
\n
Principles for managing financial risks
\n
In the course of conducting its activities, the Fluxys Belgium group is exposed to credit
\n
and counterparty risks, liquidity and interest rate risks and market risks, all of which affect
\n
its assets and liabilities.
\n
The group's administrative organisation, controlling and financial reports ensure that
\n
these risks are constantly monitored and managed.
\n
The group may only use financial instruments for hedging, and not for speculative or
\n
trading purposes. All transactions are intended to meet the group's identified financial
\n
risks: no transaction may be entered into for the sole purpose of earning a speculative
\n
gain.
\n
Cash management policy
\n
The Fluxys Belgium group's cash is managed as part of a general policy and cash
\n
surpluses are invested with Fluxys SA under cash pooling agreements. By way of reminder,
\n
Fluxys SA centralises the management of the Fluxys group\u2019s cash funds and financing.
\n
The objective of this policy is to optimise the group\u2019s cash positions. These transactions
\n
are entered into at market terms and conditions.
\n
The group's financial policy stipulates that cash surpluses be maintained at first class
\n
financial institutions or invested in financial instruments issued by entities with a high credit
\n
rating or in financial instruments of issuers which are covered by a guarantee from a
\n
European Member State or whose share capital is predominantly controlled by state-
\n
owned entities. Cash surpluses are invested following a competitive bidding award, and
\n
in instruments that are sufficiently diversified to limit counterparty risk concentration. These
\n
investments are subject to constant monitoring and risk analysis on a case-by-case basis.
\n
At 31-12-2022, current and non-current investments, cash and cash equivalents
\n
amounted to \u20ac1,204,321 thousand compared to \u20ac497,969 thousand at the end of 2021.
\n\n
Credit and counterparty risks
\n
The group systematically assesses its counterparties' financial capacity and systematically
\n
monitors receivables. Group policy regarding counterparty risks requires that the group
\n
submits potential customers and suppliers to a detailed preliminary financial analysis
\n
(liquidity, solvency, profitability, reputation and risks). The group uses internal and external
\n
information, such as official analysis performed by rating agencies (Moody's, Standard &
\n
Poor's and Fitch). These rating agencies assess entities in relation to risk and award them
\n
a credit score (rating). The group also uses databases containing general, financial and
\n
market information to complement its own evaluation of potential customers and
\n
suppliers. In addition, for most of its activities the group is allowed to contractually require
\n
guarantees (either bank guarantees or cash deposits) from counterparties. The group
\n
thereby reduces its exposure to credit risk both in terms of default and concentration of
\n
customers.
\n
In view of the concentration risk it must be noted that three clients contribute
\n
respectively 18%, 12% and 11% of the operating revenue. The breakdown per segment of
\n
these latter is \u20ac224 million in transmission, \u20ac7 million in storage and \u20ac83 million in
\n
terminalling.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n\n

\n\n

\n\n

\n

\n\n
Interest rate risk
\n
The group's debt mainly consists of fixed interest rate loans maturing between 2023 and
\n
2034, the balance of which (including lease obligations) as at 31-12-2022 represents
\n
\u20ac1,172,041 thousand compared to \u20ac1,219,523 thousand at the end of 2021.
\n
In addition, the group's interest-bearing liabilities include other financing and liabilities to
\n
be used within the regulatory framework. As explained in Note 5.11, part of these bear
\n
interest at a 10-year OLO rate and the remainder at the average Euribor 1-year rate. The
\n
group does not incur any interest rate risks related to this.
\n
Therefore, a sensitivity analysis is not representative for the risk inherent in these financial
\n
instruments. Consequently, the Fluxys Belgium group\u2019s exposure to interest rate risk is very
\n
limited.
\n

\n\n\n
Liquidity Risk
\n
Liquidity risk management is one of Fluxys Belgium group\u2019s main objectives. The amounts
\n
invested and the investment period reflect the short- and long-term planning of cash
\n
needs as closely as possible, taking into account operational risks.
\n
The Fluxys Belgium group can call upon Fluxys SA in case of liquidity needs, under the
\n
cash pooling arrangements. By way of reminder, Fluxys centralises the management of
\n
the Fluxys group\u2019s cash funds and financing and has credit lines.
\n
The maturity of interest-bearing liabilities is reported in Note 5.12.
\n

\n\n

\n\n
Summary of financial instruments at balance sheet date
\n
The group's main financial instruments consist of financial and trade receivables and
\n
payables, short-term investments, cash and cash equivalents.
\n
The following table gives an overview of financial instruments at 31 December 2022:
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
Summary of financial instruments at balance sheet date
\n
In thousands of \u20ac
\n
31-12-2022 Category Book value Fair value Level
\n
I. Non-current assets
\n
Other financial assets at amortised cost A
\n
107,595
\n
97,804
\n
1 & 2
\n
Other financial assets at fair value through
\n
profit or loss
\n
B
\n
3,576
\n
3,576
\n
2
\n
Lease receivables A
\n
0
\n
0
\n
2
\n
Other receivables A
\n
15,144
\n
15,144
\n
2
\n
II. Current assets
\n
Lease receivables A
\n
2,094
\n
2,094
\n
2
\n
Trade and other receivables A
\n
164,299
\n
164,299
\n
2
\n
Cash investments A
\n
26,113
\n
26,397
\n
2
\n
Cash and cash equivalents A
\n
1,070,708
\n
1,070,600
\n
2
\n
Total financial instruments \u2013 assets
\n
1,389,529
\n
1,379,914
\n
I. Non-current liabilities
\n
Interest-bearing liabilities A
\n
1,115,772
\n
1,036,002
\n
2
\n
Other financial liabilities B
\n
3,575
\n
3,575
\n
2
\n
II. Current liabilities
\n
Interest-bearing liabilities A
\n
56,269
\n
56,269
\n
2
\n
Trade and other payables A
\n
444,533
\n
444,533
\n
2
\n
Total financial instruments - liabilities
\n
1,620,149
\n
1,540,379
\n

\n\n
The categories correspond to the following financial instruments:
\n
A. Financial assets or financial liabilities at amortised cost.
\n
B. Assets or liabilities at fair value through profit or loss.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
Summary of financial instruments at balance sheet date
\n
In thousands of \u20ac
\n
31-12-2021 Category Book value Fair value Level
\n
I. Non-current assets
\n
Other financial assets at amortised
\n
cost
\n
A
\n
85,388
\n
85,242 1 & 2
\n
Other financial assets at fair value
\n
through profit or loss
\n
B
\n
3,254
\n
3,254 2
\n
Other financial assets at fair value
\n
Lease receivables
\n
A
\n
2,094
\n
2,094 2
\n
Other receivables A
\n
9,144
\n
9,144 2
\n
II. Current assets
\n
Lease receivables A
\n
601
\n
601 2
\n
Trade and other receivables A
\n
90,446
\n
90,446 2
\n
Cash investments A
\n
45,740
\n
45,740 2
\n
Cash and cash equivalents A
\n
366,931
\n
366,931 2
\n
Total financial instruments \u2013 assets
\n
603,598
\n
603,452
\n
I. Non-current liabilities
\n
Interest-bearing liabilities A
\n
1,162,091
\n
1,221,689 2
\n
Other financial liabilities B
\n
3,254
\n
3,254 2
\n
II. Current liabilities
\n
Interest-bearing liabilities A
\n
57,438
\n
57,438 2
\n
Trade and other payables A
\n
73,307
\n
73,307 2
\n
Total financial instruments - liabilities
\n
1,296,084
\n
1,355,682
\n

\n\n
All of the group's financial instruments fall within Levels 1 and 2 of the fair value hierarchy.
\n
Their fair value is measured on a recurring basis.
\n
For the fair value measurement of Level 1, only quoted prices are used (without
\n
modification) for identical assets and liabilities in active markets. They mainly include
\n
bonds.
\n
For the fair value measurement of Level 2, observable prices other than the quoted
\n
prices of Level 1 are used. The prices are observable for the asset or liability, either directly
\n
or indirectly.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
The techniques for measuring the fair value of Level 2 financial instruments are the
\n
following:
\n
\u2022 The items \u2018Interest-bearing liabilities\u2019 include the fixed-rate bonds issued by Fluxys
\n
Belgium, whose fair value is determined based on active market rates, usually
\n
provided by financial institutions.
\n
\u2022 The fair value of other financial assets and liabilities categorised under level 2 is
\n
largely identical to their book value:
\n
o because they have a short-term maturity (such as trade receivables and
\n
payables),
\n
o except for depreciated assets following the increase in interest rates
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n
Note 7. Contingent assets and liabilities \u2013 rights and liabilities of the group
\n\n
Note 7.1. Litigation
\n
Ghislenghien
\n
As announced in 2011, Fluxys Belgium has undertaken, in agreement with insurers and
\n
other responsible parties, to proceed with the final compensation of private victims of the
\n
accident at Ghislenghien in 2004. All the victims who have presented themselves to date
\n
and who were entitled to compensation have been compensated.
\n
Compensation claim relating to the 'Open Rack Vaporiser' investment
\n
A compensation claim for additional works was introduced by a supplier in the scope of
\n
the 'Open Rack Vaporiser' investment made by Fluxys LNG. The latter disputes this claim
\n
and an expert was appointed to assess the case. No reliable estimate is available at this
\n
stage. No provision has therefore been recognised as at 31-12-2022.
\n
Other proceedings
\n
Other legal proceedings related to the operation of our facilities are in progress, but their
\n
expected impact is immaterial and/or such proceedings are being put on hold
\n
Note 7.2. Assets and items held for third parties, in their name, but at the risk
\n
and for the benefit of entities included in the consolidation scope
\n
In the ordinary course of business, the Fluxys Belgium group holds gas belonging to its
\n
customers at its storage sites in Loenhout, in the pipelines and in the tanks at the LNG
\n
terminal in Zeebrugge.
\n
Note 7.3. Guarantees received
\n
Bank securities for the benefit of the group comprise guarantees received from
\n
contractors in respect of construction contracts as well as bank guarantees received
\n
from customers. At 31 December 2022, the guarantees received amounted to \u20ac191,434
\n
thousand. The expected credit losses on guarantees received are not very material for
\n
the Fluxys Belgium group.
\n

\n\n\n
Note 7.4. Guarantees provided by third parties on behalf of the entity
\n
Rental guarantees in favour of the owners of assets located in Belgium and leased by the
\n
group amounted to \u20ac10 thousand as at 31-12-2022.
\n
Other guarantees amounted to \u20ac183 thousand as at 31-12-2022.
\n
Note 7.5. Commitments with regard to the Interconnector Zeebrugge Terminal
\n
(IZT)
\n
The IZT lease contract includes a purchase option for the lessee that can be exercised on
\n
1 October 2023 for an amount of \u20ac1,643 thousand.
\n
As part of this transaction, surface rights have been attributed.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
Note 7.6. Commitments under terminalling service contracts
\n
The Capacity Subscription Agreements (CSA) entered into with the users of the
\n
Zeebrugge LNG terminal provide for 110 mooring windows (slots) per contract until 2023
\n
and 88 docking windows per contract until 2027.
\n
During the binding window of an Open Season which was held at the end of 2020 for
\n
additional regasification capacity at the Zeebrugge LNG terminal, the full 6 million tonnes
\n
per year (or c. 10.5 GWh/h) capacity on offer had been subscribed. On this basis, Fluxys
\n
LNG has taken the final investment decision to build the additional infrastructure at the
\n
Zeebrugge LNG terminal. The additional regasification capacity will be provided in two
\n
steps:
\n
- as from early 2024, a total additional capacity of 4.7 million tonnes per year
\n
will already be offered,
\n
- as from early 2026, the full additional capacity of 6 million tonnes per year will
\n
be offered.
\n
In 2019, in addition to the aforementioned contracts, a new long-term contract was
\n
entered into with Qatar Petroleum, subsidiary of Qatar Terminal Limited (QTL), for the
\n
remaining unloading slots until 2039 with extension option until 2044.
\n
In addition, Yamal Trade (a 100% subsidiary of Yamal LNG) and Fluxys LNG signed a 20-
\n
year contract for the transshipment of a maximum of 8 million tonnes of LNG per year at
\n
the port of Zeebrugge in Belgium. This contract has entered into effect upon the
\n
commissioning of the 5
\n
th
\n
storage tank in the Zeebrugge LNG terminal at the end of 2019.
\n
Note 7.7. Other commitments
\n
Other commitments have been made and received by the Fluxys Belgium group, but
\n
their potential impact is immaterial.
\n

\n\n

\n\n

\n\n

\n\n

\n\n
Note 8. Related parties
\n
Fluxys Belgium and its subsidiaries are controlled by Fluxys, which is itself controlled by
\n
Publigas.
\n
The consolidated financial statements include transactions performed by Fluxys Belgium
\n
and its subsidiaries in the normal course of their activities with unconsolidated related
\n
companies or associates. These transactions take place under market conditions and
\n
mainly involve transactions realised with Fluxys SA and Fluxys Europe (administrative
\n
services, IT and housing services and the management of cash funds and financing),
\n
Interconnector (UK) (inspection and repair services), IZT (IZT lease and facilities operation
\n
and maintenance services), Dunkerque LNG (IT development and other services), Gaz-
\n
Opale (terminalling services), Balansys (balancing operator), Fluxys TENP, FluxSwiss and
\n
Flux Re (reinsurance).
\n
Other related parties in the following tables concern other entities of the Fluxys group, in
\n
which Fluxys Belgium does not hold a stake.
\n

\n\n

\n\n

\n\n
Significant transactions with related parties
\n
as at 31.12.2022
\n
(in thousands of \u20ac)
\n
Parent
\n
company
\n
Joint
\n
arrange-
\n
ments
\n
Other
\n
related
\n
parties
\n
Total
\n
I. Assets with related parties
\n
1,885,715
\n
15,000 2,96
\n
6
\n
1,903,681
\n
1. Other financial assets
\n
0
\n
15,000
\n
0
\n
15,000
\n
Loans
\n
0
\n
15,000
\n
0
\n
15,000
\n
2. Financial lease receivables
\n
(current and non-current)
\n
0
\n
0
\n
2,094
\n
2,094
\n
3. Trade and other receivables
\n
860,381
\n
0
\n
871
\n
861,252
\n
Clients
\n
860,381
\n
0
\n
871
\n
861,252
\n
4. Cash and cash equivalents
\n
1,025,334
\n
0
\n
0
\n
1,025,334
\n
5. Other current assets
\n
0
\n
0
\n
0
\n
0
\n
II. Liabilities with related parties
\n
186,900
\n
0
\n
636
\n
187,529
\n
1. Interest-bearing liabilities
\n
(current and non-current)
\n
186,812
\n
0
\n
0
\n
186,812
\n
Other borrowings
\n
186,812
\n
0
\n
0
\n
186,812
\n
2. Trade and other payables
\n
79
\n
0
\n
8
\n
79
\n
Suppliers
\n
0
\n
0
\n
0
\n
0
\n
Other payables
\n
79
\n
0
\n
8
\n
79
\n
3. Other current liabilities
\n
9
\n
0
\n
629
\n
638
\n
III. Transactions with related parties -
\n
4,605
\n
1,888
\n
21,334
\n
18,617
\n
1. Services rendered and goods
\n
delivered
\n
4,207
\n
1,888
\n
21,513
\n
27,608
\n
2. Services received (-) -
\n
1,806
\n
0 -
\n
179
\n
-
\n
1,985
\n
3. Net financial income -
\n
7,007
\n
0
\n
0
\n
-
\n
7,007
\n
4. Directors\u2019s and senior
\n
executives\u2019 remuneration
\n
2,536
\n
2,536
\n
Of which short-term benefits
\n
2,149
\n
2,149
\n
Of which post-employment
\n
benefits
\n
387
\n
387
\n

\n\n

\n\n

\n\n
Significant transactions with related parties
\n
as at 31.12.2021
\n
(in thousands of \u20ac)
\n
Parent
\n
company
\n
Joint
\n
arrange-
\n
ments
\n
Other related
\n
parties
\n
Total
\n
I. Assets with related parties
\n
320.254
\n
9.000
\n
5.311
\n
334.565
\n
1. Other financial assets
\n
0
\n
9.000
\n
0
\n
9.000
\n
Loans
\n
0
\n
9.000
\n
0
\n
9.000
\n
2. Financial lease receivables
\n
(current and non-current)
\n
0
\n
0
\n
2.695
\n
2.695
\n
3. Trade and other receivables
\n
0
\n
0
\n
2.602
\n
2.602
\n
Clients
\n
0
\n
0
\n
2.602
\n
2.602
\n
4. Cash and cash equivalents
\n
320.254
\n
0
\n
0
\n
320.254
\n
5. Other current assets
\n
0
\n
0
\n
14
\n
14
\n
II. Liabilities with related parties
\n
239.644
\n
0
\n
693
\n
240.332
\n
1. Interest-bearing liabilities
\n
(current and non-current)
\n
239.391
\n
0
\n
0
\n
239.391
\n
Other borrowings
\n
239.391
\n
0
\n
0
\n
239.391
\n
2. Trade and other payables
\n
246
\n
0
\n
96
\n
338
\n
Suppliers
\n
193
\n
0
\n
91
\n
284
\n
Other payables
\n
53
\n
0
\n
4
\n
53
\n
3. Other current liabilities
\n
7
\n
0
\n
597
\n
604
\n
III. Transactions with related parties
\n
1. Services rendered and goods
\n
delivered
\n
2.451
\n
1.220
\n
20.057
\n
23.728
\n
2. Services received (-) -
\n
2.172
\n
0
\n
-
\n
94
\n
-
\n
2.266
\n
3. Net financial income -
\n
7.765
\n
0
\n
0
\n
-
\n
7.765
\n
4. Directors\u2019s and senior executives\u2019
\n
remuneration
\n
2.443
\n
2.443
\n
Of which short-term benefits
\n
2.078
\n
2.078
\n
Of which post-
\n
employment benefits
\n
365
\n
365
\n

\n\n

\n\n

\n

\n

\n\n
Note 9. Directors\u2019 and senior executives\u2019 remuneration
\n
Pursuant to Article 10 of the Articles of Association, the Board of Directors of Fluxys
\n
Belgium SA comprises at least three and no more than 24 non-executive directors.
\n
Furthermore, the 'special share' grants to the Minister the right to appoint two
\n
representatives of the federal government in the Board of Directors. Currently, two
\n
representatives of the federal government attend the meetings of the Board of Directors
\n
and the Strategic Committee.
\n
The ordinary general meeting has decided to set the remuneration of the directors and
\n
government representatives to a maximum of \u20ac360,000 (value 01-01-2007), to be
\n
allocated by the Board of Directors amongst its members, and to grant an attendance
\n
fee of \u20ac250 per meeting of the Board of Directors and advisory committees.
\n
Pursuant to Article 15 of the Articles of Association of Fluxys Belgium, the Board of
\n
Directors is authorised to pay a special remuneration to directors who carry out special
\n
duties for the entity. The Board also has the right to reimburse travel expenses and costs
\n
incurred by the members of the Board of Directors.
\n
The Fluxys Belgium group has not granted any loans to directors. In addition, the directors
\n
have not entered into unusual or abnormal transactions with the group. No shares or
\n
share options have been granted to the directors.
\n
For further information, the reader should refer to the Corporate Governance Declaration
\n
in the directors' report and to Note 8 'Related parties' for the breakdown of remuneration
\n
by category.
\n

\n\n\n
Note 10. Events after the balance sheet date
\n
Based on the information available as of today, it is very difficult to estimate the
\n
economic impact of the war in Ukraine. Based on the current situation, the essential
\n
nature of the company's activities and its regulatory framework, we do not foresee any
\n
significant impact on the consolidated results of the Fluxys Belgium group in 2023.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag282": { "value": "\n
Note 1a. Statement of compliance with IFRS
\n
The consolidated financial statements of the Fluxys Belgium group for the financial year
\n
ended 31 December 2022 have been prepared in accordance with the International
\n
Financial Reporting Standards, as approved by the European Union and applicable on
\n
the balance sheet date.
\n
All amounts are stated in thousands of euro.
\n

\n", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag304": { "value": "Fluxys Belgium group", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag307": { "value": "\n
Note 1b. Judgement and use of estimates
\n
The preparation of financial statements requires the use of estimates and assumptions to
\n
determine the value of assets and liabilities, and to assess the positive and negative
\n
consequences of unforeseen situations and events at the balance sheet date, as well as
\n
revenues and expenses of the financial year.
\n
Significant estimates made by the group in the preparation of the financial statements
\n
relate mainly to the valuation of the recoverable amount of property, plant and
\n
equipment, and intangible assets (see Notes 5.1 and 5.2), the valuation of rights of use
\n
and lease obligations under leases (see Notes 5.3 and 5.11), the valuation of any
\n
provisions and assets/liabilities (see Notes 5.13 and 7) and in particular the provisions for
\n
litigation and pension and related liabilities (see Note 5.14).
\n
Due to the uncertainties inherent in all valuation processes, the group revises its estimates
\n
on the basis of regularly updated information. Future results may differ from these
\n
estimates.
\n
Other than the use of estimates, group management also uses judgement in defining the
\n
accounting treatment for certain operations and transactions not addressed under the
\n
IFRS standards and interpretations currently in force.
\n
Therefore, in the balance sheet, the group records the regulatory liabilities corresponding
\n
to the excess of regulated revenue received according to the real costs to be covered
\n
by the authorized regulated tariffs. This difference is transferred from the income
\n
statement to the balance sheet in the regulatory liabilities (non-current and current - See
\n
Note 5.12). Where required, the regulatory assets are accounted for in the balance sheet
\n
on the line for \u2018regulatory assets\u2019 when the regulated revenue received is lower than the
\n
real costs to be covered by the authorised regulated tariffs.
\n
These latter are recognised in as much as the group considers their recovery highly likely.
\n
This accounting method (see Note 2.12) has been determined by the group, as no
\n
definitive guidance on \u2018rate-regulated activities\u2019 has been published to date.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag292": { "value": "\n
Note 1c. Date of authorisation for issue
\n
The Board of Directors of Fluxys Belgium SA authorised these IFRS financial statements for
\n
issue on 29 March 2023.
\n

\n\n
Note 2.2. Balance sheet date
\n
The consolidated financial statements are prepared as of 31 December, i.e. the parent
\n
entity\u2019s balance sheet date.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag289": { "value": "SA", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag290": { "value": "\n
Note 1d. Standards, amendments and interpretations applicable on 1 January
\n
2022
\n
The following standards and interpretations are applicable for the annual period starting
\n
from 1 January 2022
\n
\u2022 Amendments to IFRS 3 - Reference to the Conceptual Framework
\n
\u2022 Amendments to IAS 16 - Property, Plant and Equipment: Proceeds before
\n
Intended Use
\n
\u2022 Amendments to IAS 37 - Onerous Contracts - Costs of Fulfilling a Contract
\n
\u2022 IFRS 1 First-time Adoption of International Financial Reporting Standards \u2013
\n
Subsidiary as a first-time adopter
\n
\u2022 IFRS 9 Financial Instruments - Fees in the \u201910 per cent\u2019 test for derecognition of
\n
financial liabilities
\n
\u2022 IAS 41 Agriculture - Taxation in fair value measurements
\n
The application of these amendments has not had a significant impact on the financial
\n
statements of the group.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag295": { "value": "\n
Note 1e. Standards, amendments and interpretations applicable from 1 January
\n
2023 and later
\n
At the date of authorization of these financial statements, the standards and
\n
interpretations listed below have been issued but are not yet mandatory:
\n
\u2022 Amendments to IAS 1 Presentation of Financial Statements: Classification of
\n
Liabilities as Current or Non-current (effective for annual periods beginning on or
\n
after 1 January 2024, but not yet adopted at European level)
\n
\u2022 Amendments to IAS 1 Presentation of Financial Statements and the IFRS 2 Practice
\n
Statement 2: Disclosure of Accounting policies (effective for annual periods
\n
beginning on or after 1 January 2023)
\n
\u2022 Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and
\n
Errors: Definition of Accounting Estimates (effective for annual periods beginning
\n
on or after 1 January 2023)
\n
\u2022 Amendments to IAS 12 Income taxes: Deferred tax related to assets and liabilities
\n
arising from a single transaction (effective for annual periods beginning on or after
\n
1 January 2023)
\n
\u2022 Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback (effective
\n
for annual periods beginning on or after 1 January 2024)
\n
\u2022 Amendments to IFRS 17 Insurance Contracts: Initial application of IFRS 17 and IFRS
\n
9 Financial Instruments
\n
\u2022 IFRS 17 Insurance Contracts (effective for annual periods beginning on or after 1
\n
January 2023)
\n
These standards, amendments and interpretations have not been adopted early. The
\n
application of these standards, amendments and interpretations will have no significant
\n
impact on the financial statements of the group.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag294": { "value": "\n

\n

\n

\n
Note 2. Accounting principles and policies
\n
The accounting principles and policies set out below were approved at the Fluxys
\n
Belgium Board of Directors meeting of 29 March 2023.
\n
Changes or additions compared with the previous financial year are underlined.
\n\n

\n\n
Note 2.1. General principles
\n
The financial statements fairly present Fluxys Belgium group\u2019s financial position, results of
\n
operations and cash flows.
\n
The group\u2019s financial statements have been prepared on the accrual basis of
\n
accounting, except for the cash flow statement.
\n
Assets and liabilities have not been offset against each other, except when required or
\n
allowed by an international accounting standard.
\n
Current and non-current assets and liabilities have been presented separately in the
\n
balance sheet of the Fluxys Belgium group.
\n
The accounting policies have been applied in a coherent manner.
\n

\n\n

\n\n\n
Note 2.2. Balance sheet date
\n
The consolidated financial statements are prepared as of 31 December, i.e. the parent
\n
entity\u2019s balance sheet date.
\n

\n\n
Note 2.3. Events after the balance sheet date
\n
The book value of assets and liabilities at the balance sheet date is adjusted when events
\n
after the balance sheet date provide evidence of conditions that existed at the balance
\n
sheet date.
\n
Adjustments can be made until the date of authorisation for issue of the financial
\n
statements by the Board of Directors.
\n
Other events relating to circumstances arising after balance sheet date are disclosed in
\n
the notes to the consolidated financial statements, if significant.
\n\n

\n\n

\n\n
Note 2.4. Basis of consolidation
\n
The Fluxys Belgium group's consolidated financial statements have been prepared in
\n
accordance with IFRS and in particular with IFRS 3 (Business Combinations), IFRS 10
\n
(Consolidated Financial Statements), IFRS 11 (Joint Arrangements) and IAS 28
\n
(Investments in Associates and Joint Ventures).
\n

\n\n

\n\n

\n\n

\n\n

\n

\n\n

\n\n

\n\n

\n

\n\n
Subsidiaries
\n
The Fluxys group\u2019s consolidated financial statements include the financial statements of
\n
the parent entity and the financial statements of the entities it controls and its subsidiaries.
\n
The investor controls an investee when he is exposed\u2014or has rights\u2014to variable returns
\n
from its involvement with the investee and has the ability to affect those returns through
\n
its power over the investee.
\n
The investor has power over the investee when he holds existing rights that give the
\n
current ability to direct the relevant activities, i.e. the activities of the investee that
\n
significantly affect the investee's returns, even he does not hold the majority of the voting
\n
rights in the investee concerned.
\n
The parent entity must consolidate the subsidiary as of the date it obtains the control over
\n
it and must cease to consolidate when it loses control over it. In this way revenues and
\n
charges of a subsidiary acquired or transferred in the course of the financial year are
\n
included in the consolidated income statement and in the consolidated statement of
\n
comprehensive income as from the date on which the parent entity acquired the control
\n
over the subsidiary and up to the date on which it ceased to control the latter.
\n

\n\n\n

\n\n

\n\n
Investments in joint ventures
\n
A joint venture is a joint arrangement in which the parties exercising joint control over the
\n
undertaking have rights to the net assets of the undertaking. Joint control means
\n
contractually agreed sharing of the control exercised over an undertaking, which only
\n
exists in the cases where the decisions on the relevant activities require the unanimous
\n
consent of the parties sharing the control.
\n
The results and assets and liabilities of associates or joint ventures are accounted for in
\n
the present consolidated financial statements in accordance with the equity method,
\n
unless the investment, or a part thereof, is classified as an asset held for sale in
\n
accordance with IFRS 5.
\n
An investment in an associate or joint venture is initially accounted for at cost. It then
\n
integrates the share of the group in the net results and the other elements of the
\n
comprehensive result of the undertaking accounted for under the equity method. Finally,
\n
dividends distributed by this entity decrease the value of the investment.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n\n

\n\n
Note 2.5. Intangible assets
\n
An intangible asset is recognised as an asset if it is probable that future economic
\n
benefits attributable to the asset will flow to the entity and if the cost of the asset can be
\n
measured reliably.
\n
Intangible assets are recognised at cost in the balance sheet (cost method), less any
\n
accumulated depreciation and any accumulated impairment losses.
\n
Intangible assets with a limited useful life are depreciated over their useful life.
\n
Computer software is depreciated at 20% per annum.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n
Subsequent expenditure is capitalised if it generates economic benefits exceeding the
\n
initial standard of performance.
\n\n

\n\n
Intangible assets are reviewed at each balance sheet date to identify indications of
\n
potential impairment that may have arisen during the financial year. In case such
\n
indications are noted, an estimate of the recoverable amount of the related intangible
\n
assets is made. The recoverable amount is defined as the higher of the fair value less
\n
costs to sell of an asset and its value in use.
\n
The value in use is calculated by discounting future cash inflows and outflows generated
\n
by the continuous use of the asset and its final disposal at an appropriate discount rate.
\n
Intangible assets are impaired when their book value exceeds the amount that can be
\n
recovered, as a result of obsolescence of these assets or due to economic or
\n
technological circumstances.
\n
Intangible assets with an indefinite useful life are subject to an annual impairment test,
\n
and an impairment loss is recognised when their book value exceeds their recoverable
\n
amount.
\n
The useful life, the depreciation method, as well as the potential residual value of
\n
intangible assets are reassessed at each balance sheet date and revised prospectively, if
\n
applicable.
\n

\n\n

\n\n\n
Emission rights for greenhouse gases
\n
Emission rights for greenhouse gases acquired at fair value are recognised as intangible
\n
assets at their acquisition cost. Rights granted free of charge are recognised as intangible
\n
assets at a nil book value.
\n
The cost associated with emission of greenhouse gases in the atmosphere is recognised
\n
as an operating expense, the counterpart being a liability for the obligation to deliver
\n
allowances covering the effective emission over the period concerned (other debts). This
\n
expense is measured by reference to the weighted average cost of the acquired or
\n
granted allowances.
\n
This liability is derecognised on the delivery of allowances to the government by
\n
withdrawing emission rights from intangible assets.
\n
In case the allowances are insufficient to cover the emission of greenhouse gases during
\n
the financial year, the group accounts for a provision. This provision is measured by
\n
reference to the market value at the balance sheet date of the allowances yet to be
\n
purchased.
\n
The excess emission rights not sold on the market are valued at the balance sheet date
\n
by reference to the weighted average cost of the acquired or granted allowances, or at
\n
market value if lower than the weighted average cost.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n

\n
Note 2.6. Property, plant and equipment
\n
Property, plant and equipment (PPE) is recognised as an asset if it is probable that future
\n
economic benefits attributable to the asset will flow to the entity and if the cost of the
\n
asset can be measured reliably.
\n
PPE is recognised at cost in the balance sheet (cost method), less any accumulated
\n
depreciation and any accumulated impairment losses.
\n
Subsequent expenditure is capitalised if it generates economic benefits exceeding the
\n
initial standard of performance.
\n\n

\n\n
PPE is reviewed at each balance sheet date to identify indications of potential
\n
impairment that may have arisen during the financial year. In case such indications are
\n
noted, an estimate of the recoverable amount of the PPE in question is established. The
\n
recoverable amount is defined as the higher of the fair value less costs to sell of an asset
\n
and its value in use. The value in use is calculated by discounting future cash inflows and
\n
outflows generated by the continuous use of the asset and its final disposal at an
\n
appropriate discount rate.
\n

\n\n

\n\n\n
Subsidies
\n
Subsidies related to property, plant and equipment as well as contributions by third
\n
parties in the funding of such assets are deducted from the acquisition cost of these
\n
assets.
\n

\n\n\n
Depreciation methods
\n
PPE is depreciated over its useful life.
\n
Each significant component of PPE is recognised separately and depreciated over its
\n
useful life.
\n
The depreciation method reflects the rate at which the group expects to consume the
\n
future economic benefits related to the asset, taking into account the time during which
\n
the assets may generate regulated revenue.
\n
The regulated investments intended to increase the security of supply in Europe are
\n
depreciated under a diminishing balance method, which more accurately reflects the
\n
rate at which the group expects to consume the future economic benefits of these
\n
assets. This is a specific list of regulated infrastructure investments, which are essential for
\n
gas transmission in Europe and form an integral part of the RAB.
\n
The methods and durations of depreciation used are as follows:
\n
Straight-line method:
\n
\u2022 50 years for transmission pipelines in Belgium, terminalling facilities and tanks;
\n
In line with the new tariff method applied since 01.01.2020, all investments (new and
\n
existing) in gas transmission pipelines are fully depreciated by December 2049 at the
\n
latest.
\n
\u2022 50 years for administrative buildings, staff housing and facilities;
\n
\u2022 40 years for storage facilities;
\n

\n\n

\n\n

\n\n

\n

\n\n

\n\n
\u2022 33 years for industrial buildings;
\n
\u2022 20 years for investments related to the extensions of the Zeebrugge LNG terminal;
\n
\u2022 10 years for equipment and furniture;
\n
\u2022 5 years for vehicles and site machinery;
\n
\u2022 4 years for computer hardware;
\n
\u2022 3 years for prototypes;
\n
Declining-balance method:
\n
\u2022 This method only applies for investments made to ensure security of supply: declining-
\n
balance.
\n
The useful life, the depreciation method, as well as the potential residual value of
\n
property, plant and equipment are reassessed at each balance sheet date and revised
\n
prospectively, if applicable.
\n

\n\n

\n\n\n
Note 2.7. Leases
\n
Definition of \u2018lease\u2019
\n
A contract is or contains a lease if it conveys a right to control the use of an identified
\n
asset for a period of time in exchange for a consideration.
\n
To determine whether a lease confers the right to control use of a determined asset for a
\n
determined period of time, the entity must appreciate whether, throughout the period of
\n
use, it has the right to:
\n
\u2022 obtain substantially all of the economic benefits from the use of the asset; and
\n
\u2022 direct the use of the asset.
\n
To determine the duration of the lease, any options for renewal or termination are
\n
considered, as required under IFRS 16, taking into account the probability of exercising
\n
the option as well as whether it is under the control of the lessee.
\n
The group as a lessee
\n
At the start of the lease, the lessee recognises a right-of-use asset and a lease obligation.
\n
Right-of-use assets
\n
The group recognises right-of-use assets on the date of the start of the contract, i.e. the
\n
date on which the asset becomes available for use. These assets are valued at the initial
\n
cost of the lease obligation minus amortisation and any depreciation, adjusted to take
\n
into account any revaluations of the lease obligation. The initial cost of the right-of-use
\n
assets includes the present value of the lease obligation, the initial costs incurred by the
\n
lessee, rent payments made on the start date or before that date, minus any incentives
\n
obtained by the lessee. These assets are depreciated over the estimated lifetime of the
\n
underlying asset or over the duration of the contract if this period is shorter, unless the
\n
group is sufficiently certain of obtaining ownership of the asset at the end of the contract.
\n
Right-of-use assets are presented separately from other assets as a different entry under
\n
non-current assets.
\n

\n\n

\n\n

\n\n
Lease obligations
\n
The lease obligation is valued at the present value of the rent payments that have not
\n
yet been paid. The present value of the rent payments must be calculated using the
\n
interest rate implicit in the lease if it is possible to determine that rate. If not, the lessee
\n
must use its incremental borrowing rate.
\n
The incremental borrowing rate is the interest rate that the lessee would have to pay to
\n
borrow over a similar term, and with a similar security, the funds necessary to obtain an
\n
asset of similar value to the right-of-use asset in a similar economic environment.
\n
Over the duration of the contract, the lessee values the lease obligation as follows:
\n
\u2022 by increasing the book value to reflect the interest on the lease obligation;
\n
\u2022 by reducing the book value to reflect the rent payments made;
\n
\u2022 by revaluing the book value to reflect the new appreciation of the lease obligation
\n
or amendments to the lease.
\n
The services included in leases do not form part of the lease debt.
\n
Lease obligations are presented in a separate entry under current and non-current
\n
interest-bearing liabilities (see note 5.11).
\n
Short-term leases and low-value leases
\n
For short-term leases (duration of 12 months or less), the Fluxys Belgium group registers a
\n
lease expense.
\n
To determine the criteria for a low-value lease, a threshold has been determined, except
\n
for vehicles, which are included in the group of vehicles leased for more than one year
\n
without applying the value criteria.
\n
For short-term leases, and low-value leases, the effect on profit/loss is not significant.
\n

\n\n

\n\n

\n

\n\n
Presentation
\n
In the consolidated income statement, the interest charge on the lease obligation is
\n
presented separately from the depreciation charge that applies to the right-of-use asset.
\n
In the cash flow statement, the cash flows will be presented as follows:
\n
\u2022 cash outflows relating to the principal of the lease obligation and the interest paid, in
\n
the financing activities;
\n
\u2022 rent payments for short-term leases, low-value leases and variable rent payments
\n
that have not been taken into account in the valuation of the lease obligations, in
\n
the operating activities.
\n
The group as a lessor
\n
The group leases out some facilities under finance lease as a lessor.
\n
Assets under finance lease are assets for which the group substantially transfers risks and
\n
rewards related to the economic ownership to the lessee. Assets leased under such
\n
contracts are recognised on the balance sheet as receivables in an amount equal to the
\n
net investment in the lease contract in question. Lease payments received are
\n
apportioned between financial income and repayments of the lease receivable so as to
\n
achieve a constant rate of return on the net investment by the group in the finance lease
\n
contract.
\n
When the classification of contracts under finance lease is based on the present value of
\n
the minimum lease payments, the most pertinent criteria adopted is the following: a
\n
contract is considered a finance lease if the present value of the minimum lease
\n
payments amounts to at least 90% of the fair value of the leased asset at the inception of
\n
the lease contract.
\n
No residual value is assumed for gas transmission assets in Belgium, due to the specific
\n
nature of the activities concerned.
\n

\n\n\n

\n

\n

\n
Note 2.8. Financial instruments
\n
Recognition and derecognition of financial assets and liabilities
\n
Recognition
\n
Financial assets and liabilities are recognised when the group becomes party to the
\n
instrument\u2019s contractual terms.
\n\n

\n\n
Derecognition of financial assets
\n
The group has to derecognise a financial asset if and only if the contractual rights on the
\n
cash flows of the financial asset expire, or where it transfers almost all the risks and
\n
advantages inherent to the ownership of the financial asset to a third party.
\n
If the group neither transfers nor retains substantially all the risks and rewards of ownership
\n
of a transferred asset, and retains control of the transferred asset, the group continues to
\n
recognise the financial asset to the extent of its continuing involvement and recognises a
\n
related liability for the amount received.
\n
If the group keeps almost all the risks and advantages inherent to the ownership of the
\n
financial asset, it continues to recognise the whole financial asset and recognises a
\n
financial liability for the consideration received.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n

\n\n

\n

\n\n
When a financial asset measured at amortised cost is derecognised, the difference
\n
between the amortised cost and the sum of the considerations received is transferred to
\n
the income statement.
\n
When an investment in equity instruments until now measured at fair value with changes
\n
to other comprehensive income are derecognised, the accumulated profit/loss
\n
recognised previously in other comprehensive income is not reclassified to net income.
\n

\n\n\n
Derecognition of financial liabilities
\n
The entity derecognises a financial liability only if this liability is extinguished, i.e. once the
\n
obligation is fulfilled, cancelled or it expires.
\n
The difference between the book value of an extinguished financial liability and the
\n
consideration paid, including, where applicable, the assets (non-cash) transferred and
\n
the liabilities acquired must be recognised in the income statement.
\n
Unconsolidated equity instruments (such as shares and equity rights)
\n
The Fluxys Belgium group values the unconsolidated equity instruments at fair value with
\n
changes to other comprehensive income.
\n
However, given the materiality of certain instruments and the unavailability of recent
\n
market values, certain equity instruments are accounted for at the initial cost.
\n
The dividends received for these equity instruments are recognised in financial income
\n
under the item \u2018Dividends from unconsolidated entities\u2019.
\n

\n\n

\n\n

\n\n

\n\n

\n\n
\n

\n

\n

\n

\n
\n

\n

\n\n
\n\n
\n
\n
\n
Short-term investments, cash and cash equivalents
\n\n
Cash investments in the form of bonds or commercial paper, having a maturity date
\n
exceeding three months, are reported as financial assets measured at amortised cost.
\n
These are shown in the balance sheet under non-current \u2018other financial assets\u2019 and
\n
under current \u2018investments\u2019.
\n
Cash and cash equivalents include short-term investments, short-term bank deposits and
\n
deposits readily convertible to a known cash amount and which are subject to an
\n
insignificant risk of changes in value (maximum of three months).
\n
Cash and cash equivalents held are reported as financial assets measured at amortised
\n
cost.
\n
\n\n
The economic model used by the Fluxys Belgium group to manage financial assets aims
\n
to hold them in order to obtain contractual cash flows. The sales of financial assets are
\n
rare, and the group does not expect to proceed with such sales in the future, except in
\n
the case of an increased credit risk for the assets over and above the policy advocated
\n
by the group. A sale may also be motivated by an unexpected financing need.
\n
Where the conditions required to be qualified as financial assets valued at amortised cost
\n
are not met, these financial assets concerned are valued at fair value with changes to
\n
net profit/loss.
\n\n
Trade and other receivables
\n
Trade and other receivables are stated at their face value reduced by any amounts
\n
deemed unrecoverable.
\n
When the time value of money is significant, trade and other receivables are discounted.
\n
Impairment losses are recognised when the book value of these items at balance sheet
\n
date exceeds their recoverable amount.
\n
\n\n\n
\n\n
Expected credit losses and write-downs
\n
Expected credit losses on financial assets accounted for at amortised cost are
\n
calculated using an individual approach, based on the credit quality of the counterparty
\n
and the maturity of the financial asset.
\n
Expected credit losses are calculated using a probability of default over 12 months
\n
where the credit risk is low.
\n
A financial asset is impaired where one or more events have occurred with a negative
\n
effect on the future estimated cash flows of this financial asset. The indications of the
\n
impairment of a financial asset encompass data that may be observed on the following
\n
events:
\n
\u2022 defaults in payments for more than 90 days,
\n
\u2022 significant financial difficulty of the issuer or debtor and
\n
\u2022 increasing probability of bankruptcy or financial restructuring of the lender.
\n
If the economic forecast (for example gross domestic product) deteriorates over the
\n
course of next year, which could lead to an increase in the number of defaults, the
\n
historical default rates are adjusted. At each balance sheet date, the historical default
\n
rates observed are updated and the changes in the forecast estimates are analysed.
\n
\n\n
\n\n
\n\n
\n\n

\n\n

\n\n

\n

\n\n

\n\n

\n\n
\n
\n

\n

\n

\n\n
Interest-bearing liabilities
\n
Interest-bearing liabilities are recognised at the net amount received. Following initial
\n
recognition, interest-bearing liabilities are recorded at amortised cost. The difference
\n
between the amortised cost and the redemption value is recognised in the income
\n
statement under the effective interest rate method over the term of the liabilities.
\n
\n\n\n
Trade payables
\n
Trade payables are stated at face value.
\n
When the time value of money is significant, trade payables are discounted.
\n
\n\n

\n\n

\n\n

\n\n\n
Note 2.9. Inventories
\n
Valuation
\n
Inventories are valued at the lower of cost and net realisable value.
\n
Inventories are written down to account for:
\n
\u2022 a reduction in net realisable value, or
\n
\u2022 impairment losses due to unforeseen circumstances related to the nature or use of
\n
the assets.
\n
This impairment on inventories is recognised in the income statement in the period in
\n
which they arise.
\n
Gas inventory
\n
Gas inventory changes are valued under the weighted average cost method.
\n
Supplies and consumables
\n
Supplies and consumables are valued under the weighted average cost method.
\n
Work in progress
\n
Work in progress for third parties is valued at cost, including indirectly attributable costs.
\n
When the outcome of a contract can be reliably estimated, contract revenue and
\n
expenses are recognised as revenue and expenses respectively by reference to the
\n
stage of completion of the contract at balance sheet date. Any expected loss is
\n
recognised immediately as an expense in the income statement.
\n

\n\n

\n\n

\n

\n\n

\n\n
Note 2.10. Borrowing costs
\n
Borrowing costs directly attributable to the acquisition, building or production of assets
\n
requiring a substantial period of time to get ready for their intended use (property, plant
\n
and equipment, investment property, etc.) are added to the costs of the assets
\n
concerned until they are ready for use or sale.
\n
The amount of the borrowing costs to be capitalised is the actual cost incurred in
\n
borrowing the funds, as reduced by income from any temporary investment of these
\n
funds.
\n

\n\n

\n\n\n

\n
Note 2.11. Provisions
\n
Provisions are recognised as a liability in the balance sheet when they meet the following
\n
criteria:
\n
\u2022 the group has a present (legal or constructive) obligation arising from a past event;
\n
\u2022 it is probable (i.e. more likely than not) that the settlement of this obligation will lead
\n
to an outflow of resources embodying economic benefits;
\n
\u2022 the amount of the obligation can be reliably estimated.
\n
No provision is recognised if the above conditions are not met.
\n
The amount recognised as a provision is the best estimate of the expenditure required to
\n
settle the present obligation at the balance sheet date, in other words the amount the
\n
entity reasonably expects to have to pay to discharge the obligation at balance sheet
\n
date, or to transfer it to a third party at the same date.
\n
This estimation is based either on a request from a third party or on estimates or detailed
\n
calculations. For all provisions recognised, management considers that the probability of
\n
an outflow of resources exceeds 50%.
\n
When the time value of money is significant, provisions are discounted. The discount rate
\n
used is a rate before tax reflecting current market estimates of the time value of money
\n
and taking into account any risks associated with the type of liability in question.
\n
All risks incurred by the group that do not comply with the above-mentioned criteria are
\n
disclosed as contingent liabilities in the Notes.
\n\n
Employee benefits
\n
Some companies in the Fluxys group have established supplementary \u2018defined benefit\u2019
\n
or \u2018defined contribution\u2019 pension plans. Benefits provided under these plans are based
\n
on the number of years of service and the employee\u2019s salary.
\n
\u2018Defined benefit\u2019 pension plans enable employees to benefit from a capital sum
\n
calculated on the basis of a formula which takes account of their annual salary at the
\n
end of their career and their seniority when they retire.
\n
\u2018Defined contribution\u2019 pension plans provide employees with a capital sum accumulated
\n
from personal and employer contributions, based on the salary.
\n
In Belgium, the law requires that the employer guarantee a minimum return for defined
\n
contribution, which varies based on the market rates.
\n
The accounting method used by the group to value these \u2018defined contribution pension
\n
plans, with a guaranteed minimum return\u2019, is identical to the method used for \u2018defined
\n
benefit\u2019 plans.
\n

\n\n

\n\n

\n\n

\n\n

\n\n
In case of death before retirement, these plans provide a capital sum for the surviving
\n
spouse, as well as allowances for orphans.
\n
Other employee benefits
\n
Certain group companies offer their employees post-employment benefits such as the
\n
reimbursement of medical costs and price subsidies, and other long-term benefits
\n
(seniority bonuses).
\n
Valuation
\n
These liabilities are valued annually by a qualified actuary.
\n
Regular payments made in relation to the supplementary pension plans are recognised
\n
as expenses at the time they are incurred.
\n
\u2018Defined benefit\u2019 pension plans
\n
Provisions for pensions and other collective agreements are reported in the balance
\n
sheet in accordance with IAS 19 (Employee Benefits), using the projected unit credit
\n
method (PUCM).
\n
The current value of post-employment benefits is determined at each balance sheet
\n
date based on the projected salary estimated at the end of the employee\u2019s career, the
\n
rate of inflation, life expectancy, staff turnover and the expected age of retirement. The
\n
present value of defined benefit obligations is determined using a discount rate based
\n
on high-quality bonds with maturity dates close to the weighted average maturity of the
\n
plans concerned and which are denominated in the currency in which the benefits are
\n
to be paid.
\n
The amount accounted for in respect of post-employment liabilities corresponds to the
\n
difference between the current value of future obligations and the fair value of assets in
\n
the plan destined to cover them. Any deficit resulting from this valuation is subject to the
\n
recognition of a provision to cover this risk. In the opposite case, an asset is recognised in
\n
line with the surplus of the defined benefit pension plan, capped at the current value of
\n
any future reimbursement from the plan or any reduction in future contributions to the
\n
plan.
\n
The remeasurements of the liabilities or assets in the balance sheet comprise:
\n
\u2022 the actuarial gains or losses on the defined benefit liabilities resulting from
\n
adjustments relating to experience and/or changes in actuarial assumptions
\n
(including the effect of the change in the discount rate);
\n
\u2022 the return on plan assets (excluding amounts included in net interest) and changes in
\n
the effect of the asset ceiling (excluding amounts included in net interest).
\n
These remeasurements are directly recognised in equity through the other items in
\n
comprehensive income.
\n

\n\n

\n\n

\n\n

\n

\n\n

\n\n
\u2018Defined contribution\u2019 pension plans
\n
The liabilities of the group with regard to \u2018defined contribution\u2019 plans are limited to the
\n
employer contributions paid recorded in the results.
\n
Actuarial gains and losses relating to other long-term employee benefits
\n
The other long-term benefits are accounted for in the same way as the post-employment
\n
benefits, but revaluations are fully accounted for in the financial results in the financial
\n
year in which they occur.
\n

\n\n

\n\n\n
Note 2.12. Revenue recognition
\n
The group accounts for operating revenue as it meets a service obligation by supplying
\n
the customer with the promised good or service and as this latter obtains control thereof.
\n
The Fluxys Belgium group uses a five-stage approach to determine whether a contract
\n
entered into with a customer may be accounted for and the way in which revenue
\n
should be recognised:
\n
1. identification of the contract,
\n
2. identification of the service obligations,
\n
3. determination of the transaction price,
\n
4. distribution of the transaction price between the service obligations and
\n
5. recognition of operating revenue where the service obligations are met or where the
\n
control of the goods or services is transferred to the customer.
\n
Group revenues mainly come from standard regulated contracts for which both the
\n
services to be provided and the price of the service are clearly identified.
\n
Fluxys Belgium and its subsidiaries transfer the control of their regulated services
\n
progressively and in doing so meet their service obligation and account for operating
\n
revenue progressively. It should be noted that the revenue from regulated activity is
\n
recognised based on reserved capacities.
\n
Furthermore, the Fluxys Belgium group makes sales of gas that are necessary for
\n
balancing operations and its operational needs. These services, fulfilled at a specific time,
\n
are recognised in operating revenue at the time of their fulfilment. From 1 June 2020,
\n
these balancing operations are conducted by the joint venture with Balansys.
\n
Regulated income received by the group may generate a gain or a loss compared with
\n
the target rate of return on the capital invested. Gains are reported and recognised as
\n
regulatory liabilities, whereas losses are included in operating revenue to offset the
\n
accounting of regulatory assets. The Group has no regulatory assets in the published
\n
periods.
\n
The regulatory framework is explained in further detail in the chapter on \u2018Regulatory and
\n
legal framework\u2019 of the annual report.
\n

\n\n

\n\n

\n\n
In note 4 - Segment income statement, the distinction is shown between the revenue
\n
invoiced and the revenue recognised. The latter includes the revenue invoiced, but also
\n
the movements in regulatory assets and liabilities.
\n
The following table provides more detailed information on the Group\u2019s services
\n
(performance obligations), types of contract, pricing, and the way in which operating
\n
revenue is recognised. Most of this revenue is regulated.
\n

\n\n

\n\n

\n\n
Legal
\n
entity
\n
Revenue
\n
stream
\n
Performance obligation: nature, customer
\n
and timing of satisfaction
\n
Contract type and
\n
pricing
\n
Fluxys
\n
Belgium
\n
Transmission
\n
services
\n
Nature of performance obligation: sale of
\n
capacity and related services in the
\n
pipeline infrastructure to its customers to
\n
transmit natural gas to distribution system
\n
operators, power stations and major
\n
industrial end-users in Belgium or to transport
\n
natural gas to a border point for
\n
transmission to other end-user markets in
\n
Europe.
\n
Customers: gas shippers reserve capacity
\n
slots (short + long term contracts)
\n
Revenue recognition: the performance
\n
obligation consists in making these
\n
capacities available for the customers for
\n
use at the customers\u2019 discretion (cf. IFRS
\n
15.26 (e)).
\n
Basically, the contracts between Fluxys
\n
Belgium and their customers determine that
\n
the latter reserve a certain capacity that
\n
can be used over a certain period, at the
\n
choice of the customer.
\n
Thus, Fluxys Belgium will transfer to the
\n
customer a series of services that are
\n
substantially the same and that have the
\n
same pattern of transfer to the customer
\n
(IFRS 15.22 (b)).
\n
Each service in the series provided by Fluxys
\n
Belgium is a performance obligation
\n
satisfied over time, as described by IFRS
\n
15.35a (the customer simultaneously
\n
receives and consumes the benefits
\n
provided by Fluxys\u2019 performance as Fluxys
\n
performs).
\n
Therefore, the reserved capacities are
\n
invoiced and recognised monthly over the
\n
period covered by the contract related to
\n
the capacities reserved (in accordance
\n
with IFRS 15.39 and IFRS 15.B15), i.e. over
\n
time recognition.
\n
Regulated Standard
\n
Transmission
\n
Agreement.
\n
Regulated tariffs are
\n
expressed in
\n
\u20ac/kWh/h/year
\n
Fluxys
\n
Belgium
\n
Storage
\n
capacity
\n
service
\n
Nature of performance obligation: storage
\n
services enabling customers to use buffer
\n
capacity flexibly according to their needs.
\n
The gas is stored in the underground
\n
facilities in Loenhout, Belgium.
\n
Most of the revenues are generated by the
\n
sale of standard bundled packages,
\n
composed of injection, storage and
\n
withdrawing capacity throughout the
\n
storage season in fixed proportion. Such
\n
contracts can be both long term and short
\n
term.
\n
Customers: As for transmission, the revenues
\n
are based on the reserved capacities.
\n
Regulated Standard
\n
Storage Agreement
\n
(in combination with
\n
a regulated Standard
\n
Transmission
\n
Agreement to enable
\n
injecting into and
\n
withdrawing from the
\n
gas grid \u2013 see above).
\n
Regulated tariffs for
\n
storage capacity are
\n
expressed in \u20ac/stan-
\n
dard bundled unit per
\n
year. Tariffs for
\n
separately purchased
\n

\n\n

\n\n

\n\n
Revenue recognition: revenue is recognised
\n
over time as these services are performed
\n
continuously throughout the contractual term
\n
storage capacity are
\n
expressed in
\n
\u20ac/GWh/year.
\n
Injection or
\n
withdrawal capacity
\n
is expressed in
\n
\u20ac/m\u00b3(n)/h/year.
\n
Fluxys
\n
LNG
\n
Terminalling
\n
services
\n
Nature of performance obligations:
\n
Unloading services (time slots are sold in
\n
advance, the so-called \u2018berthing rights\u2019),
\n
possibly combined with related services
\n
such as storage, regasification or sending
\n
out (i.e. transform the liquid gas into gas
\n
that can be injected in the grid).
\n
Loading services
\n
Transhipment services, that occur in 2 forms:
\n
Ship-To-Ship: unloading of LNG from one
\n
LNG ship directly to another.
\n
Ship-Storage-Ship: LNG is unloaded from an
\n
LNG ship, then stored in a tank at the
\n
terminal. It can be loaded a few days later
\n
by another LNG ship.
\n
Customers: Customers reserve berthing
\n
rights in advance, these can be both long
\n
term and short term contracts.
\n
Revenue recognition: revenue of these
\n
berthing rights is recognised over time
\n
based on the reserved capacity,
\n
independently of whether the slots are used
\n
or not.
\n
For some additional services, such as
\n
storage, revenue is recognised over time as
\n
well, in accordance with IFRS 15.35(a). For
\n
other additional services, such as
\n
regasification, revenue is recognised at a
\n
point in time.
\n
Standard regulated
\n
LNG Terminalling
\n
Agreement, mostly
\n
combined with a
\n
separate standard
\n
regulated LNG
\n
Service Agreement
\n
for ancillary services
\n
such as storage and
\n
sending out capacity,
\n
etc.
\n
Tariffs for (un)loading
\n
are expressed in
\n
\u20ac/berthing right for
\n
the capacity
\n
reservations.
\n
For storage and for
\n
regasification and
\n
sending out services,
\n
tariffs are expressed in
\n
\u20ac/MWh/day.
\n
Regulated standard
\n
LNG Transhipment
\n
Service Agreement.
\n
Tariffs are expressed in
\n
\u20ac/berthing right for
\n
the transhipment
\n
services.
\n
For additional storage
\n
services, the tariff is
\n
expressed in
\n
\u20ac/MWh/day.
\n

\n\n

\n\n

\n\n
\n
Note 2.13. Income taxes
\n
Current tax is determined in accordance with local tax regulations and calculated on
\n
the income of the parent entity, subsidiaries and joint operations.
\n\n
Deferred tax liabilities and assets reflect the future taxable and deductible temporary
\n
differences, respectively, between the book base and the tax base of assets and
\n
liabilities.
\n
Deferred tax liabilities and assets are measured at the enacted or substantially enacted
\n
new income tax rate applicable to the financial year in which the underlying asset is
\n
expected to be realised or the underlying liability is expected to be settled.
\n
Any later change in rates requires a change to the deferred taxes. This is accounted for
\n
via the other items of the global profit/loss for the part concerning operations that are
\n
usually accounted for in these items. The balance of the change in deferred taxes is
\n
accounted for in the net profit/loss for the period.
\n
Deferred tax assets are recognised only to the extent that it is probable that taxable
\n
profit will be available against which the future deductible temporary differences can be
\n
offset.
\n
\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag280": { "value": "\n

\n\n
Note 2.1. General principles
\n
The financial statements fairly present Fluxys Belgium group\u2019s financial position, results of
\n
operations and cash flows.
\n
The group\u2019s financial statements have been prepared on the accrual basis of
\n
accounting, except for the cash flow statement.
\n
Assets and liabilities have not been offset against each other, except when required or
\n
allowed by an international accounting standard.
\n
Current and non-current assets and liabilities have been presented separately in the
\n
balance sheet of the Fluxys Belgium group.
\n
The accounting policies have been applied in a coherent manner.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag291": { "value": "\n
Note 2.1. General principles
\n
The financial statements fairly present Fluxys Belgium group\u2019s financial position, results of
\n
operations and cash flows.
\n
The group\u2019s financial statements have been prepared on the accrual basis of
\n
accounting, except for the cash flow statement.
\n
Assets and liabilities have not been offset against each other, except when required or
\n
allowed by an international accounting standard.
\n
Current and non-current assets and liabilities have been presented separately in the
\n
balance sheet of the Fluxys Belgium group.
\n
The accounting policies have been applied in a coherent manner.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag308": { "value": "\n

\n\n

\n\n
Note 2.4. Basis of consolidation
\n
The Fluxys Belgium group's consolidated financial statements have been prepared in
\n
accordance with IFRS and in particular with IFRS 3 (Business Combinations), IFRS 10
\n
(Consolidated Financial Statements), IFRS 11 (Joint Arrangements) and IAS 28
\n
(Investments in Associates and Joint Ventures).
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n\n
Subsidiaries
\n
The Fluxys group\u2019s consolidated financial statements include the financial statements of
\n
the parent entity and the financial statements of the entities it controls and its subsidiaries.
\n
The investor controls an investee when he is exposed\u2014or has rights\u2014to variable returns
\n
from its involvement with the investee and has the ability to affect those returns through
\n
its power over the investee.
\n
The investor has power over the investee when he holds existing rights that give the
\n
current ability to direct the relevant activities, i.e. the activities of the investee that
\n
significantly affect the investee's returns, even he does not hold the majority of the voting
\n
rights in the investee concerned.
\n
The parent entity must consolidate the subsidiary as of the date it obtains the control over
\n
it and must cease to consolidate when it loses control over it. In this way revenues and
\n
charges of a subsidiary acquired or transferred in the course of the financial year are
\n
included in the consolidated income statement and in the consolidated statement of
\n
comprehensive income as from the date on which the parent entity acquired the control
\n
over the subsidiary and up to the date on which it ceased to control the latter.
\n

\n\n\n

\n\n

\n\n
Investments in joint ventures
\n
A joint venture is a joint arrangement in which the parties exercising joint control over the
\n
undertaking have rights to the net assets of the undertaking. Joint control means
\n
contractually agreed sharing of the control exercised over an undertaking, which only
\n
exists in the cases where the decisions on the relevant activities require the unanimous
\n
consent of the parties sharing the control.
\n
The results and assets and liabilities of associates or joint ventures are accounted for in
\n
the present consolidated financial statements in accordance with the equity method,
\n
unless the investment, or a part thereof, is classified as an asset held for sale in
\n
accordance with IFRS 5.
\n
An investment in an associate or joint venture is initially accounted for at cost. It then
\n
integrates the share of the group in the net results and the other elements of the
\n
comprehensive result of the undertaking accounted for under the equity method. Finally,
\n
dividends distributed by this entity decrease the value of the investment.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag283": { "value": "\n

\n\n
Note 2.4. Basis of consolidation
\n
The Fluxys Belgium group's consolidated financial statements have been prepared in
\n
accordance with IFRS and in particular with IFRS 3 (Business Combinations), IFRS 10
\n
(Consolidated Financial Statements), IFRS 11 (Joint Arrangements) and IAS 28
\n
(Investments in Associates and Joint Ventures).
\n

\n\n

\n\n

\n\n

\n

\n\n
Subsidiaries
\n
The Fluxys group\u2019s consolidated financial statements include the financial statements of
\n
the parent entity and the financial statements of the entities it controls and its subsidiaries.
\n
The investor controls an investee when he is exposed\u2014or has rights\u2014to variable returns
\n
from its involvement with the investee and has the ability to affect those returns through
\n
its power over the investee.
\n
The investor has power over the investee when he holds existing rights that give the
\n
current ability to direct the relevant activities, i.e. the activities of the investee that
\n
significantly affect the investee's returns, even he does not hold the majority of the voting
\n
rights in the investee concerned.
\n
The parent entity must consolidate the subsidiary as of the date it obtains the control over
\n
it and must cease to consolidate when it loses control over it. In this way revenues and
\n
charges of a subsidiary acquired or transferred in the course of the financial year are
\n
included in the consolidated income statement and in the consolidated statement of
\n
comprehensive income as from the date on which the parent entity acquired the control
\n
over the subsidiary and up to the date on which it ceased to control the latter.
\n

\n\n\n

\n\n

\n\n
Investments in joint ventures
\n
A joint venture is a joint arrangement in which the parties exercising joint control over the
\n
undertaking have rights to the net assets of the undertaking. Joint control means
\n
contractually agreed sharing of the control exercised over an undertaking, which only
\n
exists in the cases where the decisions on the relevant activities require the unanimous
\n
consent of the parties sharing the control.
\n
The results and assets and liabilities of associates or joint ventures are accounted for in
\n
the present consolidated financial statements in accordance with the equity method,
\n
unless the investment, or a part thereof, is classified as an asset held for sale in
\n
accordance with IFRS 5.
\n
An investment in an associate or joint venture is initially accounted for at cost. It then
\n
integrates the share of the group in the net results and the other elements of the
\n
comprehensive result of the undertaking accounted for under the equity method. Finally,
\n
dividends distributed by this entity decrease the value of the investment.
\n

\n\n

\n\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag285": { "value": "\n
Note 2.4. Basis of consolidation
\n
The Fluxys Belgium group's consolidated financial statements have been prepared in
\n
accordance with IFRS and in particular with IFRS 3 (Business Combinations), IFRS 10
\n
(Consolidated Financial Statements), IFRS 11 (Joint Arrangements) and IAS 28
\n
(Investments in Associates and Joint Ventures).
\n

\n\n

\n

\n\n
Subsidiaries
\n
The Fluxys group\u2019s consolidated financial statements include the financial statements of
\n
the parent entity and the financial statements of the entities it controls and its subsidiaries.
\n
The investor controls an investee when he is exposed\u2014or has rights\u2014to variable returns
\n
from its involvement with the investee and has the ability to affect those returns through
\n
its power over the investee.
\n
The investor has power over the investee when he holds existing rights that give the
\n
current ability to direct the relevant activities, i.e. the activities of the investee that
\n
significantly affect the investee's returns, even he does not hold the majority of the voting
\n
rights in the investee concerned.
\n
The parent entity must consolidate the subsidiary as of the date it obtains the control over
\n
it and must cease to consolidate when it loses control over it. In this way revenues and
\n
charges of a subsidiary acquired or transferred in the course of the financial year are
\n
included in the consolidated income statement and in the consolidated statement of
\n
comprehensive income as from the date on which the parent entity acquired the control
\n
over the subsidiary and up to the date on which it ceased to control the latter.
\n

\n\n\n

\n\n

\n\n
Investments in joint ventures
\n
A joint venture is a joint arrangement in which the parties exercising joint control over the
\n
undertaking have rights to the net assets of the undertaking. Joint control means
\n
contractually agreed sharing of the control exercised over an undertaking, which only
\n
exists in the cases where the decisions on the relevant activities require the unanimous
\n
consent of the parties sharing the control.
\n
The results and assets and liabilities of associates or joint ventures are accounted for in
\n
the present consolidated financial statements in accordance with the equity method,
\n
unless the investment, or a part thereof, is classified as an asset held for sale in
\n
accordance with IFRS 5.
\n
An investment in an associate or joint venture is initially accounted for at cost. It then
\n
integrates the share of the group in the net results and the other elements of the
\n
comprehensive result of the undertaking accounted for under the equity method. Finally,
\n
dividends distributed by this entity decrease the value of the investment.
\n

\n\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag303": { "value": "\n
Subsidiaries
\n
The Fluxys group\u2019s consolidated financial statements include the financial statements of
\n
the parent entity and the financial statements of the entities it controls and its subsidiaries.
\n
The investor controls an investee when he is exposed\u2014or has rights\u2014to variable returns
\n
from its involvement with the investee and has the ability to affect those returns through
\n
its power over the investee.
\n
The investor has power over the investee when he holds existing rights that give the
\n
current ability to direct the relevant activities, i.e. the activities of the investee that
\n
significantly affect the investee's returns, even he does not hold the majority of the voting
\n
rights in the investee concerned.
\n
The parent entity must consolidate the subsidiary as of the date it obtains the control over
\n
it and must cease to consolidate when it loses control over it. In this way revenues and
\n
charges of a subsidiary acquired or transferred in the course of the financial year are
\n
included in the consolidated income statement and in the consolidated statement of
\n
comprehensive income as from the date on which the parent entity acquired the control
\n
over the subsidiary and up to the date on which it ceased to control the latter.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag306": { "value": "\n

\n\n

\n\n
Investments in joint ventures
\n
A joint venture is a joint arrangement in which the parties exercising joint control over the
\n
undertaking have rights to the net assets of the undertaking. Joint control means
\n
contractually agreed sharing of the control exercised over an undertaking, which only
\n
exists in the cases where the decisions on the relevant activities require the unanimous
\n
consent of the parties sharing the control.
\n
The results and assets and liabilities of associates or joint ventures are accounted for in
\n
the present consolidated financial statements in accordance with the equity method,
\n
unless the investment, or a part thereof, is classified as an asset held for sale in
\n
accordance with IFRS 5.
\n
An investment in an associate or joint venture is initially accounted for at cost. It then
\n
integrates the share of the group in the net results and the other elements of the
\n
comprehensive result of the undertaking accounted for under the equity method. Finally,
\n
dividends distributed by this entity decrease the value of the investment.
\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag296": { "value": "\n

\n\n
Investments in joint ventures
\n
A joint venture is a joint arrangement in which the parties exercising joint control over the
\n
undertaking have rights to the net assets of the undertaking. Joint control means
\n
contractually agreed sharing of the control exercised over an undertaking, which only
\n
exists in the cases where the decisions on the relevant activities require the unanimous
\n
consent of the parties sharing the control.
\n
The results and assets and liabilities of associates or joint ventures are accounted for in
\n
the present consolidated financial statements in accordance with the equity method,
\n
unless the investment, or a part thereof, is classified as an asset held for sale in
\n
accordance with IFRS 5.
\n
An investment in an associate or joint venture is initially accounted for at cost. It then
\n
integrates the share of the group in the net results and the other elements of the
\n
comprehensive result of the undertaking accounted for under the equity method. Finally,
\n
dividends distributed by this entity decrease the value of the investment.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag301": { "value": "\n
Investments in joint ventures
\n
A joint venture is a joint arrangement in which the parties exercising joint control over the
\n
undertaking have rights to the net assets of the undertaking. Joint control means
\n
contractually agreed sharing of the control exercised over an undertaking, which only
\n
exists in the cases where the decisions on the relevant activities require the unanimous
\n
consent of the parties sharing the control.
\n
The results and assets and liabilities of associates or joint ventures are accounted for in
\n
the present consolidated financial statements in accordance with the equity method,
\n
unless the investment, or a part thereof, is classified as an asset held for sale in
\n
accordance with IFRS 5.
\n
An investment in an associate or joint venture is initially accounted for at cost. It then
\n
integrates the share of the group in the net results and the other elements of the
\n
comprehensive result of the undertaking accounted for under the equity method. Finally,
\n
dividends distributed by this entity decrease the value of the investment.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag279": { "value": "\n

\n\n
Note 2.5. Intangible assets
\n
An intangible asset is recognised as an asset if it is probable that future economic
\n
benefits attributable to the asset will flow to the entity and if the cost of the asset can be
\n
measured reliably.
\n
Intangible assets are recognised at cost in the balance sheet (cost method), less any
\n
accumulated depreciation and any accumulated impairment losses.
\n
Intangible assets with a limited useful life are depreciated over their useful life.
\n
Computer software is depreciated at 20% per annum.
\n

\n\n

\n\n

\n\n

\n

\n
Subsequent expenditure is capitalised if it generates economic benefits exceeding the
\n
initial standard of performance.
\n\n

\n\n
Intangible assets are reviewed at each balance sheet date to identify indications of
\n
potential impairment that may have arisen during the financial year. In case such
\n
indications are noted, an estimate of the recoverable amount of the related intangible
\n
assets is made. The recoverable amount is defined as the higher of the fair value less
\n
costs to sell of an asset and its value in use.
\n
The value in use is calculated by discounting future cash inflows and outflows generated
\n
by the continuous use of the asset and its final disposal at an appropriate discount rate.
\n
Intangible assets are impaired when their book value exceeds the amount that can be
\n
recovered, as a result of obsolescence of these assets or due to economic or
\n
technological circumstances.
\n
Intangible assets with an indefinite useful life are subject to an annual impairment test,
\n
and an impairment loss is recognised when their book value exceeds their recoverable
\n
amount.
\n
The useful life, the depreciation method, as well as the potential residual value of
\n
intangible assets are reassessed at each balance sheet date and revised prospectively, if
\n
applicable.
\n

\n\n

\n\n\n
Emission rights for greenhouse gases
\n
Emission rights for greenhouse gases acquired at fair value are recognised as intangible
\n
assets at their acquisition cost. Rights granted free of charge are recognised as intangible
\n
assets at a nil book value.
\n
The cost associated with emission of greenhouse gases in the atmosphere is recognised
\n
as an operating expense, the counterpart being a liability for the obligation to deliver
\n
allowances covering the effective emission over the period concerned (other debts). This
\n
expense is measured by reference to the weighted average cost of the acquired or
\n
granted allowances.
\n
This liability is derecognised on the delivery of allowances to the government by
\n
withdrawing emission rights from intangible assets.
\n
In case the allowances are insufficient to cover the emission of greenhouse gases during
\n
the financial year, the group accounts for a provision. This provision is measured by
\n
reference to the market value at the balance sheet date of the allowances yet to be
\n
purchased.
\n
The excess emission rights not sold on the market are valued at the balance sheet date
\n
by reference to the weighted average cost of the acquired or granted allowances, or at
\n
market value if lower than the weighted average cost.
\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag287": { "value": "\n
Note 2.5. Intangible assets
\n
An intangible asset is recognised as an asset if it is probable that future economic
\n
benefits attributable to the asset will flow to the entity and if the cost of the asset can be
\n
measured reliably.
\n
Intangible assets are recognised at cost in the balance sheet (cost method), less any
\n
accumulated depreciation and any accumulated impairment losses.
\n
Intangible assets with a limited useful life are depreciated over their useful life.
\n
Computer software is depreciated at 20% per annum.
\n

\n\n

\n

\n
Subsequent expenditure is capitalised if it generates economic benefits exceeding the
\n
initial standard of performance.
\n\n

\n\n
Intangible assets are reviewed at each balance sheet date to identify indications of
\n
potential impairment that may have arisen during the financial year. In case such
\n
indications are noted, an estimate of the recoverable amount of the related intangible
\n
assets is made. The recoverable amount is defined as the higher of the fair value less
\n
costs to sell of an asset and its value in use.
\n
The value in use is calculated by discounting future cash inflows and outflows generated
\n
by the continuous use of the asset and its final disposal at an appropriate discount rate.
\n
Intangible assets are impaired when their book value exceeds the amount that can be
\n
recovered, as a result of obsolescence of these assets or due to economic or
\n
technological circumstances.
\n
Intangible assets with an indefinite useful life are subject to an annual impairment test,
\n
and an impairment loss is recognised when their book value exceeds their recoverable
\n
amount.
\n
The useful life, the depreciation method, as well as the potential residual value of
\n
intangible assets are reassessed at each balance sheet date and revised prospectively, if
\n
applicable.
\n

\n\n

\n\n\n
Emission rights for greenhouse gases
\n
Emission rights for greenhouse gases acquired at fair value are recognised as intangible
\n
assets at their acquisition cost. Rights granted free of charge are recognised as intangible
\n
assets at a nil book value.
\n
The cost associated with emission of greenhouse gases in the atmosphere is recognised
\n
as an operating expense, the counterpart being a liability for the obligation to deliver
\n
allowances covering the effective emission over the period concerned (other debts). This
\n
expense is measured by reference to the weighted average cost of the acquired or
\n
granted allowances.
\n
This liability is derecognised on the delivery of allowances to the government by
\n
withdrawing emission rights from intangible assets.
\n
In case the allowances are insufficient to cover the emission of greenhouse gases during
\n
the financial year, the group accounts for a provision. This provision is measured by
\n
reference to the market value at the balance sheet date of the allowances yet to be
\n
purchased.
\n
The excess emission rights not sold on the market are valued at the balance sheet date
\n
by reference to the weighted average cost of the acquired or granted allowances, or at
\n
market value if lower than the weighted average cost.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag297": { "value": "\n

\n\n
Intangible assets are reviewed at each balance sheet date to identify indications of
\n
potential impairment that may have arisen during the financial year. In case such
\n
indications are noted, an estimate of the recoverable amount of the related intangible
\n
assets is made. The recoverable amount is defined as the higher of the fair value less
\n
costs to sell of an asset and its value in use.
\n
The value in use is calculated by discounting future cash inflows and outflows generated
\n
by the continuous use of the asset and its final disposal at an appropriate discount rate.
\n
Intangible assets are impaired when their book value exceeds the amount that can be
\n
recovered, as a result of obsolescence of these assets or due to economic or
\n
technological circumstances.
\n
Intangible assets with an indefinite useful life are subject to an annual impairment test,
\n
and an impairment loss is recognised when their book value exceeds their recoverable
\n
amount.
\n
The useful life, the depreciation method, as well as the potential residual value of
\n
intangible assets are reassessed at each balance sheet date and revised prospectively, if
\n
applicable.
\n

\n\n

\n\n

\n\n
PPE is reviewed at each balance sheet date to identify indications of potential
\n
impairment that may have arisen during the financial year. In case such indications are
\n
noted, an estimate of the recoverable amount of the PPE in question is established. The
\n
recoverable amount is defined as the higher of the fair value less costs to sell of an asset
\n
and its value in use. The value in use is calculated by discounting future cash inflows and
\n
outflows generated by the continuous use of the asset and its final disposal at an
\n
appropriate discount rate.
\n

\n\n

\n\n
\n\n
Expected credit losses and write-downs
\n
Expected credit losses on financial assets accounted for at amortised cost are
\n
calculated using an individual approach, based on the credit quality of the counterparty
\n
and the maturity of the financial asset.
\n
Expected credit losses are calculated using a probability of default over 12 months
\n
where the credit risk is low.
\n
A financial asset is impaired where one or more events have occurred with a negative
\n
effect on the future estimated cash flows of this financial asset. The indications of the
\n
impairment of a financial asset encompass data that may be observed on the following
\n
events:
\n
\u2022 defaults in payments for more than 90 days,
\n
\u2022 significant financial difficulty of the issuer or debtor and
\n
\u2022 increasing probability of bankruptcy or financial restructuring of the lender.
\n
If the economic forecast (for example gross domestic product) deteriorates over the
\n
course of next year, which could lead to an increase in the number of defaults, the
\n
historical default rates are adjusted. At each balance sheet date, the historical default
\n
rates observed are updated and the changes in the forecast estimates are analysed.
\n
\n\n
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag299": { "value": "\n
Intangible assets are reviewed at each balance sheet date to identify indications of
\n
potential impairment that may have arisen during the financial year. In case such
\n
indications are noted, an estimate of the recoverable amount of the related intangible
\n
assets is made. The recoverable amount is defined as the higher of the fair value less
\n
costs to sell of an asset and its value in use.
\n
The value in use is calculated by discounting future cash inflows and outflows generated
\n
by the continuous use of the asset and its final disposal at an appropriate discount rate.
\n
Intangible assets are impaired when their book value exceeds the amount that can be
\n
recovered, as a result of obsolescence of these assets or due to economic or
\n
technological circumstances.
\n
Intangible assets with an indefinite useful life are subject to an annual impairment test,
\n
and an impairment loss is recognised when their book value exceeds their recoverable
\n
amount.
\n
The useful life, the depreciation method, as well as the potential residual value of
\n
intangible assets are reassessed at each balance sheet date and revised prospectively, if
\n
applicable.
\n

\n\n
PPE is reviewed at each balance sheet date to identify indications of potential
\n
impairment that may have arisen during the financial year. In case such indications are
\n
noted, an estimate of the recoverable amount of the PPE in question is established. The
\n
recoverable amount is defined as the higher of the fair value less costs to sell of an asset
\n
and its value in use. The value in use is calculated by discounting future cash inflows and
\n
outflows generated by the continuous use of the asset and its final disposal at an
\n
appropriate discount rate.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag298": { "value": "\n
Emission rights for greenhouse gases
\n
Emission rights for greenhouse gases acquired at fair value are recognised as intangible
\n
assets at their acquisition cost. Rights granted free of charge are recognised as intangible
\n
assets at a nil book value.
\n
The cost associated with emission of greenhouse gases in the atmosphere is recognised
\n
as an operating expense, the counterpart being a liability for the obligation to deliver
\n
allowances covering the effective emission over the period concerned (other debts). This
\n
expense is measured by reference to the weighted average cost of the acquired or
\n
granted allowances.
\n
This liability is derecognised on the delivery of allowances to the government by
\n
withdrawing emission rights from intangible assets.
\n
In case the allowances are insufficient to cover the emission of greenhouse gases during
\n
the financial year, the group accounts for a provision. This provision is measured by
\n
reference to the market value at the balance sheet date of the allowances yet to be
\n
purchased.
\n
The excess emission rights not sold on the market are valued at the balance sheet date
\n
by reference to the weighted average cost of the acquired or granted allowances, or at
\n
market value if lower than the weighted average cost.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmissionRightsExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag302": { "value": "\n

\n

\n

\n
Note 2.6. Property, plant and equipment
\n
Property, plant and equipment (PPE) is recognised as an asset if it is probable that future
\n
economic benefits attributable to the asset will flow to the entity and if the cost of the
\n
asset can be measured reliably.
\n
PPE is recognised at cost in the balance sheet (cost method), less any accumulated
\n
depreciation and any accumulated impairment losses.
\n
Subsequent expenditure is capitalised if it generates economic benefits exceeding the
\n
initial standard of performance.
\n\n

\n\n
PPE is reviewed at each balance sheet date to identify indications of potential
\n
impairment that may have arisen during the financial year. In case such indications are
\n
noted, an estimate of the recoverable amount of the PPE in question is established. The
\n
recoverable amount is defined as the higher of the fair value less costs to sell of an asset
\n
and its value in use. The value in use is calculated by discounting future cash inflows and
\n
outflows generated by the continuous use of the asset and its final disposal at an
\n
appropriate discount rate.
\n

\n\n

\n\n\n
Subsidies
\n
Subsidies related to property, plant and equipment as well as contributions by third
\n
parties in the funding of such assets are deducted from the acquisition cost of these
\n
assets.
\n

\n\n\n
Depreciation methods
\n
PPE is depreciated over its useful life.
\n
Each significant component of PPE is recognised separately and depreciated over its
\n
useful life.
\n
The depreciation method reflects the rate at which the group expects to consume the
\n
future economic benefits related to the asset, taking into account the time during which
\n
the assets may generate regulated revenue.
\n
The regulated investments intended to increase the security of supply in Europe are
\n
depreciated under a diminishing balance method, which more accurately reflects the
\n
rate at which the group expects to consume the future economic benefits of these
\n
assets. This is a specific list of regulated infrastructure investments, which are essential for
\n
gas transmission in Europe and form an integral part of the RAB.
\n
The methods and durations of depreciation used are as follows:
\n
Straight-line method:
\n
\u2022 50 years for transmission pipelines in Belgium, terminalling facilities and tanks;
\n
In line with the new tariff method applied since 01.01.2020, all investments (new and
\n
existing) in gas transmission pipelines are fully depreciated by December 2049 at the
\n
latest.
\n
\u2022 50 years for administrative buildings, staff housing and facilities;
\n
\u2022 40 years for storage facilities;
\n

\n\n

\n\n

\n\n
\u2022 33 years for industrial buildings;
\n
\u2022 20 years for investments related to the extensions of the Zeebrugge LNG terminal;
\n
\u2022 10 years for equipment and furniture;
\n
\u2022 5 years for vehicles and site machinery;
\n
\u2022 4 years for computer hardware;
\n
\u2022 3 years for prototypes;
\n
Declining-balance method:
\n
\u2022 This method only applies for investments made to ensure security of supply: declining-
\n
balance.
\n
The useful life, the depreciation method, as well as the potential residual value of
\n
property, plant and equipment are reassessed at each balance sheet date and revised
\n
prospectively, if applicable.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag284": { "value": "\n
Subsidies
\n
Subsidies related to property, plant and equipment as well as contributions by third
\n
parties in the funding of such assets are deducted from the acquisition cost of these
\n
assets.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag281": { "value": "\n
Depreciation methods
\n
PPE is depreciated over its useful life.
\n
Each significant component of PPE is recognised separately and depreciated over its
\n
useful life.
\n
The depreciation method reflects the rate at which the group expects to consume the
\n
future economic benefits related to the asset, taking into account the time during which
\n
the assets may generate regulated revenue.
\n
The regulated investments intended to increase the security of supply in Europe are
\n
depreciated under a diminishing balance method, which more accurately reflects the
\n
rate at which the group expects to consume the future economic benefits of these
\n
assets. This is a specific list of regulated infrastructure investments, which are essential for
\n
gas transmission in Europe and form an integral part of the RAB.
\n
The methods and durations of depreciation used are as follows:
\n
Straight-line method:
\n
\u2022 50 years for transmission pipelines in Belgium, terminalling facilities and tanks;
\n
In line with the new tariff method applied since 01.01.2020, all investments (new and
\n
existing) in gas transmission pipelines are fully depreciated by December 2049 at the
\n
latest.
\n
\u2022 50 years for administrative buildings, staff housing and facilities;
\n
\u2022 40 years for storage facilities;
\n

\n\n
\u2022 33 years for industrial buildings;
\n
\u2022 20 years for investments related to the extensions of the Zeebrugge LNG terminal;
\n
\u2022 10 years for equipment and furniture;
\n
\u2022 5 years for vehicles and site machinery;
\n
\u2022 4 years for computer hardware;
\n
\u2022 3 years for prototypes;
\n
Declining-balance method:
\n
\u2022 This method only applies for investments made to ensure security of supply: declining-
\n
balance.
\n
The useful life, the depreciation method, as well as the potential residual value of
\n
property, plant and equipment are reassessed at each balance sheet date and revised
\n
prospectively, if applicable.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag300": { "value": "\n
Note 2.7. Leases
\n
Definition of \u2018lease\u2019
\n
A contract is or contains a lease if it conveys a right to control the use of an identified
\n
asset for a period of time in exchange for a consideration.
\n
To determine whether a lease confers the right to control use of a determined asset for a
\n
determined period of time, the entity must appreciate whether, throughout the period of
\n
use, it has the right to:
\n
\u2022 obtain substantially all of the economic benefits from the use of the asset; and
\n
\u2022 direct the use of the asset.
\n
To determine the duration of the lease, any options for renewal or termination are
\n
considered, as required under IFRS 16, taking into account the probability of exercising
\n
the option as well as whether it is under the control of the lessee.
\n
The group as a lessee
\n
At the start of the lease, the lessee recognises a right-of-use asset and a lease obligation.
\n
Right-of-use assets
\n
The group recognises right-of-use assets on the date of the start of the contract, i.e. the
\n
date on which the asset becomes available for use. These assets are valued at the initial
\n
cost of the lease obligation minus amortisation and any depreciation, adjusted to take
\n
into account any revaluations of the lease obligation. The initial cost of the right-of-use
\n
assets includes the present value of the lease obligation, the initial costs incurred by the
\n
lessee, rent payments made on the start date or before that date, minus any incentives
\n
obtained by the lessee. These assets are depreciated over the estimated lifetime of the
\n
underlying asset or over the duration of the contract if this period is shorter, unless the
\n
group is sufficiently certain of obtaining ownership of the asset at the end of the contract.
\n
Right-of-use assets are presented separately from other assets as a different entry under
\n
non-current assets.
\n

\n\n
Lease obligations
\n
The lease obligation is valued at the present value of the rent payments that have not
\n
yet been paid. The present value of the rent payments must be calculated using the
\n
interest rate implicit in the lease if it is possible to determine that rate. If not, the lessee
\n
must use its incremental borrowing rate.
\n
The incremental borrowing rate is the interest rate that the lessee would have to pay to
\n
borrow over a similar term, and with a similar security, the funds necessary to obtain an
\n
asset of similar value to the right-of-use asset in a similar economic environment.
\n
Over the duration of the contract, the lessee values the lease obligation as follows:
\n
\u2022 by increasing the book value to reflect the interest on the lease obligation;
\n
\u2022 by reducing the book value to reflect the rent payments made;
\n
\u2022 by revaluing the book value to reflect the new appreciation of the lease obligation
\n
or amendments to the lease.
\n
The services included in leases do not form part of the lease debt.
\n
Lease obligations are presented in a separate entry under current and non-current
\n
interest-bearing liabilities (see note 5.11).
\n
Short-term leases and low-value leases
\n
For short-term leases (duration of 12 months or less), the Fluxys Belgium group registers a
\n
lease expense.
\n
To determine the criteria for a low-value lease, a threshold has been determined, except
\n
for vehicles, which are included in the group of vehicles leased for more than one year
\n
without applying the value criteria.
\n
For short-term leases, and low-value leases, the effect on profit/loss is not significant.
\n

\n\n
Presentation
\n
In the consolidated income statement, the interest charge on the lease obligation is
\n
presented separately from the depreciation charge that applies to the right-of-use asset.
\n
In the cash flow statement, the cash flows will be presented as follows:
\n
\u2022 cash outflows relating to the principal of the lease obligation and the interest paid, in
\n
the financing activities;
\n
\u2022 rent payments for short-term leases, low-value leases and variable rent payments
\n
that have not been taken into account in the valuation of the lease obligations, in
\n
the operating activities.
\n
The group as a lessor
\n
The group leases out some facilities under finance lease as a lessor.
\n
Assets under finance lease are assets for which the group substantially transfers risks and
\n
rewards related to the economic ownership to the lessee. Assets leased under such
\n
contracts are recognised on the balance sheet as receivables in an amount equal to the
\n
net investment in the lease contract in question. Lease payments received are
\n
apportioned between financial income and repayments of the lease receivable so as to
\n
achieve a constant rate of return on the net investment by the group in the finance lease
\n
contract.
\n
When the classification of contracts under finance lease is based on the present value of
\n
the minimum lease payments, the most pertinent criteria adopted is the following: a
\n
contract is considered a finance lease if the present value of the minimum lease
\n
payments amounts to at least 90% of the fair value of the leased asset at the inception of
\n
the lease contract.
\n
No residual value is assumed for gas transmission assets in Belgium, due to the specific
\n
nature of the activities concerned.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag288": { "value": "\n

\n

\n

\n
Note 2.8. Financial instruments
\n
Recognition and derecognition of financial assets and liabilities
\n
Recognition
\n
Financial assets and liabilities are recognised when the group becomes party to the
\n
instrument\u2019s contractual terms.
\n\n

\n\n
Derecognition of financial assets
\n
The group has to derecognise a financial asset if and only if the contractual rights on the
\n
cash flows of the financial asset expire, or where it transfers almost all the risks and
\n
advantages inherent to the ownership of the financial asset to a third party.
\n
If the group neither transfers nor retains substantially all the risks and rewards of ownership
\n
of a transferred asset, and retains control of the transferred asset, the group continues to
\n
recognise the financial asset to the extent of its continuing involvement and recognises a
\n
related liability for the amount received.
\n
If the group keeps almost all the risks and advantages inherent to the ownership of the
\n
financial asset, it continues to recognise the whole financial asset and recognises a
\n
financial liability for the consideration received.
\n

\n\n

\n\n

\n\n

\n

\n

\n\n

\n

\n\n
When a financial asset measured at amortised cost is derecognised, the difference
\n
between the amortised cost and the sum of the considerations received is transferred to
\n
the income statement.
\n
When an investment in equity instruments until now measured at fair value with changes
\n
to other comprehensive income are derecognised, the accumulated profit/loss
\n
recognised previously in other comprehensive income is not reclassified to net income.
\n

\n\n\n
Derecognition of financial liabilities
\n
The entity derecognises a financial liability only if this liability is extinguished, i.e. once the
\n
obligation is fulfilled, cancelled or it expires.
\n
The difference between the book value of an extinguished financial liability and the
\n
consideration paid, including, where applicable, the assets (non-cash) transferred and
\n
the liabilities acquired must be recognised in the income statement.
\n
Unconsolidated equity instruments (such as shares and equity rights)
\n
The Fluxys Belgium group values the unconsolidated equity instruments at fair value with
\n
changes to other comprehensive income.
\n
However, given the materiality of certain instruments and the unavailability of recent
\n
market values, certain equity instruments are accounted for at the initial cost.
\n
The dividends received for these equity instruments are recognised in financial income
\n
under the item \u2018Dividends from unconsolidated entities\u2019.
\n

\n\n

\n\n

\n\n
\n

\n

\n

\n

\n
\n

\n

\n\n
\n\n
\n
\n
\n
Short-term investments, cash and cash equivalents
\n\n
Cash investments in the form of bonds or commercial paper, having a maturity date
\n
exceeding three months, are reported as financial assets measured at amortised cost.
\n
These are shown in the balance sheet under non-current \u2018other financial assets\u2019 and
\n
under current \u2018investments\u2019.
\n
Cash and cash equivalents include short-term investments, short-term bank deposits and
\n
deposits readily convertible to a known cash amount and which are subject to an
\n
insignificant risk of changes in value (maximum of three months).
\n
Cash and cash equivalents held are reported as financial assets measured at amortised
\n
cost.
\n
\n\n
The economic model used by the Fluxys Belgium group to manage financial assets aims
\n
to hold them in order to obtain contractual cash flows. The sales of financial assets are
\n
rare, and the group does not expect to proceed with such sales in the future, except in
\n
the case of an increased credit risk for the assets over and above the policy advocated
\n
by the group. A sale may also be motivated by an unexpected financing need.
\n
Where the conditions required to be qualified as financial assets valued at amortised cost
\n
are not met, these financial assets concerned are valued at fair value with changes to
\n
net profit/loss.
\n\n
Trade and other receivables
\n
Trade and other receivables are stated at their face value reduced by any amounts
\n
deemed unrecoverable.
\n
When the time value of money is significant, trade and other receivables are discounted.
\n
Impairment losses are recognised when the book value of these items at balance sheet
\n
date exceeds their recoverable amount.
\n
\n\n\n
\n\n
Expected credit losses and write-downs
\n
Expected credit losses on financial assets accounted for at amortised cost are
\n
calculated using an individual approach, based on the credit quality of the counterparty
\n
and the maturity of the financial asset.
\n
Expected credit losses are calculated using a probability of default over 12 months
\n
where the credit risk is low.
\n
A financial asset is impaired where one or more events have occurred with a negative
\n
effect on the future estimated cash flows of this financial asset. The indications of the
\n
impairment of a financial asset encompass data that may be observed on the following
\n
events:
\n
\u2022 defaults in payments for more than 90 days,
\n
\u2022 significant financial difficulty of the issuer or debtor and
\n
\u2022 increasing probability of bankruptcy or financial restructuring of the lender.
\n
If the economic forecast (for example gross domestic product) deteriorates over the
\n
course of next year, which could lead to an increase in the number of defaults, the
\n
historical default rates are adjusted. At each balance sheet date, the historical default
\n
rates observed are updated and the changes in the forecast estimates are analysed.
\n
\n\n
\n\n
\n\n
\n\n

\n\n

\n\n

\n\n
\n
\n

\n

\n

\n\n
Interest-bearing liabilities
\n
Interest-bearing liabilities are recognised at the net amount received. Following initial
\n
recognition, interest-bearing liabilities are recorded at amortised cost. The difference
\n
between the amortised cost and the redemption value is recognised in the income
\n
statement under the effective interest rate method over the term of the liabilities.
\n
\n\n\n
Trade payables
\n
Trade payables are stated at face value.
\n
When the time value of money is significant, trade payables are discounted.
\n
\n\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag293": { "value": "\n

\n\n
Derecognition of financial assets
\n
The group has to derecognise a financial asset if and only if the contractual rights on the
\n
cash flows of the financial asset expire, or where it transfers almost all the risks and
\n
advantages inherent to the ownership of the financial asset to a third party.
\n
If the group neither transfers nor retains substantially all the risks and rewards of ownership
\n
of a transferred asset, and retains control of the transferred asset, the group continues to
\n
recognise the financial asset to the extent of its continuing involvement and recognises a
\n
related liability for the amount received.
\n
If the group keeps almost all the risks and advantages inherent to the ownership of the
\n
financial asset, it continues to recognise the whole financial asset and recognises a
\n
financial liability for the consideration received.
\n

\n\n

\n\n

\n

\n\n
When a financial asset measured at amortised cost is derecognised, the difference
\n
between the amortised cost and the sum of the considerations received is transferred to
\n
the income statement.
\n
When an investment in equity instruments until now measured at fair value with changes
\n
to other comprehensive income are derecognised, the accumulated profit/loss
\n
recognised previously in other comprehensive income is not reclassified to net income.
\n

\n\n\n
Derecognition of financial liabilities
\n
The entity derecognises a financial liability only if this liability is extinguished, i.e. once the
\n
obligation is fulfilled, cancelled or it expires.
\n
The difference between the book value of an extinguished financial liability and the
\n
consideration paid, including, where applicable, the assets (non-cash) transferred and
\n
the liabilities acquired must be recognised in the income statement.
\n
Unconsolidated equity instruments (such as shares and equity rights)
\n
The Fluxys Belgium group values the unconsolidated equity instruments at fair value with
\n
changes to other comprehensive income.
\n
However, given the materiality of certain instruments and the unavailability of recent
\n
market values, certain equity instruments are accounted for at the initial cost.
\n
The dividends received for these equity instruments are recognised in financial income
\n
under the item \u2018Dividends from unconsolidated entities\u2019.
\n

\n\n

\n\n
\n\n
\n
\n
\n
Short-term investments, cash and cash equivalents
\n\n
Cash investments in the form of bonds or commercial paper, having a maturity date
\n
exceeding three months, are reported as financial assets measured at amortised cost.
\n
These are shown in the balance sheet under non-current \u2018other financial assets\u2019 and
\n
under current \u2018investments\u2019.
\n
Cash and cash equivalents include short-term investments, short-term bank deposits and
\n
deposits readily convertible to a known cash amount and which are subject to an
\n
insignificant risk of changes in value (maximum of three months).
\n
Cash and cash equivalents held are reported as financial assets measured at amortised
\n
cost.
\n
\n\n
The economic model used by the Fluxys Belgium group to manage financial assets aims
\n
to hold them in order to obtain contractual cash flows. The sales of financial assets are
\n
rare, and the group does not expect to proceed with such sales in the future, except in
\n
the case of an increased credit risk for the assets over and above the policy advocated
\n
by the group. A sale may also be motivated by an unexpected financing need.
\n
Where the conditions required to be qualified as financial assets valued at amortised cost
\n
are not met, these financial assets concerned are valued at fair value with changes to
\n
net profit/loss.
\n\n
Trade and other receivables
\n
Trade and other receivables are stated at their face value reduced by any amounts
\n
deemed unrecoverable.
\n
When the time value of money is significant, trade and other receivables are discounted.
\n
Impairment losses are recognised when the book value of these items at balance sheet
\n
date exceeds their recoverable amount.
\n
\n\n\n
\n\n
Expected credit losses and write-downs
\n
Expected credit losses on financial assets accounted for at amortised cost are
\n
calculated using an individual approach, based on the credit quality of the counterparty
\n
and the maturity of the financial asset.
\n
Expected credit losses are calculated using a probability of default over 12 months
\n
where the credit risk is low.
\n
A financial asset is impaired where one or more events have occurred with a negative
\n
effect on the future estimated cash flows of this financial asset. The indications of the
\n
impairment of a financial asset encompass data that may be observed on the following
\n
events:
\n
\u2022 defaults in payments for more than 90 days,
\n
\u2022 significant financial difficulty of the issuer or debtor and
\n
\u2022 increasing probability of bankruptcy or financial restructuring of the lender.
\n
If the economic forecast (for example gross domestic product) deteriorates over the
\n
course of next year, which could lead to an increase in the number of defaults, the
\n
historical default rates are adjusted. At each balance sheet date, the historical default
\n
rates observed are updated and the changes in the forecast estimates are analysed.
\n
\n\n
\n\n
\n\n
\n\n

\n\n
\n
\n

\n

\n

\n\n
Interest-bearing liabilities
\n
Interest-bearing liabilities are recognised at the net amount received. Following initial
\n
recognition, interest-bearing liabilities are recorded at amortised cost. The difference
\n
between the amortised cost and the redemption value is recognised in the income
\n
statement under the effective interest rate method over the term of the liabilities.
\n
\n\n\n
Trade payables
\n
Trade payables are stated at face value.
\n
When the time value of money is significant, trade payables are discounted.
\n
\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag286": { "value": "\n
Derecognition of financial assets
\n
The group has to derecognise a financial asset if and only if the contractual rights on the
\n
cash flows of the financial asset expire, or where it transfers almost all the risks and
\n
advantages inherent to the ownership of the financial asset to a third party.
\n
If the group neither transfers nor retains substantially all the risks and rewards of ownership
\n
of a transferred asset, and retains control of the transferred asset, the group continues to
\n
recognise the financial asset to the extent of its continuing involvement and recognises a
\n
related liability for the amount received.
\n
If the group keeps almost all the risks and advantages inherent to the ownership of the
\n
financial asset, it continues to recognise the whole financial asset and recognises a
\n
financial liability for the consideration received.
\n

\n\n
When a financial asset measured at amortised cost is derecognised, the difference
\n
between the amortised cost and the sum of the considerations received is transferred to
\n
the income statement.
\n
When an investment in equity instruments until now measured at fair value with changes
\n
to other comprehensive income are derecognised, the accumulated profit/loss
\n
recognised previously in other comprehensive income is not reclassified to net income.
\n

\n\n
\n
\n
\n
Short-term investments, cash and cash equivalents
\n\n
Cash investments in the form of bonds or commercial paper, having a maturity date
\n
exceeding three months, are reported as financial assets measured at amortised cost.
\n
These are shown in the balance sheet under non-current \u2018other financial assets\u2019 and
\n
under current \u2018investments\u2019.
\n
Cash and cash equivalents include short-term investments, short-term bank deposits and
\n
deposits readily convertible to a known cash amount and which are subject to an
\n
insignificant risk of changes in value (maximum of three months).
\n
Cash and cash equivalents held are reported as financial assets measured at amortised
\n
cost.
\n
\n\n
The economic model used by the Fluxys Belgium group to manage financial assets aims
\n
to hold them in order to obtain contractual cash flows. The sales of financial assets are
\n
rare, and the group does not expect to proceed with such sales in the future, except in
\n
the case of an increased credit risk for the assets over and above the policy advocated
\n
by the group. A sale may also be motivated by an unexpected financing need.
\n
Where the conditions required to be qualified as financial assets valued at amortised cost
\n
are not met, these financial assets concerned are valued at fair value with changes to
\n
net profit/loss.
\n\n
Trade and other receivables
\n
Trade and other receivables are stated at their face value reduced by any amounts
\n
deemed unrecoverable.
\n
When the time value of money is significant, trade and other receivables are discounted.
\n
Impairment losses are recognised when the book value of these items at balance sheet
\n
date exceeds their recoverable amount.
\n
\n\n\n
\n\n
Expected credit losses and write-downs
\n
Expected credit losses on financial assets accounted for at amortised cost are
\n
calculated using an individual approach, based on the credit quality of the counterparty
\n
and the maturity of the financial asset.
\n
Expected credit losses are calculated using a probability of default over 12 months
\n
where the credit risk is low.
\n
A financial asset is impaired where one or more events have occurred with a negative
\n
effect on the future estimated cash flows of this financial asset. The indications of the
\n
impairment of a financial asset encompass data that may be observed on the following
\n
events:
\n
\u2022 defaults in payments for more than 90 days,
\n
\u2022 significant financial difficulty of the issuer or debtor and
\n
\u2022 increasing probability of bankruptcy or financial restructuring of the lender.
\n
If the economic forecast (for example gross domestic product) deteriorates over the
\n
course of next year, which could lead to an increase in the number of defaults, the
\n
historical default rates are adjusted. At each balance sheet date, the historical default
\n
rates observed are updated and the changes in the forecast estimates are analysed.
\n
\n\n
\n\n
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag45": { "value": "\n
Derecognition of financial liabilities
\n
The entity derecognises a financial liability only if this liability is extinguished, i.e. once the
\n
obligation is fulfilled, cancelled or it expires.
\n
The difference between the book value of an extinguished financial liability and the
\n
consideration paid, including, where applicable, the assets (non-cash) transferred and
\n
the liabilities acquired must be recognised in the income statement.
\n
Unconsolidated equity instruments (such as shares and equity rights)
\n
The Fluxys Belgium group values the unconsolidated equity instruments at fair value with
\n
changes to other comprehensive income.
\n
However, given the materiality of certain instruments and the unavailability of recent
\n
market values, certain equity instruments are accounted for at the initial cost.
\n
The dividends received for these equity instruments are recognised in financial income
\n
under the item \u2018Dividends from unconsolidated entities\u2019.
\n

\n\n
\n
\n

\n

\n

\n\n
Interest-bearing liabilities
\n
Interest-bearing liabilities are recognised at the net amount received. Following initial
\n
recognition, interest-bearing liabilities are recorded at amortised cost. The difference
\n
between the amortised cost and the redemption value is recognised in the income
\n
statement under the effective interest rate method over the term of the liabilities.
\n
\n\n\n
Trade payables
\n
Trade payables are stated at face value.
\n
When the time value of money is significant, trade payables are discounted.
\n
\n\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag50": { "value": "\n
Cash investments in the form of bonds or commercial paper, having a maturity date
\n
exceeding three months, are reported as financial assets measured at amortised cost.
\n
These are shown in the balance sheet under non-current \u2018other financial assets\u2019 and
\n
under current \u2018investments\u2019.
\n
Cash and cash equivalents include short-term investments, short-term bank deposits and
\n
deposits readily convertible to a known cash amount and which are subject to an
\n
insignificant risk of changes in value (maximum of three months).
\n
Cash and cash equivalents held are reported as financial assets measured at amortised
\n
cost.
\n
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag55": { "value": "\n
Trade and other receivables
\n
Trade and other receivables are stated at their face value reduced by any amounts
\n
deemed unrecoverable.
\n
When the time value of money is significant, trade and other receivables are discounted.
\n
Impairment losses are recognised when the book value of these items at balance sheet
\n
date exceeds their recoverable amount.
\n
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag51": { "value": "\n
Expected credit losses and write-downs
\n
Expected credit losses on financial assets accounted for at amortised cost are
\n
calculated using an individual approach, based on the credit quality of the counterparty
\n
and the maturity of the financial asset.
\n
Expected credit losses are calculated using a probability of default over 12 months
\n
where the credit risk is low.
\n
A financial asset is impaired where one or more events have occurred with a negative
\n
effect on the future estimated cash flows of this financial asset. The indications of the
\n
impairment of a financial asset encompass data that may be observed on the following
\n
events:
\n
\u2022 defaults in payments for more than 90 days,
\n
\u2022 significant financial difficulty of the issuer or debtor and
\n
\u2022 increasing probability of bankruptcy or financial restructuring of the lender.
\n
If the economic forecast (for example gross domestic product) deteriorates over the
\n
course of next year, which could lead to an increase in the number of defaults, the
\n
historical default rates are adjusted. At each balance sheet date, the historical default
\n
rates observed are updated and the changes in the forecast estimates are analysed.
\n
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag43": { "value": "\n
Interest-bearing liabilities
\n
Interest-bearing liabilities are recognised at the net amount received. Following initial
\n
recognition, interest-bearing liabilities are recorded at amortised cost. The difference
\n
between the amortised cost and the redemption value is recognised in the income
\n
statement under the effective interest rate method over the term of the liabilities.
\n
\n\n
Note 2.10. Borrowing costs
\n
Borrowing costs directly attributable to the acquisition, building or production of assets
\n
requiring a substantial period of time to get ready for their intended use (property, plant
\n
and equipment, investment property, etc.) are added to the costs of the assets
\n
concerned until they are ready for use or sale.
\n
The amount of the borrowing costs to be capitalised is the actual cost incurred in
\n
borrowing the funds, as reduced by income from any temporary investment of these
\n
funds.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag49": { "value": "\n
Trade payables
\n
Trade payables are stated at face value.
\n
When the time value of money is significant, trade payables are discounted.
\n
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag47": { "value": "\n
Note 2.9. Inventories
\n
Valuation
\n
Inventories are valued at the lower of cost and net realisable value.
\n
Inventories are written down to account for:
\n
\u2022 a reduction in net realisable value, or
\n
\u2022 impairment losses due to unforeseen circumstances related to the nature or use of
\n
the assets.
\n
This impairment on inventories is recognised in the income statement in the period in
\n
which they arise.
\n
Gas inventory
\n
Gas inventory changes are valued under the weighted average cost method.
\n
Supplies and consumables
\n
Supplies and consumables are valued under the weighted average cost method.
\n
Work in progress
\n
Work in progress for third parties is valued at cost, including indirectly attributable costs.
\n
When the outcome of a contract can be reliably estimated, contract revenue and
\n
expenses are recognised as revenue and expenses respectively by reference to the
\n
stage of completion of the contract at balance sheet date. Any expected loss is
\n
recognised immediately as an expense in the income statement.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag57": { "value": "\n

\n\n
Note 2.10. Borrowing costs
\n
Borrowing costs directly attributable to the acquisition, building or production of assets
\n
requiring a substantial period of time to get ready for their intended use (property, plant
\n
and equipment, investment property, etc.) are added to the costs of the assets
\n
concerned until they are ready for use or sale.
\n
The amount of the borrowing costs to be capitalised is the actual cost incurred in
\n
borrowing the funds, as reduced by income from any temporary investment of these
\n
funds.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag54": { "value": "\n

\n
Note 2.11. Provisions
\n
Provisions are recognised as a liability in the balance sheet when they meet the following
\n
criteria:
\n
\u2022 the group has a present (legal or constructive) obligation arising from a past event;
\n
\u2022 it is probable (i.e. more likely than not) that the settlement of this obligation will lead
\n
to an outflow of resources embodying economic benefits;
\n
\u2022 the amount of the obligation can be reliably estimated.
\n
No provision is recognised if the above conditions are not met.
\n
The amount recognised as a provision is the best estimate of the expenditure required to
\n
settle the present obligation at the balance sheet date, in other words the amount the
\n
entity reasonably expects to have to pay to discharge the obligation at balance sheet
\n
date, or to transfer it to a third party at the same date.
\n
This estimation is based either on a request from a third party or on estimates or detailed
\n
calculations. For all provisions recognised, management considers that the probability of
\n
an outflow of resources exceeds 50%.
\n
When the time value of money is significant, provisions are discounted. The discount rate
\n
used is a rate before tax reflecting current market estimates of the time value of money
\n
and taking into account any risks associated with the type of liability in question.
\n
All risks incurred by the group that do not comply with the above-mentioned criteria are
\n
disclosed as contingent liabilities in the Notes.
\n\n
Employee benefits
\n
Some companies in the Fluxys group have established supplementary \u2018defined benefit\u2019
\n
or \u2018defined contribution\u2019 pension plans. Benefits provided under these plans are based
\n
on the number of years of service and the employee\u2019s salary.
\n
\u2018Defined benefit\u2019 pension plans enable employees to benefit from a capital sum
\n
calculated on the basis of a formula which takes account of their annual salary at the
\n
end of their career and their seniority when they retire.
\n
\u2018Defined contribution\u2019 pension plans provide employees with a capital sum accumulated
\n
from personal and employer contributions, based on the salary.
\n
In Belgium, the law requires that the employer guarantee a minimum return for defined
\n
contribution, which varies based on the market rates.
\n
The accounting method used by the group to value these \u2018defined contribution pension
\n
plans, with a guaranteed minimum return\u2019, is identical to the method used for \u2018defined
\n
benefit\u2019 plans.
\n

\n\n

\n\n

\n\n
In case of death before retirement, these plans provide a capital sum for the surviving
\n
spouse, as well as allowances for orphans.
\n
Other employee benefits
\n
Certain group companies offer their employees post-employment benefits such as the
\n
reimbursement of medical costs and price subsidies, and other long-term benefits
\n
(seniority bonuses).
\n
Valuation
\n
These liabilities are valued annually by a qualified actuary.
\n
Regular payments made in relation to the supplementary pension plans are recognised
\n
as expenses at the time they are incurred.
\n
\u2018Defined benefit\u2019 pension plans
\n
Provisions for pensions and other collective agreements are reported in the balance
\n
sheet in accordance with IAS 19 (Employee Benefits), using the projected unit credit
\n
method (PUCM).
\n
The current value of post-employment benefits is determined at each balance sheet
\n
date based on the projected salary estimated at the end of the employee\u2019s career, the
\n
rate of inflation, life expectancy, staff turnover and the expected age of retirement. The
\n
present value of defined benefit obligations is determined using a discount rate based
\n
on high-quality bonds with maturity dates close to the weighted average maturity of the
\n
plans concerned and which are denominated in the currency in which the benefits are
\n
to be paid.
\n
The amount accounted for in respect of post-employment liabilities corresponds to the
\n
difference between the current value of future obligations and the fair value of assets in
\n
the plan destined to cover them. Any deficit resulting from this valuation is subject to the
\n
recognition of a provision to cover this risk. In the opposite case, an asset is recognised in
\n
line with the surplus of the defined benefit pension plan, capped at the current value of
\n
any future reimbursement from the plan or any reduction in future contributions to the
\n
plan.
\n
The remeasurements of the liabilities or assets in the balance sheet comprise:
\n
\u2022 the actuarial gains or losses on the defined benefit liabilities resulting from
\n
adjustments relating to experience and/or changes in actuarial assumptions
\n
(including the effect of the change in the discount rate);
\n
\u2022 the return on plan assets (excluding amounts included in net interest) and changes in
\n
the effect of the asset ceiling (excluding amounts included in net interest).
\n
These remeasurements are directly recognised in equity through the other items in
\n
comprehensive income.
\n

\n\n

\n\n

\n\n
\u2018Defined contribution\u2019 pension plans
\n
The liabilities of the group with regard to \u2018defined contribution\u2019 plans are limited to the
\n
employer contributions paid recorded in the results.
\n
Actuarial gains and losses relating to other long-term employee benefits
\n
The other long-term benefits are accounted for in the same way as the post-employment
\n
benefits, but revaluations are fully accounted for in the financial results in the financial
\n
year in which they occur.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag56": { "value": "\n
Employee benefits
\n
Some companies in the Fluxys group have established supplementary \u2018defined benefit\u2019
\n
or \u2018defined contribution\u2019 pension plans. Benefits provided under these plans are based
\n
on the number of years of service and the employee\u2019s salary.
\n
\u2018Defined benefit\u2019 pension plans enable employees to benefit from a capital sum
\n
calculated on the basis of a formula which takes account of their annual salary at the
\n
end of their career and their seniority when they retire.
\n
\u2018Defined contribution\u2019 pension plans provide employees with a capital sum accumulated
\n
from personal and employer contributions, based on the salary.
\n
In Belgium, the law requires that the employer guarantee a minimum return for defined
\n
contribution, which varies based on the market rates.
\n
The accounting method used by the group to value these \u2018defined contribution pension
\n
plans, with a guaranteed minimum return\u2019, is identical to the method used for \u2018defined
\n
benefit\u2019 plans.
\n

\n\n
In case of death before retirement, these plans provide a capital sum for the surviving
\n
spouse, as well as allowances for orphans.
\n
Other employee benefits
\n
Certain group companies offer their employees post-employment benefits such as the
\n
reimbursement of medical costs and price subsidies, and other long-term benefits
\n
(seniority bonuses).
\n
Valuation
\n
These liabilities are valued annually by a qualified actuary.
\n
Regular payments made in relation to the supplementary pension plans are recognised
\n
as expenses at the time they are incurred.
\n
\u2018Defined benefit\u2019 pension plans
\n
Provisions for pensions and other collective agreements are reported in the balance
\n
sheet in accordance with IAS 19 (Employee Benefits), using the projected unit credit
\n
method (PUCM).
\n
The current value of post-employment benefits is determined at each balance sheet
\n
date based on the projected salary estimated at the end of the employee\u2019s career, the
\n
rate of inflation, life expectancy, staff turnover and the expected age of retirement. The
\n
present value of defined benefit obligations is determined using a discount rate based
\n
on high-quality bonds with maturity dates close to the weighted average maturity of the
\n
plans concerned and which are denominated in the currency in which the benefits are
\n
to be paid.
\n
The amount accounted for in respect of post-employment liabilities corresponds to the
\n
difference between the current value of future obligations and the fair value of assets in
\n
the plan destined to cover them. Any deficit resulting from this valuation is subject to the
\n
recognition of a provision to cover this risk. In the opposite case, an asset is recognised in
\n
line with the surplus of the defined benefit pension plan, capped at the current value of
\n
any future reimbursement from the plan or any reduction in future contributions to the
\n
plan.
\n
The remeasurements of the liabilities or assets in the balance sheet comprise:
\n
\u2022 the actuarial gains or losses on the defined benefit liabilities resulting from
\n
adjustments relating to experience and/or changes in actuarial assumptions
\n
(including the effect of the change in the discount rate);
\n
\u2022 the return on plan assets (excluding amounts included in net interest) and changes in
\n
the effect of the asset ceiling (excluding amounts included in net interest).
\n
These remeasurements are directly recognised in equity through the other items in
\n
comprehensive income.
\n

\n\n
\u2018Defined contribution\u2019 pension plans
\n
The liabilities of the group with regard to \u2018defined contribution\u2019 plans are limited to the
\n
employer contributions paid recorded in the results.
\n
Actuarial gains and losses relating to other long-term employee benefits
\n
The other long-term benefits are accounted for in the same way as the post-employment
\n
benefits, but revaluations are fully accounted for in the financial results in the financial
\n
year in which they occur.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag52": { "value": "\n
Note 2.12. Revenue recognition
\n
The group accounts for operating revenue as it meets a service obligation by supplying
\n
the customer with the promised good or service and as this latter obtains control thereof.
\n
The Fluxys Belgium group uses a five-stage approach to determine whether a contract
\n
entered into with a customer may be accounted for and the way in which revenue
\n
should be recognised:
\n
1. identification of the contract,
\n
2. identification of the service obligations,
\n
3. determination of the transaction price,
\n
4. distribution of the transaction price between the service obligations and
\n
5. recognition of operating revenue where the service obligations are met or where the
\n
control of the goods or services is transferred to the customer.
\n
Group revenues mainly come from standard regulated contracts for which both the
\n
services to be provided and the price of the service are clearly identified.
\n
Fluxys Belgium and its subsidiaries transfer the control of their regulated services
\n
progressively and in doing so meet their service obligation and account for operating
\n
revenue progressively. It should be noted that the revenue from regulated activity is
\n
recognised based on reserved capacities.
\n
Furthermore, the Fluxys Belgium group makes sales of gas that are necessary for
\n
balancing operations and its operational needs. These services, fulfilled at a specific time,
\n
are recognised in operating revenue at the time of their fulfilment. From 1 June 2020,
\n
these balancing operations are conducted by the joint venture with Balansys.
\n
Regulated income received by the group may generate a gain or a loss compared with
\n
the target rate of return on the capital invested. Gains are reported and recognised as
\n
regulatory liabilities, whereas losses are included in operating revenue to offset the
\n
accounting of regulatory assets. The Group has no regulatory assets in the published
\n
periods.
\n
The regulatory framework is explained in further detail in the chapter on \u2018Regulatory and
\n
legal framework\u2019 of the annual report.
\n

\n\n
In note 4 - Segment income statement, the distinction is shown between the revenue
\n
invoiced and the revenue recognised. The latter includes the revenue invoiced, but also
\n
the movements in regulatory assets and liabilities.
\n
The following table provides more detailed information on the Group\u2019s services
\n
(performance obligations), types of contract, pricing, and the way in which operating
\n
revenue is recognised. Most of this revenue is regulated.
\n

\n\n
Legal
\n
entity
\n
Revenue
\n
stream
\n
Performance obligation: nature, customer
\n
and timing of satisfaction
\n
Contract type and
\n
pricing
\n
Fluxys
\n
Belgium
\n
Transmission
\n
services
\n
Nature of performance obligation: sale of
\n
capacity and related services in the
\n
pipeline infrastructure to its customers to
\n
transmit natural gas to distribution system
\n
operators, power stations and major
\n
industrial end-users in Belgium or to transport
\n
natural gas to a border point for
\n
transmission to other end-user markets in
\n
Europe.
\n
Customers: gas shippers reserve capacity
\n
slots (short + long term contracts)
\n
Revenue recognition: the performance
\n
obligation consists in making these
\n
capacities available for the customers for
\n
use at the customers\u2019 discretion (cf. IFRS
\n
15.26 (e)).
\n
Basically, the contracts between Fluxys
\n
Belgium and their customers determine that
\n
the latter reserve a certain capacity that
\n
can be used over a certain period, at the
\n
choice of the customer.
\n
Thus, Fluxys Belgium will transfer to the
\n
customer a series of services that are
\n
substantially the same and that have the
\n
same pattern of transfer to the customer
\n
(IFRS 15.22 (b)).
\n
Each service in the series provided by Fluxys
\n
Belgium is a performance obligation
\n
satisfied over time, as described by IFRS
\n
15.35a (the customer simultaneously
\n
receives and consumes the benefits
\n
provided by Fluxys\u2019 performance as Fluxys
\n
performs).
\n
Therefore, the reserved capacities are
\n
invoiced and recognised monthly over the
\n
period covered by the contract related to
\n
the capacities reserved (in accordance
\n
with IFRS 15.39 and IFRS 15.B15), i.e. over
\n
time recognition.
\n
Regulated Standard
\n
Transmission
\n
Agreement.
\n
Regulated tariffs are
\n
expressed in
\n
\u20ac/kWh/h/year
\n
Fluxys
\n
Belgium
\n
Storage
\n
capacity
\n
service
\n
Nature of performance obligation: storage
\n
services enabling customers to use buffer
\n
capacity flexibly according to their needs.
\n
The gas is stored in the underground
\n
facilities in Loenhout, Belgium.
\n
Most of the revenues are generated by the
\n
sale of standard bundled packages,
\n
composed of injection, storage and
\n
withdrawing capacity throughout the
\n
storage season in fixed proportion. Such
\n
contracts can be both long term and short
\n
term.
\n
Customers: As for transmission, the revenues
\n
are based on the reserved capacities.
\n
Regulated Standard
\n
Storage Agreement
\n
(in combination with
\n
a regulated Standard
\n
Transmission
\n
Agreement to enable
\n
injecting into and
\n
withdrawing from the
\n
gas grid \u2013 see above).
\n
Regulated tariffs for
\n
storage capacity are
\n
expressed in \u20ac/stan-
\n
dard bundled unit per
\n
year. Tariffs for
\n
separately purchased
\n

\n\n
Revenue recognition: revenue is recognised
\n
over time as these services are performed
\n
continuously throughout the contractual term
\n
storage capacity are
\n
expressed in
\n
\u20ac/GWh/year.
\n
Injection or
\n
withdrawal capacity
\n
is expressed in
\n
\u20ac/m\u00b3(n)/h/year.
\n
Fluxys
\n
LNG
\n
Terminalling
\n
services
\n
Nature of performance obligations:
\n
Unloading services (time slots are sold in
\n
advance, the so-called \u2018berthing rights\u2019),
\n
possibly combined with related services
\n
such as storage, regasification or sending
\n
out (i.e. transform the liquid gas into gas
\n
that can be injected in the grid).
\n
Loading services
\n
Transhipment services, that occur in 2 forms:
\n
Ship-To-Ship: unloading of LNG from one
\n
LNG ship directly to another.
\n
Ship-Storage-Ship: LNG is unloaded from an
\n
LNG ship, then stored in a tank at the
\n
terminal. It can be loaded a few days later
\n
by another LNG ship.
\n
Customers: Customers reserve berthing
\n
rights in advance, these can be both long
\n
term and short term contracts.
\n
Revenue recognition: revenue of these
\n
berthing rights is recognised over time
\n
based on the reserved capacity,
\n
independently of whether the slots are used
\n
or not.
\n
For some additional services, such as
\n
storage, revenue is recognised over time as
\n
well, in accordance with IFRS 15.35(a). For
\n
other additional services, such as
\n
regasification, revenue is recognised at a
\n
point in time.
\n
Standard regulated
\n
LNG Terminalling
\n
Agreement, mostly
\n
combined with a
\n
separate standard
\n
regulated LNG
\n
Service Agreement
\n
for ancillary services
\n
such as storage and
\n
sending out capacity,
\n
etc.
\n
Tariffs for (un)loading
\n
are expressed in
\n
\u20ac/berthing right for
\n
the capacity
\n
reservations.
\n
For storage and for
\n
regasification and
\n
sending out services,
\n
tariffs are expressed in
\n
\u20ac/MWh/day.
\n
Regulated standard
\n
LNG Transhipment
\n
Service Agreement.
\n
Tariffs are expressed in
\n
\u20ac/berthing right for
\n
the transhipment
\n
services.
\n
For additional storage
\n
services, the tariff is
\n
expressed in
\n
\u20ac/MWh/day.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag48": { "value": "\n
\n
Note 2.13. Income taxes
\n
Current tax is determined in accordance with local tax regulations and calculated on
\n
the income of the parent entity, subsidiaries and joint operations.
\n\n
Deferred tax liabilities and assets reflect the future taxable and deductible temporary
\n
differences, respectively, between the book base and the tax base of assets and
\n
liabilities.
\n
Deferred tax liabilities and assets are measured at the enacted or substantially enacted
\n
new income tax rate applicable to the financial year in which the underlying asset is
\n
expected to be realised or the underlying liability is expected to be settled.
\n
Any later change in rates requires a change to the deferred taxes. This is accounted for
\n
via the other items of the global profit/loss for the part concerning operations that are
\n
usually accounted for in these items. The balance of the change in deferred taxes is
\n
accounted for in the net profit/loss for the period.
\n
Deferred tax assets are recognised only to the extent that it is probable that taxable
\n
profit will be available against which the future deductible temporary differences can be
\n
offset.
\n
\n\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag44": { "value": "\n
Deferred tax liabilities and assets reflect the future taxable and deductible temporary
\n
differences, respectively, between the book base and the tax base of assets and
\n
liabilities.
\n
Deferred tax liabilities and assets are measured at the enacted or substantially enacted
\n
new income tax rate applicable to the financial year in which the underlying asset is
\n
expected to be realised or the underlying liability is expected to be settled.
\n
Any later change in rates requires a change to the deferred taxes. This is accounted for
\n
via the other items of the global profit/loss for the part concerning operations that are
\n
usually accounted for in these items. The balance of the change in deferred taxes is
\n
accounted for in the net profit/loss for the period.
\n
Deferred tax assets are recognised only to the extent that it is probable that taxable
\n
profit will be available against which the future deductible temporary differences can be
\n
offset.
\n
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag46": { "value": "\n
Fully consolidated entities
\n
Name of
\n
the
\n
subsidiary
\n
Registered office
\n
Entity number
\n
% owner
\n
-
\n
ship
\n
Core
\n
business
\n
Currency
\n
Balance
\n
sheet date
\n
Fluxys LNG
\n
SA
\n
Rue Guimard 4
\n
B - 1040 Brussels
\n
0426 047 853 100.00%
\n
LNG
\n
terminalling
\n
\u20ac
\n
31
\n
December
\n
Flux Re SA
\n
Rue de Merl 74
\n
L - 2146
\n
Luxembourg
\n
- 100.00%
\n
Reinsurance
\n
entity
\n
\u20ac
\n
31
\n
December
\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag53": { "value": "\n

\n

\n\n
Entities accounted for using the equity method
\n
Name of
\n
the
\n
subsidiary
\n
Registered office
\n
Entity
\n
number
\n
% owner-
\n
ship
\n
Core
\n
business
\n
Currency
\n
Balance
\n
sheet date
\n
Balansys
\n
SA
\n
Rue de Bouillon
\n
59-61
\n
L - 1248
\n
Luxembourg
\n
- 50.00%
\n
Balancing
\n
operator
\n
\u20ac
\n
31
\n
December
\n

\n\n

\n\n

\n\n

\n

\n
Nature and scope of the restrictions related to the assets and liabilities of
\n
the group
\n
Special rights are attached to the special share of the Belgian State in Fluxys Belgium,
\n
other than the normal rights attached to all other shares. These special rights are
\n
exercised by the Federal Minister in charge of Energy and can be summarised as follows:
\n
\u2022 the right to oppose to all transfers, any assignment as security or change of the
\n
destination of strategic assets of Fluxys Belgium of which the list is set out in an annex
\n
to the royal decree of 16 June 1994, if the Federal Minister in charge of Energy
\n
considers that this operation prejudices the national interests in the area of energy;
\n
\u2022 the right to appoint two representatives of the federal government with a
\n
consultative vote in the Board of Directors and the Strategic Committee of Fluxys
\n
Belgium;
\n
\u2022 the right of the representatives of the federal government, within four business days,
\n
to appeal to the Federal Minister in charge of Energy on the basis of objective, non-
\n
discriminatory and transparent criteria, as defined in the Royal Decree of 5
\n
December 2000, against any decision of the Board of Directors or any advice of the
\n
strategic Committee of Fluxys Belgium (including the investment and business plan
\n
and related budget) which they regard as contrary to the guidelines of the country\u2019s
\n
energy policy, including the government's objectives concerning the country's
\n
energy supply. The appeal is suspensive. If the Federal Minister in charge of Energy
\n
has not cancelled the decision concerned within eight business days after this
\n
appeal, it becomes final;
\n
\u2022 a special voting right in case of deadlock in the General meeting on a matter
\n
concerning the objectives of the federal energy policy.
\n
There are no other significant restrictions that may limit the ability of the group to access
\n
or use its assets and discharge its liabilities. However, it must be noted that the assets of
\n
Flux Re are destined to cover the risk of the company in the scope of its reinsurance
\n
activities. The total assets in the balance sheet of Flux Re came to \u20ac164.1 million as at 31-
\n
12-2022 compared to \u20ac173.2 million as at 2021 year-end.
\n
Balansys SA is a company governed by Luxembourg law in which 50% of shares are held
\n
by Fluxys Belgium SA and 50% by Creos Luxembourg SA. The objective of this company is
\n
to integrate the Belgian and Luxembourg natural gas markets. As part of this objective,
\n
an agreement has been signed between the shareholders that stipulates that Balansys
\n
SA shares may not be encumbered with any guarantees or transferred, unless for the
\n
benefit of another transmission network operator and with the agreement of the other
\n
shareholder.
\n
The key figures of Balansys are shown in the table below:
\n

\n\n

\n\n

\n\n

\n

\n
Entity accounted for using the equity method
\n
31-12-202
\n
2
\n
In thousands of \u20ac (*)
\n
31-12-202
\n
1
\n
In thousands of \u20ac (*)
\n
Non-current assets
\n
0
\n
0
\n
Current assets
\n
100,112
\n
66,040
\n
Equity
\n
100
\n
100
\n
Non-current liabilities
\n
30,060
\n
18,061
\n
Current liabilities 69,9
\n
52
\n
48,879
\n
Operating revenue
\n
461,307
\n
168,837
\n
Operating expenses
\n
460,282
\n
-
\n
168,546
\n
Net financial result -
\n
989
\n
-
\n
280
\n
Income tax expenses -3
\n
7
\n
-
\n
11
\n
Net profit/loss for the period
\n
0
\n
0
\n
Entities accounted for by the equity method
\n
50
\n
50
\n
Result of entities accounted for by the equity
\n
method
\n
0
\n
0
\n
(*) Figures before intercompany eliminations, on a 100% basis and subject to approval of
\n
the accounts by the governing bodies and the general assembly of the entity.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag42": { "value": "\n
Entities accounted for using the equity method
\n
Name of
\n
the
\n
subsidiary
\n
Registered office
\n
Entity
\n
number
\n
% owner-
\n
ship
\n
Core
\n
business
\n
Currency
\n
Balance
\n
sheet date
\n
Balansys
\n
SA
\n
Rue de Bouillon
\n
59-61
\n
L - 1248
\n
Luxembourg
\n
- 50.00%
\n
Balancing
\n
operator
\n
\u20ac
\n
31
\n
December
\n

\n\n

\n

\n
Nature and scope of the restrictions related to the assets and liabilities of
\n
the group
\n
Special rights are attached to the special share of the Belgian State in Fluxys Belgium,
\n
other than the normal rights attached to all other shares. These special rights are
\n
exercised by the Federal Minister in charge of Energy and can be summarised as follows:
\n
\u2022 the right to oppose to all transfers, any assignment as security or change of the
\n
destination of strategic assets of Fluxys Belgium of which the list is set out in an annex
\n
to the royal decree of 16 June 1994, if the Federal Minister in charge of Energy
\n
considers that this operation prejudices the national interests in the area of energy;
\n
\u2022 the right to appoint two representatives of the federal government with a
\n
consultative vote in the Board of Directors and the Strategic Committee of Fluxys
\n
Belgium;
\n
\u2022 the right of the representatives of the federal government, within four business days,
\n
to appeal to the Federal Minister in charge of Energy on the basis of objective, non-
\n
discriminatory and transparent criteria, as defined in the Royal Decree of 5
\n
December 2000, against any decision of the Board of Directors or any advice of the
\n
strategic Committee of Fluxys Belgium (including the investment and business plan
\n
and related budget) which they regard as contrary to the guidelines of the country\u2019s
\n
energy policy, including the government's objectives concerning the country's
\n
energy supply. The appeal is suspensive. If the Federal Minister in charge of Energy
\n
has not cancelled the decision concerned within eight business days after this
\n
appeal, it becomes final;
\n
\u2022 a special voting right in case of deadlock in the General meeting on a matter
\n
concerning the objectives of the federal energy policy.
\n
There are no other significant restrictions that may limit the ability of the group to access
\n
or use its assets and discharge its liabilities. However, it must be noted that the assets of
\n
Flux Re are destined to cover the risk of the company in the scope of its reinsurance
\n
activities. The total assets in the balance sheet of Flux Re came to \u20ac164.1 million as at 31-
\n
12-2022 compared to \u20ac173.2 million as at 2021 year-end.
\n
Balansys SA is a company governed by Luxembourg law in which 50% of shares are held
\n
by Fluxys Belgium SA and 50% by Creos Luxembourg SA. The objective of this company is
\n
to integrate the Belgian and Luxembourg natural gas markets. As part of this objective,
\n
an agreement has been signed between the shareholders that stipulates that Balansys
\n
SA shares may not be encumbered with any guarantees or transferred, unless for the
\n
benefit of another transmission network operator and with the agreement of the other
\n
shareholder.
\n
The key figures of Balansys are shown in the table below:
\n

\n\n

\n

\n
Entity accounted for using the equity method
\n
31-12-202
\n
2
\n
In thousands of \u20ac (*)
\n
31-12-202
\n
1
\n
In thousands of \u20ac (*)
\n
Non-current assets
\n
0
\n
0
\n
Current assets
\n
100,112
\n
66,040
\n
Equity
\n
100
\n
100
\n
Non-current liabilities
\n
30,060
\n
18,061
\n
Current liabilities 69,9
\n
52
\n
48,879
\n
Operating revenue
\n
461,307
\n
168,837
\n
Operating expenses
\n
460,282
\n
-
\n
168,546
\n
Net financial result -
\n
989
\n
-
\n
280
\n
Income tax expenses -3
\n
7
\n
-
\n
11
\n
Net profit/loss for the period
\n
0
\n
0
\n
Entities accounted for by the equity method
\n
50
\n
50
\n
Result of entities accounted for by the equity
\n
method
\n
0
\n
0
\n
(*) Figures before intercompany eliminations, on a 100% basis and subject to approval of
\n
the accounts by the governing bodies and the general assembly of the entity.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag316": { "value": "Fluxys Belgium SA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag311": { "value": "\n
Note 4. Income statement and operating segments
\n
Operating segments
\n
Fluxys Belgium group carries out activities in the following operating segments:
\n
transmission, storage, LNG terminalling activities in Belgium and other activities.
\n
The segment information is based on a classification into these operating segments.
\n
Transmission activities comprise all operations subject to the Gas Act related to
\n
transmission of gas in Belgium.
\n
Storage activities comprise all operations subject to the Gas Act related to storage of gas
\n
at Loenhout in Belgium.
\n
Terminalling activities comprise all activities subject to the Gas Act related to the LNG
\n
terminal at Zeebrugge in Belgium.
\n
The three aforementioned activities are regulated and strictly separated. Offsetting
\n
balances between these activities is not authorised.
\n
The segment 'other activities' comprises other services rendered by Fluxys Belgium group
\n
such as the operational support of the IZT and ZPT terminals
\n
2
\n
in Belgium and work for third
\n
parties.
\n
The Fluxys Belgium group operates mainly in Belgium and does not therefore publish
\n
information by geographical sector.
\n
The Chief Operating Decision Maker (CODM) is the CEO.
\n
Basis of accounting relating to transactions between operating segments
\n
Transactions between operating segments mainly relate to capacity reservations by one
\n
segment subject to the Gas Act with another. These transactions are charged at the
\n
same regulatory tariffs as for external clients.
\n
Information relating to the main customers
\n
The group\u2019s main customers are users of transmission and storage services and of the
\n
Zeebrugge LNG Terminal.
\n
2
\n
Interconnector Zeebrugge Terminal (IZT): Fluxys Belgium rents part of its installations to IZT
\n
under a finance lease and also provides operational support and maintenance. The
\n
cooperation with IZT is based on contracts (no participation by Fluxys Belgium).
\n
Zeepipe Terminal (ZPT): Fluxys Belgium contributes to the operations of ZPT on a
\n
contractual basis (no participation).
\n

\n\n

\n\n
Segment income statement at 31-12-2022
\n
In thousands of \u20ac
\n
Trans-
\n
mission
\n
Storage
\n
Terminal-
\n
ling
\n
Other
\n
Elimination
\n
between
\n
segments
\n
Total
\n
Operating revenue
\n
710,702
\n
34,817
\n
157,292
\n
20,666
\n
-
\n
10,918
\n
912,559
\n
Sales and services to
\n
external customers
\n
866,993
\n
15,882
\n
297,722
\n
21,033
\n
0
\n
1,201,630
\n
Transactions with other
\n
segments
\n
1,312
\n
8,473
\n
1,500
\n
-
\n
367
\n
-
\n
10,918
\n
0
\n
Changes in regulatory
\n
assets and liabilities
\n
-
\n
157,603
\n
10,462
\n
-
\n
141,930
\n
0
\n
0
\n
-
\n
289,071
\n
Sales of gas related to
\n
balancing operations and
\n
operational needs
\n
138,655
\n
10,327
\n
129,584
\n
0
\n
0
\n
278,566
\n
Sales of gas related to
\n
balancing of operations
\n
and operational needs
\n
273,348
\n
8,673
\n
163,699
\n
0
\n
0
\n
445,720
\n
Changes in regulatory
\n
liabilities
\n
-
\n
134,693
\n
1,654
\n
-
\n
34,115
\n
0
\n
0
\n
-
\n
167,154
\n
Other operating income
\n
5,426
\n
129
\n
4,736
\n
5,999
\n
-
\n
78
\n
16,212
\n
Consumables, merchandise
\n
and supplies used
\n
-
\n
1,144
\n
1
\n
-
\n
34
\n
-
\n
4,405
\n
0
\n
-
\n
5,582
\n
Purchase of gas related to
\n
balancing of operations and
\n
operational needs
\n
-
\n
139,057
\n
-
\n
9,924
\n
-
\n
126,197
\n
0
\n
0
\n
-
\n
275,178
\n
Miscellaneous goods and
\n
services
\n
-
\n
419,316
\n
-
\n
9,600
\n
-
\n
40,577
\n
-
\n
6,946
\n
10,918
\n
-
\n
465,521
\n
Employee expenses -
\n
96,731
\n
-
\n
7,216
\n
-
\n
23,360
\n
-
\n
5,702
\n
78
\n
-
\n
132,931
\n
Other operating expenses -
\n
3,944
\n
-
\n
588
\n
-
\n
374
\n
-
\n
52
\n
0
\n
-
\n
4,958
\n
Depreciations -
\n
111,009
\n
-
\n
8,361
\n
-
\n
47,656
\n
-
\n
1,025
\n
0
\n
-
\n
168,051
\n
Provisions for risks and charges
\n
3,970
\n
-
\n
15
\n
99
\n
2,938
\n
1
\n
6,993
\n
Impairment losses -
\n
14,173
\n
0
\n
-
\n
647
\n
16
\n
0
\n
-
\n
14,804
\n
Profit/loss from continuing
\n
operations
\n
73,379
\n
9,570
\n
52,866
\n
11,489
\n
1
\n
147,305
\n
Change in the fair value of
\n
financial instruments
\n
0
\n
0
\n
0
\n
-
\n
1,298
\n
0
\n
-
\n
1,298
\n
Financial income
\n
2,759
\n
306
\n
567
\n
957
\n
0
\n
4,589
\n
Finance costs -
\n
26,131
\n
-
\n
2,894
\n
-
\n
9,788
\n
-
\n
1,992
\n
0
\n
-
\n
40,805
\n
Profit/loss before taxes
\n
50,007
\n
6,982
\n
43,645
\n
9,156
\n
1
\n
109,791
\n
Income tax expenses -
\n
26,063
\n
Net profit/loss for the period
\n
83,728
\n

\n\n

\n\n

\n\n
Segment income statement at 31-12-2021
\n
In thousands of \u20ac
\n
Trans-
\n
mission
\n
Storage
\n
Terminal-
\n
ling
\n
Others
\n
Elimination
\n
between
\n
segments
\n
Total
\n
Operating revenue
\n
384,346
\n
33,536
\n
145,680
\n
26,343
\n
-16,714
\n
573,191
\n
Sales and services to
\n
external customers
\n
286,969
\n
32,791
\n
137,826
\n
20,135
\n
0
\n
477,721
\n
Transactions with other
\n
segments
\n
892
\n
8,137
\n
1,477
\n
6,208
\n
-16,714
\n
0
\n
Changes in regulatory
\n
assets and liabilities
\n
96,485
\n
-
\n
7,392
\n
6,377
\n
0
\n
0
\n
95,470
\n
Sales of gas related to
\n
balancing operations and
\n
operational needs
\n
20,038
\n
2,948
\n
9,392
\n
0
\n
0
\n
32,378
\n
Sales of gas related to
\n
balancing of operations
\n
and operational needs
\n
65,830
\n
2,948
\n
22,975
\n
0
\n
0
\n
91,753
\n
Changes in regulatory
\n
liabilities
\n
-
\n
45,792
\n
0
\n
-
\n
13,583
\n
0
\n
0 -
\n
59,375
\n
Other operating income
\n
4,256
\n
115
\n
2,467
\n
6,327
\n
-58
\n
13,107
\n
Consumables, merchandise
\n
and supplies used
\n
-
\n
991
\n
-
\n
5
\n
-
\n
27
\n
-
\n
2,399
\n
0 -
\n
3,422
\n
Purchase of gas related to
\n
balancing of operations and
\n
operational needs
\n
-
\n
20,038
\n
-
\n
2,948
\n
-
\n
9,392
\n
0
\n
0 -
\n
32,378
\n
Miscellaneous goods and
\n
services
\n
-
\n
117,044
\n
-
\n
7,838
\n
-
\n
26,379
\n
-
\n
11,800
\n
16,713 -
\n
146,348
\n
Employee expenses -
\n
80,839
\n
-
\n
6,510
\n
-
\n
20,409
\n
-
\n
4,850
\n
59 -
\n
112,549
\n
Other operating expenses -
\n
3,841
\n
-
\n
523
\n
-
\n
462
\n
-
\n
248
\n
0 -
\n
5,074
\n
Depreciations -
\n
116,067
\n
-
\n
9,568
\n
-
\n
47,520
\n
-
\n
838
\n
0 -
\n
173,993
\n
Provisions for risks and charges -
\n
2,117
\n
28
\n
-
\n
121
\n
-
\n
4,861
\n
1 -
\n
7,070
\n
Impairment losses
\n
1
\n
0
\n
0
\n
-
\n
22
\n
0 -
\n
21
\n
Profit/loss from continuing
\n
operations
\n
67,704
\n
9,235
\n
53,229
\n
7,652
\n
1
\n
137,821
\n
Change in the fair value of
\n
financial instruments
\n
0 0 0 -
\n
114
\n
0 -
\n
114
\n
Financial income
\n
125
\n
14
\n
32
\n
971
\n
0
\n
1,142
\n
Finance costs -
\n
24,251
\n
-
\n
2,711
\n
-
\n
10,011
\n
-
\n
1,402
\n
0 -
\n
38,375
\n
Profit/loss before taxes
\n
43,578
\n
6,538
\n
43,250
\n
7,107
\n
1
\n
100,474
\n
Income tax expenses -
\n
24,953
\n
Net profit/loss for the period
\n
75,521
\n

\n\n

\n\n
Note 5. Segment balance sheet
\n
Segment balance sheet at 31-12-2022
\n
In thousands of \u20ac
\n
Trans-
\n
mission
\n
Storage
\n
Terminal-
\n
ling
\n
Other
\n
Unallo-
\n
cated
\n
Total
\n
Property, plant and
\n
equipment
\n
1,156,981
\n
125,365
\n
572,946
\n
83
\n
0
\n
1,855,375
\n
Intangible assets
\n
22,009
\n
10
\n
845
\n
0
\n
0
\n
22,864
\n
Right of use assets
\n
7,724
\n
318
\n
18,932
\n
3,046
\n
0
\n
30,020
\n
Other financial assets
\n
95
\n
0
\n
0
\n
111,076
\n
0
\n
111,171
\n
Inventories
\n
54,453
\n
3,100
\n
1,211
\n
3,892
\n
0
\n
62,656
\n
Lease receivables
\n
0
\n
0
\n
0
\n
2,094
\n
0
\n
2,094
\n
Net trade receivables
\n
110,249
\n
1,071
\n
6,633
\n
33,852
\n
0
\n
151,805
\n
Other assets
\n
0
\n
0
\n
0
\n
0
\n
1,170,585
\n
1,170,585
\n
3,406,570
\n
Interest-bearing
\n
liabilities
\n
368,097
\n
61,020
\n
232,249
\n
510,675
\n
0
\n
1,172,041
\n
Other financial liabilities
\n
0
\n
0
\n
20
\n
3,555
\n
0
\n
3,575
\n
Other liabilities
\n
563,230
\n
41,595
\n
330,468
\n
0
\n
652,044
\n
1,587,337
\n
2,762,953
\n
Equity
\n
643,617
\n
3,406,570
\n
Investments over the
\n
period in PP&E
\n
36,814
\n
87
\n
1
\n
67,736
\n
104
\n
0
\n
105,525
\n
Investments over the
\n
period in intangible
\n
assets
\n
11,294
\n
0
\n
71
\n
0
\n
0
\n
11,365
\n

\n\n
Segment balance sheet at 31-12-2021 In
\n
thousands of \u20ac
\n
Trans-
\n
mission
\n
Storage
\n
Terminal-
\n
ling
\n
Other
\n
Unallo-
\n
cated
\n
Total
\n
Property, plant and
\n
equipment
\n
1,219,055
\n
132,855
\n
550,044
\n
83
\n
0
\n
1,902,037
\n
Intangible assets
\n
22,614
\n
14
\n
1,263
\n
0
\n
0
\n
23,891
\n
Right of use assets
\n
8,999
\n
327
\n
21,505
\n
2,696
\n
0
\n
33,527
\n
Other financial assets
\n
91
\n
0
\n
0
\n
88,551
\n
0
\n
88,642
\n
Inventories
\n
35,078
\n
3,100
\n
589 275
\n
0
\n
39,042
\n
Lease receivables
\n
0
\n
0
\n
0
\n
2,695
\n
0
\n
2,695
\n
Net trade receivables
\n
57,161
\n
2,158
\n
7,017
\n
19,051
\n
0
\n
85,387
\n
Other assets
\n
0
\n
0
\n
0
\n
0
\n
459,293
\n
459,293
\n
2,634,514
\n
Interest-bearing liabilities
\n
632,486
\n
47,153
\n
259,041
\n
280,843
\n
0
\n
1,219,523
\n
Other financial liabilities
\n
0
\n
0
\n
18
\n
3,236
\n
0
\n
3,254
\n
Other liabilities
\n
268,432
\n
53,167
\n
152,241
\n
0
\n
298,223
\n
772,063
\n
1,994,840
\n
Equity
\n
639,674
\n
2,634,514
\n
Investments over the period
\n
in PP&E
\n
32,630
\n
564
\n
17,440
\n
14
\n
0
\n
50,648
\n
Investments over the period
\n
in intangible assets
\n
6,186
\n
12
\n
329
\n
0
\n
0
\n
6,52
\n
7
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag312": { "value": "\n
Segment income statement at 31-12-2022
\n
In thousands of \u20ac
\n
Trans-
\n
mission
\n
Storage
\n
Terminal-
\n
ling
\n
Other
\n
Elimination
\n
between
\n
segments
\n
Total
\n
Operating revenue
\n
710,702
\n
34,817
\n
157,292
\n
20,666
\n
-
\n
10,918
\n
912,559
\n
Sales and services to
\n
external customers
\n
866,993
\n
15,882
\n
297,722
\n
21,033
\n
0
\n
1,201,630
\n
Transactions with other
\n
segments
\n
1,312
\n
8,473
\n
1,500
\n
-
\n
367
\n
-
\n
10,918
\n
0
\n
Changes in regulatory
\n
assets and liabilities
\n
-
\n
157,603
\n
10,462
\n
-
\n
141,930
\n
0
\n
0
\n
-
\n
289,071
\n
Sales of gas related to
\n
balancing operations and
\n
operational needs
\n
138,655
\n
10,327
\n
129,584
\n
0
\n
0
\n
278,566
\n
Sales of gas related to
\n
balancing of operations
\n
and operational needs
\n
273,348
\n
8,673
\n
163,699
\n
0
\n
0
\n
445,720
\n
Changes in regulatory
\n
liabilities
\n
-
\n
134,693
\n
1,654
\n
-
\n
34,115
\n
0
\n
0
\n
-
\n
167,154
\n
Other operating income
\n
5,426
\n
129
\n
4,736
\n
5,999
\n
-
\n
78
\n
16,212
\n
Consumables, merchandise
\n
and supplies used
\n
-
\n
1,144
\n
1
\n
-
\n
34
\n
-
\n
4,405
\n
0
\n
-
\n
5,582
\n
Purchase of gas related to
\n
balancing of operations and
\n
operational needs
\n
-
\n
139,057
\n
-
\n
9,924
\n
-
\n
126,197
\n
0
\n
0
\n
-
\n
275,178
\n
Miscellaneous goods and
\n
services
\n
-
\n
419,316
\n
-
\n
9,600
\n
-
\n
40,577
\n
-
\n
6,946
\n
10,918
\n
-
\n
465,521
\n
Employee expenses -
\n
96,731
\n
-
\n
7,216
\n
-
\n
23,360
\n
-
\n
5,702
\n
78
\n
-
\n
132,931
\n
Other operating expenses -
\n
3,944
\n
-
\n
588
\n
-
\n
374
\n
-
\n
52
\n
0
\n
-
\n
4,958
\n
Depreciations -
\n
111,009
\n
-
\n
8,361
\n
-
\n
47,656
\n
-
\n
1,025
\n
0
\n
-
\n
168,051
\n
Provisions for risks and charges
\n
3,970
\n
-
\n
15
\n
99
\n
2,938
\n
1
\n
6,993
\n
Impairment losses -
\n
14,173
\n
0
\n
-
\n
647
\n
16
\n
0
\n
-
\n
14,804
\n
Profit/loss from continuing
\n
operations
\n
73,379
\n
9,570
\n
52,866
\n
11,489
\n
1
\n
147,305
\n
Change in the fair value of
\n
financial instruments
\n
0
\n
0
\n
0
\n
-
\n
1,298
\n
0
\n
-
\n
1,298
\n
Financial income
\n
2,759
\n
306
\n
567
\n
957
\n
0
\n
4,589
\n
Finance costs -
\n
26,131
\n
-
\n
2,894
\n
-
\n
9,788
\n
-
\n
1,992
\n
0
\n
-
\n
40,805
\n
Profit/loss before taxes
\n
50,007
\n
6,982
\n
43,645
\n
9,156
\n
1
\n
109,791
\n
Income tax expenses -
\n
26,063
\n
Net profit/loss for the period
\n
83,728
\n

\n\n
Segment income statement at 31-12-2021
\n
In thousands of \u20ac
\n
Trans-
\n
mission
\n
Storage
\n
Terminal-
\n
ling
\n
Others
\n
Elimination
\n
between
\n
segments
\n
Total
\n
Operating revenue
\n
384,346
\n
33,536
\n
145,680
\n
26,343
\n
-16,714
\n
573,191
\n
Sales and services to
\n
external customers
\n
286,969
\n
32,791
\n
137,826
\n
20,135
\n
0
\n
477,721
\n
Transactions with other
\n
segments
\n
892
\n
8,137
\n
1,477
\n
6,208
\n
-16,714
\n
0
\n
Changes in regulatory
\n
assets and liabilities
\n
96,485
\n
-
\n
7,392
\n
6,377
\n
0
\n
0
\n
95,470
\n
Sales of gas related to
\n
balancing operations and
\n
operational needs
\n
20,038
\n
2,948
\n
9,392
\n
0
\n
0
\n
32,378
\n
Sales of gas related to
\n
balancing of operations
\n
and operational needs
\n
65,830
\n
2,948
\n
22,975
\n
0
\n
0
\n
91,753
\n
Changes in regulatory
\n
liabilities
\n
-
\n
45,792
\n
0
\n
-
\n
13,583
\n
0
\n
0 -
\n
59,375
\n
Other operating income
\n
4,256
\n
115
\n
2,467
\n
6,327
\n
-58
\n
13,107
\n
Consumables, merchandise
\n
and supplies used
\n
-
\n
991
\n
-
\n
5
\n
-
\n
27
\n
-
\n
2,399
\n
0 -
\n
3,422
\n
Purchase of gas related to
\n
balancing of operations and
\n
operational needs
\n
-
\n
20,038
\n
-
\n
2,948
\n
-
\n
9,392
\n
0
\n
0 -
\n
32,378
\n
Miscellaneous goods and
\n
services
\n
-
\n
117,044
\n
-
\n
7,838
\n
-
\n
26,379
\n
-
\n
11,800
\n
16,713 -
\n
146,348
\n
Employee expenses -
\n
80,839
\n
-
\n
6,510
\n
-
\n
20,409
\n
-
\n
4,850
\n
59 -
\n
112,549
\n
Other operating expenses -
\n
3,841
\n
-
\n
523
\n
-
\n
462
\n
-
\n
248
\n
0 -
\n
5,074
\n
Depreciations -
\n
116,067
\n
-
\n
9,568
\n
-
\n
47,520
\n
-
\n
838
\n
0 -
\n
173,993
\n
Provisions for risks and charges -
\n
2,117
\n
28
\n
-
\n
121
\n
-
\n
4,861
\n
1 -
\n
7,070
\n
Impairment losses
\n
1
\n
0
\n
0
\n
-
\n
22
\n
0 -
\n
21
\n
Profit/loss from continuing
\n
operations
\n
67,704
\n
9,235
\n
53,229
\n
7,652
\n
1
\n
137,821
\n
Change in the fair value of
\n
financial instruments
\n
0 0 0 -
\n
114
\n
0 -
\n
114
\n
Financial income
\n
125
\n
14
\n
32
\n
971
\n
0
\n
1,142
\n
Finance costs -
\n
24,251
\n
-
\n
2,711
\n
-
\n
10,011
\n
-
\n
1,402
\n
0 -
\n
38,375
\n
Profit/loss before taxes
\n
43,578
\n
6,538
\n
43,250
\n
7,107
\n
1
\n
100,474
\n
Income tax expenses -
\n
24,953
\n
Net profit/loss for the period
\n
75,521
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag309": { "value": "\n

\n\n

\n\n
Note 4.1. Operating revenue
\n
Analysis of operating revenue by business segment:
\n
Operating revenue
\n
In thousands of \u20ac
\n
Notes 31-12-2022 31-12-202
\n
1
\n
Change
\n
Transmission in Belgium 4.1.1
\n
709,390
\n
383,454
\n
325,936
\n
Storage in Belgium 4.1.1
\n
26,344
\n
25,399
\n
945
\n
Terminalling in Belgium 4.1.1
\n
155,792
\n
144,203
\n
11,589
\n
Other operating
\n
income
\n
4.1.2
\n
21,033
\n
20,135
\n
898
\n
Total
\n
912,559
\n
573,191
\n
339,368
\n
Operating revenue in the 2022 financial year amounted to \u20ac912,559 thousand, which
\n
represents an increase of \u20ac339,368 thousand as compared with the previous financial
\n
year.
\n
4.1.1 Transmission, storage and terminalling services in Belgium are
\n
subject to the Gas Act.
\n
Revenue from these services aims to ensure an authorised return on capital invested and
\n
to cover the operating expenses related to these services, while integrating the
\n
productivity efforts to be accomplished by the network operator, as well as permitted
\n
depreciation.
\n
The bulk of the increase in sales and regulated services relates to transmission services
\n
(\u20ac325,936 thousand). This increase is mainly due to the accounting settlement of the
\n
exceptional solidarity contribution of \u20ac300 million. The regulatory nature of this
\n
contribution makes the impact on the result neutral. Charged revenues increased
\n
significantly in 2022, as the infrastructure was largely used to support the security of supply
\n
of surrounding countries. These additional revenues, including auction premiums, do not
\n
benefit shareholders but are offset by a higher allocation to regulatory liabilities.
\n
Revenue from storage services is slightly up compared to 2021. Sales are down in 2022,
\n
but this decrease is offset by the use of regulatory liabilities in accordance with the tariff
\n
proposal.
\n
With regard to terminalling revenue, this is up \u20ac11,589 thousand, largely following spot slot
\n
auction sales. Almost all of these sales are allocated to regulatory liabilities.
\n
4.1.2 Other operating revenue relates mainly to work and services for
\n
third parties and the provision of facilities.
\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag318": { "value": "\n

\n\n
Note 4.1. Operating revenue
\n
Analysis of operating revenue by business segment:
\n
Operating revenue
\n
In thousands of \u20ac
\n
Notes 31-12-2022 31-12-202
\n
1
\n
Change
\n
Transmission in Belgium 4.1.1
\n
709,390
\n
383,454
\n
325,936
\n
Storage in Belgium 4.1.1
\n
26,344
\n
25,399
\n
945
\n
Terminalling in Belgium 4.1.1
\n
155,792
\n
144,203
\n
11,589
\n
Other operating
\n
income
\n
4.1.2
\n
21,033
\n
20,135
\n
898
\n
Total
\n
912,559
\n
573,191
\n
339,368
\n
Operating revenue in the 2022 financial year amounted to \u20ac912,559 thousand, which
\n
represents an increase of \u20ac339,368 thousand as compared with the previous financial
\n
year.
\n
4.1.1 Transmission, storage and terminalling services in Belgium are
\n
subject to the Gas Act.
\n
Revenue from these services aims to ensure an authorised return on capital invested and
\n
to cover the operating expenses related to these services, while integrating the
\n
productivity efforts to be accomplished by the network operator, as well as permitted
\n
depreciation.
\n
The bulk of the increase in sales and regulated services relates to transmission services
\n
(\u20ac325,936 thousand). This increase is mainly due to the accounting settlement of the
\n
exceptional solidarity contribution of \u20ac300 million. The regulatory nature of this
\n
contribution makes the impact on the result neutral. Charged revenues increased
\n
significantly in 2022, as the infrastructure was largely used to support the security of supply
\n
of surrounding countries. These additional revenues, including auction premiums, do not
\n
benefit shareholders but are offset by a higher allocation to regulatory liabilities.
\n
Revenue from storage services is slightly up compared to 2021. Sales are down in 2022,
\n
but this decrease is offset by the use of regulatory liabilities in accordance with the tariff
\n
proposal.
\n
With regard to terminalling revenue, this is up \u20ac11,589 thousand, largely following spot slot
\n
auction sales. Almost all of these sales are allocated to regulatory liabilities.
\n
4.1.2 Other operating revenue relates mainly to work and services for
\n
third parties and the provision of facilities.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag319": { "value": "\n
Note 4.1. Operating revenue
\n
Analysis of operating revenue by business segment:
\n
Operating revenue
\n
In thousands of \u20ac
\n
Notes 31-12-2022 31-12-202
\n
1
\n
Change
\n
Transmission in Belgium 4.1.1
\n
709,390
\n
383,454
\n
325,936
\n
Storage in Belgium 4.1.1
\n
26,344
\n
25,399
\n
945
\n
Terminalling in Belgium 4.1.1
\n
155,792
\n
144,203
\n
11,589
\n
Other operating
\n
income
\n
4.1.2
\n
21,033
\n
20,135
\n
898
\n
Total
\n
912,559
\n
573,191
\n
339,368
\n
Operating revenue in the 2022 financial year amounted to \u20ac912,559 thousand, which
\n
represents an increase of \u20ac339,368 thousand as compared with the previous financial
\n
year.
\n
4.1.1 Transmission, storage and terminalling services in Belgium are
\n
subject to the Gas Act.
\n
Revenue from these services aims to ensure an authorised return on capital invested and
\n
to cover the operating expenses related to these services, while integrating the
\n
productivity efforts to be accomplished by the network operator, as well as permitted
\n
depreciation.
\n
The bulk of the increase in sales and regulated services relates to transmission services
\n
(\u20ac325,936 thousand). This increase is mainly due to the accounting settlement of the
\n
exceptional solidarity contribution of \u20ac300 million. The regulatory nature of this
\n
contribution makes the impact on the result neutral. Charged revenues increased
\n
significantly in 2022, as the infrastructure was largely used to support the security of supply
\n
of surrounding countries. These additional revenues, including auction premiums, do not
\n
benefit shareholders but are offset by a higher allocation to regulatory liabilities.
\n
Revenue from storage services is slightly up compared to 2021. Sales are down in 2022,
\n
but this decrease is offset by the use of regulatory liabilities in accordance with the tariff
\n
proposal.
\n
With regard to terminalling revenue, this is up \u20ac11,589 thousand, largely following spot slot
\n
auction sales. Almost all of these sales are allocated to regulatory liabilities.
\n
4.1.2 Other operating revenue relates mainly to work and services for
\n
third parties and the provision of facilities.
\n

\n\n
Note 4.2. Operating expenses
\n
Operating expenses excluding depreciations,
\n
impairment losses and provisions
\n
In thousands of \u20ac
\n
Notes 31-12-2022 31-12-2021 Change
\n
Consumables, merchandise and
\n
supplies used
\n
4.2.1 -
\n
5,582
\n
-
\n
3,422
\n
-
\n
2,160
\n
Miscellaneous goods and services 4.2.2 -
\n
465,521
\n
-
\n
146,348
\n
-
\n
319,173
\n
Employee expenses 4.2.3 -
\n
132,931
\n
-
\n
112,549
\n
-
\n
20,382
\n
Other operating expenses 4.2.4 -
\n
4,958
\n
-
\n
5,074
\n
116
\n
Total operating expenses -
\n
608,992
\n
-
\n
267,393
\n
-
\n
341,599
\n
4.2.1. Consumables, merchandise and supplies used
\n
This item mainly includes costs for transport material taken out of inventory for
\n
maintenance and repair projects as well as costs for work carried out on behalf of third
\n
parties.
\n

\n\n

\n\n
4.2.2. Miscellaneous goods and services
\n
Miscellaneous goods and services are mainly composed of:
\n
31-12-
\n
2022
\n
31-12-
\n
2021
\n
Change
\n
Purchase of equipment -
\n
6,324
\n
-
\n
8,674
\n
2,350
\n
Rent and rental charges (1) -
\n
7,623
\n
-
\n
5,496
\n
-
\n
2,127
\n
Maintenance and repair expenses -
\n
24,601
\n
-
\n
24,365
\n
-
\n
236
\n
Goods and services supplied to the group -
\n
19,376
\n
-
\n
6,540
\n
-
\n
12,836
\n
Third-party remuneration -
\n
354,502
\n
-
\n
52,496
\n
-
\n
302,006
\n
Royalties and contributions -
\n
40,083
\n
-
\n
37,681
\n
-
\n
2,402
\n
Non-personnel related insurance costs -
\n
6,451
\n
-
\n
6,096
\n
-
\n
355
\n
Other miscellaneous goods and services -
\n
6,561
\n
-
\n
5,000
\n
-
\n
1,561
\n
Total -
\n
465,521
\n
-
\n
146,348
\n
-
\n
319,173
\n
(1)Amounts that relate mainly to services that do not meet the definition of a lease under IFRS 16.
\n
The main increase in this item ensues from the exceptional solidarity contribution of \u20ac300
\n
million that the Belgian State established for the operator of the natural gas transmission
\n
network to support the Belgian population during the energy crisis. Goods and services
\n
supplied to the group, and royalties, are also up.
\n
This evolution, apart from the solidarity contribution, is in line with the reference
\n
framework for the 2020-2023 regulatory period.
\n
Third-party remuneration increased by \u20ac302,006 thousand. This evolution is largely due to
\n
the solidarity contribution of \u20ac300 million. Another important cost is related to the study
\n
with a view to installing a new electric compressor at our storage facility in Loenhout.
\n
The increase in goods and services supplied to the group reflects the high price of
\n
electricity, but also the increase of activity in the terminal and the transmission network.
\n
The cost of electricity is up \u20ac9,272 thousand compared to 2021.
\n
As for the \u20ac2,402 thousand increase in royalties and contribution compared to 2021, this is
\n
largely explained by compensation paid by Flux Re to Fluxys SA (which is offset by using
\n
the corresponding provision of 2021). The use of this provision in 2022 compensates the
\n
cost of the compensation paid.
\n
The increase in rent and rent expense comes from the higher prices of software.
\n

\n\n

\n\n

\n\n
4.2.3. Auditor remuneration
\n
Other miscellaneous goods and services (see note 4.2.2.) include the total remuneration
\n
paid to the auditor by Fluxys Belgium NV and its consolidated subsidiaries. These fees are
\n
presented below.
\n
Auditor remuneration
\n
In thousands of \u20ac
\n
31-12-
\n
2022
\n
31-12-
\n
2021
\n
Change
\n
Audit fees -
\n
179
\n
-152 -
\n
27
\n
Other non-audit services -
\n
38
\n
-18 -
\n
20
\n
Total remuneration -
\n
217
\n
-170 -
\n
47
\n
The amount of other (non-audit) services provided by the statutory auditor and persons
\n
professionally related to him are in line with article 3:64 and 65 of the Code of companies
\n
and associates and approved by the Audit Committee in advance. They mainly relate to
\n
ad-hoc and limited assurance attestations.
\n

\n\n

\n\n

\n\n
4.2.4. Employee expenses
\n
Employee expenses have increased \u20ac20,382 thousand as compared with 2021, among
\n
other things as a result of indexation.
\n
The average headcount of the Group is slightly up, from 912 in 2021 to 914 in 2022.
\n
Expressed in FTE (full-time equivalents), these figures convert to 883.4 in 2022 compared to
\n
881.4 in 2021.
\n
Workforce
\n
Financial year Preceding financial year
\n
Total number
\n
of staff
\n
Total in FTE
\n
Total number
\n
of staff
\n
Total in FTE
\n
Average number of employees
\n
914
\n
883.4
\n
912
\n
881.4
\n
Fluxys Belgium
\n
865
\n
836.1
\n
864
\n
835.3
\n
Executives
\n
308
\n
300.2
\n
295
\n
286.7
\n
Employees
\n
557
\n
535.9
\n
569
\n
548.6
\n
Fluxys LNG
\n
48
\n
46.8
\n
47
\n
45.5
\n
Executives
\n
3
\n
2.9
\n
3
\n
3.1
\n
Employees
\n
45
\n
43.9
\n
43
\n
42.4
\n
Flux Re
\n
1
\n
0.5
\n
1
\n
0.5
\n
Headcount at balance sheet
\n
date
\n
939
\n
908.6
\n
918
\n
886.2
\n
Fluxys Belgium
\n
891
\n
862.0
\n
869
\n
839.2
\n
Executives
\n
321
\n
313.1
\n
300
\n
291.3
\n
Employees
\n
570
\n
548.9
\n
569
\n
547.9
\n
Fluxys LNG
\n
47
\n
46.2
\n
48
\n
46.5
\n
Executives
\n
3
\n
2.9
\n
3
\n
2.9
\n
Employees
\n
44
\n
43.3
\n
45
\n
43.6
\n
Flux Re
\n
1
\n
0.5
\n
1
\n
0.5
\n
4.2.5. Other operating expenses
\n
Other operating expenses include property taxes, local taxes, and losses on disposals or
\n
retirements of property, plant and equipment.
\n

\n\n

\n\n
4.2.6. Depreciations
\n
Depreciation charges on property, plant and equipment over the period are down by
\n
\u20ac7,343 thousand as compared with the previous financial year because the depreciation
\n
for certain historic assets came to an end in the previous financial year.
\n
However, depreciation charges on intangible assets over the period are up by \u20ac1,541
\n
thousand as compared with the previous financial year following the higher level of
\n
investments in intangible assets over these past few years.
\n
Depreciations, impairment losses and provisions
\n
In thousands of \u20ac
\n
Notes 31-12-2022 31-12-202
\n
1
\n
Change
\n
Depreciations 4.2.5 -
\n
168,051
\n
-
\n
173,993
\n
5,942
\n
Intangible assets -
\n
12,385
\n
-
\n
10,844
\n
-
\n
1,541
\n
Property, plant and equipment -
\n
150,915
\n
-
\n
158,258
\n
7,343
\n
Right of Use Assets -
\n
4,751
\n
-
\n
4,891
\n
140
\n
Provisions for risks and charges 4.2.6
\n
6,993
\n
-
\n
7,070
\n
14,063
\n
Impairment losses -
\n
14,804
\n
-
\n
21
\n
-
\n
14,783
\n
Inventories -
\n
14,819
\n
1
\n
-
\n
14,820
\n
Trade receivables 15 -
\n
22
\n
37
\n
Total depreciations, impairment
\n
losses and provisions
\n
-
\n
175,862
\n
-
\n
181,084
\n
5,222
\n
4.2.7. Provisions for risks and charges
\n
The significant change in provisions, of \u20ac14,063 thousand as compared with the previous
\n
financial year can chiefly be explained by the increase in discount rates, which ended
\n
up resulting in a reduction of the provision for employee benefits and by the use of a
\n
provision relating to a claim established during the previous financial year, the
\n
compensation for which was paid in 2022 (see Note 4.2.2.).
\n
An impairment loss on gas stocks of \u20ac17,714 thousand was recorded in 2022 to reflect the
\n
price of gas on 31/12/2022 which was considerably lower than the average price of gas
\n
in stock. This was partly offset by a partial reversal of the impairment of the spare parts
\n
inventory.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag310": { "value": "\n

\n\n

\n\n
Note 4.2. Operating expenses
\n
Operating expenses excluding depreciations,
\n
impairment losses and provisions
\n
In thousands of \u20ac
\n
Notes 31-12-2022 31-12-2021 Change
\n
Consumables, merchandise and
\n
supplies used
\n
4.2.1 -
\n
5,582
\n
-
\n
3,422
\n
-
\n
2,160
\n
Miscellaneous goods and services 4.2.2 -
\n
465,521
\n
-
\n
146,348
\n
-
\n
319,173
\n
Employee expenses 4.2.3 -
\n
132,931
\n
-
\n
112,549
\n
-
\n
20,382
\n
Other operating expenses 4.2.4 -
\n
4,958
\n
-
\n
5,074
\n
116
\n
Total operating expenses -
\n
608,992
\n
-
\n
267,393
\n
-
\n
341,599
\n
4.2.1. Consumables, merchandise and supplies used
\n
This item mainly includes costs for transport material taken out of inventory for
\n
maintenance and repair projects as well as costs for work carried out on behalf of third
\n
parties.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
4.2.2. Miscellaneous goods and services
\n
Miscellaneous goods and services are mainly composed of:
\n
31-12-
\n
2022
\n
31-12-
\n
2021
\n
Change
\n
Purchase of equipment -
\n
6,324
\n
-
\n
8,674
\n
2,350
\n
Rent and rental charges (1) -
\n
7,623
\n
-
\n
5,496
\n
-
\n
2,127
\n
Maintenance and repair expenses -
\n
24,601
\n
-
\n
24,365
\n
-
\n
236
\n
Goods and services supplied to the group -
\n
19,376
\n
-
\n
6,540
\n
-
\n
12,836
\n
Third-party remuneration -
\n
354,502
\n
-
\n
52,496
\n
-
\n
302,006
\n
Royalties and contributions -
\n
40,083
\n
-
\n
37,681
\n
-
\n
2,402
\n
Non-personnel related insurance costs -
\n
6,451
\n
-
\n
6,096
\n
-
\n
355
\n
Other miscellaneous goods and services -
\n
6,561
\n
-
\n
5,000
\n
-
\n
1,561
\n
Total -
\n
465,521
\n
-
\n
146,348
\n
-
\n
319,173
\n
(1)Amounts that relate mainly to services that do not meet the definition of a lease under IFRS 16.
\n
The main increase in this item ensues from the exceptional solidarity contribution of \u20ac300
\n
million that the Belgian State established for the operator of the natural gas transmission
\n
network to support the Belgian population during the energy crisis. Goods and services
\n
supplied to the group, and royalties, are also up.
\n
This evolution, apart from the solidarity contribution, is in line with the reference
\n
framework for the 2020-2023 regulatory period.
\n
Third-party remuneration increased by \u20ac302,006 thousand. This evolution is largely due to
\n
the solidarity contribution of \u20ac300 million. Another important cost is related to the study
\n
with a view to installing a new electric compressor at our storage facility in Loenhout.
\n
The increase in goods and services supplied to the group reflects the high price of
\n
electricity, but also the increase of activity in the terminal and the transmission network.
\n
The cost of electricity is up \u20ac9,272 thousand compared to 2021.
\n
As for the \u20ac2,402 thousand increase in royalties and contribution compared to 2021, this is
\n
largely explained by compensation paid by Flux Re to Fluxys SA (which is offset by using
\n
the corresponding provision of 2021). The use of this provision in 2022 compensates the
\n
cost of the compensation paid.
\n
The increase in rent and rent expense comes from the higher prices of software.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
4.2.3. Auditor remuneration
\n
Other miscellaneous goods and services (see note 4.2.2.) include the total remuneration
\n
paid to the auditor by Fluxys Belgium NV and its consolidated subsidiaries. These fees are
\n
presented below.
\n
Auditor remuneration
\n
In thousands of \u20ac
\n
31-12-
\n
2022
\n
31-12-
\n
2021
\n
Change
\n
Audit fees -
\n
179
\n
-152 -
\n
27
\n
Other non-audit services -
\n
38
\n
-18 -
\n
20
\n
Total remuneration -
\n
217
\n
-170 -
\n
47
\n
The amount of other (non-audit) services provided by the statutory auditor and persons
\n
professionally related to him are in line with article 3:64 and 65 of the Code of companies
\n
and associates and approved by the Audit Committee in advance. They mainly relate to
\n
ad-hoc and limited assurance attestations.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
4.2.4. Employee expenses
\n
Employee expenses have increased \u20ac20,382 thousand as compared with 2021, among
\n
other things as a result of indexation.
\n
The average headcount of the Group is slightly up, from 912 in 2021 to 914 in 2022.
\n
Expressed in FTE (full-time equivalents), these figures convert to 883.4 in 2022 compared to
\n
881.4 in 2021.
\n
Workforce
\n
Financial year Preceding financial year
\n
Total number
\n
of staff
\n
Total in FTE
\n
Total number
\n
of staff
\n
Total in FTE
\n
Average number of employees
\n
914
\n
883.4
\n
912
\n
881.4
\n
Fluxys Belgium
\n
865
\n
836.1
\n
864
\n
835.3
\n
Executives
\n
308
\n
300.2
\n
295
\n
286.7
\n
Employees
\n
557
\n
535.9
\n
569
\n
548.6
\n
Fluxys LNG
\n
48
\n
46.8
\n
47
\n
45.5
\n
Executives
\n
3
\n
2.9
\n
3
\n
3.1
\n
Employees
\n
45
\n
43.9
\n
43
\n
42.4
\n
Flux Re
\n
1
\n
0.5
\n
1
\n
0.5
\n
Headcount at balance sheet
\n
date
\n
939
\n
908.6
\n
918
\n
886.2
\n
Fluxys Belgium
\n
891
\n
862.0
\n
869
\n
839.2
\n
Executives
\n
321
\n
313.1
\n
300
\n
291.3
\n
Employees
\n
570
\n
548.9
\n
569
\n
547.9
\n
Fluxys LNG
\n
47
\n
46.2
\n
48
\n
46.5
\n
Executives
\n
3
\n
2.9
\n
3
\n
2.9
\n
Employees
\n
44
\n
43.3
\n
45
\n
43.6
\n
Flux Re
\n
1
\n
0.5
\n
1
\n
0.5
\n
4.2.5. Other operating expenses
\n
Other operating expenses include property taxes, local taxes, and losses on disposals or
\n
retirements of property, plant and equipment.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
4.2.6. Depreciations
\n
Depreciation charges on property, plant and equipment over the period are down by
\n
\u20ac7,343 thousand as compared with the previous financial year because the depreciation
\n
for certain historic assets came to an end in the previous financial year.
\n
However, depreciation charges on intangible assets over the period are up by \u20ac1,541
\n
thousand as compared with the previous financial year following the higher level of
\n
investments in intangible assets over these past few years.
\n
Depreciations, impairment losses and provisions
\n
In thousands of \u20ac
\n
Notes 31-12-2022 31-12-202
\n
1
\n
Change
\n
Depreciations 4.2.5 -
\n
168,051
\n
-
\n
173,993
\n
5,942
\n
Intangible assets -
\n
12,385
\n
-
\n
10,844
\n
-
\n
1,541
\n
Property, plant and equipment -
\n
150,915
\n
-
\n
158,258
\n
7,343
\n
Right of Use Assets -
\n
4,751
\n
-
\n
4,891
\n
140
\n
Provisions for risks and charges 4.2.6
\n
6,993
\n
-
\n
7,070
\n
14,063
\n
Impairment losses -
\n
14,804
\n
-
\n
21
\n
-
\n
14,783
\n
Inventories -
\n
14,819
\n
1
\n
-
\n
14,820
\n
Trade receivables 15 -
\n
22
\n
37
\n
Total depreciations, impairment
\n
losses and provisions
\n
-
\n
175,862
\n
-
\n
181,084
\n
5,222
\n
4.2.7. Provisions for risks and charges
\n
The significant change in provisions, of \u20ac14,063 thousand as compared with the previous
\n
financial year can chiefly be explained by the increase in discount rates, which ended
\n
up resulting in a reduction of the provision for employee benefits and by the use of a
\n
provision relating to a claim established during the previous financial year, the
\n
compensation for which was paid in 2022 (see Note 4.2.2.).
\n
An impairment loss on gas stocks of \u20ac17,714 thousand was recorded in 2022 to reflect the
\n
price of gas on 31/12/2022 which was considerably lower than the average price of gas
\n
in stock. This was partly offset by a partial reversal of the impairment of the spare parts
\n
inventory.
\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag314": { "value": "\n

\n\n
Note 4.2. Operating expenses
\n
Operating expenses excluding depreciations,
\n
impairment losses and provisions
\n
In thousands of \u20ac
\n
Notes 31-12-2022 31-12-2021 Change
\n
Consumables, merchandise and
\n
supplies used
\n
4.2.1 -
\n
5,582
\n
-
\n
3,422
\n
-
\n
2,160
\n
Miscellaneous goods and services 4.2.2 -
\n
465,521
\n
-
\n
146,348
\n
-
\n
319,173
\n
Employee expenses 4.2.3 -
\n
132,931
\n
-
\n
112,549
\n
-
\n
20,382
\n
Other operating expenses 4.2.4 -
\n
4,958
\n
-
\n
5,074
\n
116
\n
Total operating expenses -
\n
608,992
\n
-
\n
267,393
\n
-
\n
341,599
\n
4.2.1. Consumables, merchandise and supplies used
\n
This item mainly includes costs for transport material taken out of inventory for
\n
maintenance and repair projects as well as costs for work carried out on behalf of third
\n
parties.
\n

\n\n

\n\n

\n\n

\n\n
4.2.2. Miscellaneous goods and services
\n
Miscellaneous goods and services are mainly composed of:
\n
31-12-
\n
2022
\n
31-12-
\n
2021
\n
Change
\n
Purchase of equipment -
\n
6,324
\n
-
\n
8,674
\n
2,350
\n
Rent and rental charges (1) -
\n
7,623
\n
-
\n
5,496
\n
-
\n
2,127
\n
Maintenance and repair expenses -
\n
24,601
\n
-
\n
24,365
\n
-
\n
236
\n
Goods and services supplied to the group -
\n
19,376
\n
-
\n
6,540
\n
-
\n
12,836
\n
Third-party remuneration -
\n
354,502
\n
-
\n
52,496
\n
-
\n
302,006
\n
Royalties and contributions -
\n
40,083
\n
-
\n
37,681
\n
-
\n
2,402
\n
Non-personnel related insurance costs -
\n
6,451
\n
-
\n
6,096
\n
-
\n
355
\n
Other miscellaneous goods and services -
\n
6,561
\n
-
\n
5,000
\n
-
\n
1,561
\n
Total -
\n
465,521
\n
-
\n
146,348
\n
-
\n
319,173
\n
(1)Amounts that relate mainly to services that do not meet the definition of a lease under IFRS 16.
\n
The main increase in this item ensues from the exceptional solidarity contribution of \u20ac300
\n
million that the Belgian State established for the operator of the natural gas transmission
\n
network to support the Belgian population during the energy crisis. Goods and services
\n
supplied to the group, and royalties, are also up.
\n
This evolution, apart from the solidarity contribution, is in line with the reference
\n
framework for the 2020-2023 regulatory period.
\n
Third-party remuneration increased by \u20ac302,006 thousand. This evolution is largely due to
\n
the solidarity contribution of \u20ac300 million. Another important cost is related to the study
\n
with a view to installing a new electric compressor at our storage facility in Loenhout.
\n
The increase in goods and services supplied to the group reflects the high price of
\n
electricity, but also the increase of activity in the terminal and the transmission network.
\n
The cost of electricity is up \u20ac9,272 thousand compared to 2021.
\n
As for the \u20ac2,402 thousand increase in royalties and contribution compared to 2021, this is
\n
largely explained by compensation paid by Flux Re to Fluxys SA (which is offset by using
\n
the corresponding provision of 2021). The use of this provision in 2022 compensates the
\n
cost of the compensation paid.
\n
The increase in rent and rent expense comes from the higher prices of software.
\n

\n\n

\n\n

\n\n

\n\n

\n\n
4.2.3. Auditor remuneration
\n
Other miscellaneous goods and services (see note 4.2.2.) include the total remuneration
\n
paid to the auditor by Fluxys Belgium NV and its consolidated subsidiaries. These fees are
\n
presented below.
\n
Auditor remuneration
\n
In thousands of \u20ac
\n
31-12-
\n
2022
\n
31-12-
\n
2021
\n
Change
\n
Audit fees -
\n
179
\n
-152 -
\n
27
\n
Other non-audit services -
\n
38
\n
-18 -
\n
20
\n
Total remuneration -
\n
217
\n
-170 -
\n
47
\n
The amount of other (non-audit) services provided by the statutory auditor and persons
\n
professionally related to him are in line with article 3:64 and 65 of the Code of companies
\n
and associates and approved by the Audit Committee in advance. They mainly relate to
\n
ad-hoc and limited assurance attestations.
\n

\n\n

\n\n

\n\n

\n\n

\n\n
4.2.4. Employee expenses
\n
Employee expenses have increased \u20ac20,382 thousand as compared with 2021, among
\n
other things as a result of indexation.
\n
The average headcount of the Group is slightly up, from 912 in 2021 to 914 in 2022.
\n
Expressed in FTE (full-time equivalents), these figures convert to 883.4 in 2022 compared to
\n
881.4 in 2021.
\n
Workforce
\n
Financial year Preceding financial year
\n
Total number
\n
of staff
\n
Total in FTE
\n
Total number
\n
of staff
\n
Total in FTE
\n
Average number of employees
\n
914
\n
883.4
\n
912
\n
881.4
\n
Fluxys Belgium
\n
865
\n
836.1
\n
864
\n
835.3
\n
Executives
\n
308
\n
300.2
\n
295
\n
286.7
\n
Employees
\n
557
\n
535.9
\n
569
\n
548.6
\n
Fluxys LNG
\n
48
\n
46.8
\n
47
\n
45.5
\n
Executives
\n
3
\n
2.9
\n
3
\n
3.1
\n
Employees
\n
45
\n
43.9
\n
43
\n
42.4
\n
Flux Re
\n
1
\n
0.5
\n
1
\n
0.5
\n
Headcount at balance sheet
\n
date
\n
939
\n
908.6
\n
918
\n
886.2
\n
Fluxys Belgium
\n
891
\n
862.0
\n
869
\n
839.2
\n
Executives
\n
321
\n
313.1
\n
300
\n
291.3
\n
Employees
\n
570
\n
548.9
\n
569
\n
547.9
\n
Fluxys LNG
\n
47
\n
46.2
\n
48
\n
46.5
\n
Executives
\n
3
\n
2.9
\n
3
\n
2.9
\n
Employees
\n
44
\n
43.3
\n
45
\n
43.6
\n
Flux Re
\n
1
\n
0.5
\n
1
\n
0.5
\n
4.2.5. Other operating expenses
\n
Other operating expenses include property taxes, local taxes, and losses on disposals or
\n
retirements of property, plant and equipment.
\n

\n\n

\n\n

\n\n

\n\n
4.2.6. Depreciations
\n
Depreciation charges on property, plant and equipment over the period are down by
\n
\u20ac7,343 thousand as compared with the previous financial year because the depreciation
\n
for certain historic assets came to an end in the previous financial year.
\n
However, depreciation charges on intangible assets over the period are up by \u20ac1,541
\n
thousand as compared with the previous financial year following the higher level of
\n
investments in intangible assets over these past few years.
\n
Depreciations, impairment losses and provisions
\n
In thousands of \u20ac
\n
Notes 31-12-2022 31-12-202
\n
1
\n
Change
\n
Depreciations 4.2.5 -
\n
168,051
\n
-
\n
173,993
\n
5,942
\n
Intangible assets -
\n
12,385
\n
-
\n
10,844
\n
-
\n
1,541
\n
Property, plant and equipment -
\n
150,915
\n
-
\n
158,258
\n
7,343
\n
Right of Use Assets -
\n
4,751
\n
-
\n
4,891
\n
140
\n
Provisions for risks and charges 4.2.6
\n
6,993
\n
-
\n
7,070
\n
14,063
\n
Impairment losses -
\n
14,804
\n
-
\n
21
\n
-
\n
14,783
\n
Inventories -
\n
14,819
\n
1
\n
-
\n
14,820
\n
Trade receivables 15 -
\n
22
\n
37
\n
Total depreciations, impairment
\n
losses and provisions
\n
-
\n
175,862
\n
-
\n
181,084
\n
5,222
\n
4.2.7. Provisions for risks and charges
\n
The significant change in provisions, of \u20ac14,063 thousand as compared with the previous
\n
financial year can chiefly be explained by the increase in discount rates, which ended
\n
up resulting in a reduction of the provision for employee benefits and by the use of a
\n
provision relating to a claim established during the previous financial year, the
\n
compensation for which was paid in 2022 (see Note 4.2.2.).
\n
An impairment loss on gas stocks of \u20ac17,714 thousand was recorded in 2022 to reflect the
\n
price of gas on 31/12/2022 which was considerably lower than the average price of gas
\n
in stock. This was partly offset by a partial reversal of the impairment of the spare parts
\n
inventory.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag317": { "value": "\n
4.2.2. Miscellaneous goods and services
\n
Miscellaneous goods and services are mainly composed of:
\n
31-12-
\n
2022
\n
31-12-
\n
2021
\n
Change
\n
Purchase of equipment -
\n
6,324
\n
-
\n
8,674
\n
2,350
\n
Rent and rental charges (1) -
\n
7,623
\n
-
\n
5,496
\n
-
\n
2,127
\n
Maintenance and repair expenses -
\n
24,601
\n
-
\n
24,365
\n
-
\n
236
\n
Goods and services supplied to the group -
\n
19,376
\n
-
\n
6,540
\n
-
\n
12,836
\n
Third-party remuneration -
\n
354,502
\n
-
\n
52,496
\n
-
\n
302,006
\n
Royalties and contributions -
\n
40,083
\n
-
\n
37,681
\n
-
\n
2,402
\n
Non-personnel related insurance costs -
\n
6,451
\n
-
\n
6,096
\n
-
\n
355
\n
Other miscellaneous goods and services -
\n
6,561
\n
-
\n
5,000
\n
-
\n
1,561
\n
Total -
\n
465,521
\n
-
\n
146,348
\n
-
\n
319,173
\n
(1)Amounts that relate mainly to services that do not meet the definition of a lease under IFRS 16.
\n
The main increase in this item ensues from the exceptional solidarity contribution of \u20ac300
\n
million that the Belgian State established for the operator of the natural gas transmission
\n
network to support the Belgian population during the energy crisis. Goods and services
\n
supplied to the group, and royalties, are also up.
\n
This evolution, apart from the solidarity contribution, is in line with the reference
\n
framework for the 2020-2023 regulatory period.
\n
Third-party remuneration increased by \u20ac302,006 thousand. This evolution is largely due to
\n
the solidarity contribution of \u20ac300 million. Another important cost is related to the study
\n
with a view to installing a new electric compressor at our storage facility in Loenhout.
\n
The increase in goods and services supplied to the group reflects the high price of
\n
electricity, but also the increase of activity in the terminal and the transmission network.
\n
The cost of electricity is up \u20ac9,272 thousand compared to 2021.
\n
As for the \u20ac2,402 thousand increase in royalties and contribution compared to 2021, this is
\n
largely explained by compensation paid by Flux Re to Fluxys SA (which is offset by using
\n
the corresponding provision of 2021). The use of this provision in 2022 compensates the
\n
cost of the compensation paid.
\n
The increase in rent and rent expense comes from the higher prices of software.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag315": { "value": "\n
4.2.3. Auditor remuneration
\n
Other miscellaneous goods and services (see note 4.2.2.) include the total remuneration
\n
paid to the auditor by Fluxys Belgium NV and its consolidated subsidiaries. These fees are
\n
presented below.
\n
Auditor remuneration
\n
In thousands of \u20ac
\n
31-12-
\n
2022
\n
31-12-
\n
2021
\n
Change
\n
Audit fees -
\n
179
\n
-152 -
\n
27
\n
Other non-audit services -
\n
38
\n
-18 -
\n
20
\n
Total remuneration -
\n
217
\n
-170 -
\n
47
\n
The amount of other (non-audit) services provided by the statutory auditor and persons
\n
professionally related to him are in line with article 3:64 and 65 of the Code of companies
\n
and associates and approved by the Audit Committee in advance. They mainly relate to
\n
ad-hoc and limited assurance attestations.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag313": { "value": "\n
4.2.4. Employee expenses
\n
Employee expenses have increased \u20ac20,382 thousand as compared with 2021, among
\n
other things as a result of indexation.
\n
The average headcount of the Group is slightly up, from 912 in 2021 to 914 in 2022.
\n
Expressed in FTE (full-time equivalents), these figures convert to 883.4 in 2022 compared to
\n
881.4 in 2021.
\n
Workforce
\n
Financial year Preceding financial year
\n
Total number
\n
of staff
\n
Total in FTE
\n
Total number
\n
of staff
\n
Total in FTE
\n
Average number of employees
\n
914
\n
883.4
\n
912
\n
881.4
\n
Fluxys Belgium
\n
865
\n
836.1
\n
864
\n
835.3
\n
Executives
\n
308
\n
300.2
\n
295
\n
286.7
\n
Employees
\n
557
\n
535.9
\n
569
\n
548.6
\n
Fluxys LNG
\n
48
\n
46.8
\n
47
\n
45.5
\n
Executives
\n
3
\n
2.9
\n
3
\n
3.1
\n
Employees
\n
45
\n
43.9
\n
43
\n
42.4
\n
Flux Re
\n
1
\n
0.5
\n
1
\n
0.5
\n
Headcount at balance sheet
\n
date
\n
939
\n
908.6
\n
918
\n
886.2
\n
Fluxys Belgium
\n
891
\n
862.0
\n
869
\n
839.2
\n
Executives
\n
321
\n
313.1
\n
300
\n
291.3
\n
Employees
\n
570
\n
548.9
\n
569
\n
547.9
\n
Fluxys LNG
\n
47
\n
46.2
\n
48
\n
46.5
\n
Executives
\n
3
\n
2.9
\n
3
\n
2.9
\n
Employees
\n
44
\n
43.3
\n
45
\n
43.6
\n
Flux Re
\n
1
\n
0.5
\n
1
\n
0.5
\n
4.2.5. Other operating expenses
\n
Other operating expenses include property taxes, local taxes, and losses on disposals or
\n
retirements of property, plant and equipment.
\n

\n\n
5.13.1 Provisions for employee benefits
\n
Provisions for employee benefits
\n
In thousands of \u20ac
\n
Provisions at 31-12-2021
\n
64,718
\n
Additions
\n
10,822
\n
Use -
\n
14,764
\n
Release
\n
0
\n
Unwinding of the discount
\n
2,375
\n
Actuarial gains/losses recognised in the profit/loss (seniority
\n
bonuses)
\n
-
\n
121
\n
Expected return on plan assets -
\n
1,734
\n
Actuarial gains/losses recognised in equity -
\n
22,905
\n
Reclassification to the assets
\n
12,598
\n
Provisions at 31-12-2022, of which:
\n
50,988
\n
Non-current provisions
\n
47,444
\n
Current provisions
\n
3,543
\n
The provisions for employee benefits (see Note 5.14) are down \u20ac13,730 thousand. This fall
\n
can primarily be explained by a combination of an increase in the discount rates partially
\n
compensated by a negative return on plan assets in 2022. In addition to the reduction in
\n
provisions, there is also an increase in the surplus from plan assets (see Note 5.14).
\n

\n\n
Note 5.14. Provisions for employee benefits
\n
Description of the principal retirement schemes and related benefits
\n
In Belgium collective agreements regulate the rights of entity employees in the electricity
\n
and gas industries.
\n
Defined benefit pension plans
\n
These agreements cover 'salary scale' personnel recruited before 1 June 2002 and
\n
management personnel recruited before 1 May 1999 allowing affiliates to benefit from a
\n
capital calculated based on a formula that takes account of their final annual salary
\n
and the number of years of service when they retire. These are called \u2018defined benefit
\n
pension plans\u2019.
\n
Obligations under these defined benefit pension plans are funded through a number of
\n
pension funds for the electricity and gas industries and through insurance companies.
\n
Employees and employers contribute to these pension plans. The employer\u2019s contribution
\n
is determined annually on the basis of an actuarial report. This is to ensure that the
\n
minimum legal funding requirements have been met and that the long-term funding of
\n
the benefits is assured.
\n
Description of the main actuarial risks
\n
The group is exposed, in connection with its defined benefit pension plans, to risks related
\n
to actuarial assumptions concerning investments, interest rates, life expectancy and
\n
salary development.
\n
The present value of defined benefit obligations is determined using a discount rate
\n
based on high-quality bonds.
\n
The assumptions concerning salary increases, inflation, personnel movements and
\n
expected average retirement age are defined based on historic entity statistics. The
\n
mortality tables used are those published by the IABE (Institute of Actuaries in Belgium).
\n
At the end of 2022, the defined benefit pension plans have surplus plan assets of \u20ac29,401
\n
thousand (2021: \u20ac16,803 thousand) compared with the actuarial liability on estimated
\n

\n\n
liabilities of the group. The amount was therefore transferred to the assets in the balance
\n
sheet under 'Other non-current assets' (note 5.5) and 'Other current assets' (note 5.9.1).
\n
The financing policy was amended in 2018 to ensure that surpluses are recovered over
\n
the duration of the pension plans. In addition, transfers between different pension plans
\n
are possible.
\n
Defined contribution pension plans with guaranteed minimum return
\n
In Belgium, \u2018Salary scale\u2019 personnel recruited after 1 June 2002 and management staff
\n
recruited after 1 May 1999 as well as the members of the management benefit from
\n
defined contribution pension plans.
\n
The pension plans are financed by contributions from employees and employers, the
\n
latter corresponding to a multiple of the contributions from employees. Obligations under
\n
these defined contribution pension plans are funded through a number of pension funds
\n
for the electricity and gas industries and through insurance companies.
\n
The assets of the pension funds are allocated among the various categories of the
\n
following risks:
\n
\u2022 Low risk: bonds in the euro zone and/or high-quality bonds.
\n
\u2022 Medium risk: risk diversification between bonds, convertible bonds, real-estate
\n
and equity instruments.
\n
\u2022 High risk: equity instruments, real estate, etc.
\n
\u2022 Dynamic Asset Allocation: rapid adjustment of the portfolio structure in case of
\n
specific events in order to limit losses in periods of stress.
\n
Belgian law requires that the employer guarantees a minimum return for defined
\n
contribution plans. These minimum returns vary based on the market rates.
\n
For the minimum returns guaranteed by the employer, the following elements apply:
\n
\u2022 For contributions paid up until 31-12-2015, the minimum return of 3.25% for
\n
employer contributions and 3.75% for employee contributions applies up to that
\n
date.
\n
\u2022 For contributions paid since 01-01-2016, the minimum return is variable based on
\n
OLO rates, with a minimum of 1.75% and a maximum of 3.75%. Given the current
\n
rates, this minimum guaranteed return has been set at 1.75%.
\n
\u2022 The accounting method used by the group to value these \u2018defined contribution
\n
pension plans, with a guaranteed minimum return\u2019, is identical to the method
\n
used for \u2018defined benefit plans\u2019 (see Note 2.11).
\n
For certain defined contribution plans, the contributions increase depending on the
\n
seniority in the Group (referred to as \u2018backloaded\u2019). For these plans, the contributions are
\n
distributed uniformly over time.
\n

\n\n
Description of the main risks
\n
Defined contribution plans expose the employer to the risk of a minimum return on
\n
pension fund assets that do not offer a sufficient guaranteed return.
\n
Other long-term employee benefits
\n
Fluxys Belgium group also has early pension schemes, other post-employment benefits
\n
such as reimbursement of medical expenses and price subsidies, as well as other long-
\n
term benefits (seniority bonuses). Not all of these benefits are funded.
\n

\n\n
Funding status of the employee benefits
\n
In thousands of \u20ac Pensions * Other **
\n
2022 2021 2022 2021
\n
Present value of funded obligations -
\n
194,397
\n
-
\n
221,035
\n
-32,840 -
\n
47,941
\n
Fair value of plan assets
\n
205,651
\n
221,062
\n
0
\n
0
\n
Funding status of plans
\n
11,254
\n
27
\n
-32,840 -
\n
47,941
\n
Effect of the asset ceiling
\n
0
\n
0
\n
0
\n
0
\n
Other
\n
0
\n
0
\n
0
\n
0
\n
Net employee benefit liability
\n
11,254
\n
27
\n
-32,840 -
\n
47,941
\n
Of which assets
\n
29,401
\n
16,80
\n
3
\n
0
\n
0
\n
Of which liabilities -
\n
18,147
\n
-
\n
16,777
\n
-32,840 -
\n
47,941
\n
* Pensions also include non-prefinanced early-retirement obligations. They also include,
\n
since 2018, contributions paid to cover pension schemes with a profile that takes into
\n
account seniority.
\n
** The item \u2018Other\u2019 includes seniority bonuses paid over the course of the career as well
\n
as other post-employment benefits (reimbursement of medical expenses and price
\n
subsidies (discount on energy costs)).
\n

\n\n
Movements in the present value of obligations
\n
In thousands of \u20ac Pensions * Other **
\n
2022 2021 2022 2021
\n
At the start of the period -
\n
221,035
\n
-
\n
234,450
\n
-
\n
47,941
\n
-
\n
51,384
\n
Service costs -
\n
9,239
\n
-
\n
9,310
\n
-
\n
1,289
\n
-
\n
1,305
\n
Early retirement costs -
\n
1,030
\n
-362
\n
0
\n
0
\n
Financial loss (-) / profit (+) -
\n
1,879
\n
-529 -
\n
496
\n
-
\n
223
\n
Participant\u2019s contributions -
\n
807
\n
-796
\n
0
\n
0
\n
Change in demographic
\n
assumptions
\n
-
\n
777
\n
-969 -
\n
605
\n
-
\n
581
\n
Change in financial assumptions
\n
44,415
\n
11,942
\n
16,144
\n
4,922
\n
Change from experience
\n
adjustments
\n
-
\n
12,505
\n
35 -
\n
398
\n
-
\n
1,233
\n
Past service costs
\n
0
\n
-
\n
1,671
\n
0
\n
0
\n
Benefits paid
\n
8,460
\n
15,075
\n
1,745
\n
1,863
\n
Reclassifications
\n
0
\n
0
\n
0
\n
0
\n
Other
\n
0
\n
0
\n
0
\n
0
\n
At the end of the period -
\n
194,397
\n
-
\n
221,035
\n
-
\n
32,840
\n
-
\n
47,941
\n
The past service cost is related to the change in plan.
\n

\n\n
Movements in the fair value of plan assets
\n
In thousands of \u20ac Pensions * Other **
\n
2022 2021 2022 2021
\n
At the start of the period
\n
221,062
\n
214,386
\n
0
\n
0
\n
Interest income
\n
1,733
\n
476
\n
0
\n
0
\n
Return on plan assets (excluding net
\n
interest income)
\n
-
\n
28,296
\n
13,141
\n
0
\n
0
\n
Employer\u2019s contributions
\n
13,756
\n
5,904
\n
1,745
\n
1,863
\n
Participants\u2019 contributions
\n
807
\n
796
\n
0
\n
0
\n
Benefits paid -
\n
8,460
\n
-
\n
15,075
\n
-
\n
1,745
\n
-
\n
1,863
\n
Change in financial assumptions
\n
5,049
\n
1,434
\n
0
\n
0
\n
Other
\n
0
\n
0
\n
0
\n
0
\n
At the end of the period
\n
205,651
\n
221,062
\n
0
\n
0
\n
Actual return on plan assets -
\n
26,563
\n
13,617
\n
0
\n
0
\n
The return on pension plan assets in 2022 is considerably lower than in 2021 following
\n
difficult conditions on the financial markets in 2022.
\n

\n\n
Costs recognised in profit or loss
\n
In thousands of \u20ac Pensions * Other **
\n
2022 2021 2022 2021
\n
Cost
\n
Service costs -
\n
9,240
\n
-
\n
9,310
\n
-
\n
1,289
\n
-
\n
1,305
\n
Early retirement costs -
\n
1,030
\n
-
\n
362
\n
0
\n
\n
0
\n
\n
Past service costs
\n
0
\n
-
\n
1,671
\n
0
\n
\n
0
\n
\n
Actuarial gains/(losses) on other
\n
long-term benefits
\n
121
\n
188
\n
0
\n
\n
0
\n
\n
Net interest on net liabilities/(assets)
\n
Interest expense on obligations -
\n
1,879
\n
-
\n
529
\n
-
\n
496
\n
-
\n
223
\n
Interest income on plan assets
\n
1,734
\n
476
\n
0
\n
\n
0
\n
\n
Costs recognised in profit or loss -
\n
10,294
\n
-
\n
11,208
\n
-
\n
1,785
\n
-
\n
1,528
\n
Actuarial losses (gains) recognised in other comprehensive income
\n
In thousands of \u20ac Pensions * Other**
\n
2022 2021 2022 2021
\n
Change in demographic assumptions -
\n
777
\n
-
\n
969
\n
-
\n
605
\n
-
\n
581
\n
Change in financial assumptions
\n
49,343
\n
13,188
\n
16,144
\n
4,922
\n
Change from experience adjustments -
\n
12,505
\n
35
\n
-
\n
398
\n
-
\n
1,233
\n
Effect of the asset ceiling
\n
0
\n
0
\n
0
\n
0
\n
Return on plan assets (excluding net interest
\n
income)
\n
-
\n
28,296
\n
13,141
\n
0
\n
0
\n
Actuarial losses (gains) recognised in other
\n
comprehensive income
\n
7,765
\n
25,395
\n
15,141
\n
3,108
\n

\n\n
Allocation of obligation by type of participant to the plan
\n
In thousands of \u20ac 2022 2021
\n
Active plan participants -
\n
186,116
\n
-
\n
220,051
\n
Non-active participants with deferred benefits -
\n
21,413
\n
-
\n
20,620
\n
Retirees and beneficiaries -
\n
19,708
\n
-
\n
28,305
\n
Total -
\n
227,237
\n
-
\n
268,976
\n
Allocation of obligation by type of benefit
\n
In thousands of \u20ac 2022 2021
\n
Retirement and death benefits -
\n
194,397
\n
-221,035
\n
Other post-employment benefits (medical expenses
\n
and price subsidies)
\n

\n
-24,065
\n
-37,815
\n
Seniority bonuses
\n
-8,775
\n
-10,126
\n
Total -
\n
227,237
\n
-268,976
\n

\n\n
Main actuarial assumptions used
\n
2022 2021
\n
Discount rate between 10 to 12 years
\n
3.73%
\n
0.61%
\n
Discount rate between 13 to 19 years
\n
3.75%
\n
1.07%
\n
Discount rate over 19 years
\n
3.73%
\n
1.07%
\n
Expected average salary increase
\n
2.04%
\n
2.05%
\n
Expected inflation
\n
1.99%
\n
1.75%
\n
Expected increase in health expenses
\n
2.99%
\n
2.75%
\n
Expected increase of price subsidies
\n
1.99%
\n
1.75%
\n
Average assumed retirement age
\n
63(BAR) / 65(CAD)
\n
63(BAR) / 65(CAD)
\n
Mortality tables IABE
\n
prospective
\n
IABE prospective
\n
Life expectancy in years:
\n
For a person aged 65 at the balance sheet date:
\n
- Male
\n
20
\n
20
\n
- Female
\n
24
\n
24
\n
For a person aged 65 in 20 years:
\n
- Male
\n
22
\n
22
\n
- Female
\n
26
\n
26
\n
The discount rate of the plans depends on their estimated average duration.
\n

\n\n
The fair value of plan assets is distributed based on the following major
\n
categories
\n
202
\n
2
\n
2021
\n
Listed investments 92.
\n
83%
\n
79.76%
\n
Shares - eurozone 13.
\n
91%
\n
15.56%
\n
Shares - outside eurozone 14.
\n
86%
\n
19.85%
\n
Government bonds - eurozone 0.
\n
62%
\n
2.38%
\n
Other bonds - eurozone 28.
\n
68%
\n
27.71%
\n
Other bonds - outside eurozone 34.
\n
76%
\n
14.25%
\n
Non-listed investments 7.
\n
17%
\n
20.24%
\n
Insurance contracts 0.
\n
00%
\n
0.00%
\n
Real estate 1.
\n
46%
\n
2.80%
\n
Cash and cash equivalents 4.
\n
47%
\n
3.18%
\n
Other 1.
\n
25%
\n
14.27%
\n
Total (in %) 100.
\n
00%
\n
100.00%
\n
Total (in thousands of \u20ac) 205.
\n
651
\n
221,062
\n

\n\n
Sensitivity analysis
\n
Impact on obligations
\n
In thousands of \u20ac
\n
Increase (-) / Decrease (+)
\n
Increase in discount rate (0.25%) 6,
\n
159
\n
Average salary increase - Excluding inflation (0.1%) -2,
\n
056
\n
Increase in inflation rate (0.25%) -5,
\n
016
\n
Increase in healthcare benefits (0.01%)
\n
-44
\n
Increase in price subsidies (0.5%) -1,
\n
465
\n
Increase in life expectancy of retirees (1 year) -
\n
971
\n
Average weighted duration of obligations
\n
2022 2021
\n
Average weighted duration of defined benefit obligations
\n
9
\n
9
\n
Average weighted duration of other post-employment obligations
\n
19
\n
20
\n
Expected contribution to pay for employee benefits relating to extra-
\n
statutory pensions
\n
In thousands of \u20ac
\n
Expected contribution for 2022 (for all
\n
pension and other obligations, listed above)
\n
13,352
\n
The contributions to be paid are function of the payroll of the population concerned.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag65": { "value": "\n

\n\n

\n\n

\n\n
Note 4.3. Financial income
\n
Financial income
\n
In thousands of \u20ac
\n
Notes 31-12-202
\n
2
\n
31-12-2021
\n
Change
\n
Dividends from unconsolidated
\n
entities
\n
0
\n
0
\n
0
\n
Financial income from leasing
\n
contracts
\n
4.3.1
\n
56
\n
60 -
\n
4
\n
Interest income on investments and
\n
cash equivalents
\n
4.3.2
\n
3,970
\n
927
\n
3,043
\n
Other interest income 4.3.2
\n
83
\n
30
\n
53
\n
Unwinding of discounts on provisions 4.4.2
\n
0
\n
126 -
\n
126
\n
Other financial income
\n
480
\n
125
\n
355
\n
Total
\n
4,589
\n
1,268 3,
\n
321
\n
4.3.1. Financial income from leasing contracts
\n
Financial income from leasing contracts relates to the Interconnector
\n
Zeebrugge Terminal (IZT) facilities.
\n
4.3.2. Interest on investments and cash equivalents
\n
Interest on investments and cash equivalents mainly comes, in 2022, from investments
\n
recognised at amortised cost in accordance with IFRS 9. The amount of this interest is up
\n
as compared with 2021, following the increase in interest rates.
\n

\n\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag68": { "value": "\n

\n\n

\n\n
Note 4.3. Financial income
\n
Financial income
\n
In thousands of \u20ac
\n
Notes 31-12-202
\n
2
\n
31-12-2021
\n
Change
\n
Dividends from unconsolidated
\n
entities
\n
0
\n
0
\n
0
\n
Financial income from leasing
\n
contracts
\n
4.3.1
\n
56
\n
60 -
\n
4
\n
Interest income on investments and
\n
cash equivalents
\n
4.3.2
\n
3,970
\n
927
\n
3,043
\n
Other interest income 4.3.2
\n
83
\n
30
\n
53
\n
Unwinding of discounts on provisions 4.4.2
\n
0
\n
126 -
\n
126
\n
Other financial income
\n
480
\n
125
\n
355
\n
Total
\n
4,589
\n
1,268 3,
\n
321
\n
4.3.1. Financial income from leasing contracts
\n
Financial income from leasing contracts relates to the Interconnector
\n
Zeebrugge Terminal (IZT) facilities.
\n
4.3.2. Interest on investments and cash equivalents
\n
Interest on investments and cash equivalents mainly comes, in 2022, from investments
\n
recognised at amortised cost in accordance with IFRS 9. The amount of this interest is up
\n
as compared with 2021, following the increase in interest rates.
\n

\n\n

\n\n

\n\n

\n\n

\n\n
Note 4.4. Finance costs
\n
Finance costs
\n
In thousands of \u20ac
\n
Notes 31-12-202
\n
2
\n
31-12-202
\n
1
\n
Change
\n
Borrowing interest costs 4.4.1 -
\n
39,292
\n
-
\n
37,338
\n
-
\n
1,954
\n
Unwinding of discounts on
\n
provisions
\n
4.4.2 -
\n
383
\n
0
\n
-
\n
383
\n
Interest charges on leasing
\n
contracts
\n
-
\n
890
\n
-
\n
983
\n
93
\n
Other finance costs -
\n
240
\n
-
\n
180
\n
-
\n
60
\n
Total -
\n
40,805
\n
-38,
\n
501
\n
-2,
\n
304
\n
4.4.1. Borrowing interest costs
\n
Borrowing interest costs primarily include interest on the loans from the European
\n
Investment Bank and Fluxys, on bonds and on regulatory liabilities.
\n
4.4.2. Unwinding of discounts on provisions
\n
This item almost exclusively concerns employee benefits that are recognised and valued
\n
in accordance with IAS 19 and includes, apart from the unwinding of discounts on
\n
provisions, returns from associated assets, and actuarial gains and losses recognised in
\n
profit/loss. The change is mainly associated with an increase in the discount rates at year-
\n
end.
\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag63": { "value": "\n

\n\n
Note 4.3. Financial income
\n
Financial income
\n
In thousands of \u20ac
\n
Notes 31-12-202
\n
2
\n
31-12-2021
\n
Change
\n
Dividends from unconsolidated
\n
entities
\n
0
\n
0
\n
0
\n
Financial income from leasing
\n
contracts
\n
4.3.1
\n
56
\n
60 -
\n
4
\n
Interest income on investments and
\n
cash equivalents
\n
4.3.2
\n
3,970
\n
927
\n
3,043
\n
Other interest income 4.3.2
\n
83
\n
30
\n
53
\n
Unwinding of discounts on provisions 4.4.2
\n
0
\n
126 -
\n
126
\n
Other financial income
\n
480
\n
125
\n
355
\n
Total
\n
4,589
\n
1,268 3,
\n
321
\n
4.3.1. Financial income from leasing contracts
\n
Financial income from leasing contracts relates to the Interconnector
\n
Zeebrugge Terminal (IZT) facilities.
\n
4.3.2. Interest on investments and cash equivalents
\n
Interest on investments and cash equivalents mainly comes, in 2022, from investments
\n
recognised at amortised cost in accordance with IFRS 9. The amount of this interest is up
\n
as compared with 2021, following the increase in interest rates.
\n

\n\n

\n\n

\n\n
Note 4.4. Finance costs
\n
Finance costs
\n
In thousands of \u20ac
\n
Notes 31-12-202
\n
2
\n
31-12-202
\n
1
\n
Change
\n
Borrowing interest costs 4.4.1 -
\n
39,292
\n
-
\n
37,338
\n
-
\n
1,954
\n
Unwinding of discounts on
\n
provisions
\n
4.4.2 -
\n
383
\n
0
\n
-
\n
383
\n
Interest charges on leasing
\n
contracts
\n
-
\n
890
\n
-
\n
983
\n
93
\n
Other finance costs -
\n
240
\n
-
\n
180
\n
-
\n
60
\n
Total -
\n
40,805
\n
-38,
\n
501
\n
-2,
\n
304
\n
4.4.1. Borrowing interest costs
\n
Borrowing interest costs primarily include interest on the loans from the European
\n
Investment Bank and Fluxys, on bonds and on regulatory liabilities.
\n
4.4.2. Unwinding of discounts on provisions
\n
This item almost exclusively concerns employee benefits that are recognised and valued
\n
in accordance with IAS 19 and includes, apart from the unwinding of discounts on
\n
provisions, returns from associated assets, and actuarial gains and losses recognised in
\n
profit/loss. The change is mainly associated with an increase in the discount rates at year-
\n
end.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag61": { "value": "\n
Note 4.3. Financial income
\n
Financial income
\n
In thousands of \u20ac
\n
Notes 31-12-202
\n
2
\n
31-12-2021
\n
Change
\n
Dividends from unconsolidated
\n
entities
\n
0
\n
0
\n
0
\n
Financial income from leasing
\n
contracts
\n
4.3.1
\n
56
\n
60 -
\n
4
\n
Interest income on investments and
\n
cash equivalents
\n
4.3.2
\n
3,970
\n
927
\n
3,043
\n
Other interest income 4.3.2
\n
83
\n
30
\n
53
\n
Unwinding of discounts on provisions 4.4.2
\n
0
\n
126 -
\n
126
\n
Other financial income
\n
480
\n
125
\n
355
\n
Total
\n
4,589
\n
1,268 3,
\n
321
\n
4.3.1. Financial income from leasing contracts
\n
Financial income from leasing contracts relates to the Interconnector
\n
Zeebrugge Terminal (IZT) facilities.
\n
4.3.2. Interest on investments and cash equivalents
\n
Interest on investments and cash equivalents mainly comes, in 2022, from investments
\n
recognised at amortised cost in accordance with IFRS 9. The amount of this interest is up
\n
as compared with 2021, following the increase in interest rates.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag67": { "value": "\n

\n\n

\n\n

\n\n
Note 4.4. Finance costs
\n
Finance costs
\n
In thousands of \u20ac
\n
Notes 31-12-202
\n
2
\n
31-12-202
\n
1
\n
Change
\n
Borrowing interest costs 4.4.1 -
\n
39,292
\n
-
\n
37,338
\n
-
\n
1,954
\n
Unwinding of discounts on
\n
provisions
\n
4.4.2 -
\n
383
\n
0
\n
-
\n
383
\n
Interest charges on leasing
\n
contracts
\n
-
\n
890
\n
-
\n
983
\n
93
\n
Other finance costs -
\n
240
\n
-
\n
180
\n
-
\n
60
\n
Total -
\n
40,805
\n
-38,
\n
501
\n
-2,
\n
304
\n
4.4.1. Borrowing interest costs
\n
Borrowing interest costs primarily include interest on the loans from the European
\n
Investment Bank and Fluxys, on bonds and on regulatory liabilities.
\n
4.4.2. Unwinding of discounts on provisions
\n
This item almost exclusively concerns employee benefits that are recognised and valued
\n
in accordance with IAS 19 and includes, apart from the unwinding of discounts on
\n
provisions, returns from associated assets, and actuarial gains and losses recognised in
\n
profit/loss. The change is mainly associated with an increase in the discount rates at year-
\n
end.
\n

\n\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag64": { "value": "\n
Note 4.4. Finance costs
\n
Finance costs
\n
In thousands of \u20ac
\n
Notes 31-12-202
\n
2
\n
31-12-202
\n
1
\n
Change
\n
Borrowing interest costs 4.4.1 -
\n
39,292
\n
-
\n
37,338
\n
-
\n
1,954
\n
Unwinding of discounts on
\n
provisions
\n
4.4.2 -
\n
383
\n
0
\n
-
\n
383
\n
Interest charges on leasing
\n
contracts
\n
-
\n
890
\n
-
\n
983
\n
93
\n
Other finance costs -
\n
240
\n
-
\n
180
\n
-
\n
60
\n
Total -
\n
40,805
\n
-38,
\n
501
\n
-2,
\n
304
\n
4.4.1. Borrowing interest costs
\n
Borrowing interest costs primarily include interest on the loans from the European
\n
Investment Bank and Fluxys, on bonds and on regulatory liabilities.
\n
4.4.2. Unwinding of discounts on provisions
\n
This item almost exclusively concerns employee benefits that are recognised and valued
\n
in accordance with IAS 19 and includes, apart from the unwinding of discounts on
\n
provisions, returns from associated assets, and actuarial gains and losses recognised in
\n
profit/loss. The change is mainly associated with an increase in the discount rates at year-
\n
end.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag66": { "value": "\n
Note 4.5. Income tax expenses
\n
Income tax expense is analysed as follows:
\n
Income tax expenses In thousands of \u20ac
\n
Notes 31-12-202
\n
2
\n
31-12-202
\n
1
\n
Change
\n
Current tax 4.5.1 -
\n
35,730
\n
-
\n
37,137
\n
1,407
\n
Deferred tax 4.5.2
\n
9,667
\n
12,184
\n
-
\n
2,517
\n
Total 4.5.3 -
\n
26,063
\n
-24,953 -
\n
1,110
\n
Income tax expenses are up \u20ac1,110 thousand as compared with the preceding financial
\n
year. This change can essentially be explained by the following factors:
\n
\u2022 an increase in earnings before tax;
\n
\u2022 a reduction in the amount of the deduction for revenues from innovation (from
\n
\u20ac10,000 thousand estimated in 2021 to \u20ac5,400 thousand estimated in 2022);
\n
This increase was partly compensated by the deduction for energy efficiency
\n
investments obtained by Fluxys LNG. The amount of this deduction for the year 2022 is
\n
estimated at \u20ac4,366 thousand.
\n
Income tax expenses include both current and deferred taxes, which are detailed
\n
separately below.
\n

\n\n
4.5.1. Current tax
\n
In thousands of \u20ac
\n
31-12-2022 31-12-202
\n
1
\n
Change
\n
Income taxes on the result of the current
\n
period
\n
-36,052 -
\n
36,465
\n
413
\n
Taxes and withholding taxes due or
\n
paid
\n
-35,066 -
\n
36,938
\n
1,872
\n
Excess of payment of taxes and
\n
withholding taxes (included in assets)
\n
-1,213
\n
47
\n
-
\n
1,260
\n
Estimated additional taxes (included in
\n
liabilities)
\n
227
\n
426
\n
-
\n
199
\n
Adjustments to previous years\u2019 current
\n
taxes
\n
322 -
\n
672
\n
994
\n
Total -35,730 -
\n
37,137
\n
1,407
\n
Current tax decreased by \u20ac1,407 thousand in 2022.
\n
4.5.2 Deferred tax
\n
In thousands of \u20ac
\n
31-12-202
\n
2
\n
31-12-2021
\n
Change
\n
Relating to origination or reversal of
\n
temporary differences
\n
9,667
\n
12,184 -
\n
2,517
\n
Differences arising from the valuation of
\n
property, plant and equipment
\n
11,37
\n
8
\n
12,094
\n
-71
\n
6
\n
Changes in provisions
\n
263
\n
-28
\n
291
\n
Other changes -1,97
\n
4
\n
118 -2,09
\n
2
\n
Relating to tax rate changes or to new taxes
\n
0
\n
0
\n
0
\n
Relating to changes in accounting policies
\n
and errors
\n
0
\n
0
\n
0
\n
Relating to changes in fiscal status of entity or
\n
shareholders
\n
0
\n
0
\n
0
\n
Total
\n
9,667
\n
12,184 -
\n
2,517
\n
Deferred tax is primarily influenced by the difference between the book value and the
\n
tax base of property, plant and equipment.
\n
The deferred tax profit decreased by \u20ac2,517 thousand compared to 2021. This decrease
\n
can primarily be explained by adjustments of the tax base for financial assets.
\n

\n\n
4.5.3. Reconciliation of expected
\n
income tax rate and effective
\n
average income tax rate
\n
In thousands of \u20ac
\n
31-12-202
\n
2
\n
31-12-202
\n
1
\n
Change
\n
Income tax as per applicable tax rate \u2013
\n
Financial year
\n
-27,448 -
\n
25,119
\n
-
\n
2,329
\n
Profit/loss before taxes
\n
109,791
\n
100,474
\n
9,317
\n
Applicable tax rate
\n
25.00%
\n
25.00%
\n
0%
\n
Elements that justify transition to the effective
\n
average tax rate
\n
1,063
\n
838
\n
225
\n
Income tax rate differences between
\n
jurisdictions
\n
-
\n
58,0
\n
5
\n
-
\n
63
\n
Changes in tax rates
\n
0
\n
0
\n
0
\n
Tax-exempt income
\n
0
\n
0
\n
0
\n
Non-deductible expenses -
\n
1,396,0
\n
-
\n
1,375
\n
-
\n
21
\n
Taxable dividend income
\n
0
\n
0
\n
0
\n
Deductible notional interest cost
\n
0
\n
0
\n
0
\n
Other (1)
\n
2,517
\n
2,208
\n
309
\n
Income tax as per effective average tax rate \u2013
\n
Financial year
\n
-26,385,0 -
\n
24,281
\n
-
\n
2,104
\n
Profit/loss before taxes
\n
109,791
\n
100,474
\n
9,317
\n
Average effective tax rate
\n
24.03%
\n
24.17%
\n
-
\n
0.14%
\n
Taxation of tax-free reserves
\n
0
\n
0
\n
0
\n
Adjustments to previous years\u2019 current taxes (1) 322 -
\n
672
\n
994
\n
Total income tax expense -26,063 -
\n
24,953
\n
-
\n
1,110
\n
(1) In 2022, Fluxys LNG obtained the deduction for energy efficiency investments for the year
\n
2021. This tax advantage is incorporated into the regulated tariffs.
\n
The average effective tax rate for 2022 amounted to 24.03% compared with 24.17% the
\n
previous year.
\n

\n\n
Note 5.15. Deferred tax assets and liabilities
\n
Recognised deferred tax liabilities
\n
In thousands of \u20ac
\n
31-12-202
\n
2
\n
31-12-2021
\n
Difference
\n
Valuation of assets
\n
105,227
\n
116,605 -
\n
11,378
\n
Accrued income
\n
237
\n
388 -
\n
151
\n
Fair value of financial instruments
\n
2,252
\n
126
\n
2,126
\n
Provisions for employee benefits or provisions not
\n
accepted under IFRS
\n
35,832
\n
30,369
\n
5,463
\n
Other normative differences
\n
0
\n
0
\n
0
\n
Total
\n
143,548
\n
147,488 -
\n
3,940
\n
Deferred tax assets and liabilities are offset within each taxable entity. They are all fully
\n
recognised.
\n
The main source of deferred tax is the difference between the book value and the tax
\n
base of property, plant and equipment. This difference arises firstly from the recognition in
\n
the opening balance sheet of property, plant and equipment at their fair value
\n
corresponding to their deemed cost and, secondly, from the recognition at fair value of
\n
the assets and liabilities arising from the SEGEO and Distrigas & C\u00b0 business combinations
\n
in 2008.
\n
Provisions accounted for in accordance with IAS 19 (Employee benefits) and provisions
\n
recognised under local GAAP but not recognised under IFRS are another major source of
\n
deferred tax.
\n

\n\n
Movement for the period
\n
In thousands of \u20ac
\n
Deferred tax
\n
As at 31-12-2021
\n
147,488
\n
Deferred tax expenses \u2013 Profit & loss account -
\n
9,666
\n
Deferred tax expenses \u2013 other comprehensive
\n
income
\n
5,726
\n
As at 31-12-2022
\n
143,548
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag62": { "value": "\n
Note 4.6. Net profit/loss for the period
\n
Net profit/loss for the period In thousands of \u20ac
\n
31-12-202
\n
2
\n
31-12-202
\n
1
\n
Change
\n
Non-controlling interests
\n
0
\n
0
\n
0
\n
Group share
\n
83,728
\n
75,521
\n
8,207
\n
Total profit/loss for the period
\n
83,728
\n
75,521
\n
8,207
\n
The consolidated net profit for the financial year amounted to \u20ac83,728 thousand, an
\n
increase of \u20ac8,207 thousand compared with 2021.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag58": { "value": "\n
Note 4.7. Earnings per share
\n
In thousands of \u20ac 31-12-202
\n
2
\n
31-12-202
\n
1
\n
Net profit/loss from continuing operations
\n
attributable to the parent company\u2019s
\n
shareholders
\n
83,728
\n
75,521
\n
Net profit/loss
\n
83,728
\n
75,521
\n
Impact of dilutive instruments
\n
0
\n
0
\n
Diluted net profit/loss from continuing operations
\n
attributable to the parent company\u2019s
\n
shareholders
\n
83,728
\n
75,521
\n
Net profit/loss from discontinued operations
\n
attributable to the parent company\u2019s
\n
shareholders
\n
0
\n
0
\n
Net profit/loss
\n
0
\n
0
\n
Impact of dilutive instruments
\n
0
\n
0
\n
Diluted net profit/loss from discontinued
\n
operations attributable to the parent
\n
company\u2019s
\n
shareholders
\n
0
\n
0
\n
Net profit/loss attributable to the parent
\n
company\u2019s shareholders
\n
83,728
\n
75,521
\n
Net profit/loss
\n
83,728
\n
75,521
\n
Impact of dilutive instruments
\n
0
\n
0
\n
Diluted net profit/loss attributable to the parent
\n
company\u2019s shareholders
\n
83,728
\n
75,521
\n
Denominator (in units) 31-12-
\n
2022
\n
31-12-
\n
2021
\n
Average number of outstanding shares
\n
70,263,501
\n
70,263,501
\n
Impact of dilutive instruments
\n
0
\n
0
\n
Diluted average number of outstanding shares
\n
70,263,501
\n
70,263,501
\n

\n\n
Earnings per share (in euros) 31-12-202
\n
2
\n
31-12-202
\n
1
\n
Basic earnings per share from continuing operations attributable
\n
to the parent company\u2019s shareholders
\n
1.1916
\n
1.0748
\n
Diluted basic earnings per share from continuing operations
\n
attributable to the parent company\u2019s shareholders
\n
1.1916
\n
1.0748
\n
Basic earnings per share from discontinued operations
\n
attributable to the parent company\u2019s shareholders
\n
0.0000
\n
0.0000
\n
Diluted basic earnings per share from discontinued operations
\n
attributable to the parent company\u2019s shareholders
\n
0.0000
\n
0.0000
\n
Basic earnings per share
\n
attributable to the parent company\u2019s shareholders
\n
1.1916
\n
1.0748
\n
Diluted basic earnings per share
\n
attributable to the parent company\u2019s shareholders
\n
1.1916
\n
1.0748
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag59": { "value": "\n
Note 5.1. Property, plant and equipment
\n
Movements in property, plant and equipment
\n
Gross book value Land Buildings
\n
Gas
\n
transmission*
\n
Gas storage *
\n
At 31-12-2020
\n
48,416
\n
161,231
\n
3,462,837
\n
386,670
\n
Investments
\n
1,060
\n
51
\n
14,882
\n
22
\n
Grants received
\n
0
\n
0
\n
0
\n
0
\n
Disposals and retirements -
\n
75
\n
-
\n
189
\n
-
\n
8,697
\n
0
\n
Internal transfers
\n
0
\n
0
\n
2,300
\n
0
\n
Changes in the
\n
consolidation scope and
\n
assets held for sale
\n
0
\n
0
\n
0
\n
0
\n
Translation adjustments
\n
0
\n
0
\n
0
\n
0
\n
At 31-12-2021
\n
49,401
\n
161,093
\n
3,471,322
\n
386,692
\n
Investments
\n
186
\n
166
\n
26,
\n
325
\n
312
\n
Grants received
\n
0
\n
0
\n
0
\n
0
\n
Disposals and retirements -
\n
2
\n
0
\n
-6,
\n
725
\n
-
\n
5
\n
Internal transfers
\n
0
\n
0
\n
15,
\n
204
\n
121
\n
Changes in the
\n
consolidation scope and
\n
assets held for sale
\n
0
\n
0
\n
0
\n
0
\n
Translation adjustments
\n
0
\n
0
\n
0
\n
0
\n
At 31-12-2022 49,
\n
585
\n
161,
\n
259
\n
3,506,
\n
126
\n
387,
\n
120
\n
*subject to the Gas Act
\n

\n\n
In thousands of \u20ac
\n
LNG Terminal*
\n
Other
\n
facilities
\n
and machinery
\n
Furniture,
\n
equipment &
\n
vehicles
\n
Assets under
\n
construction &
\n
instalments paid
\n
Total
\n
1,457,308
\n
43,511
\n
62,777
\n
6,719
\n
5,629,469
\n
3,025
\n
0
\n
7,232
\n
24,376
\n
50,648
\n
-
\n
513
\n
0
\n
0
\n
0 -
\n
513
\n
-
\n
18
\n
0
\n
-
\n
11,857
\n
0 -
\n
20,836
\n
0
\n
0
\n
0
\n
-
\n
2,300
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
1,459,802
\n
43,511
\n
58,152
\n
28,795
\n
5,658,768
\n
1,880
\n
0
\n
8,450
\n
68,206
\n
105,525
\n
0
\n
0
\n
0
\n
0
\n
0
\n
-
\n
290
\n
0
\n
-
\n
8,240
\n
0 -
\n
15,262
\n
0
\n
0
\n
0
\n
-
\n
15,325
\n
0
\n
0
\n
0
\n
-
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
1,461,392
\n
43,511
\n
58,362
\n
81,676
\n
5,749,031
\n

\n\n

\n\n
Movements in property, plant and equipment
\n
Depreciation and impairment losses Land Buildings
\n
Gas
\n
transmission*
\n
Gas
\n
storage*
\n
As at 31-12-2020
\n
0
\n
-
\n
98,618
\n
-
\n
2,289,869
\n
-
\n
251,390
\n
Depreciation
\n
0
\n
-4,0
\n
14
\n
-
\n
96,005
\n
-
\n
9,357
\n
Disposals and retirements
\n
0
\n
175
\n
8,233
\n
0
\n
Internal transfers
\n
0
\n
0
\n
0
\n
0
\n
Changes in the consolidation scope
\n
and assets held for sale
\n
0
\n
0
\n
0
\n
0
\n
Translation adjustments
\n
0
\n
0
\n
0
\n
0
\n
As at 31-12-2021
\n
0
\n
-
\n
102,457
\n
-
\n
2,377,641
\n
-
\n
260,747
\n
Depreciation
\n
0
\n
-
\n
3,988
\n
-
\n
89,701
\n
-
\n
8,137
\n
Disposals and retirements
\n
0
\n
0
\n
5,888
\n
1
\n
Internal transfers
\n
0
\n
0
\n
0
\n
0
\n
Changes in the consolidation scope
\n
and assets held for sale
\n
0
\n
0
\n
0
\n
0
\n
Translation adjustments
\n
0
\n
0
\n
0
\n
0
\n
As at 31-12-2022
\n
0
\n
-
\n
106,445
\n
-
\n
2,461,454
\n
-
\n
268,883
\n
Net book values as at 31-12-2022
\n
49,585
\n
54,814
\n
1,044,672
\n
118,237
\n
Net book values as at 31-12-2021
\n
49,401
\n
58,636
\n
1,093,681
\n
125,945
\n
*subject to the Gas Act
\n

\n\n

\n\n

\n\n
In thousands of \u20ac
\n
LNG Terminal*
\n
Other facilities
\n
and machinery
\n
Furniture,
\n
equipment &
\n
vehicles
\n
Assets under
\n
construction &
\n
instalments paid
\n
Total
\n
-
\n
889,570
\n
-
\n
43,259
\n
-
\n
45,554
\n
0
\n
-
\n
3,618,260
\n
-
\n
43,218
\n
-
\n
7
\n
-
\n
5,657
\n
0
\n
-
\n
158,258
\n
2
\n
0
\n
11,377
\n
0
\n
19,787
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
-
\n
932,786
\n
-
\n
43,266
\n
-
\n
39,834
\n
0
\n
-
\n
3,756,731
\n
-
\n
43,208
\n
0
\n
-
\n
5,881
\n
0
\n
-
\n
150,915
\n
8
\n
0
\n
8,093
\n
0
\n
13,990
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
-
\n
975,986
\n
-
\n
43,266
\n
-
\n
37,622
\n
0
\n
-
\n
3,893,656
\n
485,406
\n
245
\n
20,740
\n
81,676
\n
1,855,375
\n
527,016
\n
245
\n
18,318
\n
28,795
\n
1,902,037
\n

\n\n

\n\n
Movements in property, plant and equipment
\n
Land Buildings
\n
Gas
\n
transmission*
\n
Gas
\n
storage*
\n
Net book values as at 31-12-2022,
\n
of which:
\n
49,585
\n
54,814
\n
1,044,672
\n
118,237
\n
At cost
\n
49,585
\n
54,814
\n
1,044,672
\n
118,237
\n
At revaluation
\n
0
\n
0 0
\n
0
\n
Supplementary information
\n
0
\n
0 0
\n
0
\n
Net book value of assets
\n
temporarily retired from active use
\n
110
\n
0 0
\n
0
\n
*subject to the Gas Act
\n
Property, plant and equipment mainly comprises the group\u2019s transmission, storage
\n
(Loenhout) and LNG terminalling (Zeebrugge) facilities.
\n
In 2022, Fluxys Belgium group made property, plant and equipment investments in
\n
infrastructure of \u20ac102,527 thousand. Furthermore, Fluxys Belgium group made \u20ac2,996
\n
thousand IT investments in the network infrastructure as well as in the computers and
\n
devices inventory.
\n
\u20ac67,736 thousand was allocated to LNG infrastructure projects (mainly for the
\n
construction of 3 new Open Rack Vaporizers and 3 new truck loading bays in the
\n
Zeebrugge LNG Terminal) and \u20ac33,817 thousand to project linked to transmission activity.
\n
In 2022 no costs for loans were activated on construction investments.
\n

\n\n
In thousands of \u20ac
\n
LNG Terminal*
\n
Other facilities
\n
and machinery
\n
Furniture,
\n
equipment &
\n
vehicles
\n
Assets under
\n
construction &
\n
instalments paid
\n
Total
\n
485,406
\n
245
\n
20,740
\n
81,676
\n
1,855,375
\n
485,406
\n
245
\n
20,740
\n
81,676
\n
1,855,375
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
110
\n
The depreciation charge for the period amounts to \u20ac150,915 thousand and reflects the
\n
rhythm at which the group expects to consume the economic benefits linked to those
\n
property, plant and equipment.
\n
The assets that are used within the regulated market are depreciated over their useful
\n
life, as stated in point 6 of the accounting principles (Note 2), without taking into account
\n
a residual value, given the specificity of the sector\u2019s activities.
\n
Other property, plant and equipment is depreciated over its useful life as estimated by
\n
the group, taking into account actual and potential contracts, and considering
\n
reasonable market assumptions, based on the principle of matching of revenues and
\n
costs. Given the specific nature of the activities concerned, the residual value, if any, of
\n
the facilities in question has been ignored.
\n
At the balance sheet date, the group does not hold property, plant and equipment
\n
assets which have been pledged as security against liabilities.
\n
At the end of the financial year, the group has identified no signal or event that would
\n
lead any item of property, plant and equipment to be impaired.
\n
This assessment takes into account the regulatory framework in which the Group
\n
operates and of the present energy transition in which the Group plays an active role.
\n
This refers, for example, to the conversion of our low-calorific gas network to high-calorific
\n
gas, the transport of molecules other than natural gas, and the efforts required to
\n
combat climate change. All the investments and regulated assets of the Group ensue in
\n
a right to a regulated authorised rate of return for their lifespan (see also accounting
\n
principles in Note 2.6).
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag60": { "value": "\n
Movements in property, plant and equipment
\n
Depreciation and impairment losses Land Buildings
\n
Gas
\n
transmission*
\n
Gas
\n
storage*
\n
As at 31-12-2020
\n
0
\n
-
\n
98,618
\n
-
\n
2,289,869
\n
-
\n
251,390
\n
Depreciation
\n
0
\n
-4,0
\n
14
\n
-
\n
96,005
\n
-
\n
9,357
\n
Disposals and retirements
\n
0
\n
175
\n
8,233
\n
0
\n
Internal transfers
\n
0
\n
0
\n
0
\n
0
\n
Changes in the consolidation scope
\n
and assets held for sale
\n
0
\n
0
\n
0
\n
0
\n
Translation adjustments
\n
0
\n
0
\n
0
\n
0
\n
As at 31-12-2021
\n
0
\n
-
\n
102,457
\n
-
\n
2,377,641
\n
-
\n
260,747
\n
Depreciation
\n
0
\n
-
\n
3,988
\n
-
\n
89,701
\n
-
\n
8,137
\n
Disposals and retirements
\n
0
\n
0
\n
5,888
\n
1
\n
Internal transfers
\n
0
\n
0
\n
0
\n
0
\n
Changes in the consolidation scope
\n
and assets held for sale
\n
0
\n
0
\n
0
\n
0
\n
Translation adjustments
\n
0
\n
0
\n
0
\n
0
\n
As at 31-12-2022
\n
0
\n
-
\n
106,445
\n
-
\n
2,461,454
\n
-
\n
268,883
\n
Net book values as at 31-12-2022
\n
49,585
\n
54,814
\n
1,044,672
\n
118,237
\n
Net book values as at 31-12-2021
\n
49,401
\n
58,636
\n
1,093,681
\n
125,945
\n
*subject to the Gas Act
\n

\n\n
In thousands of \u20ac
\n
LNG Terminal*
\n
Other facilities
\n
and machinery
\n
Furniture,
\n
equipment &
\n
vehicles
\n
Assets under
\n
construction &
\n
instalments paid
\n
Total
\n
-
\n
889,570
\n
-
\n
43,259
\n
-
\n
45,554
\n
0
\n
-
\n
3,618,260
\n
-
\n
43,218
\n
-
\n
7
\n
-
\n
5,657
\n
0
\n
-
\n
158,258
\n
2
\n
0
\n
11,377
\n
0
\n
19,787
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
-
\n
932,786
\n
-
\n
43,266
\n
-
\n
39,834
\n
0
\n
-
\n
3,756,731
\n
-
\n
43,208
\n
0
\n
-
\n
5,881
\n
0
\n
-
\n
150,915
\n
8
\n
0
\n
8,093
\n
0
\n
13,990
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
0
\n
-
\n
975,986
\n
-
\n
43,266
\n
-
\n
37,622
\n
0
\n
-
\n
3,893,656
\n
485,406
\n
245
\n
20,740
\n
81,676
\n
1,855,375
\n
527,016
\n
245
\n
18,318
\n
28,795
\n
1,902,037
\n

\n\n
Movements in the book value of intangible assets
\n
In thousands of \u20ac
\n
Depreciation and impairment
\n
losses
\n
Software
\n
\u2018Client
\n
portfolios\u2019
\n
assets
\n
CO
\n
2
\n
Emission
\n
rights
\n
Total
\n
As at 31-12-2020 -
\n
13,603
\n
-
\n
33,447
\n
0
\n
-
\n
47,050
\n
Depreciation and impairment
\n
losses
\n
-
\n
4,394
\n
-
\n
6,450
\n
0
\n
-
\n
10,844
\n
Disposals and retirements
\n
6,176
\n
0
\n
0
\n
6,176
\n
Translation adjustments
\n
0
\n
0
\n
0
\n
0
\n
Changes in the consolidation
\n
scope
\n
0
\n
0
\n
0
\n
0
\n
Other
\n
0
\n
0
\n
0
\n
0
\n
As at 31-12-2021 -
\n
11,821
\n
-
\n
39,897
\n
0
\n
-
\n
51,718
\n
Depreciation and impairment
\n
losses
\n
-
\n
5,934
\n
-
\n
6,451
\n
0
\n
-
\n
12,385
\n
Disposals and retirements
\n
3,619
\n
0
\n
0
\n
3,619
\n
Translation adjustments
\n
0
\n
0
\n
0
\n
0
\n
Changes in the consolidation
\n
scope
\n
0
\n
0
\n
0
\n
0
\n
Other
\n
0
\n
0
\n
0
\n
0
\n
As at 31-12-2022 -
\n
14,136
\n
-
\n
46,348
\n
0
\n
-
\n
60,484
\n

\n\n

\n\n

\n
Note 5.3. Right of use assets
\n
The right of use assets are mainly linked to concession rights for land on which gas
\n
transmission and terminalling facilities (Zeebrugge) have been built.
\n
These contracts don\u2019t have significant termination or extension options. The rent is not
\n
variable, except for some contracts that have a clause for yearly indexation. The impact
\n
thereof is not material.
\n
Right of use assets
\n
In thousands of \u20ac
\n
Land &
\n
Buildings
\n
Facilities Cars Total
\n
As at 31-12-2020
\n
29,426
\n
3,487
\n
3,554
\n
36,467
\n
Additional rights
\n
0
\n
0
\n
1,968
\n
1,968
\n
Depreciation and impairment losses -
\n
2,405
\n
-
\n
763
\n
-
\n
1,723
\n
-
\n
4,891
\n
Disposals
\n
0
\n
0
\n
-17 -
\n
17
\n
Other changes
\n
0
\n
0
\n
0
\n
0
\n
As at 31-12-2021
\n
27,021
\n
2,724
\n
3,782
\n
33,527
\n
Additional rights
\n
0
\n
0
\n
1,351
\n
1,351
\n
Depreciation and impairment losses -
\n
2,405
\n
-
\n
763
\n
-
\n
1,583
\n
-
\n
4,751
\n
Disposals
\n
0
\n
0
\n
-107 -
\n
107
\n
Other changes
\n
0
\n
0
\n
0
\n
0
\n
As at 31-12-2022
\n
24,616
\n
1,961
\n
3,443
\n
30,020
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag69": { "value": "\n

\n\n
Note 5.2. Intangible assets
\n
Movements in the book value of intangible assets In thousands of \u20ac
\n
Gross book value Software
\n
\u2018Client
\n
portfolios\u2019
\n
assets
\n
CO
\n
2
\n
Emission
\n
rights
\n
Total
\n
As at 31-12-2020 22,
\n
457
\n
52,
\n
800
\n
0
\n
75,
\n
257
\n
Investments 6,
\n
528
\n
0
\n
0
\n
6,
\n
528
\n
Disposals and retirements -6,
\n
176
\n
0
\n
0
\n
-6,
\n
176
\n
Translation adjustments
\n
0
\n
0
\n
0
\n
0
\n
Changes in the consolidation
\n
scope
\n
0
\n
0
\n
0
\n
0
\n
Other
\n
0
\n
0
\n
0
\n
0
\n
As at 31-12-2021 22,
\n
809
\n
52,
\n
800
\n
0
\n
75,
\n
609
\n
Investments
\n
11,365
\n
0
\n
0
\n
11,365
\n
Disposals and retirements -
\n
3,627
\n
0
\n
0
\n
-
\n
3,627
\n
Translation adjustments
\n
0
\n
0
\n
0
\n
0
\n
Changes in the consolidation
\n
scope
\n
0
\n
0
\n
0
\n
0
\n
Other
\n
0
\n
0
\n
0
\n
0
\n
As at 31-12-2022
\n
30,547
\n
52,800
\n
0
\n
83,347
\n

\n\n

\n\n

\n\n

\n\n
Movements in the book value of intangible assets
\n
In thousands of \u20ac
\n
Depreciation and impairment
\n
losses
\n
Software
\n
\u2018Client
\n
portfolios\u2019
\n
assets
\n
CO
\n
2
\n
Emission
\n
rights
\n
Total
\n
As at 31-12-2020 -
\n
13,603
\n
-
\n
33,447
\n
0
\n
-
\n
47,050
\n
Depreciation and impairment
\n
losses
\n
-
\n
4,394
\n
-
\n
6,450
\n
0
\n
-
\n
10,844
\n
Disposals and retirements
\n
6,176
\n
0
\n
0
\n
6,176
\n
Translation adjustments
\n
0
\n
0
\n
0
\n
0
\n
Changes in the consolidation
\n
scope
\n
0
\n
0
\n
0
\n
0
\n
Other
\n
0
\n
0
\n
0
\n
0
\n
As at 31-12-2021 -
\n
11,821
\n
-
\n
39,897
\n
0
\n
-
\n
51,718
\n
Depreciation and impairment
\n
losses
\n
-
\n
5,934
\n
-
\n
6,451
\n
0
\n
-
\n
12,385
\n
Disposals and retirements
\n
3,619
\n
0
\n
0
\n
3,619
\n
Translation adjustments
\n
0
\n
0
\n
0
\n
0
\n
Changes in the consolidation
\n
scope
\n
0
\n
0
\n
0
\n
0
\n
Other
\n
0
\n
0
\n
0
\n
0
\n
As at 31-12-2022 -
\n
14,136
\n
-
\n
46,348
\n
0
\n
-
\n
60,484
\n

\n\n

\n\n

\n\n

\n\n
Movements in the book value of intangible assets
\n
In thousands of \u20ac
\n
Software
\n
\u2018Client portfolios\u2019
\n
assets
\n
CO
\n
2
\n
Emission
\n
rights
\n
Total
\n
Net book values as
\n
at 31-12-2022
\n
16,411
\n
6,453
\n
0
\n
22,864
\n
Net book values as
\n
at 31-12-2021
\n
10,988 12,903
\n
0
\n
23,891
\n
Intangible assets include the net book value of software, the portfolio of \u2018Hub\u2019 clients and
\n
CO
\n
2
\n
emission rights.
\n
The software included in intangible assets is investment software developed or
\n
purchased by the group. This software is depreciated over 5 years on a straight-line basis.
\n
Major investments during the financial year concern software developed in relation to
\n
gas flow and asset management and related administrative tools.
\n
In 2015, Fluxys Belgium acquired all of Huberator\u2019s business activities for \u20ac52.8 million. This
\n
intangible asset will be fully depreciated in 2023 (on a straight-line basis).
\n
Certain gas transmission facilities in Belgium are included in the scheme for greenhouse
\n
gas emission allowance trading. Accordingly, Fluxys Belgium group was given free
\n
emission rights for 2022 amounting to 20,752 tonnes of CO
\n
2
\n
for the compression, storage
\n
and terminalling activity sites. In accordance with the accounting policies stated in Note
\n
2, the unused emission rights have been recognised at nil value in intangible assets.
\n
The group emphasises that no indications existed at the balance sheet date that any
\n
item of property, plant and equipment may have been impaired.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag72": { "value": "\n
Note 5.2. Intangible assets
\n
Movements in the book value of intangible assets In thousands of \u20ac
\n
Gross book value Software
\n
\u2018Client
\n
portfolios\u2019
\n
assets
\n
CO
\n
2
\n
Emission
\n
rights
\n
Total
\n
As at 31-12-2020 22,
\n
457
\n
52,
\n
800
\n
0
\n
75,
\n
257
\n
Investments 6,
\n
528
\n
0
\n
0
\n
6,
\n
528
\n
Disposals and retirements -6,
\n
176
\n
0
\n
0
\n
-6,
\n
176
\n
Translation adjustments
\n
0
\n
0
\n
0
\n
0
\n
Changes in the consolidation
\n
scope
\n
0
\n
0
\n
0
\n
0
\n
Other
\n
0
\n
0
\n
0
\n
0
\n
As at 31-12-2021 22,
\n
809
\n
52,
\n
800
\n
0
\n
75,
\n
609
\n
Investments
\n
11,365
\n
0
\n
0
\n
11,365
\n
Disposals and retirements -
\n
3,627
\n
0
\n
0
\n
-
\n
3,627
\n
Translation adjustments
\n
0
\n
0
\n
0
\n
0
\n
Changes in the consolidation
\n
scope
\n
0
\n
0
\n
0
\n
0
\n
Other
\n
0
\n
0
\n
0
\n
0
\n
As at 31-12-2022
\n
30,547
\n
52,800
\n
0
\n
83,347
\n

\n\n

\n\n
Movements in the book value of intangible assets
\n
In thousands of \u20ac
\n
Depreciation and impairment
\n
losses
\n
Software
\n
\u2018Client
\n
portfolios\u2019
\n
assets
\n
CO
\n
2
\n
Emission
\n
rights
\n
Total
\n
As at 31-12-2020 -
\n
13,603
\n
-
\n
33,447
\n
0
\n
-
\n
47,050
\n
Depreciation and impairment
\n
losses
\n
-
\n
4,394
\n
-
\n
6,450
\n
0
\n
-
\n
10,844
\n
Disposals and retirements
\n
6,176
\n
0
\n
0
\n
6,176
\n
Translation adjustments
\n
0
\n
0
\n
0
\n
0
\n
Changes in the consolidation
\n
scope
\n
0
\n
0
\n
0
\n
0
\n
Other
\n
0
\n
0
\n
0
\n
0
\n
As at 31-12-2021 -
\n
11,821
\n
-
\n
39,897
\n
0
\n
-
\n
51,718
\n
Depreciation and impairment
\n
losses
\n
-
\n
5,934
\n
-
\n
6,451
\n
0
\n
-
\n
12,385
\n
Disposals and retirements
\n
3,619
\n
0
\n
0
\n
3,619
\n
Translation adjustments
\n
0
\n
0
\n
0
\n
0
\n
Changes in the consolidation
\n
scope
\n
0
\n
0
\n
0
\n
0
\n
Other
\n
0
\n
0
\n
0
\n
0
\n
As at 31-12-2022 -
\n
14,136
\n
-
\n
46,348
\n
0
\n
-
\n
60,484
\n

\n\n

\n\n
Movements in the book value of intangible assets
\n
In thousands of \u20ac
\n
Software
\n
\u2018Client portfolios\u2019
\n
assets
\n
CO
\n
2
\n
Emission
\n
rights
\n
Total
\n
Net book values as
\n
at 31-12-2022
\n
16,411
\n
6,453
\n
0
\n
22,864
\n
Net book values as
\n
at 31-12-2021
\n
10,988 12,903
\n
0
\n
23,891
\n
Intangible assets include the net book value of software, the portfolio of \u2018Hub\u2019 clients and
\n
CO
\n
2
\n
emission rights.
\n
The software included in intangible assets is investment software developed or
\n
purchased by the group. This software is depreciated over 5 years on a straight-line basis.
\n
Major investments during the financial year concern software developed in relation to
\n
gas flow and asset management and related administrative tools.
\n
In 2015, Fluxys Belgium acquired all of Huberator\u2019s business activities for \u20ac52.8 million. This
\n
intangible asset will be fully depreciated in 2023 (on a straight-line basis).
\n
Certain gas transmission facilities in Belgium are included in the scheme for greenhouse
\n
gas emission allowance trading. Accordingly, Fluxys Belgium group was given free
\n
emission rights for 2022 amounting to 20,752 tonnes of CO
\n
2
\n
for the compression, storage
\n
and terminalling activity sites. In accordance with the accounting policies stated in Note
\n
2, the unused emission rights have been recognised at nil value in intangible assets.
\n
The group emphasises that no indications existed at the balance sheet date that any
\n
item of property, plant and equipment may have been impaired.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag76": { "value": "\n

\n
Note 5.3. Right of use assets
\n
The right of use assets are mainly linked to concession rights for land on which gas
\n
transmission and terminalling facilities (Zeebrugge) have been built.
\n
These contracts don\u2019t have significant termination or extension options. The rent is not
\n
variable, except for some contracts that have a clause for yearly indexation. The impact
\n
thereof is not material.
\n
Right of use assets
\n
In thousands of \u20ac
\n
Land &
\n
Buildings
\n
Facilities Cars Total
\n
As at 31-12-2020
\n
29,426
\n
3,487
\n
3,554
\n
36,467
\n
Additional rights
\n
0
\n
0
\n
1,968
\n
1,968
\n
Depreciation and impairment losses -
\n
2,405
\n
-
\n
763
\n
-
\n
1,723
\n
-
\n
4,891
\n
Disposals
\n
0
\n
0
\n
-17 -
\n
17
\n
Other changes
\n
0
\n
0
\n
0
\n
0
\n
As at 31-12-2021
\n
27,021
\n
2,724
\n
3,782
\n
33,527
\n
Additional rights
\n
0
\n
0
\n
1,351
\n
1,351
\n
Depreciation and impairment losses -
\n
2,405
\n
-
\n
763
\n
-
\n
1,583
\n
-
\n
4,751
\n
Disposals
\n
0
\n
0
\n
-107 -
\n
107
\n
Other changes
\n
0
\n
0
\n
0
\n
0
\n
As at 31-12-2022
\n
24,616
\n
1,961
\n
3,443
\n
30,020
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag86": { "value": "\n

\n

\n

\n

\n\n

\n\n
\n\n
Note 5.4. Other financial assets
\n
Other financial assets
\n
In thousands of \u20ac
\n
Notes 31-12-202
\n
2
\n
31-12-
\n
2021
\n
Shares at cost
\n
24
\n
24
\n
Investment securities at fair value through profit
\n
or loss
\n
5.4.1
\n
0
\n
0
\n
Investment securities at amortised cost 5.4.1 53,
\n
481
\n
26,289
\n
Other investments at cost 5.4.1 54,
\n
019
\n
59,009
\n
Financial instruments at fair value through profit
\n
or loss
\n
3,
\n
576
\n
3,254
\n
Other financial assets at cost
\n
71
\n
66
\n
Total 111,
\n
171
\n
88,642
\n
5.4.1. These items include cash investments with a maturity longer than one year. They
\n
are mainly from Flux Re of which the cash is destined to cover the risk of the entity in the
\n
scope of its reinsurance business. The maturity of these investments is between 2023 and
\n
2032.
\n
The increase observed in the table above represents the new investments made with
\n
maturities of more than one year by Flux Re using the investment funds that matured in
\n
2022.
\n
The assets held by Flux Re are significantly higher than the minimum capital requirements
\n
under Solvency II (\u20ac16.3 million).
\n
\n\n

\n\n

\n\n\n
Note 5.5. Other non-current assets
\n
Other non-current assets
\n
In thousands of \u20ac
\n
Notes 31-12-202
\n
2
\n
31-12-
\n
2021
\n
Change
\n
Plan asset surpluses \u2018IAS 19
\n
Employee benefits\u2019
\n
5.14
\n
26,461
\n
15,123
\n
11,338
\n
Total
\n
26,461
\n
15,123
\n
11,338
\n
The value of plan assets in the provision for employee benefits increased in 2022 because
\n
of a rise in interest rates.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag79": { "value": "\n

\n\n
\n\n
Note 5.4. Other financial assets
\n
Other financial assets
\n
In thousands of \u20ac
\n
Notes 31-12-202
\n
2
\n
31-12-
\n
2021
\n
Shares at cost
\n
24
\n
24
\n
Investment securities at fair value through profit
\n
or loss
\n
5.4.1
\n
0
\n
0
\n
Investment securities at amortised cost 5.4.1 53,
\n
481
\n
26,289
\n
Other investments at cost 5.4.1 54,
\n
019
\n
59,009
\n
Financial instruments at fair value through profit
\n
or loss
\n
3,
\n
576
\n
3,254
\n
Other financial assets at cost
\n
71
\n
66
\n
Total 111,
\n
171
\n
88,642
\n
5.4.1. These items include cash investments with a maturity longer than one year. They
\n
are mainly from Flux Re of which the cash is destined to cover the risk of the entity in the
\n
scope of its reinsurance business. The maturity of these investments is between 2023 and
\n
2032.
\n
The increase observed in the table above represents the new investments made with
\n
maturities of more than one year by Flux Re using the investment funds that matured in
\n
2022.
\n
The assets held by Flux Re are significantly higher than the minimum capital requirements
\n
under Solvency II (\u20ac16.3 million).
\n
\n\n

\n\n

\n\n
\n\n
\n\n
\n
Note 5.7. Trade and other receivables
\n
Trade and other receivables
\n
In thousands of \u20ac
\n
Note 31-12-202
\n
2
\n
31-12-
\n
2021
\n
Change
\n
Gross trade receivables
\n
153,377
\n
86,974
\n
66,403
\n
Impairment losses -
\n
1,572
\n
-
\n
1,587
\n
15
\n
Net trade receivables 5.7.1
\n
151,805
\n
85,387
\n
66,418
\n
Other receivables
\n
12,494
\n
5,059
\n
7,435
\n
Total
\n
164,299
\n
90,446
\n
73,853
\n
The increase in trade receivables is in line with the increase in sales and services to
\n
external customers.
\n\n
5.7.1 Fluxys Belgium group reduces its exposure to credit risk, both in terms of default
\n
and concentration of risk, by requiring short payment terms from its customers (payment
\n
within one month), a strict policy for the follow-up of trade receivables, and a systematic
\n
evaluation of its counterparties' financial position. The credit losses expected and
\n
accounted for in trade and other receivables are not very material for the Fluxys Belgium
\n
group.
\n
Trade receivables can be broken down as follows according to their ageing:
\n
Net trade receivables according to ageing
\n
In thousands of \u20ac
\n
31-12-202
\n
2
\n
31-12-
\n
2021
\n
Change
\n
Receivables not past due 150,
\n
829
\n
84,
\n
891
\n
65,
\n
938
\n
Receivables < 3 months
\n
885
\n
405
\n
480
\n
Receivables 3 - 6 months
\n
0
\n
0
\n
0
\n
Receivables > 6 months
\n
0
\n
0
\n
0
\n
Receivables in litigation or doubtful
\n
91
\n
91
\n
0
\n
Total 151,
\n
805
\n
85,
\n
387
\n
66,
\n
418
\n
Disputed or doubtful receivables mainly concern grid users. Those deemed irrecoverable
\n
have been subject to impairment losses of 100%.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
Note 5.8. Short-term investments, cash and cash equivalents
\n
Investments relate to investments in the form of bonds, commercial paper and bank
\n
deposits over more than three months and maximum one year.
\n
Cash and cash equivalents are mainly euro investments in commercial paper that
\n
mature within a maximum of three months after the date of acquisition, deposits made
\n
with Fluxys (cash pooling), term deposits at credit institutions, current account bank
\n
balances and cash in hand.
\n
Short-term investments, cash and cash equivalents
\n
In thousands of \u20ac
\n
31-12-202
\n
2
\n
31-12-
\n
2021
\n
Change
\n
Short-term investments 26,113
\n
45,740
\n
-
\n
19,627
\n
Cash and cash equivalents
\n
1,070,708
\n
366,931
\n
703,777
\n
Cash equivalents and cash pooling
\n
1,025,335
\n
320,254
\n
705,081
\n
Short-term deposits
\n
8,108
\n
2,849
\n
5,259
\n
Bank balances
\n
37,246
\n
43,815
\n
-
\n
6,569
\n
Cash in hand 19
\n
13
\n
6
\n
Total
\n
1,096,821
\n
412,671
\n
684,150
\n
In 2022, the average rate of return on short-term investments, cash and cash equivalents
\n
was 0.45%. The credit losses expected and accounted for in investments, cash and cash
\n
equivalents are not material for the Fluxys Belgium group.
\n
The increase in cash equivalents is primarily due to the increase in sales following major
\n
gas flows to Germany and the Netherlands.
\n
\n\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag80": { "value": "\n
\n\n
Note 5.4. Other financial assets
\n
Other financial assets
\n
In thousands of \u20ac
\n
Notes 31-12-202
\n
2
\n
31-12-
\n
2021
\n
Shares at cost
\n
24
\n
24
\n
Investment securities at fair value through profit
\n
or loss
\n
5.4.1
\n
0
\n
0
\n
Investment securities at amortised cost 5.4.1 53,
\n
481
\n
26,289
\n
Other investments at cost 5.4.1 54,
\n
019
\n
59,009
\n
Financial instruments at fair value through profit
\n
or loss
\n
3,
\n
576
\n
3,254
\n
Other financial assets at cost
\n
71
\n
66
\n
Total 111,
\n
171
\n
88,642
\n
5.4.1. These items include cash investments with a maturity longer than one year. They
\n
are mainly from Flux Re of which the cash is destined to cover the risk of the entity in the
\n
scope of its reinsurance business. The maturity of these investments is between 2023 and
\n
2032.
\n
The increase observed in the table above represents the new investments made with
\n
maturities of more than one year by Flux Re using the investment funds that matured in
\n
2022.
\n
The assets held by Flux Re are significantly higher than the minimum capital requirements
\n
under Solvency II (\u20ac16.3 million).
\n
\n\n

\n\n

\n\n

\n
Note 6. Financial instruments
\n
Principles for managing financial risks
\n
In the course of conducting its activities, the Fluxys Belgium group is exposed to credit
\n
and counterparty risks, liquidity and interest rate risks and market risks, all of which affect
\n
its assets and liabilities.
\n
The group's administrative organisation, controlling and financial reports ensure that
\n
these risks are constantly monitored and managed.
\n
The group may only use financial instruments for hedging, and not for speculative or
\n
trading purposes. All transactions are intended to meet the group's identified financial
\n
risks: no transaction may be entered into for the sole purpose of earning a speculative
\n
gain.
\n
Cash management policy
\n
The Fluxys Belgium group's cash is managed as part of a general policy and cash
\n
surpluses are invested with Fluxys SA under cash pooling agreements. By way of reminder,
\n
Fluxys SA centralises the management of the Fluxys group\u2019s cash funds and financing.
\n
The objective of this policy is to optimise the group\u2019s cash positions. These transactions
\n
are entered into at market terms and conditions.
\n
The group's financial policy stipulates that cash surpluses be maintained at first class
\n
financial institutions or invested in financial instruments issued by entities with a high credit
\n
rating or in financial instruments of issuers which are covered by a guarantee from a
\n
European Member State or whose share capital is predominantly controlled by state-
\n
owned entities. Cash surpluses are invested following a competitive bidding award, and
\n
in instruments that are sufficiently diversified to limit counterparty risk concentration. These
\n
investments are subject to constant monitoring and risk analysis on a case-by-case basis.
\n
At 31-12-2022, current and non-current investments, cash and cash equivalents
\n
amounted to \u20ac1,204,321 thousand compared to \u20ac497,969 thousand at the end of 2021.
\n\n
Credit and counterparty risks
\n
The group systematically assesses its counterparties' financial capacity and systematically
\n
monitors receivables. Group policy regarding counterparty risks requires that the group
\n
submits potential customers and suppliers to a detailed preliminary financial analysis
\n
(liquidity, solvency, profitability, reputation and risks). The group uses internal and external
\n
information, such as official analysis performed by rating agencies (Moody's, Standard &
\n
Poor's and Fitch). These rating agencies assess entities in relation to risk and award them
\n
a credit score (rating). The group also uses databases containing general, financial and
\n
market information to complement its own evaluation of potential customers and
\n
suppliers. In addition, for most of its activities the group is allowed to contractually require
\n
guarantees (either bank guarantees or cash deposits) from counterparties. The group
\n
thereby reduces its exposure to credit risk both in terms of default and concentration of
\n
customers.
\n
In view of the concentration risk it must be noted that three clients contribute
\n
respectively 18%, 12% and 11% of the operating revenue. The breakdown per segment of
\n
these latter is \u20ac224 million in transmission, \u20ac7 million in storage and \u20ac83 million in
\n
terminalling.
\n

\n\n

\n\n

\n\n

\n\n

\n

\n\n
Interest rate risk
\n
The group's debt mainly consists of fixed interest rate loans maturing between 2023 and
\n
2034, the balance of which (including lease obligations) as at 31-12-2022 represents
\n
\u20ac1,172,041 thousand compared to \u20ac1,219,523 thousand at the end of 2021.
\n
In addition, the group's interest-bearing liabilities include other financing and liabilities to
\n
be used within the regulatory framework. As explained in Note 5.11, part of these bear
\n
interest at a 10-year OLO rate and the remainder at the average Euribor 1-year rate. The
\n
group does not incur any interest rate risks related to this.
\n
Therefore, a sensitivity analysis is not representative for the risk inherent in these financial
\n
instruments. Consequently, the Fluxys Belgium group\u2019s exposure to interest rate risk is very
\n
limited.
\n

\n\n\n
Liquidity Risk
\n
Liquidity risk management is one of Fluxys Belgium group\u2019s main objectives. The amounts
\n
invested and the investment period reflect the short- and long-term planning of cash
\n
needs as closely as possible, taking into account operational risks.
\n
The Fluxys Belgium group can call upon Fluxys SA in case of liquidity needs, under the
\n
cash pooling arrangements. By way of reminder, Fluxys centralises the management of
\n
the Fluxys group\u2019s cash funds and financing and has credit lines.
\n
The maturity of interest-bearing liabilities is reported in Note 5.12.
\n

\n\n

\n\n
Summary of financial instruments at balance sheet date
\n
The group's main financial instruments consist of financial and trade receivables and
\n
payables, short-term investments, cash and cash equivalents.
\n
The following table gives an overview of financial instruments at 31 December 2022:
\n

\n\n

\n\n

\n\n
Summary of financial instruments at balance sheet date
\n
In thousands of \u20ac
\n
31-12-2022 Category Book value Fair value Level
\n
I. Non-current assets
\n
Other financial assets at amortised cost A
\n
107,595
\n
97,804
\n
1 & 2
\n
Other financial assets at fair value through
\n
profit or loss
\n
B
\n
3,576
\n
3,576
\n
2
\n
Lease receivables A
\n
0
\n
0
\n
2
\n
Other receivables A
\n
15,144
\n
15,144
\n
2
\n
II. Current assets
\n
Lease receivables A
\n
2,094
\n
2,094
\n
2
\n
Trade and other receivables A
\n
164,299
\n
164,299
\n
2
\n
Cash investments A
\n
26,113
\n
26,397
\n
2
\n
Cash and cash equivalents A
\n
1,070,708
\n
1,070,600
\n
2
\n
Total financial instruments \u2013 assets
\n
1,389,529
\n
1,379,914
\n
I. Non-current liabilities
\n
Interest-bearing liabilities A
\n
1,115,772
\n
1,036,002
\n
2
\n
Other financial liabilities B
\n
3,575
\n
3,575
\n
2
\n
II. Current liabilities
\n
Interest-bearing liabilities A
\n
56,269
\n
56,269
\n
2
\n
Trade and other payables A
\n
444,533
\n
444,533
\n
2
\n
Total financial instruments - liabilities
\n
1,620,149
\n
1,540,379
\n

\n\n
The categories correspond to the following financial instruments:
\n
A. Financial assets or financial liabilities at amortised cost.
\n
B. Assets or liabilities at fair value through profit or loss.
\n

\n\n

\n\n

\n\n

\n\n
Summary of financial instruments at balance sheet date
\n
In thousands of \u20ac
\n
31-12-2021 Category Book value Fair value Level
\n
I. Non-current assets
\n
Other financial assets at amortised
\n
cost
\n
A
\n
85,388
\n
85,242 1 & 2
\n
Other financial assets at fair value
\n
through profit or loss
\n
B
\n
3,254
\n
3,254 2
\n
Other financial assets at fair value
\n
Lease receivables
\n
A
\n
2,094
\n
2,094 2
\n
Other receivables A
\n
9,144
\n
9,144 2
\n
II. Current assets
\n
Lease receivables A
\n
601
\n
601 2
\n
Trade and other receivables A
\n
90,446
\n
90,446 2
\n
Cash investments A
\n
45,740
\n
45,740 2
\n
Cash and cash equivalents A
\n
366,931
\n
366,931 2
\n
Total financial instruments \u2013 assets
\n
603,598
\n
603,452
\n
I. Non-current liabilities
\n
Interest-bearing liabilities A
\n
1,162,091
\n
1,221,689 2
\n
Other financial liabilities B
\n
3,254
\n
3,254 2
\n
II. Current liabilities
\n
Interest-bearing liabilities A
\n
57,438
\n
57,438 2
\n
Trade and other payables A
\n
73,307
\n
73,307 2
\n
Total financial instruments - liabilities
\n
1,296,084
\n
1,355,682
\n

\n\n
All of the group's financial instruments fall within Levels 1 and 2 of the fair value hierarchy.
\n
Their fair value is measured on a recurring basis.
\n
For the fair value measurement of Level 1, only quoted prices are used (without
\n
modification) for identical assets and liabilities in active markets. They mainly include
\n
bonds.
\n
For the fair value measurement of Level 2, observable prices other than the quoted
\n
prices of Level 1 are used. The prices are observable for the asset or liability, either directly
\n
or indirectly.
\n

\n\n

\n\n

\n\n
The techniques for measuring the fair value of Level 2 financial instruments are the
\n
following:
\n
\u2022 The items \u2018Interest-bearing liabilities\u2019 include the fixed-rate bonds issued by Fluxys
\n
Belgium, whose fair value is determined based on active market rates, usually
\n
provided by financial institutions.
\n
\u2022 The fair value of other financial assets and liabilities categorised under level 2 is
\n
largely identical to their book value:
\n
o because they have a short-term maturity (such as trade receivables and
\n
payables),
\n
o except for depreciated assets following the increase in interest rates
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag71": { "value": "\n
Note 5.4. Other financial assets
\n
Other financial assets
\n
In thousands of \u20ac
\n
Notes 31-12-202
\n
2
\n
31-12-
\n
2021
\n
Shares at cost
\n
24
\n
24
\n
Investment securities at fair value through profit
\n
or loss
\n
5.4.1
\n
0
\n
0
\n
Investment securities at amortised cost 5.4.1 53,
\n
481
\n
26,289
\n
Other investments at cost 5.4.1 54,
\n
019
\n
59,009
\n
Financial instruments at fair value through profit
\n
or loss
\n
3,
\n
576
\n
3,254
\n
Other financial assets at cost
\n
71
\n
66
\n
Total 111,
\n
171
\n
88,642
\n
5.4.1. These items include cash investments with a maturity longer than one year. They
\n
are mainly from Flux Re of which the cash is destined to cover the risk of the entity in the
\n
scope of its reinsurance business. The maturity of these investments is between 2023 and
\n
2032.
\n
The increase observed in the table above represents the new investments made with
\n
maturities of more than one year by Flux Re using the investment funds that matured in
\n
2022.
\n
The assets held by Flux Re are significantly higher than the minimum capital requirements
\n
under Solvency II (\u20ac16.3 million).
\n
\n\n
\n\n
\n
Note 5.7. Trade and other receivables
\n
Trade and other receivables
\n
In thousands of \u20ac
\n
Note 31-12-202
\n
2
\n
31-12-
\n
2021
\n
Change
\n
Gross trade receivables
\n
153,377
\n
86,974
\n
66,403
\n
Impairment losses -
\n
1,572
\n
-
\n
1,587
\n
15
\n
Net trade receivables 5.7.1
\n
151,805
\n
85,387
\n
66,418
\n
Other receivables
\n
12,494
\n
5,059
\n
7,435
\n
Total
\n
164,299
\n
90,446
\n
73,853
\n
The increase in trade receivables is in line with the increase in sales and services to
\n
external customers.
\n\n
5.7.1 Fluxys Belgium group reduces its exposure to credit risk, both in terms of default
\n
and concentration of risk, by requiring short payment terms from its customers (payment
\n
within one month), a strict policy for the follow-up of trade receivables, and a systematic
\n
evaluation of its counterparties' financial position. The credit losses expected and
\n
accounted for in trade and other receivables are not very material for the Fluxys Belgium
\n
group.
\n
Trade receivables can be broken down as follows according to their ageing:
\n
Net trade receivables according to ageing
\n
In thousands of \u20ac
\n
31-12-202
\n
2
\n
31-12-
\n
2021
\n
Change
\n
Receivables not past due 150,
\n
829
\n
84,
\n
891
\n
65,
\n
938
\n
Receivables < 3 months
\n
885
\n
405
\n
480
\n
Receivables 3 - 6 months
\n
0
\n
0
\n
0
\n
Receivables > 6 months
\n
0
\n
0
\n
0
\n
Receivables in litigation or doubtful
\n
91
\n
91
\n
0
\n
Total 151,
\n
805
\n
85,
\n
387
\n
66,
\n
418
\n
Disputed or doubtful receivables mainly concern grid users. Those deemed irrecoverable
\n
have been subject to impairment losses of 100%.
\n
\n\n
\n\n
\n\n
Note 5.8. Short-term investments, cash and cash equivalents
\n
Investments relate to investments in the form of bonds, commercial paper and bank
\n
deposits over more than three months and maximum one year.
\n
Cash and cash equivalents are mainly euro investments in commercial paper that
\n
mature within a maximum of three months after the date of acquisition, deposits made
\n
with Fluxys (cash pooling), term deposits at credit institutions, current account bank
\n
balances and cash in hand.
\n
Short-term investments, cash and cash equivalents
\n
In thousands of \u20ac
\n
31-12-202
\n
2
\n
31-12-
\n
2021
\n
Change
\n
Short-term investments 26,113
\n
45,740
\n
-
\n
19,627
\n
Cash and cash equivalents
\n
1,070,708
\n
366,931
\n
703,777
\n
Cash equivalents and cash pooling
\n
1,025,335
\n
320,254
\n
705,081
\n
Short-term deposits
\n
8,108
\n
2,849
\n
5,259
\n
Bank balances
\n
37,246
\n
43,815
\n
-
\n
6,569
\n
Cash in hand 19
\n
13
\n
6
\n
Total
\n
1,096,821
\n
412,671
\n
684,150
\n
In 2022, the average rate of return on short-term investments, cash and cash equivalents
\n
was 0.45%. The credit losses expected and accounted for in investments, cash and cash
\n
equivalents are not material for the Fluxys Belgium group.
\n
The increase in cash equivalents is primarily due to the increase in sales following major
\n
gas flows to Germany and the Netherlands.
\n
\n\n
Note 5.11. Interest-bearing liabilities
\n
Non-current interest-bearing liabilities In
\n
thousands of \u20ac
\n
Notes 31-12-2022 31-12-2021 Change
\n
Leases 5.11.3
\n
25,878 29,260 -3,382
\n
Bonds 5.11.1
\n
696,985 696,558 427
\n
Other borrowings 5.11.2
\n
392,909 436,273 -43,364
\n
Total
\n
1,115,772 1,162,091 -46,319
\n
Of which debts guaranteed by the public
\n
authorities or by sureties
\n
0 0 0
\n
Current interest-bearing liabilities
\n
In thousands of \u20ac
\n
Notes 31-12-2022 31-12-
\n
2021
\n
Change
\n
Leases 5.11.3 2,
\n
477
\n
2,
\n
804
\n
-
\n
327
\n
Bonds 5.11.1 2,
\n
523
\n
2,
\n
523
\n
0
\n
Other borrowings 5.11.2
\n
51,269
\n
52,105
\n
-
\n
836
\n
Total
\n
56,269
\n
57,432
\n
-
\n
1,163
\n
Of which debts guaranteed by the
\n
public authorities or by sureties
\n
0
\n
0
\n
0
\n
5.11.1. In November 2014 and October 2017, Fluxys Belgium issued bonds for a total of
\n
\u20ac700,000 thousand. These bonds offer a gross annual coupon of 1.75% and 3.25%
\n
respectively. They will mature between 2027 and 2034.
\n
5.11.2. Other borrowings include:
\n
\u2022 A 25-year loan of \u20ac400,000 thousand at a fixed rate contracted with the EIB in
\n
December 2008 to finance investments in developing the gas transmission network,
\n
the balance of which was \u20ac226,000 thousand as at 31-12-2022.
\n
\u2022 A loan of \u20ac257,000 thousand at a fixed rate of 3.20% with Fluxys to cover needs
\n
relating to investments necessary for the transshipment services at the Zeebrugge
\n
LNG Terminal. The balance still due as at 31-12-2022 is \u20ac210,273 thousand.
\n
\u2022 Short-term loans and accrued interest amounting to \u20ac7,905 thousand.
\n
5.11.3. Lease liabilities are accounted for in line with IFRS 16 and are limited to the
\n
contractual obligations, even if the Group expects certain contracts to be extended in
\n
the future, but this option isn\u2019t stated in the current contract.
\n
\n\n
Changes in liabilities based on financing activities
\n
31.12.2021 Cash flow Other movements 31.12.2022
\n
New lease
\n
contracts
\n
Reclassifi-
\n
cation
\n
between
\n
non-current
\n
and current
\n
Variation in
\n
accrued
\n
interests
\n
payable
\n
Non-current
\n
interest-
\n
bearing
\n
liabilities
\n
1,162,091 0 1,351 -48,097 0 427 1,115,772
\n
Leases 29,260 0 1,351 -4,733 0 0 25,878
\n
Bonds 696,558 0 0 0 0 427 696,985
\n
Other
\n
borrowings
\n
436,273 0 0 -43,364 0 0 392,909
\n
Current
\n
interest-
\n
bearing
\n
liabilities
\n
57,432 -48,455 0 48,097 -805 0 56,269
\n
Leases 2,804 -5,060 0 4,733 0 0 2,477
\n
Bonds 2,523 0 0 0 0 0 2,523
\n
Other
\n
borrowings
\n
52,105 -43,395 0 43,364 -805 0 51,269
\n
Total 1,219,523 -48,455 1,351 0 -805 427 1,172,041
\n
Cash flows relating to interest-bearing liabilities are included in points IV.1.6, IV.2.3 and
\n
IV.2.5 of the consolidated statement of cash flows.
\n
The change in accrued interests payable and the amortisation of issuance costs (in total
\n
-\u20ac321 thousand) relates to the difference between:
\n
- the interests paid, including leases (see point IV.3.1 of the consolidated
\n
statement of cash flows: -\u20ac35,274 thousand) and
\n
- the sum of borrowing interest costs and interests on lease liabilities (see Note 4.4:
\n
\u20ac40,183 thousand) minus the interest on regulatory liabilities of \u20ac5,230 thousand =
\n
\u20ac34,953 thousand.
\n
\n\n
Maturity of interest-bearing liabilities at 31-12-2022,
\n
non-discounted
\n
In thousands of \u20ac
\n
Up to one year
\n
Between one and
\n
five years
\n
More than five
\n
years
\n
Total
\n
Leases 3,
\n
336
\n
16,033 14,
\n
711
\n
34,
\n
080
\n
Bonds 19,
\n
316
\n
364,769 439,
\n
990
\n
824,
\n
075
\n
Other borrowings 66,
\n
752
\n
219,478 242,
\n
561
\n
528,
\n
791
\n
Total 89,
\n
404
\n
600,280 697,
\n
262
\n
1,386,
\n
946
\n
Maturity of interest-bearing liabilities at 31-12-2021,
\n
non-discounted
\n
In thousands of \u20ac
\n
Up to one year
\n
Between one
\n
and
\n
five years
\n
More than five
\n
years
\n
Total
\n
Leases
\n
3,747
\n
17,155
\n
17,829
\n
38,732
\n
Bonds
\n
19,316
\n
67,216
\n
753,909
\n
840,441
\n
Other borrowings
\n
69,183
\n
225,858
\n
295,028
\n
590,069
\n
Total
\n
92,246
\n
310,229
\n
1,066,766
\n
1,469,242
\n
\n\n
Note 5.16. Trade and other payables
\n
Trade and other liabilities
\n
In thousands of \u20ac
\n
31-12-202
\n
2
\n
31-12-
\n
2021
\n
Change
\n
Trade payables
\n
60,357
\n
36,095
\n
24,262
\n
Payroll and related items
\n
39,517
\n
32,915
\n
6,602
\n
Other payables
\n
344,659
\n
4,297
\n
340,362
\n
Total
\n
444,533
\n
73,307
\n
371,226
\n
The significant increase in other payables is related to the recognition of the exceptional
\n
solidarity contribution of \u20ac300 million.
\n

\n\n

\n\n

\n\n

\n
Note 6. Financial instruments
\n
Principles for managing financial risks
\n
In the course of conducting its activities, the Fluxys Belgium group is exposed to credit
\n
and counterparty risks, liquidity and interest rate risks and market risks, all of which affect
\n
its assets and liabilities.
\n
The group's administrative organisation, controlling and financial reports ensure that
\n
these risks are constantly monitored and managed.
\n
The group may only use financial instruments for hedging, and not for speculative or
\n
trading purposes. All transactions are intended to meet the group's identified financial
\n
risks: no transaction may be entered into for the sole purpose of earning a speculative
\n
gain.
\n
Cash management policy
\n
The Fluxys Belgium group's cash is managed as part of a general policy and cash
\n
surpluses are invested with Fluxys SA under cash pooling agreements. By way of reminder,
\n
Fluxys SA centralises the management of the Fluxys group\u2019s cash funds and financing.
\n
The objective of this policy is to optimise the group\u2019s cash positions. These transactions
\n
are entered into at market terms and conditions.
\n
The group's financial policy stipulates that cash surpluses be maintained at first class
\n
financial institutions or invested in financial instruments issued by entities with a high credit
\n
rating or in financial instruments of issuers which are covered by a guarantee from a
\n
European Member State or whose share capital is predominantly controlled by state-
\n
owned entities. Cash surpluses are invested following a competitive bidding award, and
\n
in instruments that are sufficiently diversified to limit counterparty risk concentration. These
\n
investments are subject to constant monitoring and risk analysis on a case-by-case basis.
\n
At 31-12-2022, current and non-current investments, cash and cash equivalents
\n
amounted to \u20ac1,204,321 thousand compared to \u20ac497,969 thousand at the end of 2021.
\n\n
Credit and counterparty risks
\n
The group systematically assesses its counterparties' financial capacity and systematically
\n
monitors receivables. Group policy regarding counterparty risks requires that the group
\n
submits potential customers and suppliers to a detailed preliminary financial analysis
\n
(liquidity, solvency, profitability, reputation and risks). The group uses internal and external
\n
information, such as official analysis performed by rating agencies (Moody's, Standard &
\n
Poor's and Fitch). These rating agencies assess entities in relation to risk and award them
\n
a credit score (rating). The group also uses databases containing general, financial and
\n
market information to complement its own evaluation of potential customers and
\n
suppliers. In addition, for most of its activities the group is allowed to contractually require
\n
guarantees (either bank guarantees or cash deposits) from counterparties. The group
\n
thereby reduces its exposure to credit risk both in terms of default and concentration of
\n
customers.
\n
In view of the concentration risk it must be noted that three clients contribute
\n
respectively 18%, 12% and 11% of the operating revenue. The breakdown per segment of
\n
these latter is \u20ac224 million in transmission, \u20ac7 million in storage and \u20ac83 million in
\n
terminalling.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n\n
Interest rate risk
\n
The group's debt mainly consists of fixed interest rate loans maturing between 2023 and
\n
2034, the balance of which (including lease obligations) as at 31-12-2022 represents
\n
\u20ac1,172,041 thousand compared to \u20ac1,219,523 thousand at the end of 2021.
\n
In addition, the group's interest-bearing liabilities include other financing and liabilities to
\n
be used within the regulatory framework. As explained in Note 5.11, part of these bear
\n
interest at a 10-year OLO rate and the remainder at the average Euribor 1-year rate. The
\n
group does not incur any interest rate risks related to this.
\n
Therefore, a sensitivity analysis is not representative for the risk inherent in these financial
\n
instruments. Consequently, the Fluxys Belgium group\u2019s exposure to interest rate risk is very
\n
limited.
\n

\n\n\n
Liquidity Risk
\n
Liquidity risk management is one of Fluxys Belgium group\u2019s main objectives. The amounts
\n
invested and the investment period reflect the short- and long-term planning of cash
\n
needs as closely as possible, taking into account operational risks.
\n
The Fluxys Belgium group can call upon Fluxys SA in case of liquidity needs, under the
\n
cash pooling arrangements. By way of reminder, Fluxys centralises the management of
\n
the Fluxys group\u2019s cash funds and financing and has credit lines.
\n
The maturity of interest-bearing liabilities is reported in Note 5.12.
\n

\n\n

\n\n
Summary of financial instruments at balance sheet date
\n
The group's main financial instruments consist of financial and trade receivables and
\n
payables, short-term investments, cash and cash equivalents.
\n
The following table gives an overview of financial instruments at 31 December 2022:
\n

\n\n

\n\n

\n\n

\n\n

\n\n
Summary of financial instruments at balance sheet date
\n
In thousands of \u20ac
\n
31-12-2022 Category Book value Fair value Level
\n
I. Non-current assets
\n
Other financial assets at amortised cost A
\n
107,595
\n
97,804
\n
1 & 2
\n
Other financial assets at fair value through
\n
profit or loss
\n
B
\n
3,576
\n
3,576
\n
2
\n
Lease receivables A
\n
0
\n
0
\n
2
\n
Other receivables A
\n
15,144
\n
15,144
\n
2
\n
II. Current assets
\n
Lease receivables A
\n
2,094
\n
2,094
\n
2
\n
Trade and other receivables A
\n
164,299
\n
164,299
\n
2
\n
Cash investments A
\n
26,113
\n
26,397
\n
2
\n
Cash and cash equivalents A
\n
1,070,708
\n
1,070,600
\n
2
\n
Total financial instruments \u2013 assets
\n
1,389,529
\n
1,379,914
\n
I. Non-current liabilities
\n
Interest-bearing liabilities A
\n
1,115,772
\n
1,036,002
\n
2
\n
Other financial liabilities B
\n
3,575
\n
3,575
\n
2
\n
II. Current liabilities
\n
Interest-bearing liabilities A
\n
56,269
\n
56,269
\n
2
\n
Trade and other payables A
\n
444,533
\n
444,533
\n
2
\n
Total financial instruments - liabilities
\n
1,620,149
\n
1,540,379
\n

\n\n
The categories correspond to the following financial instruments:
\n
A. Financial assets or financial liabilities at amortised cost.
\n
B. Assets or liabilities at fair value through profit or loss.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
Summary of financial instruments at balance sheet date
\n
In thousands of \u20ac
\n
31-12-2021 Category Book value Fair value Level
\n
I. Non-current assets
\n
Other financial assets at amortised
\n
cost
\n
A
\n
85,388
\n
85,242 1 & 2
\n
Other financial assets at fair value
\n
through profit or loss
\n
B
\n
3,254
\n
3,254 2
\n
Other financial assets at fair value
\n
Lease receivables
\n
A
\n
2,094
\n
2,094 2
\n
Other receivables A
\n
9,144
\n
9,144 2
\n
II. Current assets
\n
Lease receivables A
\n
601
\n
601 2
\n
Trade and other receivables A
\n
90,446
\n
90,446 2
\n
Cash investments A
\n
45,740
\n
45,740 2
\n
Cash and cash equivalents A
\n
366,931
\n
366,931 2
\n
Total financial instruments \u2013 assets
\n
603,598
\n
603,452
\n
I. Non-current liabilities
\n
Interest-bearing liabilities A
\n
1,162,091
\n
1,221,689 2
\n
Other financial liabilities B
\n
3,254
\n
3,254 2
\n
II. Current liabilities
\n
Interest-bearing liabilities A
\n
57,438
\n
57,438 2
\n
Trade and other payables A
\n
73,307
\n
73,307 2
\n
Total financial instruments - liabilities
\n
1,296,084
\n
1,355,682
\n

\n\n
All of the group's financial instruments fall within Levels 1 and 2 of the fair value hierarchy.
\n
Their fair value is measured on a recurring basis.
\n
For the fair value measurement of Level 1, only quoted prices are used (without
\n
modification) for identical assets and liabilities in active markets. They mainly include
\n
bonds.
\n
For the fair value measurement of Level 2, observable prices other than the quoted
\n
prices of Level 1 are used. The prices are observable for the asset or liability, either directly
\n
or indirectly.
\n

\n\n

\n\n

\n\n

\n\n

\n\n
The techniques for measuring the fair value of Level 2 financial instruments are the
\n
following:
\n
\u2022 The items \u2018Interest-bearing liabilities\u2019 include the fixed-rate bonds issued by Fluxys
\n
Belgium, whose fair value is determined based on active market rates, usually
\n
provided by financial institutions.
\n
\u2022 The fair value of other financial assets and liabilities categorised under level 2 is
\n
largely identical to their book value:
\n
o because they have a short-term maturity (such as trade receivables and
\n
payables),
\n
o except for depreciated assets following the increase in interest rates
\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag74": { "value": "\n
Note 5.5. Other non-current assets
\n
Other non-current assets
\n
In thousands of \u20ac
\n
Notes 31-12-202
\n
2
\n
31-12-
\n
2021
\n
Change
\n
Plan asset surpluses \u2018IAS 19
\n
Employee benefits\u2019
\n
5.14
\n
26,461
\n
15,123
\n
11,338
\n
Total
\n
26,461
\n
15,123
\n
11,338
\n
The value of plan assets in the provision for employee benefits increased in 2022 because
\n
of a rise in interest rates.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag73": { "value": "\n
\n\n
Note 5.6. Inventories
\n
Book value of inventories
\n
In thousands of \u20ac
\n
31-12-202
\n
2
\n
31-12-
\n
2021
\n
Change
\n
Supplies 24,
\n
803
\n
20,
\n
250
\n
4,
\n
553
\n
Gross book value 28,
\n
678
\n
27,
\n
019
\n
1,
\n
659
\n
Impairment losses -3,
\n
875
\n
-6,
\n
769
\n
2,
\n
894
\n
Goods held for resale (gas) 36,
\n
981
\n
18,
\n
517
\n
18,
\n
464
\n
Gross book value 54,
\n
695
\n
18,
\n
517
\n
36,
\n
178
\n
Impairment losses -17,
\n
714
\n
0
\n
-17,
\n
714
\n
Work in progress
\n
872
\n
275
\n
597
\n
Gross book value
\n
872
\n
275
\n
597
\n
Impairment losses
\n
0
\n
0
\n
0
\n
Total 62,
\n
656
\n
39,
\n
042
\n
23,
\n
614
\n
Inventories of materials connected to the transmission network are at their normal levels.
\n
The considerable increase in the gross book value of goods held for resale can primarily
\n
be explained by the strong increase in gas prices during the financial year, partially
\n
compensated by impairment losses at the end of the financial year following lower gas
\n
prices as at 31 December 2022.
\n
Impact of movements on net profit/loss
\n
In thousands of \u20ac
\n
31-12-202
\n
2
\n
31-12-
\n
2021
\n
Change
\n
Inventories \u2013 purchased or used
\n
38,433
\n
12,663
\n
25,770
\n
Impairment losses -
\n
14,819
\n
1
\n
-
\n
14,820
\n
Total
\n
23,614
\n
12,664
\n
10,950
\n
The movements of work in progress are included in other operating income in the income
\n
statement. The other movements of inventories are included in purchase of gas related
\n
to balancing of operations and operational needs.
\n
\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag85": { "value": "\n
Note 5.6. Inventories
\n
Book value of inventories
\n
In thousands of \u20ac
\n
31-12-202
\n
2
\n
31-12-
\n
2021
\n
Change
\n
Supplies 24,
\n
803
\n
20,
\n
250
\n
4,
\n
553
\n
Gross book value 28,
\n
678
\n
27,
\n
019
\n
1,
\n
659
\n
Impairment losses -3,
\n
875
\n
-6,
\n
769
\n
2,
\n
894
\n
Goods held for resale (gas) 36,
\n
981
\n
18,
\n
517
\n
18,
\n
464
\n
Gross book value 54,
\n
695
\n
18,
\n
517
\n
36,
\n
178
\n
Impairment losses -17,
\n
714
\n
0
\n
-17,
\n
714
\n
Work in progress
\n
872
\n
275
\n
597
\n
Gross book value
\n
872
\n
275
\n
597
\n
Impairment losses
\n
0
\n
0
\n
0
\n
Total 62,
\n
656
\n
39,
\n
042
\n
23,
\n
614
\n
Inventories of materials connected to the transmission network are at their normal levels.
\n
The considerable increase in the gross book value of goods held for resale can primarily
\n
be explained by the strong increase in gas prices during the financial year, partially
\n
compensated by impairment losses at the end of the financial year following lower gas
\n
prices as at 31 December 2022.
\n
Impact of movements on net profit/loss
\n
In thousands of \u20ac
\n
31-12-202
\n
2
\n
31-12-
\n
2021
\n
Change
\n
Inventories \u2013 purchased or used
\n
38,433
\n
12,663
\n
25,770
\n
Impairment losses -
\n
14,819
\n
1
\n
-
\n
14,820
\n
Total
\n
23,614
\n
12,664
\n
10,950
\n
The movements of work in progress are included in other operating income in the income
\n
statement. The other movements of inventories are included in purchase of gas related
\n
to balancing of operations and operational needs.
\n
\n\n
\n
Note 5.7. Trade and other receivables
\n
Trade and other receivables
\n
In thousands of \u20ac
\n
Note 31-12-202
\n
2
\n
31-12-
\n
2021
\n
Change
\n
Gross trade receivables
\n
153,377
\n
86,974
\n
66,403
\n
Impairment losses -
\n
1,572
\n
-
\n
1,587
\n
15
\n
Net trade receivables 5.7.1
\n
151,805
\n
85,387
\n
66,418
\n
Other receivables
\n
12,494
\n
5,059
\n
7,435
\n
Total
\n
164,299
\n
90,446
\n
73,853
\n
The increase in trade receivables is in line with the increase in sales and services to
\n
external customers.
\n\n
5.7.1 Fluxys Belgium group reduces its exposure to credit risk, both in terms of default
\n
and concentration of risk, by requiring short payment terms from its customers (payment
\n
within one month), a strict policy for the follow-up of trade receivables, and a systematic
\n
evaluation of its counterparties' financial position. The credit losses expected and
\n
accounted for in trade and other receivables are not very material for the Fluxys Belgium
\n
group.
\n
Trade receivables can be broken down as follows according to their ageing:
\n
Net trade receivables according to ageing
\n
In thousands of \u20ac
\n
31-12-202
\n
2
\n
31-12-
\n
2021
\n
Change
\n
Receivables not past due 150,
\n
829
\n
84,
\n
891
\n
65,
\n
938
\n
Receivables < 3 months
\n
885
\n
405
\n
480
\n
Receivables 3 - 6 months
\n
0
\n
0
\n
0
\n
Receivables > 6 months
\n
0
\n
0
\n
0
\n
Receivables in litigation or doubtful
\n
91
\n
91
\n
0
\n
Total 151,
\n
805
\n
85,
\n
387
\n
66,
\n
418
\n
Disputed or doubtful receivables mainly concern grid users. Those deemed irrecoverable
\n
have been subject to impairment losses of 100%.
\n
\n\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag83": { "value": "\n
\n\n
\n\n
\n\n
\n
Note 5.7. Trade and other receivables
\n
Trade and other receivables
\n
In thousands of \u20ac
\n
Note 31-12-202
\n
2
\n
31-12-
\n
2021
\n
Change
\n
Gross trade receivables
\n
153,377
\n
86,974
\n
66,403
\n
Impairment losses -
\n
1,572
\n
-
\n
1,587
\n
15
\n
Net trade receivables 5.7.1
\n
151,805
\n
85,387
\n
66,418
\n
Other receivables
\n
12,494
\n
5,059
\n
7,435
\n
Total
\n
164,299
\n
90,446
\n
73,853
\n
The increase in trade receivables is in line with the increase in sales and services to
\n
external customers.
\n\n
5.7.1 Fluxys Belgium group reduces its exposure to credit risk, both in terms of default
\n
and concentration of risk, by requiring short payment terms from its customers (payment
\n
within one month), a strict policy for the follow-up of trade receivables, and a systematic
\n
evaluation of its counterparties' financial position. The credit losses expected and
\n
accounted for in trade and other receivables are not very material for the Fluxys Belgium
\n
group.
\n
Trade receivables can be broken down as follows according to their ageing:
\n
Net trade receivables according to ageing
\n
In thousands of \u20ac
\n
31-12-202
\n
2
\n
31-12-
\n
2021
\n
Change
\n
Receivables not past due 150,
\n
829
\n
84,
\n
891
\n
65,
\n
938
\n
Receivables < 3 months
\n
885
\n
405
\n
480
\n
Receivables 3 - 6 months
\n
0
\n
0
\n
0
\n
Receivables > 6 months
\n
0
\n
0
\n
0
\n
Receivables in litigation or doubtful
\n
91
\n
91
\n
0
\n
Total 151,
\n
805
\n
85,
\n
387
\n
66,
\n
418
\n
Disputed or doubtful receivables mainly concern grid users. Those deemed irrecoverable
\n
have been subject to impairment losses of 100%.
\n
\n\n
\n\n
\n\n
\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag75": { "value": "\n
5.7.1 Fluxys Belgium group reduces its exposure to credit risk, both in terms of default
\n
and concentration of risk, by requiring short payment terms from its customers (payment
\n
within one month), a strict policy for the follow-up of trade receivables, and a systematic
\n
evaluation of its counterparties' financial position. The credit losses expected and
\n
accounted for in trade and other receivables are not very material for the Fluxys Belgium
\n
group.
\n
Trade receivables can be broken down as follows according to their ageing:
\n
Net trade receivables according to ageing
\n
In thousands of \u20ac
\n
31-12-202
\n
2
\n
31-12-
\n
2021
\n
Change
\n
Receivables not past due 150,
\n
829
\n
84,
\n
891
\n
65,
\n
938
\n
Receivables < 3 months
\n
885
\n
405
\n
480
\n
Receivables 3 - 6 months
\n
0
\n
0
\n
0
\n
Receivables > 6 months
\n
0
\n
0
\n
0
\n
Receivables in litigation or doubtful
\n
91
\n
91
\n
0
\n
Total 151,
\n
805
\n
85,
\n
387
\n
66,
\n
418
\n
Disputed or doubtful receivables mainly concern grid users. Those deemed irrecoverable
\n
have been subject to impairment losses of 100%.
\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag81": { "value": "\n

\n\n
\n\n
\n\n
Note 5.8. Short-term investments, cash and cash equivalents
\n
Investments relate to investments in the form of bonds, commercial paper and bank
\n
deposits over more than three months and maximum one year.
\n
Cash and cash equivalents are mainly euro investments in commercial paper that
\n
mature within a maximum of three months after the date of acquisition, deposits made
\n
with Fluxys (cash pooling), term deposits at credit institutions, current account bank
\n
balances and cash in hand.
\n
Short-term investments, cash and cash equivalents
\n
In thousands of \u20ac
\n
31-12-202
\n
2
\n
31-12-
\n
2021
\n
Change
\n
Short-term investments 26,113
\n
45,740
\n
-
\n
19,627
\n
Cash and cash equivalents
\n
1,070,708
\n
366,931
\n
703,777
\n
Cash equivalents and cash pooling
\n
1,025,335
\n
320,254
\n
705,081
\n
Short-term deposits
\n
8,108
\n
2,849
\n
5,259
\n
Bank balances
\n
37,246
\n
43,815
\n
-
\n
6,569
\n
Cash in hand 19
\n
13
\n
6
\n
Total
\n
1,096,821
\n
412,671
\n
684,150
\n
In 2022, the average rate of return on short-term investments, cash and cash equivalents
\n
was 0.45%. The credit losses expected and accounted for in investments, cash and cash
\n
equivalents are not material for the Fluxys Belgium group.
\n
The increase in cash equivalents is primarily due to the increase in sales following major
\n
gas flows to Germany and the Netherlands.
\n
\n\n
\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag82": { "value": "\n
\n\n
\n\n
Note 5.8. Short-term investments, cash and cash equivalents
\n
Investments relate to investments in the form of bonds, commercial paper and bank
\n
deposits over more than three months and maximum one year.
\n
Cash and cash equivalents are mainly euro investments in commercial paper that
\n
mature within a maximum of three months after the date of acquisition, deposits made
\n
with Fluxys (cash pooling), term deposits at credit institutions, current account bank
\n
balances and cash in hand.
\n
Short-term investments, cash and cash equivalents
\n
In thousands of \u20ac
\n
31-12-202
\n
2
\n
31-12-
\n
2021
\n
Change
\n
Short-term investments 26,113
\n
45,740
\n
-
\n
19,627
\n
Cash and cash equivalents
\n
1,070,708
\n
366,931
\n
703,777
\n
Cash equivalents and cash pooling
\n
1,025,335
\n
320,254
\n
705,081
\n
Short-term deposits
\n
8,108
\n
2,849
\n
5,259
\n
Bank balances
\n
37,246
\n
43,815
\n
-
\n
6,569
\n
Cash in hand 19
\n
13
\n
6
\n
Total
\n
1,096,821
\n
412,671
\n
684,150
\n
In 2022, the average rate of return on short-term investments, cash and cash equivalents
\n
was 0.45%. The credit losses expected and accounted for in investments, cash and cash
\n
equivalents are not material for the Fluxys Belgium group.
\n
The increase in cash equivalents is primarily due to the increase in sales following major
\n
gas flows to Germany and the Netherlands.
\n
\n\n
\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag77": { "value": "\n
Note 5.9. Other current assets
\n
Other current assets
\n
In thousands of \u20ac
\n
Notes 31-12-202
\n
2
\n
31-12-2021
\n
Change
\n
Accrued income
\n
1,213
\n
733
\n
480
\n
Prepaid expenses
\n
13,033
\n
13,360
\n
-
\n
327
\n
Other current assets 5.9.1
\n
2,940
\n
1,680
\n
1,260
\n
Total
\n
17,186
\n
15,773
\n
1,413
\n
Other current assets mainly comprise prepaid expenses amounting to \u20ac13,033 thousand
\n
(insurance, fees, rent, etc.) as well as various items of accrued income.
\n
5.9.1 Other current assets include the short-term share of the plan asset surpluses
\n
compared with the actuarial liability relating to the group's pension liabilities (see Notes
\n
5.5 and 5.14).
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag78": { "value": "\n
\n\n
Note 5.10. Equity
\n
On 31-12-2022, equity amounted to \u20ac643,617 thousand. The \u20ac3,943 thousand
\n
increase since the previous year comes essentially from the comprehensive income for
\n
the period (\u20ac100,907 thousand),which is largely offset by the dividends paid in 2022
\n
(\u20ac96,964 thousand).
\n
Note on parent entity shareholding
\n
Ordinary
\n
shares
\n
Preference
\n
shares
\n
Total
\n
I. Movements in number of shares
\n
1. Number of shares, opening balance
\n
70.263.501
\n
0
\n
70.263.501
\n
2. Number of shares issued
\n
3. Number of ordinary shares cancelled or
\n
reduced (-)
\n
4. Number of preference shares cancelled or
\n
reduced (-)
\n
5. Other increase (decrease)
\n
6. Number of shares, closing balance
\n
70.263.501
\n
0
\n
70.263.501
\n
II. Other information
\n
1. Face value of shares
\n
No face
\n
value
\n
mentioned
\n
2. Number of shares owned by the company 0
\n
0
\n
0
\n
3. Interim dividends during the financial year
\n
The share capital of Fluxys Belgium SA is represented by 70,263,501 shares with no face
\n
value, divided into two categories, in addition to the specific share.
\n
Shares in category B are and remain registered. They are held by long-term shareholders.
\n
Category D shares are registered or dematerialised and are mainly held by the general
\n
public.
\n
The Belgian State owns one specific registered share, namely share no. 1, which does not
\n
belong to any of the above categories and shall be referred to hereinafter as the
\n
'specific share'. In accordance with the Fluxys Belgium articles of association, this 'specific
\n
share' carries specific rights. These specific rights remain attached to this share in addition
\n
to the common rights attached to the ordinary shares of Fluxys Belgium (former
\n
\u201cDistrigas\u201d), as long as this share is owned by the Belgian State, as established in Articles 3
\n
to 5 of the Royal Decree of 16 June 1994. These specific rights are exercised by the
\n
Federal Minister responsible for energy. In addition to these specific rights this 'specific
\n
share' also entitles to receive 100 times the dividend or any other distribution by the entity
\n
to its shareholders, than the ones attached to the category B or D shares.
\n
\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag84": { "value": "\n
Note 5.10. Equity
\n
On 31-12-2022, equity amounted to \u20ac643,617 thousand. The \u20ac3,943 thousand
\n
increase since the previous year comes essentially from the comprehensive income for
\n
the period (\u20ac100,907 thousand),which is largely offset by the dividends paid in 2022
\n
(\u20ac96,964 thousand).
\n
Note on parent entity shareholding
\n
Ordinary
\n
shares
\n
Preference
\n
shares
\n
Total
\n
I. Movements in number of shares
\n
1. Number of shares, opening balance
\n
70.263.501
\n
0
\n
70.263.501
\n
2. Number of shares issued
\n
3. Number of ordinary shares cancelled or
\n
reduced (-)
\n
4. Number of preference shares cancelled or
\n
reduced (-)
\n
5. Other increase (decrease)
\n
6. Number of shares, closing balance
\n
70.263.501
\n
0
\n
70.263.501
\n
II. Other information
\n
1. Face value of shares
\n
No face
\n
value
\n
mentioned
\n
2. Number of shares owned by the company 0
\n
0
\n
0
\n
3. Interim dividends during the financial year
\n
The share capital of Fluxys Belgium SA is represented by 70,263,501 shares with no face
\n
value, divided into two categories, in addition to the specific share.
\n
Shares in category B are and remain registered. They are held by long-term shareholders.
\n
Category D shares are registered or dematerialised and are mainly held by the general
\n
public.
\n
The Belgian State owns one specific registered share, namely share no. 1, which does not
\n
belong to any of the above categories and shall be referred to hereinafter as the
\n
'specific share'. In accordance with the Fluxys Belgium articles of association, this 'specific
\n
share' carries specific rights. These specific rights remain attached to this share in addition
\n
to the common rights attached to the ordinary shares of Fluxys Belgium (former
\n
\u201cDistrigas\u201d), as long as this share is owned by the Belgian State, as established in Articles 3
\n
to 5 of the Royal Decree of 16 June 1994. These specific rights are exercised by the
\n
Federal Minister responsible for energy. In addition to these specific rights this 'specific
\n
share' also entitles to receive 100 times the dividend or any other distribution by the entity
\n
to its shareholders, than the ones attached to the category B or D shares.
\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag70": { "value": "\n
\n\n
Note 5.11. Interest-bearing liabilities
\n
Non-current interest-bearing liabilities In
\n
thousands of \u20ac
\n
Notes 31-12-2022 31-12-2021 Change
\n
Leases 5.11.3
\n
25,878 29,260 -3,382
\n
Bonds 5.11.1
\n
696,985 696,558 427
\n
Other borrowings 5.11.2
\n
392,909 436,273 -43,364
\n
Total
\n
1,115,772 1,162,091 -46,319
\n
Of which debts guaranteed by the public
\n
authorities or by sureties
\n
0 0 0
\n
Current interest-bearing liabilities
\n
In thousands of \u20ac
\n
Notes 31-12-2022 31-12-
\n
2021
\n
Change
\n
Leases 5.11.3 2,
\n
477
\n
2,
\n
804
\n
-
\n
327
\n
Bonds 5.11.1 2,
\n
523
\n
2,
\n
523
\n
0
\n
Other borrowings 5.11.2
\n
51,269
\n
52,105
\n
-
\n
836
\n
Total
\n
56,269
\n
57,432
\n
-
\n
1,163
\n
Of which debts guaranteed by the
\n
public authorities or by sureties
\n
0
\n
0
\n
0
\n
5.11.1. In November 2014 and October 2017, Fluxys Belgium issued bonds for a total of
\n
\u20ac700,000 thousand. These bonds offer a gross annual coupon of 1.75% and 3.25%
\n
respectively. They will mature between 2027 and 2034.
\n
5.11.2. Other borrowings include:
\n
\u2022 A 25-year loan of \u20ac400,000 thousand at a fixed rate contracted with the EIB in
\n
December 2008 to finance investments in developing the gas transmission network,
\n
the balance of which was \u20ac226,000 thousand as at 31-12-2022.
\n
\u2022 A loan of \u20ac257,000 thousand at a fixed rate of 3.20% with Fluxys to cover needs
\n
relating to investments necessary for the transshipment services at the Zeebrugge
\n
LNG Terminal. The balance still due as at 31-12-2022 is \u20ac210,273 thousand.
\n
\u2022 Short-term loans and accrued interest amounting to \u20ac7,905 thousand.
\n
5.11.3. Lease liabilities are accounted for in line with IFRS 16 and are limited to the
\n
contractual obligations, even if the Group expects certain contracts to be extended in
\n
the future, but this option isn\u2019t stated in the current contract.
\n
\n\n

\n\n
\n\n
Changes in liabilities based on financing activities
\n
31.12.2021 Cash flow Other movements 31.12.2022
\n
New lease
\n
contracts
\n
Reclassifi-
\n
cation
\n
between
\n
non-current
\n
and current
\n
Variation in
\n
accrued
\n
interests
\n
payable
\n
Non-current
\n
interest-
\n
bearing
\n
liabilities
\n
1,162,091 0 1,351 -48,097 0 427 1,115,772
\n
Leases 29,260 0 1,351 -4,733 0 0 25,878
\n
Bonds 696,558 0 0 0 0 427 696,985
\n
Other
\n
borrowings
\n
436,273 0 0 -43,364 0 0 392,909
\n
Current
\n
interest-
\n
bearing
\n
liabilities
\n
57,432 -48,455 0 48,097 -805 0 56,269
\n
Leases 2,804 -5,060 0 4,733 0 0 2,477
\n
Bonds 2,523 0 0 0 0 0 2,523
\n
Other
\n
borrowings
\n
52,105 -43,395 0 43,364 -805 0 51,269
\n
Total 1,219,523 -48,455 1,351 0 -805 427 1,172,041
\n
Cash flows relating to interest-bearing liabilities are included in points IV.1.6, IV.2.3 and
\n
IV.2.5 of the consolidated statement of cash flows.
\n
The change in accrued interests payable and the amortisation of issuance costs (in total
\n
-\u20ac321 thousand) relates to the difference between:
\n
- the interests paid, including leases (see point IV.3.1 of the consolidated
\n
statement of cash flows: -\u20ac35,274 thousand) and
\n
- the sum of borrowing interest costs and interests on lease liabilities (see Note 4.4:
\n
\u20ac40,183 thousand) minus the interest on regulatory liabilities of \u20ac5,230 thousand =
\n
\u20ac34,953 thousand.
\n
\n\n

\n\n
\n\n
Maturity of interest-bearing liabilities at 31-12-2022,
\n
non-discounted
\n
In thousands of \u20ac
\n
Up to one year
\n
Between one and
\n
five years
\n
More than five
\n
years
\n
Total
\n
Leases 3,
\n
336
\n
16,033 14,
\n
711
\n
34,
\n
080
\n
Bonds 19,
\n
316
\n
364,769 439,
\n
990
\n
824,
\n
075
\n
Other borrowings 66,
\n
752
\n
219,478 242,
\n
561
\n
528,
\n
791
\n
Total 89,
\n
404
\n
600,280 697,
\n
262
\n
1,386,
\n
946
\n
Maturity of interest-bearing liabilities at 31-12-2021,
\n
non-discounted
\n
In thousands of \u20ac
\n
Up to one year
\n
Between one
\n
and
\n
five years
\n
More than five
\n
years
\n
Total
\n
Leases
\n
3,747
\n
17,155
\n
17,829
\n
38,732
\n
Bonds
\n
19,316
\n
67,216
\n
753,909
\n
840,441
\n
Other borrowings
\n
69,183
\n
225,858
\n
295,028
\n
590,069
\n
Total
\n
92,246
\n
310,229
\n
1,066,766
\n
1,469,242
\n
\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag87": { "value": "\n

\n\n

\n\n
Note 5.12. Regulatory liabilities
\n
Regulatory liabilities
\n
In thousands of \u20ac
\n
Note 31.12.2022
\n
31.12.2021
\n
Difference
\n
Other financing \u2013 long term
\n
612,582
\n
83,505
\n
529,077
\n
Other financing \u2013 short term
\n
149,863
\n
15,425
\n
134,438
\n
Total of other financing (A) 5.12.1
\n
762,445
\n
98,
\n
930
\n
663,515
\n
Other liabilities \u2013 long term
\n
134,227
\n
314,372
\n
-
\n
180,145
\n
Other liabilities \u2013 short term
\n
38,622
\n
60,538
\n
-
\n
21,916
\n
Total of other liabilities (B) 5.12.2
\n
172,849
\n
374,910
\n
-
\n
202,061
\n
Total of regulatory liabilities (A+B
\n
= C)
\n
935,294
\n
473,840
\n
461,454
\n
Presentation in balance sheet:
\n
0
\n
Non-current regulatory liabilities
\n
746,809
\n
397,877
\n
348,932
\n
Current regulatory liabilities
\n
188,485
\n
75,963
\n
112,522
\n
Total of regulatory liabilities (C)
\n
935,294
\n
473,840
\n
461,454
\n
5.12.1 Other financing corresponds to the specific allocations of regulatory liabilities at
\n
the group\u2019s disposal firstly to finance specific investments, notably in the second jetty at
\n
Zeebrugge and secondly, the cost associated with the conversion of part of the gas
\n
transmission network. These amounts bear interest at a 10-year OLO rate for one part and
\n
the remainder at the average 1-year Euribor rate. Auction premiums of \u20ac 668.6 million
\n
were realised in 2022; this amount was recorded under \u2018Other financing \u2013 long-term\u2019 for \u20ac
\n
523.7 million and under \u2018Other financing \u2013 short-term\u2019 for \u20ac 144.9 million. This presentation
\n
is justified by the different regulatory treatment applied to auction premiums in
\n
accordance with the European network code.
\n
5.12.2 The other regulatory liabilities included in \u2018other liabilities\u2019 include the positive
\n
differences between the regulated tariffs invoiced and the regulated tariffs acquired.
\n
These amounts bear interest at the average Euribor 1-year rate.
\n
The regulatory liabilities are reconciled with the segment reporting and the statement of
\n
cash flows as follows:
\n

\n\n

\n\n

\n\n

\n\n

\n\n
Movements of the regulatory liabilities In thousands of \u20ac
\n
Long term + short term Other financing(A)
\n
Other liabilities
\n
(B)
\n
Total
\n
Balance as at 01.01.2022 98,929
\n
374,911
\n
473,840
\n
Use -5,002 -4
\n
08,333
\n
-
\n
413,335
\n
Additions 668,519 201
\n
,041
\n
869,560
\n
Interest 1,512 3,71
\n
8
\n
5,230
\n
Transfer -1,512
\n
1,512
\n
0
\n
Balance as at 31.12.2022 762,445
\n
172,849
\n
935,294
\n
The sum of use and additions amounts to \u20ac456,225 thousand and is in line with the sum of
\n
the changes in regulatory liabilities in note 4 (segment information - net change in
\n
revenue).
\n
This net increase in regulatory liabilities also corresponds with the change in regulatory
\n
liabilities included in item 1.2.6. of the cash flow table.
\n
The \u20ac5,230 thousand interest charge on regulatory liabilities was accounted for in the
\n
finance costs.
\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag90": { "value": "\n

\n\n
Note 5.12. Regulatory liabilities
\n
Regulatory liabilities
\n
In thousands of \u20ac
\n
Note 31.12.2022
\n
31.12.2021
\n
Difference
\n
Other financing \u2013 long term
\n
612,582
\n
83,505
\n
529,077
\n
Other financing \u2013 short term
\n
149,863
\n
15,425
\n
134,438
\n
Total of other financing (A) 5.12.1
\n
762,445
\n
98,
\n
930
\n
663,515
\n
Other liabilities \u2013 long term
\n
134,227
\n
314,372
\n
-
\n
180,145
\n
Other liabilities \u2013 short term
\n
38,622
\n
60,538
\n
-
\n
21,916
\n
Total of other liabilities (B) 5.12.2
\n
172,849
\n
374,910
\n
-
\n
202,061
\n
Total of regulatory liabilities (A+B
\n
= C)
\n
935,294
\n
473,840
\n
461,454
\n
Presentation in balance sheet:
\n
0
\n
Non-current regulatory liabilities
\n
746,809
\n
397,877
\n
348,932
\n
Current regulatory liabilities
\n
188,485
\n
75,963
\n
112,522
\n
Total of regulatory liabilities (C)
\n
935,294
\n
473,840
\n
461,454
\n
5.12.1 Other financing corresponds to the specific allocations of regulatory liabilities at
\n
the group\u2019s disposal firstly to finance specific investments, notably in the second jetty at
\n
Zeebrugge and secondly, the cost associated with the conversion of part of the gas
\n
transmission network. These amounts bear interest at a 10-year OLO rate for one part and
\n
the remainder at the average 1-year Euribor rate. Auction premiums of \u20ac 668.6 million
\n
were realised in 2022; this amount was recorded under \u2018Other financing \u2013 long-term\u2019 for \u20ac
\n
523.7 million and under \u2018Other financing \u2013 short-term\u2019 for \u20ac 144.9 million. This presentation
\n
is justified by the different regulatory treatment applied to auction premiums in
\n
accordance with the European network code.
\n
5.12.2 The other regulatory liabilities included in \u2018other liabilities\u2019 include the positive
\n
differences between the regulated tariffs invoiced and the regulated tariffs acquired.
\n
These amounts bear interest at the average Euribor 1-year rate.
\n
The regulatory liabilities are reconciled with the segment reporting and the statement of
\n
cash flows as follows:
\n

\n\n

\n\n

\n\n
Movements of the regulatory liabilities In thousands of \u20ac
\n
Long term + short term Other financing(A)
\n
Other liabilities
\n
(B)
\n
Total
\n
Balance as at 01.01.2022 98,929
\n
374,911
\n
473,840
\n
Use -5,002 -4
\n
08,333
\n
-
\n
413,335
\n
Additions 668,519 201
\n
,041
\n
869,560
\n
Interest 1,512 3,71
\n
8
\n
5,230
\n
Transfer -1,512
\n
1,512
\n
0
\n
Balance as at 31.12.2022 762,445
\n
172,849
\n
935,294
\n
The sum of use and additions amounts to \u20ac456,225 thousand and is in line with the sum of
\n
the changes in regulatory liabilities in note 4 (segment information - net change in
\n
revenue).
\n
This net increase in regulatory liabilities also corresponds with the change in regulatory
\n
liabilities included in item 1.2.6. of the cash flow table.
\n
The \u20ac5,230 thousand interest charge on regulatory liabilities was accounted for in the
\n
finance costs.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag89": { "value": "\n
Note 5.12. Regulatory liabilities
\n
Regulatory liabilities
\n
In thousands of \u20ac
\n
Note 31.12.2022
\n
31.12.2021
\n
Difference
\n
Other financing \u2013 long term
\n
612,582
\n
83,505
\n
529,077
\n
Other financing \u2013 short term
\n
149,863
\n
15,425
\n
134,438
\n
Total of other financing (A) 5.12.1
\n
762,445
\n
98,
\n
930
\n
663,515
\n
Other liabilities \u2013 long term
\n
134,227
\n
314,372
\n
-
\n
180,145
\n
Other liabilities \u2013 short term
\n
38,622
\n
60,538
\n
-
\n
21,916
\n
Total of other liabilities (B) 5.12.2
\n
172,849
\n
374,910
\n
-
\n
202,061
\n
Total of regulatory liabilities (A+B
\n
= C)
\n
935,294
\n
473,840
\n
461,454
\n
Presentation in balance sheet:
\n
0
\n
Non-current regulatory liabilities
\n
746,809
\n
397,877
\n
348,932
\n
Current regulatory liabilities
\n
188,485
\n
75,963
\n
112,522
\n
Total of regulatory liabilities (C)
\n
935,294
\n
473,840
\n
461,454
\n
5.12.1 Other financing corresponds to the specific allocations of regulatory liabilities at
\n
the group\u2019s disposal firstly to finance specific investments, notably in the second jetty at
\n
Zeebrugge and secondly, the cost associated with the conversion of part of the gas
\n
transmission network. These amounts bear interest at a 10-year OLO rate for one part and
\n
the remainder at the average 1-year Euribor rate. Auction premiums of \u20ac 668.6 million
\n
were realised in 2022; this amount was recorded under \u2018Other financing \u2013 long-term\u2019 for \u20ac
\n
523.7 million and under \u2018Other financing \u2013 short-term\u2019 for \u20ac 144.9 million. This presentation
\n
is justified by the different regulatory treatment applied to auction premiums in
\n
accordance with the European network code.
\n
5.12.2 The other regulatory liabilities included in \u2018other liabilities\u2019 include the positive
\n
differences between the regulated tariffs invoiced and the regulated tariffs acquired.
\n
These amounts bear interest at the average Euribor 1-year rate.
\n
The regulatory liabilities are reconciled with the segment reporting and the statement of
\n
cash flows as follows:
\n

\n\n
Movements of the regulatory liabilities In thousands of \u20ac
\n
Long term + short term Other financing(A)
\n
Other liabilities
\n
(B)
\n
Total
\n
Balance as at 01.01.2022 98,929
\n
374,911
\n
473,840
\n
Use -5,002 -4
\n
08,333
\n
-
\n
413,335
\n
Additions 668,519 201
\n
,041
\n
869,560
\n
Interest 1,512 3,71
\n
8
\n
5,230
\n
Transfer -1,512
\n
1,512
\n
0
\n
Balance as at 31.12.2022 762,445
\n
172,849
\n
935,294
\n
The sum of use and additions amounts to \u20ac456,225 thousand and is in line with the sum of
\n
the changes in regulatory liabilities in note 4 (segment information - net change in
\n
revenue).
\n
This net increase in regulatory liabilities also corresponds with the change in regulatory
\n
liabilities included in item 1.2.6. of the cash flow table.
\n
The \u20ac5,230 thousand interest charge on regulatory liabilities was accounted for in the
\n
finance costs.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag91": { "value": "\n

\n
Note 5.13. Provisions
\n\n
5.13.1 Provisions for employee benefits
\n
Provisions for employee benefits
\n
In thousands of \u20ac
\n
Provisions at 31-12-2021
\n
64,718
\n
Additions
\n
10,822
\n
Use -
\n
14,764
\n
Release
\n
0
\n
Unwinding of the discount
\n
2,375
\n
Actuarial gains/losses recognised in the profit/loss (seniority
\n
bonuses)
\n
-
\n
121
\n
Expected return on plan assets -
\n
1,734
\n
Actuarial gains/losses recognised in equity -
\n
22,905
\n
Reclassification to the assets
\n
12,598
\n
Provisions at 31-12-2022, of which:
\n
50,988
\n
Non-current provisions
\n
47,444
\n
Current provisions
\n
3,543
\n
The provisions for employee benefits (see Note 5.14) are down \u20ac13,730 thousand. This fall
\n
can primarily be explained by a combination of an increase in the discount rates partially
\n
compensated by a negative return on plan assets in 2022. In addition to the reduction in
\n
provisions, there is also an increase in the surplus from plan assets (see Note 5.14).
\n

\n\n

\n\n
5.13.2. Other provisions
\n
Provisions for:
\n
In thousands of \u20ac
\n
Litigation and
\n
claims
\n
Environment and site
\n
restoration
\n
Total other
\n
provisions
\n
Provisions at 31-12-2021
\n
5,630
\n
1,685
\n
7,315
\n
Additions
\n
20
\n
0
\n
20
\n
Use -
\n
3,069
\n
-
\n
2
\n
-
\n
3,071
\n
Release
\n
0
\n
0
\n
0
\n
Unwinding of the discount
\n
0
\n
-
\n
137
\n
-
\n
137
\n
Provisions at 31-12-2022, of
\n
which:
\n
2,581
\n
1,546
\n
4,127
\n
Non-current provisions
\n
2,581
\n
1,546
\n
4,127
\n
Current provisions
\n
0
\n
0
\n
0
\n

\n\n
5.13.3 Movements in the income statement and maturity of provisions
\n
Movements in the income statement are detailed as follows:
\n
Impact 2022
\n
In thousands of \u20ac
\n
Additions Use and reversals Total
\n
Operating profit (loss)
\n
10,842
\n
-
\n
17,835
\n
-
\n
6,993
\n
Financial profit (loss)
\n
2,238
\n
-
\n
1,855
\n
383
\n
Total
\n
13,080
\n
-
\n
19,690
\n
-
\n
6,610
\n
Maturity of provisions at 31-12-2022
\n
In thousands of \u20ac
\n
Up to one year
\n
Between one
\n
and five years
\n
More than
\n
five years
\n
Total
\n
Litigation and claims
\n
0
\n
0
\n
2,581
\n
2,581
\n
Environment and site restoration
\n
0
\n
1,
\n
546
\n
0
\n
\n
1,546
\n
\n
Subtotal
\n
0
\n
1,685
\n
2,442
\n
4,127
\n
Employee benefits
\n
3,543
\n
14,172
\n
33,273
\n
50,988
\n
Total
\n
3,543
\n
15,857
\n
35,715
\n
55,115
\n
Maturity of provisions at 31-12-2021 In
\n
thousands of \u20ac
\n
Up to one year
\n
Between one
\n
and five years
\n
More than five
\n
years
\n
Total
\n
Litigation and claims
\n
3,069
\n
2,561
\n
0
\n
5,630
\n
Environment and site
\n
restoration
\n
0
\n
1,685
\n
0
\n
1,685
\n
Subtotal
\n
3,069
\n
4,246
\n
0
\n
7,315
\n
Employee benefits
\n
4,201
\n
16,804
\n
43,713
\n
64,718
\n
Total
\n
7,270
\n
21,050 43,713 72,033
\n

\n\n

\n
Provisions for litigation and claims
\n
In 2022, a provision was used to cover the amount of a litigation with third-parties (see
\n
also Notes 4.2.6. and 7.1).
\n
The other provisions have been established to cover likely litigation payments arising for
\n
instance from the construction of the Zeebrugge LNG terminal (1983).
\n
The estimation for these provisions is based on the value of claims filed or on the
\n
estimated amount of risk incurred.
\n
Provisions for the environment and site restoration
\n
These provisions essentially cover the costs of safety, clean-up and restoration of sites
\n
subject to closure.
\n
These provisions are accrued in accordance with the Belgian regional environmental
\n
legislation and the Belgian Gas Act. These works require action plans and numerous
\n
studies in cooperation with the various public authorities and the institutions established
\n
for this purpose.
\n\n

\n\n
Note 5.14. Provisions for employee benefits
\n
Description of the principal retirement schemes and related benefits
\n
In Belgium collective agreements regulate the rights of entity employees in the electricity
\n
and gas industries.
\n
Defined benefit pension plans
\n
These agreements cover 'salary scale' personnel recruited before 1 June 2002 and
\n
management personnel recruited before 1 May 1999 allowing affiliates to benefit from a
\n
capital calculated based on a formula that takes account of their final annual salary
\n
and the number of years of service when they retire. These are called \u2018defined benefit
\n
pension plans\u2019.
\n
Obligations under these defined benefit pension plans are funded through a number of
\n
pension funds for the electricity and gas industries and through insurance companies.
\n
Employees and employers contribute to these pension plans. The employer\u2019s contribution
\n
is determined annually on the basis of an actuarial report. This is to ensure that the
\n
minimum legal funding requirements have been met and that the long-term funding of
\n
the benefits is assured.
\n
Description of the main actuarial risks
\n
The group is exposed, in connection with its defined benefit pension plans, to risks related
\n
to actuarial assumptions concerning investments, interest rates, life expectancy and
\n
salary development.
\n
The present value of defined benefit obligations is determined using a discount rate
\n
based on high-quality bonds.
\n
The assumptions concerning salary increases, inflation, personnel movements and
\n
expected average retirement age are defined based on historic entity statistics. The
\n
mortality tables used are those published by the IABE (Institute of Actuaries in Belgium).
\n
At the end of 2022, the defined benefit pension plans have surplus plan assets of \u20ac29,401
\n
thousand (2021: \u20ac16,803 thousand) compared with the actuarial liability on estimated
\n

\n\n

\n\n

\n\n

\n\n

\n\n
liabilities of the group. The amount was therefore transferred to the assets in the balance
\n
sheet under 'Other non-current assets' (note 5.5) and 'Other current assets' (note 5.9.1).
\n
The financing policy was amended in 2018 to ensure that surpluses are recovered over
\n
the duration of the pension plans. In addition, transfers between different pension plans
\n
are possible.
\n
Defined contribution pension plans with guaranteed minimum return
\n
In Belgium, \u2018Salary scale\u2019 personnel recruited after 1 June 2002 and management staff
\n
recruited after 1 May 1999 as well as the members of the management benefit from
\n
defined contribution pension plans.
\n
The pension plans are financed by contributions from employees and employers, the
\n
latter corresponding to a multiple of the contributions from employees. Obligations under
\n
these defined contribution pension plans are funded through a number of pension funds
\n
for the electricity and gas industries and through insurance companies.
\n
The assets of the pension funds are allocated among the various categories of the
\n
following risks:
\n
\u2022 Low risk: bonds in the euro zone and/or high-quality bonds.
\n
\u2022 Medium risk: risk diversification between bonds, convertible bonds, real-estate
\n
and equity instruments.
\n
\u2022 High risk: equity instruments, real estate, etc.
\n
\u2022 Dynamic Asset Allocation: rapid adjustment of the portfolio structure in case of
\n
specific events in order to limit losses in periods of stress.
\n
Belgian law requires that the employer guarantees a minimum return for defined
\n
contribution plans. These minimum returns vary based on the market rates.
\n
For the minimum returns guaranteed by the employer, the following elements apply:
\n
\u2022 For contributions paid up until 31-12-2015, the minimum return of 3.25% for
\n
employer contributions and 3.75% for employee contributions applies up to that
\n
date.
\n
\u2022 For contributions paid since 01-01-2016, the minimum return is variable based on
\n
OLO rates, with a minimum of 1.75% and a maximum of 3.75%. Given the current
\n
rates, this minimum guaranteed return has been set at 1.75%.
\n
\u2022 The accounting method used by the group to value these \u2018defined contribution
\n
pension plans, with a guaranteed minimum return\u2019, is identical to the method
\n
used for \u2018defined benefit plans\u2019 (see Note 2.11).
\n
For certain defined contribution plans, the contributions increase depending on the
\n
seniority in the Group (referred to as \u2018backloaded\u2019). For these plans, the contributions are
\n
distributed uniformly over time.
\n

\n\n

\n\n

\n\n

\n\n

\n\n
Description of the main risks
\n
Defined contribution plans expose the employer to the risk of a minimum return on
\n
pension fund assets that do not offer a sufficient guaranteed return.
\n
Other long-term employee benefits
\n
Fluxys Belgium group also has early pension schemes, other post-employment benefits
\n
such as reimbursement of medical expenses and price subsidies, as well as other long-
\n
term benefits (seniority bonuses). Not all of these benefits are funded.
\n

\n\n

\n\n

\n\n

\n\n

\n\n
Funding status of the employee benefits
\n
In thousands of \u20ac Pensions * Other **
\n
2022 2021 2022 2021
\n
Present value of funded obligations -
\n
194,397
\n
-
\n
221,035
\n
-32,840 -
\n
47,941
\n
Fair value of plan assets
\n
205,651
\n
221,062
\n
0
\n
0
\n
Funding status of plans
\n
11,254
\n
27
\n
-32,840 -
\n
47,941
\n
Effect of the asset ceiling
\n
0
\n
0
\n
0
\n
0
\n
Other
\n
0
\n
0
\n
0
\n
0
\n
Net employee benefit liability
\n
11,254
\n
27
\n
-32,840 -
\n
47,941
\n
Of which assets
\n
29,401
\n
16,80
\n
3
\n
0
\n
0
\n
Of which liabilities -
\n
18,147
\n
-
\n
16,777
\n
-32,840 -
\n
47,941
\n
* Pensions also include non-prefinanced early-retirement obligations. They also include,
\n
since 2018, contributions paid to cover pension schemes with a profile that takes into
\n
account seniority.
\n
** The item \u2018Other\u2019 includes seniority bonuses paid over the course of the career as well
\n
as other post-employment benefits (reimbursement of medical expenses and price
\n
subsidies (discount on energy costs)).
\n

\n\n

\n\n

\n\n

\n\n

\n\n
Movements in the present value of obligations
\n
In thousands of \u20ac Pensions * Other **
\n
2022 2021 2022 2021
\n
At the start of the period -
\n
221,035
\n
-
\n
234,450
\n
-
\n
47,941
\n
-
\n
51,384
\n
Service costs -
\n
9,239
\n
-
\n
9,310
\n
-
\n
1,289
\n
-
\n
1,305
\n
Early retirement costs -
\n
1,030
\n
-362
\n
0
\n
0
\n
Financial loss (-) / profit (+) -
\n
1,879
\n
-529 -
\n
496
\n
-
\n
223
\n
Participant\u2019s contributions -
\n
807
\n
-796
\n
0
\n
0
\n
Change in demographic
\n
assumptions
\n
-
\n
777
\n
-969 -
\n
605
\n
-
\n
581
\n
Change in financial assumptions
\n
44,415
\n
11,942
\n
16,144
\n
4,922
\n
Change from experience
\n
adjustments
\n
-
\n
12,505
\n
35 -
\n
398
\n
-
\n
1,233
\n
Past service costs
\n
0
\n
-
\n
1,671
\n
0
\n
0
\n
Benefits paid
\n
8,460
\n
15,075
\n
1,745
\n
1,863
\n
Reclassifications
\n
0
\n
0
\n
0
\n
0
\n
Other
\n
0
\n
0
\n
0
\n
0
\n
At the end of the period -
\n
194,397
\n
-
\n
221,035
\n
-
\n
32,840
\n
-
\n
47,941
\n
The past service cost is related to the change in plan.
\n

\n\n

\n\n

\n\n

\n\n

\n\n
Movements in the fair value of plan assets
\n
In thousands of \u20ac Pensions * Other **
\n
2022 2021 2022 2021
\n
At the start of the period
\n
221,062
\n
214,386
\n
0
\n
0
\n
Interest income
\n
1,733
\n
476
\n
0
\n
0
\n
Return on plan assets (excluding net
\n
interest income)
\n
-
\n
28,296
\n
13,141
\n
0
\n
0
\n
Employer\u2019s contributions
\n
13,756
\n
5,904
\n
1,745
\n
1,863
\n
Participants\u2019 contributions
\n
807
\n
796
\n
0
\n
0
\n
Benefits paid -
\n
8,460
\n
-
\n
15,075
\n
-
\n
1,745
\n
-
\n
1,863
\n
Change in financial assumptions
\n
5,049
\n
1,434
\n
0
\n
0
\n
Other
\n
0
\n
0
\n
0
\n
0
\n
At the end of the period
\n
205,651
\n
221,062
\n
0
\n
0
\n
Actual return on plan assets -
\n
26,563
\n
13,617
\n
0
\n
0
\n
The return on pension plan assets in 2022 is considerably lower than in 2021 following
\n
difficult conditions on the financial markets in 2022.
\n

\n\n

\n\n

\n\n

\n

\n\n

\n

\n\n
Costs recognised in profit or loss
\n
In thousands of \u20ac Pensions * Other **
\n
2022 2021 2022 2021
\n
Cost
\n
Service costs -
\n
9,240
\n
-
\n
9,310
\n
-
\n
1,289
\n
-
\n
1,305
\n
Early retirement costs -
\n
1,030
\n
-
\n
362
\n
0
\n
\n
0
\n
\n
Past service costs
\n
0
\n
-
\n
1,671
\n
0
\n
\n
0
\n
\n
Actuarial gains/(losses) on other
\n
long-term benefits
\n
121
\n
188
\n
0
\n
\n
0
\n
\n
Net interest on net liabilities/(assets)
\n
Interest expense on obligations -
\n
1,879
\n
-
\n
529
\n
-
\n
496
\n
-
\n
223
\n
Interest income on plan assets
\n
1,734
\n
476
\n
0
\n
\n
0
\n
\n
Costs recognised in profit or loss -
\n
10,294
\n
-
\n
11,208
\n
-
\n
1,785
\n
-
\n
1,528
\n
Actuarial losses (gains) recognised in other comprehensive income
\n
In thousands of \u20ac Pensions * Other**
\n
2022 2021 2022 2021
\n
Change in demographic assumptions -
\n
777
\n
-
\n
969
\n
-
\n
605
\n
-
\n
581
\n
Change in financial assumptions
\n
49,343
\n
13,188
\n
16,144
\n
4,922
\n
Change from experience adjustments -
\n
12,505
\n
35
\n
-
\n
398
\n
-
\n
1,233
\n
Effect of the asset ceiling
\n
0
\n
0
\n
0
\n
0
\n
Return on plan assets (excluding net interest
\n
income)
\n
-
\n
28,296
\n
13,141
\n
0
\n
0
\n
Actuarial losses (gains) recognised in other
\n
comprehensive income
\n
7,765
\n
25,395
\n
15,141
\n
3,108
\n

\n\n

\n\n

\n\n

\n\n

\n\n
Allocation of obligation by type of participant to the plan
\n
In thousands of \u20ac 2022 2021
\n
Active plan participants -
\n
186,116
\n
-
\n
220,051
\n
Non-active participants with deferred benefits -
\n
21,413
\n
-
\n
20,620
\n
Retirees and beneficiaries -
\n
19,708
\n
-
\n
28,305
\n
Total -
\n
227,237
\n
-
\n
268,976
\n
Allocation of obligation by type of benefit
\n
In thousands of \u20ac 2022 2021
\n
Retirement and death benefits -
\n
194,397
\n
-221,035
\n
Other post-employment benefits (medical expenses
\n
and price subsidies)
\n

\n
-24,065
\n
-37,815
\n
Seniority bonuses
\n
-8,775
\n
-10,126
\n
Total -
\n
227,237
\n
-268,976
\n

\n\n

\n\n

\n\n

\n\n

\n\n
Main actuarial assumptions used
\n
2022 2021
\n
Discount rate between 10 to 12 years
\n
3.73%
\n
0.61%
\n
Discount rate between 13 to 19 years
\n
3.75%
\n
1.07%
\n
Discount rate over 19 years
\n
3.73%
\n
1.07%
\n
Expected average salary increase
\n
2.04%
\n
2.05%
\n
Expected inflation
\n
1.99%
\n
1.75%
\n
Expected increase in health expenses
\n
2.99%
\n
2.75%
\n
Expected increase of price subsidies
\n
1.99%
\n
1.75%
\n
Average assumed retirement age
\n
63(BAR) / 65(CAD)
\n
63(BAR) / 65(CAD)
\n
Mortality tables IABE
\n
prospective
\n
IABE prospective
\n
Life expectancy in years:
\n
For a person aged 65 at the balance sheet date:
\n
- Male
\n
20
\n
20
\n
- Female
\n
24
\n
24
\n
For a person aged 65 in 20 years:
\n
- Male
\n
22
\n
22
\n
- Female
\n
26
\n
26
\n
The discount rate of the plans depends on their estimated average duration.
\n

\n\n

\n\n

\n\n

\n\n

\n\n
The fair value of plan assets is distributed based on the following major
\n
categories
\n
202
\n
2
\n
2021
\n
Listed investments 92.
\n
83%
\n
79.76%
\n
Shares - eurozone 13.
\n
91%
\n
15.56%
\n
Shares - outside eurozone 14.
\n
86%
\n
19.85%
\n
Government bonds - eurozone 0.
\n
62%
\n
2.38%
\n
Other bonds - eurozone 28.
\n
68%
\n
27.71%
\n
Other bonds - outside eurozone 34.
\n
76%
\n
14.25%
\n
Non-listed investments 7.
\n
17%
\n
20.24%
\n
Insurance contracts 0.
\n
00%
\n
0.00%
\n
Real estate 1.
\n
46%
\n
2.80%
\n
Cash and cash equivalents 4.
\n
47%
\n
3.18%
\n
Other 1.
\n
25%
\n
14.27%
\n
Total (in %) 100.
\n
00%
\n
100.00%
\n
Total (in thousands of \u20ac) 205.
\n
651
\n
221,062
\n

\n\n

\n\n

\n\n

\n\n

\n\n
Sensitivity analysis
\n
Impact on obligations
\n
In thousands of \u20ac
\n
Increase (-) / Decrease (+)
\n
Increase in discount rate (0.25%) 6,
\n
159
\n
Average salary increase - Excluding inflation (0.1%) -2,
\n
056
\n
Increase in inflation rate (0.25%) -5,
\n
016
\n
Increase in healthcare benefits (0.01%)
\n
-44
\n
Increase in price subsidies (0.5%) -1,
\n
465
\n
Increase in life expectancy of retirees (1 year) -
\n
971
\n
Average weighted duration of obligations
\n
2022 2021
\n
Average weighted duration of defined benefit obligations
\n
9
\n
9
\n
Average weighted duration of other post-employment obligations
\n
19
\n
20
\n
Expected contribution to pay for employee benefits relating to extra-
\n
statutory pensions
\n
In thousands of \u20ac
\n
Expected contribution for 2022 (for all
\n
pension and other obligations, listed above)
\n
13,352
\n
The contributions to be paid are function of the payroll of the population concerned.
\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag88": { "value": "\n

\n\n
Note 5.14. Provisions for employee benefits
\n
Description of the principal retirement schemes and related benefits
\n
In Belgium collective agreements regulate the rights of entity employees in the electricity
\n
and gas industries.
\n
Defined benefit pension plans
\n
These agreements cover 'salary scale' personnel recruited before 1 June 2002 and
\n
management personnel recruited before 1 May 1999 allowing affiliates to benefit from a
\n
capital calculated based on a formula that takes account of their final annual salary
\n
and the number of years of service when they retire. These are called \u2018defined benefit
\n
pension plans\u2019.
\n
Obligations under these defined benefit pension plans are funded through a number of
\n
pension funds for the electricity and gas industries and through insurance companies.
\n
Employees and employers contribute to these pension plans. The employer\u2019s contribution
\n
is determined annually on the basis of an actuarial report. This is to ensure that the
\n
minimum legal funding requirements have been met and that the long-term funding of
\n
the benefits is assured.
\n
Description of the main actuarial risks
\n
The group is exposed, in connection with its defined benefit pension plans, to risks related
\n
to actuarial assumptions concerning investments, interest rates, life expectancy and
\n
salary development.
\n
The present value of defined benefit obligations is determined using a discount rate
\n
based on high-quality bonds.
\n
The assumptions concerning salary increases, inflation, personnel movements and
\n
expected average retirement age are defined based on historic entity statistics. The
\n
mortality tables used are those published by the IABE (Institute of Actuaries in Belgium).
\n
At the end of 2022, the defined benefit pension plans have surplus plan assets of \u20ac29,401
\n
thousand (2021: \u20ac16,803 thousand) compared with the actuarial liability on estimated
\n

\n\n

\n\n

\n\n
liabilities of the group. The amount was therefore transferred to the assets in the balance
\n
sheet under 'Other non-current assets' (note 5.5) and 'Other current assets' (note 5.9.1).
\n
The financing policy was amended in 2018 to ensure that surpluses are recovered over
\n
the duration of the pension plans. In addition, transfers between different pension plans
\n
are possible.
\n
Defined contribution pension plans with guaranteed minimum return
\n
In Belgium, \u2018Salary scale\u2019 personnel recruited after 1 June 2002 and management staff
\n
recruited after 1 May 1999 as well as the members of the management benefit from
\n
defined contribution pension plans.
\n
The pension plans are financed by contributions from employees and employers, the
\n
latter corresponding to a multiple of the contributions from employees. Obligations under
\n
these defined contribution pension plans are funded through a number of pension funds
\n
for the electricity and gas industries and through insurance companies.
\n
The assets of the pension funds are allocated among the various categories of the
\n
following risks:
\n
\u2022 Low risk: bonds in the euro zone and/or high-quality bonds.
\n
\u2022 Medium risk: risk diversification between bonds, convertible bonds, real-estate
\n
and equity instruments.
\n
\u2022 High risk: equity instruments, real estate, etc.
\n
\u2022 Dynamic Asset Allocation: rapid adjustment of the portfolio structure in case of
\n
specific events in order to limit losses in periods of stress.
\n
Belgian law requires that the employer guarantees a minimum return for defined
\n
contribution plans. These minimum returns vary based on the market rates.
\n
For the minimum returns guaranteed by the employer, the following elements apply:
\n
\u2022 For contributions paid up until 31-12-2015, the minimum return of 3.25% for
\n
employer contributions and 3.75% for employee contributions applies up to that
\n
date.
\n
\u2022 For contributions paid since 01-01-2016, the minimum return is variable based on
\n
OLO rates, with a minimum of 1.75% and a maximum of 3.75%. Given the current
\n
rates, this minimum guaranteed return has been set at 1.75%.
\n
\u2022 The accounting method used by the group to value these \u2018defined contribution
\n
pension plans, with a guaranteed minimum return\u2019, is identical to the method
\n
used for \u2018defined benefit plans\u2019 (see Note 2.11).
\n
For certain defined contribution plans, the contributions increase depending on the
\n
seniority in the Group (referred to as \u2018backloaded\u2019). For these plans, the contributions are
\n
distributed uniformly over time.
\n

\n\n

\n\n

\n\n
Description of the main risks
\n
Defined contribution plans expose the employer to the risk of a minimum return on
\n
pension fund assets that do not offer a sufficient guaranteed return.
\n
Other long-term employee benefits
\n
Fluxys Belgium group also has early pension schemes, other post-employment benefits
\n
such as reimbursement of medical expenses and price subsidies, as well as other long-
\n
term benefits (seniority bonuses). Not all of these benefits are funded.
\n

\n\n

\n\n

\n\n
Funding status of the employee benefits
\n
In thousands of \u20ac Pensions * Other **
\n
2022 2021 2022 2021
\n
Present value of funded obligations -
\n
194,397
\n
-
\n
221,035
\n
-32,840 -
\n
47,941
\n
Fair value of plan assets
\n
205,651
\n
221,062
\n
0
\n
0
\n
Funding status of plans
\n
11,254
\n
27
\n
-32,840 -
\n
47,941
\n
Effect of the asset ceiling
\n
0
\n
0
\n
0
\n
0
\n
Other
\n
0
\n
0
\n
0
\n
0
\n
Net employee benefit liability
\n
11,254
\n
27
\n
-32,840 -
\n
47,941
\n
Of which assets
\n
29,401
\n
16,80
\n
3
\n
0
\n
0
\n
Of which liabilities -
\n
18,147
\n
-
\n
16,777
\n
-32,840 -
\n
47,941
\n
* Pensions also include non-prefinanced early-retirement obligations. They also include,
\n
since 2018, contributions paid to cover pension schemes with a profile that takes into
\n
account seniority.
\n
** The item \u2018Other\u2019 includes seniority bonuses paid over the course of the career as well
\n
as other post-employment benefits (reimbursement of medical expenses and price
\n
subsidies (discount on energy costs)).
\n

\n\n

\n\n

\n\n
Movements in the present value of obligations
\n
In thousands of \u20ac Pensions * Other **
\n
2022 2021 2022 2021
\n
At the start of the period -
\n
221,035
\n
-
\n
234,450
\n
-
\n
47,941
\n
-
\n
51,384
\n
Service costs -
\n
9,239
\n
-
\n
9,310
\n
-
\n
1,289
\n
-
\n
1,305
\n
Early retirement costs -
\n
1,030
\n
-362
\n
0
\n
0
\n
Financial loss (-) / profit (+) -
\n
1,879
\n
-529 -
\n
496
\n
-
\n
223
\n
Participant\u2019s contributions -
\n
807
\n
-796
\n
0
\n
0
\n
Change in demographic
\n
assumptions
\n
-
\n
777
\n
-969 -
\n
605
\n
-
\n
581
\n
Change in financial assumptions
\n
44,415
\n
11,942
\n
16,144
\n
4,922
\n
Change from experience
\n
adjustments
\n
-
\n
12,505
\n
35 -
\n
398
\n
-
\n
1,233
\n
Past service costs
\n
0
\n
-
\n
1,671
\n
0
\n
0
\n
Benefits paid
\n
8,460
\n
15,075
\n
1,745
\n
1,863
\n
Reclassifications
\n
0
\n
0
\n
0
\n
0
\n
Other
\n
0
\n
0
\n
0
\n
0
\n
At the end of the period -
\n
194,397
\n
-
\n
221,035
\n
-
\n
32,840
\n
-
\n
47,941
\n
The past service cost is related to the change in plan.
\n

\n\n

\n\n

\n\n
Movements in the fair value of plan assets
\n
In thousands of \u20ac Pensions * Other **
\n
2022 2021 2022 2021
\n
At the start of the period
\n
221,062
\n
214,386
\n
0
\n
0
\n
Interest income
\n
1,733
\n
476
\n
0
\n
0
\n
Return on plan assets (excluding net
\n
interest income)
\n
-
\n
28,296
\n
13,141
\n
0
\n
0
\n
Employer\u2019s contributions
\n
13,756
\n
5,904
\n
1,745
\n
1,863
\n
Participants\u2019 contributions
\n
807
\n
796
\n
0
\n
0
\n
Benefits paid -
\n
8,460
\n
-
\n
15,075
\n
-
\n
1,745
\n
-
\n
1,863
\n
Change in financial assumptions
\n
5,049
\n
1,434
\n
0
\n
0
\n
Other
\n
0
\n
0
\n
0
\n
0
\n
At the end of the period
\n
205,651
\n
221,062
\n
0
\n
0
\n
Actual return on plan assets -
\n
26,563
\n
13,617
\n
0
\n
0
\n
The return on pension plan assets in 2022 is considerably lower than in 2021 following
\n
difficult conditions on the financial markets in 2022.
\n

\n\n

\n\n

\n

\n\n
Costs recognised in profit or loss
\n
In thousands of \u20ac Pensions * Other **
\n
2022 2021 2022 2021
\n
Cost
\n
Service costs -
\n
9,240
\n
-
\n
9,310
\n
-
\n
1,289
\n
-
\n
1,305
\n
Early retirement costs -
\n
1,030
\n
-
\n
362
\n
0
\n
\n
0
\n
\n
Past service costs
\n
0
\n
-
\n
1,671
\n
0
\n
\n
0
\n
\n
Actuarial gains/(losses) on other
\n
long-term benefits
\n
121
\n
188
\n
0
\n
\n
0
\n
\n
Net interest on net liabilities/(assets)
\n
Interest expense on obligations -
\n
1,879
\n
-
\n
529
\n
-
\n
496
\n
-
\n
223
\n
Interest income on plan assets
\n
1,734
\n
476
\n
0
\n
\n
0
\n
\n
Costs recognised in profit or loss -
\n
10,294
\n
-
\n
11,208
\n
-
\n
1,785
\n
-
\n
1,528
\n
Actuarial losses (gains) recognised in other comprehensive income
\n
In thousands of \u20ac Pensions * Other**
\n
2022 2021 2022 2021
\n
Change in demographic assumptions -
\n
777
\n
-
\n
969
\n
-
\n
605
\n
-
\n
581
\n
Change in financial assumptions
\n
49,343
\n
13,188
\n
16,144
\n
4,922
\n
Change from experience adjustments -
\n
12,505
\n
35
\n
-
\n
398
\n
-
\n
1,233
\n
Effect of the asset ceiling
\n
0
\n
0
\n
0
\n
0
\n
Return on plan assets (excluding net interest
\n
income)
\n
-
\n
28,296
\n
13,141
\n
0
\n
0
\n
Actuarial losses (gains) recognised in other
\n
comprehensive income
\n
7,765
\n
25,395
\n
15,141
\n
3,108
\n

\n\n

\n\n

\n\n
Allocation of obligation by type of participant to the plan
\n
In thousands of \u20ac 2022 2021
\n
Active plan participants -
\n
186,116
\n
-
\n
220,051
\n
Non-active participants with deferred benefits -
\n
21,413
\n
-
\n
20,620
\n
Retirees and beneficiaries -
\n
19,708
\n
-
\n
28,305
\n
Total -
\n
227,237
\n
-
\n
268,976
\n
Allocation of obligation by type of benefit
\n
In thousands of \u20ac 2022 2021
\n
Retirement and death benefits -
\n
194,397
\n
-221,035
\n
Other post-employment benefits (medical expenses
\n
and price subsidies)
\n

\n
-24,065
\n
-37,815
\n
Seniority bonuses
\n
-8,775
\n
-10,126
\n
Total -
\n
227,237
\n
-268,976
\n

\n\n

\n\n

\n\n
Main actuarial assumptions used
\n
2022 2021
\n
Discount rate between 10 to 12 years
\n
3.73%
\n
0.61%
\n
Discount rate between 13 to 19 years
\n
3.75%
\n
1.07%
\n
Discount rate over 19 years
\n
3.73%
\n
1.07%
\n
Expected average salary increase
\n
2.04%
\n
2.05%
\n
Expected inflation
\n
1.99%
\n
1.75%
\n
Expected increase in health expenses
\n
2.99%
\n
2.75%
\n
Expected increase of price subsidies
\n
1.99%
\n
1.75%
\n
Average assumed retirement age
\n
63(BAR) / 65(CAD)
\n
63(BAR) / 65(CAD)
\n
Mortality tables IABE
\n
prospective
\n
IABE prospective
\n
Life expectancy in years:
\n
For a person aged 65 at the balance sheet date:
\n
- Male
\n
20
\n
20
\n
- Female
\n
24
\n
24
\n
For a person aged 65 in 20 years:
\n
- Male
\n
22
\n
22
\n
- Female
\n
26
\n
26
\n
The discount rate of the plans depends on their estimated average duration.
\n

\n\n

\n\n

\n\n
The fair value of plan assets is distributed based on the following major
\n
categories
\n
202
\n
2
\n
2021
\n
Listed investments 92.
\n
83%
\n
79.76%
\n
Shares - eurozone 13.
\n
91%
\n
15.56%
\n
Shares - outside eurozone 14.
\n
86%
\n
19.85%
\n
Government bonds - eurozone 0.
\n
62%
\n
2.38%
\n
Other bonds - eurozone 28.
\n
68%
\n
27.71%
\n
Other bonds - outside eurozone 34.
\n
76%
\n
14.25%
\n
Non-listed investments 7.
\n
17%
\n
20.24%
\n
Insurance contracts 0.
\n
00%
\n
0.00%
\n
Real estate 1.
\n
46%
\n
2.80%
\n
Cash and cash equivalents 4.
\n
47%
\n
3.18%
\n
Other 1.
\n
25%
\n
14.27%
\n
Total (in %) 100.
\n
00%
\n
100.00%
\n
Total (in thousands of \u20ac) 205.
\n
651
\n
221,062
\n

\n\n

\n\n

\n\n
Sensitivity analysis
\n
Impact on obligations
\n
In thousands of \u20ac
\n
Increase (-) / Decrease (+)
\n
Increase in discount rate (0.25%) 6,
\n
159
\n
Average salary increase - Excluding inflation (0.1%) -2,
\n
056
\n
Increase in inflation rate (0.25%) -5,
\n
016
\n
Increase in healthcare benefits (0.01%)
\n
-44
\n
Increase in price subsidies (0.5%) -1,
\n
465
\n
Increase in life expectancy of retirees (1 year) -
\n
971
\n
Average weighted duration of obligations
\n
2022 2021
\n
Average weighted duration of defined benefit obligations
\n
9
\n
9
\n
Average weighted duration of other post-employment obligations
\n
19
\n
20
\n
Expected contribution to pay for employee benefits relating to extra-
\n
statutory pensions
\n
In thousands of \u20ac
\n
Expected contribution for 2022 (for all
\n
pension and other obligations, listed above)
\n
13,352
\n
The contributions to be paid are function of the payroll of the population concerned.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag217": { "value": "\n

\n\n
Note 5.15. Deferred tax assets and liabilities
\n
Recognised deferred tax liabilities
\n
In thousands of \u20ac
\n
31-12-202
\n
2
\n
31-12-2021
\n
Difference
\n
Valuation of assets
\n
105,227
\n
116,605 -
\n
11,378
\n
Accrued income
\n
237
\n
388 -
\n
151
\n
Fair value of financial instruments
\n
2,252
\n
126
\n
2,126
\n
Provisions for employee benefits or provisions not
\n
accepted under IFRS
\n
35,832
\n
30,369
\n
5,463
\n
Other normative differences
\n
0
\n
0
\n
0
\n
Total
\n
143,548
\n
147,488 -
\n
3,940
\n
Deferred tax assets and liabilities are offset within each taxable entity. They are all fully
\n
recognised.
\n
The main source of deferred tax is the difference between the book value and the tax
\n
base of property, plant and equipment. This difference arises firstly from the recognition in
\n
the opening balance sheet of property, plant and equipment at their fair value
\n
corresponding to their deemed cost and, secondly, from the recognition at fair value of
\n
the assets and liabilities arising from the SEGEO and Distrigas & C\u00b0 business combinations
\n
in 2008.
\n
Provisions accounted for in accordance with IAS 19 (Employee benefits) and provisions
\n
recognised under local GAAP but not recognised under IFRS are another major source of
\n
deferred tax.
\n

\n\n

\n\n

\n\n
Movement for the period
\n
In thousands of \u20ac
\n
Deferred tax
\n
As at 31-12-2021
\n
147,488
\n
Deferred tax expenses \u2013 Profit & loss account -
\n
9,666
\n
Deferred tax expenses \u2013 other comprehensive
\n
income
\n
5,726
\n
As at 31-12-2022
\n
143,548
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag209": { "value": "\n

\n\n
Note 5.16. Trade and other payables
\n
Trade and other liabilities
\n
In thousands of \u20ac
\n
31-12-202
\n
2
\n
31-12-
\n
2021
\n
Change
\n
Trade payables
\n
60,357
\n
36,095
\n
24,262
\n
Payroll and related items
\n
39,517
\n
32,915
\n
6,602
\n
Other payables
\n
344,659
\n
4,297
\n
340,362
\n
Total
\n
444,533
\n
73,307
\n
371,226
\n
The significant increase in other payables is related to the recognition of the exceptional
\n
solidarity contribution of \u20ac300 million.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag212": { "value": "\n

\n
Note 6. Financial instruments
\n
Principles for managing financial risks
\n
In the course of conducting its activities, the Fluxys Belgium group is exposed to credit
\n
and counterparty risks, liquidity and interest rate risks and market risks, all of which affect
\n
its assets and liabilities.
\n
The group's administrative organisation, controlling and financial reports ensure that
\n
these risks are constantly monitored and managed.
\n
The group may only use financial instruments for hedging, and not for speculative or
\n
trading purposes. All transactions are intended to meet the group's identified financial
\n
risks: no transaction may be entered into for the sole purpose of earning a speculative
\n
gain.
\n
Cash management policy
\n
The Fluxys Belgium group's cash is managed as part of a general policy and cash
\n
surpluses are invested with Fluxys SA under cash pooling agreements. By way of reminder,
\n
Fluxys SA centralises the management of the Fluxys group\u2019s cash funds and financing.
\n
The objective of this policy is to optimise the group\u2019s cash positions. These transactions
\n
are entered into at market terms and conditions.
\n
The group's financial policy stipulates that cash surpluses be maintained at first class
\n
financial institutions or invested in financial instruments issued by entities with a high credit
\n
rating or in financial instruments of issuers which are covered by a guarantee from a
\n
European Member State or whose share capital is predominantly controlled by state-
\n
owned entities. Cash surpluses are invested following a competitive bidding award, and
\n
in instruments that are sufficiently diversified to limit counterparty risk concentration. These
\n
investments are subject to constant monitoring and risk analysis on a case-by-case basis.
\n
At 31-12-2022, current and non-current investments, cash and cash equivalents
\n
amounted to \u20ac1,204,321 thousand compared to \u20ac497,969 thousand at the end of 2021.
\n\n
Credit and counterparty risks
\n
The group systematically assesses its counterparties' financial capacity and systematically
\n
monitors receivables. Group policy regarding counterparty risks requires that the group
\n
submits potential customers and suppliers to a detailed preliminary financial analysis
\n
(liquidity, solvency, profitability, reputation and risks). The group uses internal and external
\n
information, such as official analysis performed by rating agencies (Moody's, Standard &
\n
Poor's and Fitch). These rating agencies assess entities in relation to risk and award them
\n
a credit score (rating). The group also uses databases containing general, financial and
\n
market information to complement its own evaluation of potential customers and
\n
suppliers. In addition, for most of its activities the group is allowed to contractually require
\n
guarantees (either bank guarantees or cash deposits) from counterparties. The group
\n
thereby reduces its exposure to credit risk both in terms of default and concentration of
\n
customers.
\n
In view of the concentration risk it must be noted that three clients contribute
\n
respectively 18%, 12% and 11% of the operating revenue. The breakdown per segment of
\n
these latter is \u20ac224 million in transmission, \u20ac7 million in storage and \u20ac83 million in
\n
terminalling.
\n

\n\n

\n\n

\n

\n\n
Interest rate risk
\n
The group's debt mainly consists of fixed interest rate loans maturing between 2023 and
\n
2034, the balance of which (including lease obligations) as at 31-12-2022 represents
\n
\u20ac1,172,041 thousand compared to \u20ac1,219,523 thousand at the end of 2021.
\n
In addition, the group's interest-bearing liabilities include other financing and liabilities to
\n
be used within the regulatory framework. As explained in Note 5.11, part of these bear
\n
interest at a 10-year OLO rate and the remainder at the average Euribor 1-year rate. The
\n
group does not incur any interest rate risks related to this.
\n
Therefore, a sensitivity analysis is not representative for the risk inherent in these financial
\n
instruments. Consequently, the Fluxys Belgium group\u2019s exposure to interest rate risk is very
\n
limited.
\n

\n\n\n
Liquidity Risk
\n
Liquidity risk management is one of Fluxys Belgium group\u2019s main objectives. The amounts
\n
invested and the investment period reflect the short- and long-term planning of cash
\n
needs as closely as possible, taking into account operational risks.
\n
The Fluxys Belgium group can call upon Fluxys SA in case of liquidity needs, under the
\n
cash pooling arrangements. By way of reminder, Fluxys centralises the management of
\n
the Fluxys group\u2019s cash funds and financing and has credit lines.
\n
The maturity of interest-bearing liabilities is reported in Note 5.12.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag208": { "value": "\n
Credit and counterparty risks
\n
The group systematically assesses its counterparties' financial capacity and systematically
\n
monitors receivables. Group policy regarding counterparty risks requires that the group
\n
submits potential customers and suppliers to a detailed preliminary financial analysis
\n
(liquidity, solvency, profitability, reputation and risks). The group uses internal and external
\n
information, such as official analysis performed by rating agencies (Moody's, Standard &
\n
Poor's and Fitch). These rating agencies assess entities in relation to risk and award them
\n
a credit score (rating). The group also uses databases containing general, financial and
\n
market information to complement its own evaluation of potential customers and
\n
suppliers. In addition, for most of its activities the group is allowed to contractually require
\n
guarantees (either bank guarantees or cash deposits) from counterparties. The group
\n
thereby reduces its exposure to credit risk both in terms of default and concentration of
\n
customers.
\n
In view of the concentration risk it must be noted that three clients contribute
\n
respectively 18%, 12% and 11% of the operating revenue. The breakdown per segment of
\n
these latter is \u20ac224 million in transmission, \u20ac7 million in storage and \u20ac83 million in
\n
terminalling.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag205": { "value": "\n
Interest rate risk
\n
The group's debt mainly consists of fixed interest rate loans maturing between 2023 and
\n
2034, the balance of which (including lease obligations) as at 31-12-2022 represents
\n
\u20ac1,172,041 thousand compared to \u20ac1,219,523 thousand at the end of 2021.
\n
In addition, the group's interest-bearing liabilities include other financing and liabilities to
\n
be used within the regulatory framework. As explained in Note 5.11, part of these bear
\n
interest at a 10-year OLO rate and the remainder at the average Euribor 1-year rate. The
\n
group does not incur any interest rate risks related to this.
\n
Therefore, a sensitivity analysis is not representative for the risk inherent in these financial
\n
instruments. Consequently, the Fluxys Belgium group\u2019s exposure to interest rate risk is very
\n
limited.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag219": { "value": "\n
Liquidity Risk
\n
Liquidity risk management is one of Fluxys Belgium group\u2019s main objectives. The amounts
\n
invested and the investment period reflect the short- and long-term planning of cash
\n
needs as closely as possible, taking into account operational risks.
\n
The Fluxys Belgium group can call upon Fluxys SA in case of liquidity needs, under the
\n
cash pooling arrangements. By way of reminder, Fluxys centralises the management of
\n
the Fluxys group\u2019s cash funds and financing and has credit lines.
\n
The maturity of interest-bearing liabilities is reported in Note 5.12.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag213": { "value": "\n

\n\n
Summary of financial instruments at balance sheet date
\n
In thousands of \u20ac
\n
31-12-2022 Category Book value Fair value Level
\n
I. Non-current assets
\n
Other financial assets at amortised cost A
\n
107,595
\n
97,804
\n
1 & 2
\n
Other financial assets at fair value through
\n
profit or loss
\n
B
\n
3,576
\n
3,576
\n
2
\n
Lease receivables A
\n
0
\n
0
\n
2
\n
Other receivables A
\n
15,144
\n
15,144
\n
2
\n
II. Current assets
\n
Lease receivables A
\n
2,094
\n
2,094
\n
2
\n
Trade and other receivables A
\n
164,299
\n
164,299
\n
2
\n
Cash investments A
\n
26,113
\n
26,397
\n
2
\n
Cash and cash equivalents A
\n
1,070,708
\n
1,070,600
\n
2
\n
Total financial instruments \u2013 assets
\n
1,389,529
\n
1,379,914
\n
I. Non-current liabilities
\n
Interest-bearing liabilities A
\n
1,115,772
\n
1,036,002
\n
2
\n
Other financial liabilities B
\n
3,575
\n
3,575
\n
2
\n
II. Current liabilities
\n
Interest-bearing liabilities A
\n
56,269
\n
56,269
\n
2
\n
Trade and other payables A
\n
444,533
\n
444,533
\n
2
\n
Total financial instruments - liabilities
\n
1,620,149
\n
1,540,379
\n

\n\n
The categories correspond to the following financial instruments:
\n
A. Financial assets or financial liabilities at amortised cost.
\n
B. Assets or liabilities at fair value through profit or loss.
\n

\n\n

\n\n
Summary of financial instruments at balance sheet date
\n
In thousands of \u20ac
\n
31-12-2021 Category Book value Fair value Level
\n
I. Non-current assets
\n
Other financial assets at amortised
\n
cost
\n
A
\n
85,388
\n
85,242 1 & 2
\n
Other financial assets at fair value
\n
through profit or loss
\n
B
\n
3,254
\n
3,254 2
\n
Other financial assets at fair value
\n
Lease receivables
\n
A
\n
2,094
\n
2,094 2
\n
Other receivables A
\n
9,144
\n
9,144 2
\n
II. Current assets
\n
Lease receivables A
\n
601
\n
601 2
\n
Trade and other receivables A
\n
90,446
\n
90,446 2
\n
Cash investments A
\n
45,740
\n
45,740 2
\n
Cash and cash equivalents A
\n
366,931
\n
366,931 2
\n
Total financial instruments \u2013 assets
\n
603,598
\n
603,452
\n
I. Non-current liabilities
\n
Interest-bearing liabilities A
\n
1,162,091
\n
1,221,689 2
\n
Other financial liabilities B
\n
3,254
\n
3,254 2
\n
II. Current liabilities
\n
Interest-bearing liabilities A
\n
57,438
\n
57,438 2
\n
Trade and other payables A
\n
73,307
\n
73,307 2
\n
Total financial instruments - liabilities
\n
1,296,084
\n
1,355,682
\n

\n\n
All of the group's financial instruments fall within Levels 1 and 2 of the fair value hierarchy.
\n
Their fair value is measured on a recurring basis.
\n
For the fair value measurement of Level 1, only quoted prices are used (without
\n
modification) for identical assets and liabilities in active markets. They mainly include
\n
bonds.
\n
For the fair value measurement of Level 2, observable prices other than the quoted
\n
prices of Level 1 are used. The prices are observable for the asset or liability, either directly
\n
or indirectly.
\n

\n\n
The techniques for measuring the fair value of Level 2 financial instruments are the
\n
following:
\n
\u2022 The items \u2018Interest-bearing liabilities\u2019 include the fixed-rate bonds issued by Fluxys
\n
Belgium, whose fair value is determined based on active market rates, usually
\n
provided by financial institutions.
\n
\u2022 The fair value of other financial assets and liabilities categorised under level 2 is
\n
largely identical to their book value:
\n
o because they have a short-term maturity (such as trade receivables and
\n
payables),
\n
o except for depreciated assets following the increase in interest rates
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag206": { "value": "\n
Summary of financial instruments at balance sheet date
\n
In thousands of \u20ac
\n
31-12-2022 Category Book value Fair value Level
\n
I. Non-current assets
\n
Other financial assets at amortised cost A
\n
107,595
\n
97,804
\n
1 & 2
\n
Other financial assets at fair value through
\n
profit or loss
\n
B
\n
3,576
\n
3,576
\n
2
\n
Lease receivables A
\n
0
\n
0
\n
2
\n
Other receivables A
\n
15,144
\n
15,144
\n
2
\n
II. Current assets
\n
Lease receivables A
\n
2,094
\n
2,094
\n
2
\n
Trade and other receivables A
\n
164,299
\n
164,299
\n
2
\n
Cash investments A
\n
26,113
\n
26,397
\n
2
\n
Cash and cash equivalents A
\n
1,070,708
\n
1,070,600
\n
2
\n
Total financial instruments \u2013 assets
\n
1,389,529
\n
1,379,914
\n
I. Non-current liabilities
\n
Interest-bearing liabilities A
\n
1,115,772
\n
1,036,002
\n
2
\n
Other financial liabilities B
\n
3,575
\n
3,575
\n
2
\n
II. Current liabilities
\n
Interest-bearing liabilities A
\n
56,269
\n
56,269
\n
2
\n
Trade and other payables A
\n
444,533
\n
444,533
\n
2
\n
Total financial instruments - liabilities
\n
1,620,149
\n
1,540,379
\n

\n\n
Summary of financial instruments at balance sheet date
\n
In thousands of \u20ac
\n
31-12-2021 Category Book value Fair value Level
\n
I. Non-current assets
\n
Other financial assets at amortised
\n
cost
\n
A
\n
85,388
\n
85,242 1 & 2
\n
Other financial assets at fair value
\n
through profit or loss
\n
B
\n
3,254
\n
3,254 2
\n
Other financial assets at fair value
\n
Lease receivables
\n
A
\n
2,094
\n
2,094 2
\n
Other receivables A
\n
9,144
\n
9,144 2
\n
II. Current assets
\n
Lease receivables A
\n
601
\n
601 2
\n
Trade and other receivables A
\n
90,446
\n
90,446 2
\n
Cash investments A
\n
45,740
\n
45,740 2
\n
Cash and cash equivalents A
\n
366,931
\n
366,931 2
\n
Total financial instruments \u2013 assets
\n
603,598
\n
603,452
\n
I. Non-current liabilities
\n
Interest-bearing liabilities A
\n
1,162,091
\n
1,221,689 2
\n
Other financial liabilities B
\n
3,254
\n
3,254 2
\n
II. Current liabilities
\n
Interest-bearing liabilities A
\n
57,438
\n
57,438 2
\n
Trade and other payables A
\n
73,307
\n
73,307 2
\n
Total financial instruments - liabilities
\n
1,296,084
\n
1,355,682
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag216": { "value": "\n

\n\n

\n

\n
Note 7. Contingent assets and liabilities \u2013 rights and liabilities of the group
\n\n
Note 7.1. Litigation
\n
Ghislenghien
\n
As announced in 2011, Fluxys Belgium has undertaken, in agreement with insurers and
\n
other responsible parties, to proceed with the final compensation of private victims of the
\n
accident at Ghislenghien in 2004. All the victims who have presented themselves to date
\n
and who were entitled to compensation have been compensated.
\n
Compensation claim relating to the 'Open Rack Vaporiser' investment
\n
A compensation claim for additional works was introduced by a supplier in the scope of
\n
the 'Open Rack Vaporiser' investment made by Fluxys LNG. The latter disputes this claim
\n
and an expert was appointed to assess the case. No reliable estimate is available at this
\n
stage. No provision has therefore been recognised as at 31-12-2022.
\n
Other proceedings
\n
Other legal proceedings related to the operation of our facilities are in progress, but their
\n
expected impact is immaterial and/or such proceedings are being put on hold
\n
Note 7.2. Assets and items held for third parties, in their name, but at the risk
\n
and for the benefit of entities included in the consolidation scope
\n
In the ordinary course of business, the Fluxys Belgium group holds gas belonging to its
\n
customers at its storage sites in Loenhout, in the pipelines and in the tanks at the LNG
\n
terminal in Zeebrugge.
\n
Note 7.3. Guarantees received
\n
Bank securities for the benefit of the group comprise guarantees received from
\n
contractors in respect of construction contracts as well as bank guarantees received
\n
from customers. At 31 December 2022, the guarantees received amounted to \u20ac191,434
\n
thousand. The expected credit losses on guarantees received are not very material for
\n
the Fluxys Belgium group.
\n

\n\n\n
Note 7.4. Guarantees provided by third parties on behalf of the entity
\n
Rental guarantees in favour of the owners of assets located in Belgium and leased by the
\n
group amounted to \u20ac10 thousand as at 31-12-2022.
\n
Other guarantees amounted to \u20ac183 thousand as at 31-12-2022.
\n
Note 7.5. Commitments with regard to the Interconnector Zeebrugge Terminal
\n
(IZT)
\n
The IZT lease contract includes a purchase option for the lessee that can be exercised on
\n
1 October 2023 for an amount of \u20ac1,643 thousand.
\n
As part of this transaction, surface rights have been attributed.
\n

\n\n

\n\n

\n\n

\n\n

\n\n
Note 7.6. Commitments under terminalling service contracts
\n
The Capacity Subscription Agreements (CSA) entered into with the users of the
\n
Zeebrugge LNG terminal provide for 110 mooring windows (slots) per contract until 2023
\n
and 88 docking windows per contract until 2027.
\n
During the binding window of an Open Season which was held at the end of 2020 for
\n
additional regasification capacity at the Zeebrugge LNG terminal, the full 6 million tonnes
\n
per year (or c. 10.5 GWh/h) capacity on offer had been subscribed. On this basis, Fluxys
\n
LNG has taken the final investment decision to build the additional infrastructure at the
\n
Zeebrugge LNG terminal. The additional regasification capacity will be provided in two
\n
steps:
\n
- as from early 2024, a total additional capacity of 4.7 million tonnes per year
\n
will already be offered,
\n
- as from early 2026, the full additional capacity of 6 million tonnes per year will
\n
be offered.
\n
In 2019, in addition to the aforementioned contracts, a new long-term contract was
\n
entered into with Qatar Petroleum, subsidiary of Qatar Terminal Limited (QTL), for the
\n
remaining unloading slots until 2039 with extension option until 2044.
\n
In addition, Yamal Trade (a 100% subsidiary of Yamal LNG) and Fluxys LNG signed a 20-
\n
year contract for the transshipment of a maximum of 8 million tonnes of LNG per year at
\n
the port of Zeebrugge in Belgium. This contract has entered into effect upon the
\n
commissioning of the 5
\n
th
\n
storage tank in the Zeebrugge LNG terminal at the end of 2019.
\n
Note 7.7. Other commitments
\n
Other commitments have been made and received by the Fluxys Belgium group, but
\n
their potential impact is immaterial.
\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag207": { "value": "\n

\n

\n
Note 7. Contingent assets and liabilities \u2013 rights and liabilities of the group
\n\n
Note 7.1. Litigation
\n
Ghislenghien
\n
As announced in 2011, Fluxys Belgium has undertaken, in agreement with insurers and
\n
other responsible parties, to proceed with the final compensation of private victims of the
\n
accident at Ghislenghien in 2004. All the victims who have presented themselves to date
\n
and who were entitled to compensation have been compensated.
\n
Compensation claim relating to the 'Open Rack Vaporiser' investment
\n
A compensation claim for additional works was introduced by a supplier in the scope of
\n
the 'Open Rack Vaporiser' investment made by Fluxys LNG. The latter disputes this claim
\n
and an expert was appointed to assess the case. No reliable estimate is available at this
\n
stage. No provision has therefore been recognised as at 31-12-2022.
\n
Other proceedings
\n
Other legal proceedings related to the operation of our facilities are in progress, but their
\n
expected impact is immaterial and/or such proceedings are being put on hold
\n
Note 7.2. Assets and items held for third parties, in their name, but at the risk
\n
and for the benefit of entities included in the consolidation scope
\n
In the ordinary course of business, the Fluxys Belgium group holds gas belonging to its
\n
customers at its storage sites in Loenhout, in the pipelines and in the tanks at the LNG
\n
terminal in Zeebrugge.
\n
Note 7.3. Guarantees received
\n
Bank securities for the benefit of the group comprise guarantees received from
\n
contractors in respect of construction contracts as well as bank guarantees received
\n
from customers. At 31 December 2022, the guarantees received amounted to \u20ac191,434
\n
thousand. The expected credit losses on guarantees received are not very material for
\n
the Fluxys Belgium group.
\n

\n\n\n
Note 7.4. Guarantees provided by third parties on behalf of the entity
\n
Rental guarantees in favour of the owners of assets located in Belgium and leased by the
\n
group amounted to \u20ac10 thousand as at 31-12-2022.
\n
Other guarantees amounted to \u20ac183 thousand as at 31-12-2022.
\n
Note 7.5. Commitments with regard to the Interconnector Zeebrugge Terminal
\n
(IZT)
\n
The IZT lease contract includes a purchase option for the lessee that can be exercised on
\n
1 October 2023 for an amount of \u20ac1,643 thousand.
\n
As part of this transaction, surface rights have been attributed.
\n

\n\n

\n\n

\n\n
Note 7.6. Commitments under terminalling service contracts
\n
The Capacity Subscription Agreements (CSA) entered into with the users of the
\n
Zeebrugge LNG terminal provide for 110 mooring windows (slots) per contract until 2023
\n
and 88 docking windows per contract until 2027.
\n
During the binding window of an Open Season which was held at the end of 2020 for
\n
additional regasification capacity at the Zeebrugge LNG terminal, the full 6 million tonnes
\n
per year (or c. 10.5 GWh/h) capacity on offer had been subscribed. On this basis, Fluxys
\n
LNG has taken the final investment decision to build the additional infrastructure at the
\n
Zeebrugge LNG terminal. The additional regasification capacity will be provided in two
\n
steps:
\n
- as from early 2024, a total additional capacity of 4.7 million tonnes per year
\n
will already be offered,
\n
- as from early 2026, the full additional capacity of 6 million tonnes per year will
\n
be offered.
\n
In 2019, in addition to the aforementioned contracts, a new long-term contract was
\n
entered into with Qatar Petroleum, subsidiary of Qatar Terminal Limited (QTL), for the
\n
remaining unloading slots until 2039 with extension option until 2044.
\n
In addition, Yamal Trade (a 100% subsidiary of Yamal LNG) and Fluxys LNG signed a 20-
\n
year contract for the transshipment of a maximum of 8 million tonnes of LNG per year at
\n
the port of Zeebrugge in Belgium. This contract has entered into effect upon the
\n
commissioning of the 5
\n
th
\n
storage tank in the Zeebrugge LNG terminal at the end of 2019.
\n
Note 7.7. Other commitments
\n
Other commitments have been made and received by the Fluxys Belgium group, but
\n
their potential impact is immaterial.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag210": { "value": "\n
Note 7.1. Litigation
\n
Ghislenghien
\n
As announced in 2011, Fluxys Belgium has undertaken, in agreement with insurers and
\n
other responsible parties, to proceed with the final compensation of private victims of the
\n
accident at Ghislenghien in 2004. All the victims who have presented themselves to date
\n
and who were entitled to compensation have been compensated.
\n
Compensation claim relating to the 'Open Rack Vaporiser' investment
\n
A compensation claim for additional works was introduced by a supplier in the scope of
\n
the 'Open Rack Vaporiser' investment made by Fluxys LNG. The latter disputes this claim
\n
and an expert was appointed to assess the case. No reliable estimate is available at this
\n
stage. No provision has therefore been recognised as at 31-12-2022.
\n
Other proceedings
\n
Other legal proceedings related to the operation of our facilities are in progress, but their
\n
expected impact is immaterial and/or such proceedings are being put on hold
\n
Note 7.2. Assets and items held for third parties, in their name, but at the risk
\n
and for the benefit of entities included in the consolidation scope
\n
In the ordinary course of business, the Fluxys Belgium group holds gas belonging to its
\n
customers at its storage sites in Loenhout, in the pipelines and in the tanks at the LNG
\n
terminal in Zeebrugge.
\n
Note 7.3. Guarantees received
\n
Bank securities for the benefit of the group comprise guarantees received from
\n
contractors in respect of construction contracts as well as bank guarantees received
\n
from customers. At 31 December 2022, the guarantees received amounted to \u20ac191,434
\n
thousand. The expected credit losses on guarantees received are not very material for
\n
the Fluxys Belgium group.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag215": { "value": "\n
Note 7.4. Guarantees provided by third parties on behalf of the entity
\n
Rental guarantees in favour of the owners of assets located in Belgium and leased by the
\n
group amounted to \u20ac10 thousand as at 31-12-2022.
\n
Other guarantees amounted to \u20ac183 thousand as at 31-12-2022.
\n
Note 7.5. Commitments with regard to the Interconnector Zeebrugge Terminal
\n
(IZT)
\n
The IZT lease contract includes a purchase option for the lessee that can be exercised on
\n
1 October 2023 for an amount of \u20ac1,643 thousand.
\n
As part of this transaction, surface rights have been attributed.
\n

\n\n
Note 7.6. Commitments under terminalling service contracts
\n
The Capacity Subscription Agreements (CSA) entered into with the users of the
\n
Zeebrugge LNG terminal provide for 110 mooring windows (slots) per contract until 2023
\n
and 88 docking windows per contract until 2027.
\n
During the binding window of an Open Season which was held at the end of 2020 for
\n
additional regasification capacity at the Zeebrugge LNG terminal, the full 6 million tonnes
\n
per year (or c. 10.5 GWh/h) capacity on offer had been subscribed. On this basis, Fluxys
\n
LNG has taken the final investment decision to build the additional infrastructure at the
\n
Zeebrugge LNG terminal. The additional regasification capacity will be provided in two
\n
steps:
\n
- as from early 2024, a total additional capacity of 4.7 million tonnes per year
\n
will already be offered,
\n
- as from early 2026, the full additional capacity of 6 million tonnes per year will
\n
be offered.
\n
In 2019, in addition to the aforementioned contracts, a new long-term contract was
\n
entered into with Qatar Petroleum, subsidiary of Qatar Terminal Limited (QTL), for the
\n
remaining unloading slots until 2039 with extension option until 2044.
\n
In addition, Yamal Trade (a 100% subsidiary of Yamal LNG) and Fluxys LNG signed a 20-
\n
year contract for the transshipment of a maximum of 8 million tonnes of LNG per year at
\n
the port of Zeebrugge in Belgium. This contract has entered into effect upon the
\n
commissioning of the 5
\n
th
\n
storage tank in the Zeebrugge LNG terminal at the end of 2019.
\n
Note 7.7. Other commitments
\n
Other commitments have been made and received by the Fluxys Belgium group, but
\n
their potential impact is immaterial.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag211": { "value": "\n
Note 8. Related parties
\n
Fluxys Belgium and its subsidiaries are controlled by Fluxys, which is itself controlled by
\n
Publigas.
\n
The consolidated financial statements include transactions performed by Fluxys Belgium
\n
and its subsidiaries in the normal course of their activities with unconsolidated related
\n
companies or associates. These transactions take place under market conditions and
\n
mainly involve transactions realised with Fluxys SA and Fluxys Europe (administrative
\n
services, IT and housing services and the management of cash funds and financing),
\n
Interconnector (UK) (inspection and repair services), IZT (IZT lease and facilities operation
\n
and maintenance services), Dunkerque LNG (IT development and other services), Gaz-
\n
Opale (terminalling services), Balansys (balancing operator), Fluxys TENP, FluxSwiss and
\n
Flux Re (reinsurance).
\n
Other related parties in the following tables concern other entities of the Fluxys group, in
\n
which Fluxys Belgium does not hold a stake.
\n

\n\n
Significant transactions with related parties
\n
as at 31.12.2022
\n
(in thousands of \u20ac)
\n
Parent
\n
company
\n
Joint
\n
arrange-
\n
ments
\n
Other
\n
related
\n
parties
\n
Total
\n
I. Assets with related parties
\n
1,885,715
\n
15,000 2,96
\n
6
\n
1,903,681
\n
1. Other financial assets
\n
0
\n
15,000
\n
0
\n
15,000
\n
Loans
\n
0
\n
15,000
\n
0
\n
15,000
\n
2. Financial lease receivables
\n
(current and non-current)
\n
0
\n
0
\n
2,094
\n
2,094
\n
3. Trade and other receivables
\n
860,381
\n
0
\n
871
\n
861,252
\n
Clients
\n
860,381
\n
0
\n
871
\n
861,252
\n
4. Cash and cash equivalents
\n
1,025,334
\n
0
\n
0
\n
1,025,334
\n
5. Other current assets
\n
0
\n
0
\n
0
\n
0
\n
II. Liabilities with related parties
\n
186,900
\n
0
\n
636
\n
187,529
\n
1. Interest-bearing liabilities
\n
(current and non-current)
\n
186,812
\n
0
\n
0
\n
186,812
\n
Other borrowings
\n
186,812
\n
0
\n
0
\n
186,812
\n
2. Trade and other payables
\n
79
\n
0
\n
8
\n
79
\n
Suppliers
\n
0
\n
0
\n
0
\n
0
\n
Other payables
\n
79
\n
0
\n
8
\n
79
\n
3. Other current liabilities
\n
9
\n
0
\n
629
\n
638
\n
III. Transactions with related parties -
\n
4,605
\n
1,888
\n
21,334
\n
18,617
\n
1. Services rendered and goods
\n
delivered
\n
4,207
\n
1,888
\n
21,513
\n
27,608
\n
2. Services received (-) -
\n
1,806
\n
0 -
\n
179
\n
-
\n
1,985
\n
3. Net financial income -
\n
7,007
\n
0
\n
0
\n
-
\n
7,007
\n
4. Directors\u2019s and senior
\n
executives\u2019 remuneration
\n
2,536
\n
2,536
\n
Of which short-term benefits
\n
2,149
\n
2,149
\n
Of which post-employment
\n
benefits
\n
387
\n
387
\n

\n\n
Significant transactions with related parties
\n
as at 31.12.2021
\n
(in thousands of \u20ac)
\n
Parent
\n
company
\n
Joint
\n
arrange-
\n
ments
\n
Other related
\n
parties
\n
Total
\n
I. Assets with related parties
\n
320.254
\n
9.000
\n
5.311
\n
334.565
\n
1. Other financial assets
\n
0
\n
9.000
\n
0
\n
9.000
\n
Loans
\n
0
\n
9.000
\n
0
\n
9.000
\n
2. Financial lease receivables
\n
(current and non-current)
\n
0
\n
0
\n
2.695
\n
2.695
\n
3. Trade and other receivables
\n
0
\n
0
\n
2.602
\n
2.602
\n
Clients
\n
0
\n
0
\n
2.602
\n
2.602
\n
4. Cash and cash equivalents
\n
320.254
\n
0
\n
0
\n
320.254
\n
5. Other current assets
\n
0
\n
0
\n
14
\n
14
\n
II. Liabilities with related parties
\n
239.644
\n
0
\n
693
\n
240.332
\n
1. Interest-bearing liabilities
\n
(current and non-current)
\n
239.391
\n
0
\n
0
\n
239.391
\n
Other borrowings
\n
239.391
\n
0
\n
0
\n
239.391
\n
2. Trade and other payables
\n
246
\n
0
\n
96
\n
338
\n
Suppliers
\n
193
\n
0
\n
91
\n
284
\n
Other payables
\n
53
\n
0
\n
4
\n
53
\n
3. Other current liabilities
\n
7
\n
0
\n
597
\n
604
\n
III. Transactions with related parties
\n
1. Services rendered and goods
\n
delivered
\n
2.451
\n
1.220
\n
20.057
\n
23.728
\n
2. Services received (-) -
\n
2.172
\n
0
\n
-
\n
94
\n
-
\n
2.266
\n
3. Net financial income -
\n
7.765
\n
0
\n
0
\n
-
\n
7.765
\n
4. Directors\u2019s and senior executives\u2019
\n
remuneration
\n
2.443
\n
2.443
\n
Of which short-term benefits
\n
2.078
\n
2.078
\n
Of which post-
\n
employment benefits
\n
365
\n
365
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag214": { "value": "\n
Note 9. Directors\u2019 and senior executives\u2019 remuneration
\n
Pursuant to Article 10 of the Articles of Association, the Board of Directors of Fluxys
\n
Belgium SA comprises at least three and no more than 24 non-executive directors.
\n
Furthermore, the 'special share' grants to the Minister the right to appoint two
\n
representatives of the federal government in the Board of Directors. Currently, two
\n
representatives of the federal government attend the meetings of the Board of Directors
\n
and the Strategic Committee.
\n
The ordinary general meeting has decided to set the remuneration of the directors and
\n
government representatives to a maximum of \u20ac360,000 (value 01-01-2007), to be
\n
allocated by the Board of Directors amongst its members, and to grant an attendance
\n
fee of \u20ac250 per meeting of the Board of Directors and advisory committees.
\n
Pursuant to Article 15 of the Articles of Association of Fluxys Belgium, the Board of
\n
Directors is authorised to pay a special remuneration to directors who carry out special
\n
duties for the entity. The Board also has the right to reimburse travel expenses and costs
\n
incurred by the members of the Board of Directors.
\n
The Fluxys Belgium group has not granted any loans to directors. In addition, the directors
\n
have not entered into unusual or abnormal transactions with the group. No shares or
\n
share options have been granted to the directors.
\n
For further information, the reader should refer to the Corporate Governance Declaration
\n
in the directors' report and to Note 8 'Related parties' for the breakdown of remuneration
\n
by category.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag218": { "value": "\n
Note 10. Events after the balance sheet date
\n
Based on the information available as of today, it is very difficult to estimate the
\n
economic impact of the war in Ukraine. Based on the current situation, the essential
\n
nature of the company's activities and its regulatory framework, we do not foresee any
\n
significant impact on the consolidated results of the Fluxys Belgium group in 2023.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag220": { "value": "Brussels", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag92": { "value": "Brussels", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:52990071WX2UW1WNHC16", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } } } }