The registered office of the parent entity Fluxys Belgium SA is Avenue des Arts 31, B \u2013 1040 Brussels, Belgium.
The main activities of the Fluxys Belgium group are transmission and storage of natural gas as well as terminalling services for liquefied natural gas (LNG) in Belgium.The Fluxys Belgium group also provides complementary services related to these main activities.
Transmission, storage and terminalling services in Belgium are subject to the Gas Act1.
The Fluxys Belgium group has also started developing a network of hydrogen and CO2 pipelines.
Please refer to the specific chapters in the directors\u2019 report for further information on the activities of Fluxys Belgium group.
Note 2.1.General principles
The financial statements fairly present Fluxys Belgium group\u2019s financial position, results of operations and cash flows.
The group\u2019s financial statements have been prepared on the accrual basis of accounting, except for the cash flow statement.
Assets and liabilities have not been offset against each other, except when required or allowed by an international accounting standard.
Current and non-current assets and liabilities have been presented separately in the balance sheet of the Fluxys Belgium group.
The accounting policies have been applied in a coherent manner.
1Act of 12 April 1965 concerning the transmission of gaseous and other products by pipelines as later amended.
Note 1a.Statement of compliance with IFRS
The consolidated financial statements of the Fluxys Belgium group for the financial year ended 31 December 2025 have been prepared in accordance with IFRS, as approved by the European Union and applicable on the balance sheet date.
All amounts are stated in thousands of euro.
Note 1b.Judgement and use of estimates
The preparation of financial statements requires the use of estimates and assumptions to determine the value of assets and liabilities, and to assess the positive and negative consequences of unforeseen situations and events at the balance sheet date, as well as revenues and expenses of the financial year.
Significant estimates made by the group in the preparation of the financial statements relate mainly to the valuation of the recoverable amount of property, plant and equipment, and intangible assets (see Notes 5.1 and 5.2), the valuation of rights of use and lease obligations under leases (see Notes 5.3 and 5.11), the valuation of any provisions and assets/liabilities (see Notes 5.13 and 7) and in particular the provisions for litigation and pension and related liabilities (see Note 5.14).
Due to the uncertainties inherent in all valuation processes, the group revises its estimates on the basis of regularly updated information. Future results may differ from these estimates.
Other than the use of estimates, group management also uses judgement in defining the accounting treatment for certain operations and transactions not addressed under the IFRS standards and interpretations currently in force.
Therefore, in the balance sheet, the group records the regulatory liabilities corresponding to the excess of regulated revenue received according to the real costs to be covered by the authorised regulated tariffs. This difference is transferred from the income statement to the balance sheet under regulatory liabilities (current and non-current - see Note 5.12). Where required, the regulatory assets are accounted for in the balance sheet on the line for \u2018regulatory assets\u2019 when the regulated revenue received is lower than the real costs to be covered by the authorised regulated tariffs.
These latter are recognised as much as the group considers their recovery highly likely. This accounting method (see Note 2.12) has been determined by the group, as no definitive guidance on \u2018rate-regulated activities\u2019 has been published to date.
Geopolitical risks and uncertainties, as well as climate change, may have an impact on the overall economy, on energy markets and on the company's activities. The resulting effects, such as inflation, price fluctuations and interest rate changes, are mitigated given the regulated nature of the activities of the Fluxys Belgium group. For more information on these topics, we refer the reader to the section \u201cOur main risks and opportunities\u201d regarding geopolitics and the sections \u201cTransition plan for climate change mitigation and adaptation\u201d and \u201cReduction of our own greenhouse gas emissions\u201d regarding climate change.
Note 1c.Date of authorisation for issue
The Board of Directors of Fluxys Belgium SA authorised these IFRS financial statements for issue on 31 March 2026.
Note 2.2.Balance sheet date
The consolidated financial statements are prepared as of 31 December, i.e. the parent entity\u2019s balance sheet date.
Note 1d.Standards, amendments and interpretations applicable on 1 January 2025
The following standards and interpretations are applicable for the annual period starting from 1 January 2025:
\u2022Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: lack of exchangeability, date of entry into force: 1 January 2025
\u2022Disclosures about Uncertainties in the Financial Statements
The application of these amendments has not had a significant impact on the financial statements of the group.
Note 1d.Standards, amendments and interpretations applicable on 1 January 2025
The following standards and interpretations are applicable for the annual period starting from 1 January 2025:
\u2022Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: lack of exchangeability, date of entry into force: 1 January 2025
\u2022Disclosures about Uncertainties in the Financial Statements
The application of these amendments has not had a significant impact on the financial statements of the group.
Note 1e.Standards, amendments and interpretations applicable from 1 January 2026
At the date of authorisation of these financial statements, the standards and interpretations listed below have been issued but are not yet mandatory:
\u2022Amendments to IFRS 9 Classification and Measurement Requirements and IFRS 7 Disclosures, date of entry into force: 1 January 2026
\u2022Amendments to IFRS 9 and IFRS 7 - Nature-Dependent Electricity Contracts, date of entry into force: 1st\u00a0of January\u00a02026
\u2022Annual improvements Volume 11
\u2022IFRS 18 - Presentation and Disclosure in Financial Statements, date of entry into force: 1st of January 2027
\u2022IFRS 19 Subsidiaries without Public Accountability: Disclosures, date of entry into force: 1st of January 2027
These standards, amendments and interpretations have not been adopted early. Except IFRS 18, the application of these standards, amendments and interpretations will have no significant impact on the financial statements of the group.
IFRS 18 replaces IAS 1 and introduces new requirements aimed at improving the comparability of financial data and enhancing the transparency of information provided to users. These new requirements can be summarised as follows:
- present specified categories, with the introduction of new categories (operating, investing and financing), and predefined subtotals in the statement of profit or loss;
- provide information on management-defined performance measures (MPMs) in the notes to the financial statements;
- strengthen the principles of aggregation and disaggregation in the financial statements and accompanying notes.
The Fluxys Belgium group expects that the adoption of this standard will mainly affect the presentation of the statement of profit or loss and the statement of cash flows, the information concerning management-defined performance measures, and the structure of the related notes.
IFRS 18 becomes effective for financial periods beginning on or after 1 January 2027, with early application permitted. The standard must be applied retrospectively.
The Fluxys Belgium group does not intend to adopt IFRS 18 early and is currently analysing the impact on its consolidated financial statements. The preliminary phase of this analysis indicates that the main changes would relate to the presentation of financial income in the \u201cinvesting\u201d category. Certain notes may also evolve.
Note 1e.Standards, amendments and interpretations applicable from 1 January 2026
At the date of authorisation of these financial statements, the standards and interpretations listed below have been issued but are not yet mandatory:
\u2022Amendments to IFRS 9 Classification and Measurement Requirements and IFRS 7 Disclosures, date of entry into force: 1 January 2026
\u2022Amendments to IFRS 9 and IFRS 7 - Nature-Dependent Electricity Contracts, date of entry into force: 1st\u00a0of January\u00a02026
\u2022Annual improvements Volume 11
\u2022IFRS 18 - Presentation and Disclosure in Financial Statements, date of entry into force: 1st of January 2027
\u2022IFRS 19 Subsidiaries without Public Accountability: Disclosures, date of entry into force: 1st of January 2027
These standards, amendments and interpretations have not been adopted early. Except IFRS 18, the application of these standards, amendments and interpretations will have no significant impact on the financial statements of the group.
IFRS 18 replaces IAS 1 and introduces new requirements aimed at improving the comparability of financial data and enhancing the transparency of information provided to users. These new requirements can be summarised as follows:
- present specified categories, with the introduction of new categories (operating, investing and financing), and predefined subtotals in the statement of profit or loss;
- provide information on management-defined performance measures (MPMs) in the notes to the financial statements;
- strengthen the principles of aggregation and disaggregation in the financial statements and accompanying notes.
The Fluxys Belgium group expects that the adoption of this standard will mainly affect the presentation of the statement of profit or loss and the statement of cash flows, the information concerning management-defined performance measures, and the structure of the related notes.
IFRS 18 becomes effective for financial periods beginning on or after 1 January 2027, with early application permitted. The standard must be applied retrospectively.
The Fluxys Belgium group does not intend to adopt IFRS 18 early and is currently analysing the impact on its consolidated financial statements. The preliminary phase of this analysis indicates that the main changes would relate to the presentation of financial income in the \u201cinvesting\u201d category. Certain notes may also evolve.
Note 2.Accounting principles and policies
The accounting principles and policies set out below were approved at the Fluxys Belgium Board of Directors meeting of 31 March 2026.
Changes or additions compared with the previous financial year are underlined.
Note 2.1.General principles
The financial statements fairly present Fluxys Belgium group\u2019s financial position, results of operations and cash flows.
The group\u2019s financial statements have been prepared on the accrual basis of accounting, except for the cash flow statement.
Assets and liabilities have not been offset against each other, except when required or allowed by an international accounting standard.
Current and non-current assets and liabilities have been presented separately in the balance sheet of the Fluxys Belgium group.
The accounting policies have been applied in a coherent manner.
Note 2.2.Balance sheet date
The consolidated financial statements are prepared as of 31 December, i.e. the parent entity\u2019s balance sheet date.
Note 2.3.Events after the balance sheet date
The book value of assets and liabilities at the balance sheet date is adjusted when events after the balance sheet date provide evidence of conditions that existed at the balance sheet date.
Adjustments can be made until the date of authorisation for issue of the financial statements by the Board of Directors.
Other events relating to circumstances arising after balance sheet date are disclosed in the notes to the consolidated financial statements, if significant.
Note 2.4.Basis of consolidation
The Fluxys Belgium group's consolidated financial statements have been prepared in accordance with IFRS and in particular with IFRS 3 (Business Combinations), IFRS 10 (Consolidated Financial Statements), IFRS 11 (Joint Arrangements) and IAS 28 (Investments in Associates and Joint Ventures).
The Fluxys group\u2019s consolidated financial statements include the financial statements of the parent entity and the financial statements of the entities it controls and its subsidiaries.
The investor controls an investee when it is exposed\u2014or has rights\u2014to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.
A joint venture is a joint arrangement in which the parties exercising joint control over the undertaking have rights to the net assets of the undertaking. Joint control means contractually agreed sharing of the control exercised over an undertaking, which only exists in the cases where the decisions on the relevant activities require the unanimous consent of the parties sharing the control.
The results and assets and liabilities of joint ventures are accounted for in the present consolidated financial statements in accordance with the equity method, unless the investment, or a part thereof, is classified an asset held for sale in accordance with IFRS 5.
An investment in an associate or joint venture is initially accounted for at cost. It then integrates the share of the group in the net results and the other elements of the comprehensive result of the undertaking accounted for under the equity method. Finally dividends distributed by this entity decrease the value of the investment.
Note 2.5.Intangible assets
An intangible asset is recognised as an asset if it is probable that future economic benefits attributable to the asset will flow to the entity and if the cost of the asset can be measured reliably.
Intangible assets are recognised at cost in the balance sheet (cost method), less any accumulated depreciation and any accumulated impairment losses.
Intangible assets with a limited useful life are depreciated over their useful life.
Computer software is depreciated at 20% per annum.
Subsequent expenditure is capitalised if it generates economic benefits exceeding the initial standard of performance.
Intangible assets are reviewed at each balance sheet date to identify indications of potential impairment that may have arisen during the financial year.
In case such indications are noted, an estimate of the recoverable amount of the related intangible assets is made. The recoverable amount is defined as the higher of the fair value less costs to sell of an asset and its value in use.
The value in use is calculated by discounting future cash inflows and outflows generated by the continuous use of the asset and its final disposal at an appropriate discount rate.
Intangible assets are impaired when their book value exceeds the amount that can be recovered, as a result of obsolescence of these assets or due to economic or technological circumstances.
The useful life, the depreciation method, as well as the potential residual value of intangible assets are reassessed at each balance sheet date and revised prospectively, if applicable.
Emission rights for greenhouse gases acquired at fair value are recognised as intangible assets at their acquisition cost. Rights granted free of charge are recognised as intangible assets at a nil book value.
The emission of greenhouse gases in the atmosphere is recognised as an operating expense, the counterpart being a liability for the obligation to deliver allowances covering the effective emission over the period concerned (other debts). This expense is measured by reference to the weighted average cost of the acquired or granted allowances.
This liability is derecognised on the delivery of allowances to the government by withdrawing emission rights from intangible assets.
In case the allowances are insufficient to cover the emission of greenhouse gases during the financial year, the group accounts for a provision. This provision is measured by reference to the market value at the balance sheet date of the allowances yet to be purchased.
The excess emission rights not sold on the market are valued at the balance sheet date by reference to the weighted average cost of the acquired or granted allowances, or at market value if lower than the weighted average cost.
Note 2.6.Property, plant and equipment
Property, plant and equipment (PPE) is recognised as an asset if it is probable that future economic benefits attributable to the asset will flow to the entity and if the cost of the asset can be measured reliably.
PPE is recognised at cost in the balance sheet (cost method), less any accumulated depreciation and any accumulated impairment losses.
Subsequent expenditure is capitalised if it generates economic benefits exceeding the initial standard of performance.
Any capital subsidies are deducted from the cost of the property, plant and equipment that they finance. They are then spread over the useful life of the assets concerned, as a deduction from depreciation. If capital subsidies are received before an asset is accounted for, they are temporarily recorded as deferred income.
PPE is reviewed at each balance sheet date to identify indications of potential impairment that may have arisen during the financial year.
In the event that such indications are noted, an estimate of the recoverable amount of the PPE in question is established. The recoverable amount is defined as the higher of the fair value less costs to sell of an asset and its value in use. The value in use is calculated by discounting future cash inflows and outflows generated by the continuous use of the asset and its final disposal at an appropriate discount rate.
Climate-related factors have been assessed and it has been determined that there is no impact on the useful life of the assets. This assessment is in line with the regulatory framework set out by the CREG. The CREG is also responsible for developing the tariff methodology for transmission, storage and LNG terminalling, after having undertaken a public consultation on the subject. This methodology stipulates that pipelines and facilities must be fully depreciated by December 2049 at the latest, which is the rule that the Fluxys Belgium group applies.
PPE is depreciated over its useful life.
Each significant component of PPE is recognised separately and depreciated over its useful life.
The depreciation method reflects the rate at which the group expects to consume the future economic benefits related to the asset, taking into account the time during which the assets may generate regulated revenue.
The regulated investments intended to increase the security of supply in Europe are depreciated under a diminishing balance method, which more accurately reflects the rate at which the group expects to consume the future economic benefits of these assets.
This is a specific list of regulated infrastructure investments, which are essential for gas transmission in Europe and form an integral part of the RAB.
The methods and durations of depreciation used are as follows:
Straight-line method:
\u202250 years for transmission pipelines in Belgium, terminalling facilities and tanks;
In line with the new tariff method applied since 01.01.2020, all investments (new and existing) in gas transmission pipelines are fully depreciated by December 2049 at the latest.
In accordance with the new tariff method applied since 01.01.2024, all new investments in facilities are fully depreciated by December 2049 at the latest.
\u202250 years for administrative buildings, staff housing and facilities;
\u202240 years for storage facilities;
\u202233 years for industrial buildings;
\u202220 years for investments related to the extensions of the Zeebrugge LNG terminal;
\u202210 years for equipment and furniture;
\u20225 years for vehicles and site machinery;
\u20224 years for computer hardware;
\u20223 years for prototypes.
Declining-balance method:
\u2022This method only applies for investments made to ensure security of supply: declining balance.
The useful life, the depreciation method, as well as the potential residual value of property, plant and equipment are reassessed at each balance sheet date and revised prospectively, if applicable.
Note 2.7.Leases
Definition of \u2018lease\u2019
A contract is or contains a lease if it conveys a right to control the use of an identified asset for a period of time in exchange for a consideration.
To determine whether a lease confers the right to control use of a determined asset for a determined period of time, the entity must appreciate whether, throughout the period of use, it has the right to:
\u2022obtain substantially all of the economic benefits from the use of the asset; and
\u2022direct the use of the asset.
To determine the duration of the lease, any options for renewal or termination were considered required under IFRS 16, taking into account the probability of exercising the option as well as whether it is under the control of the lessee.
At the start of the lease, the lessee recognises a right-of-use asset and a lease obligation.
Right-of-use assets
The group recognises right-of-use assets on the date of the start of the contract, i.e. the date on which the asset becomes available for use. These assets are valued at the initial cost of the lease obligation minus amortisation and any depreciation, adjusted to take into account any revaluations of the lease obligation. The initial cost of the right-of-use assets includes the present value of the lease obligation, the initial costs incurred by the lessee, rent payments made on the start date or before that date, minus any incentives obtained by the lessee.
These assets are depreciated over the estimated lifetime of the underlying asset or over the duration of the contract if this period is shorter, unless the group is sufficiently certain of obtaining ownership of the asset at the end of the contract.
Right-of-use assets are presented separately from other assets as a different entry under non-current assets.
Lease obligations
The lease obligation is valued at the present value of the rent payments that have not yet been paid. The present value of the rent payments must be calculated using the interest rate implicit in the lease if it is possible to determine that rate. If not, the lessee must use its incremental borrowing rate.
The incremental borrowing rate is the interest rate that the lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment.
Over the duration of the contract, the lessee values the lease obligation as follows:
\u2022by increasing the book value to reflect the interest on the lease obligation;
\u2022by reducing the book value to reflect the rent payments made;
\u2022by revaluing the book value to reflect the new appreciation of the lease obligation or amendments to the lease.
The services included in leases do not form part of the lease debt.
Lease obligations are presented in a separate entry under current and non-current interest-bearing liabilities (see note 5.11).
Short-term leases and low-value leases
For short-term leases (duration of 12 months or less), the Fluxys Belgium group registers a lease expense.
To determine the criteria for a low-value lease, a threshold has been determined, with the exception of vehicles, which are included in the group of vehicles leased for more than one year without applying the value criteria.
For short-term leases, and low-value leases, the effect on profit/loss is not significant.
Presentation
In the consolidated income statement, the interest charge on the lease obligation is presented separately from the depreciation charge that applies to the right-of-use asset.
In the cash flow statement, the cash flows will be presented as follows:
\u2022cash outflows relating to the principal of the lease obligation and the interest paid, in the financing activities;
\u2022rent payments for short-term leases, low-value leases and variable rent payments that have not been taken into account in the valuation of the lease obligations, in the operating activities.
Note 2.8.Financial instruments
Recognition
Financial assets and liabilities are recognised when the group becomes party to the instrument\u2019s contractual terms.
Derecognition of financial assets
The group has to derecognise a financial asset is and only if the contractual rights on the cash flows of the financial asset expire, or where it transfers almost all the risks and advantages inherent to the ownership of the financial asset to a third party.
If the group doesn\u2019t transfer, or keep almost all the risks and advantages inherent to the ownership of the financial asset and it keeps control of the asset transferred, the group continues to recognise the financial asset to the degree that its implication in it continues and an associated liability for the amount owed.
If the group keeps almost all the risks and advantages inherent to the ownership of the financial asset, it continues to recognise the whole financial asset and recognises a financial liability for the consideration received.
When a financial asset measured at amortised cost is derecognised, the difference between the amortised cost and the sum of the considerations received is transferred to the income statement.
When an investment and equity instruments until now measured at fair value with changes to other comprehensive income are derecognised, the accumulated profit/loss recognised previously in other comprehensive income is not reclassified to net income.
Derecognition of financial liabilities
The entity derecognises a financial liability only if this liability is extinguished, i.e. once the obligation is fulfilled, cancelled or it expires.
The difference between the book value of an extinguished financial liability and the consideration paid, including, where applicable, the assets (non-cash) transferred and the liabilities acquired must be recognised in the income statement.
The Fluxys Belgium group values the unconsolidated equity instruments at fair value with changes to other comprehensive income.
However, given the materiality of certain instruments and the unavailability of recent market values, certain equity instruments are accounted for at the initial cost.
The dividends received for these equity instruments are recognised in financial income under the item \u2018Dividends from unconsolidated entities\u2019.
Cash investments in the form of bonds or commercial paper, having a maturity date exceeding three months, are reported as financial assets measured at amortised cost. These are shown in the balance sheet under non-current \u2018other financial assets\u2019 and under current \u2018investments\u2019.
Cash and cash equivalents held are reported as financial assets measured at amortised cost.
The economic model used by the Fluxys Belgium group to manage financial assets aims to hold them in order to obtain contractual cash flows. The sales of financial assets are rare and the group does not expect to proceed with such sales in the future, except in the case of an increased credit risk for the assets over and above the policy advocated by the group. A sale may also be motivated by an unexpected financing need.
Where the conditions required to be qualified as financial assets valued at the depreciated cost are not met, these financial assets concerned are valued at fair value with changes to net profit/loss.
Trade and other receivables are stated at their face value reduced by any amounts deemed unrecoverable.
When the time value of money is significant, trade and other receivables are discounted.
Impairment losses are recognised when the book value of these items at balance sheet date exceeds their recoverable amount.
Expected credit losses on financial assets accounted for at depreciated cost are calculated using an individual approach, based on the credit quality of the counterparty and the maturity of the financial asset.
Expected credit losses are determined using the general approach applicable to assets with low credit risk, while the simplified approach is applied to trade receivables and contract assets.
A financial asset is impaired where one or more events have occurred with a negative effect on the future estimated cash flows of this financial asset. The indications of the impairment of a financial asset encompass data that may be observed on the following events:
\u2022defaults in payments for more than 90 days,
\u2022significant financial difficulty of the issuer or debtor and
\u2022increasing probability of bankruptcy or financial restructure of the lender.
If the economic forecast (for example gross domestic product) deteriorates over the course of next year, which could lead to an increase in the number of defaults, the historical default rates are adjusted. At each balance sheet date, the historical default rates observed are updated and the changes in the forecast estimates are analysed.
Interest-bearing liabilities are recognised at the net amount received. Following initial recognition, interest-bearing liabilities are recorded at depreciated cost. The difference between the depreciated cost and the redemption value is recognised in the income statement under the effective interest rate method over the term of the liabilities.
Trade payables are stated at face value.
When the time value of money is significant, trade payables are discounted.
Note 2.9.Inventories
Inventories are valued at the lower of cost and net realisable value. Inventories are written down to account for:
\u2022a reduction in net realisable value, or
\u2022impairment losses due to unforeseen circumstances related to the nature or use of the assets.
This impairment on inventories is recognised in the income statement in the period in which they arise.
Gas inventory changes are valued under the weighted average cost method.
Supplies and consumables are valued under the weighted average cost method.
Work in progress for third parties is valued at cost, including indirectly attributable costs.
When the outcome of a contract can be reliably estimated, contract revenue and expenses are recognised as revenue and expenses respectively by reference to the stage of completion of the contract at balance sheet date. Any expected loss is recognised immediately as an expense in the income statement.
Note 2.10.Borrowing costs
Borrowing costs directly attributable to the acquisition, building or production of assets requiring a substantial period of time to get ready for their intended use (property, plant and equipment, investment property, etc.) are added to the costs of the assets concerned until they are ready for use or sale.
The amount of the borrowing costs to be capitalised is the actual cost incurred in borrowing the funds, as reduced by income from any temporary investment of these funds.
Note 2.11.Provisions
Provisions are recognised as a liability in the balance sheet when they meet the following criteria:
\u2022the group has a present (legal or constructive) obligation arising from a past event;
\u2022it is probable (i.e. more likely than not) that the settlement of this obligation will lead to an outflow of resources embodying economic benefits;
\u2022the amount of the obligation can be reliably estimated.
No provision is recognised if the above conditions are not met.
The amount recognised as a provision is the best estimate of the expenditure required to settle the present obligation at the balance sheet date, in other words the amount the entity reasonably expects to need to pay to discharge the obligation at balance sheet date, or to transfer it to a third party at the same date.
Some companies in the Fluxys group have established supplementary \u2018defined benefit\u2019 or \u2018defined contribution\u2019 pension plans. Benefits provided under these plans are based on the number of years of service and the employee\u2019s salary.
\u2018Defined benefit\u2019 pension plans enable employees to benefit from a capital sum calculated on the basis of a formula which takes account of their annual salary at the end of their career and their seniority when they retire.
\u2018Defined contribution\u2019 pension plans provide employees with a capital sum accumulated from personal and employer contributions based on their salary.
In Belgium, the law requires that the employer guarantee a minimum return for defined contribution, which varies based on the market rates.
The accounting method used by the group to value these \u2018defined contribution pension plans, with a guaranteed minimum return\u2019, is identical to the method used for \u2018defined benefit\u2019 plans.
In case of death before retirement, these plans provide a capital sum for the surviving spouse, as well as allowances for orphans.
Certain group companies offer their employees post-employment benefits such as the reimbursement of medical costs and tariff reductions, and other long-term benefits (seniority premiums).
These liabilities are valued annually by a qualified actuary.
Regular payments made in relation to the supplementary pension plans are recognised as expenses at the time they are incurred.
Provisions for pensions and other collective agreements are reported in the balance sheet in accordance with IAS 19 (Employee Benefits), using the Projected Unit Credit Method (PUCM).
The current value of post-employment benefits is determined at each balance sheet date based on the projected salary estimated at the end of the employee\u2019s career, the rate of inflation, life expectancy, staff turnover and the expected age of retirement. The present value of defined benefit obligations is determined using a discount rate based on high-quality bonds with maturity dates close to the weighted average maturity of the plans concerned and which are denominated in the currency in which the benefits are to be paid.
The amount accounted for in respect of post-employment commitments corresponds to the difference between the current value of future obligations and the fair value of assets in the plan destined to cover them. Any deficit resulting from this valuation is subject to the recognition of a provision to cover this risk.
In the opposite case, an asset is recognised in line with the surplus of the defined benefit pension plan, capped at the current value of any future reimbursement from the plan or any reduction in future contributions to the plan.
The remeasurements of the liabilities or assets in the balance sheet comprise:
\u2022the actuarial gains or losses on the defined benefit liabilities resulting from adjustments relating to experience and/or changes in actuarial assumptions (including the effect of the change in the discount rate);
\u2022the return on plan assets (excluding amounts included in net interest) and changes in the effect of the asset ceiling (excluding amounts included in net interest).
These remeasurements are directly recognised in equity through the other items in comprehensive income.
The liabilities of the group with regard to \u2018defined contribution\u2019 plans are limited to the employer contributions paid recorded in the results.
The other long-term benefits are accounted for in the same way as the post-employment benefits, but revaluations are fully accounted for in the financial results in the financial year in which they occur.
Note 2.12.Revenue recognition
The group accounts for operating revenue as it meets a service obligation by supplying the customer with the promised good or service and as this latter obtains control thereof.
The Fluxys Belgium group uses a five-stage approach to determine whether a contract entered into with a customer may be accounted for and the way in which revenue should be recognised:
1.identification of the contract,
2.identification of the service obligations,
3.determination of the transaction price,
4.distribution of the transaction price between the service obligations and
5.recognition of operating revenue where the service obligations are met or where the control of the goods or services is transferred to the customer.
Group revenues mainly come from standard regulated contracts for which both the services to be provided and the price of the service are clearly identified.
Fluxys Belgium and its subsidiaries transfer the control of their regulated services progressively and in doing so meet their service obligation and account for operating revenue progressively. It should be noted that the revenue from regulated activity is recognised based on reserved capacities.
Furthermore, the Fluxys Belgium group makes sales of gas that are necessary for balancing operations and its operational needs. These services, fulfilled at a specific time, are recognised in operating revenue at the time of their fulfilment. From 1 June 2020, these balancing operations are conducted by the joint venture with Balansys. The technical balancing, which is intended to be residual, remains with Fluxys Belgium.
Regulated income received by the group may generate a gain or a loss compared with the fair margin for return on the capital invested. Gains are reported and recognised as regulatory liabilities, whereas revenues acquired corresponding to a loss are included in operating revenue to offset the accounting of regulatory assets. The group has no regulatory assets in the published periods.
The regulatory framework is explained in further detail in the chapter on \u2018Regulatory and legal framework\u2019 of the annual report.
In note 4 - Segment income statement, the distinction is shown between the revenue invoiced and the revenue recognised. The latter includes not only the revenue invoiced, but also the movements in regulatory assets and liabilities.
The following table provides more detailed information on the Group\u2019s services (performance obligations), types of contract, pricing, and the way in which operating revenue is recognised. The large majority of this revenue is regulated.
| \n Legal entity | \n\n Revenue stream | \n\n Performance obligation: nature, customer and timing of satisfaction | \n\n Contract type and pricing | \n
|---|---|---|---|
| \n Fluxys Belgium | \n\n Transmission | \n\n Nature of performance obligation: Sale of capacity and related services in the pipeline infrastructure to its customers to transmit natural gas to distribution system operators, power stations and major industrial end-users in Belgium, or to transport natural gas to a border point for transmission to other end-user markets in Europe. Customers: gas shippers reserve capacity slots (short + long term contracts). Revenue recognition: the performance obligation consists in making these capacities available for the customers for use at the customers\u2019 discretion (cf. IFRS 15.26 (e)). Basically, the contracts between Fluxys Belgium and their customers determine that the latter reserve a certain capacity that can be used over a certain period, at the choice of the customer. Thus, Fluxys Belgium will transfer to the customer a series of services that are substantially the same and that have the same pattern of transfer to the customer (IFRS 15.22 (b)). Each service in the series provided by Fluxys Belgium is a performance obligation satisfied over time, as described by IFRS 15.35a (the customer simultaneously receives and consumes the benefits provided by Fluxys Belgium). Therefore, the reserved capacities are invoiced and recognised monthly over the contractual period (in accordance with IFRS 15.39 and IFRS 15.B15), i.e. over-time recognition. | \n\n Regulated Standard Transmission Agreement. Regulated tariffs are expressed in \u20ac/kWh/h/year | \n
| \n Fluxys Belgium | \n\n Storage | \n\n Nature of performance obligation: storage services enabling customers to use buffer capacity flexibly according to their needs. The gas is stored in the underground facilities in Loenhout, Belgium. Most of the revenues are generated by the sale of standard bundled packages. These are composed of injection, storage and withdrawing capacity throughout the storage season in fixed proportion. Such contracts can be both long term and short term. Customers: as is the case for transmission, the revenues are based on the reserved capacities. Revenue recognition: revenue is recognised over time as these services are performed continuously throughout the contractual term. | \n\n Regulated Standard Storage Agreement (in combination with a regulated Standard Transmission Agreement to enable injecting into and withdrawing from the gas grid \u2013 see above). Regulated tariffs for storage capacity are expressed in \u20ac/standard bundled unit per year. Tariffs for separately purchased storage capacity are expressed in \u20ac/GWh/year. Injection or withdrawal capacity is expressed in \u20ac/m\u00b3(n)/h/year. | \n
| \n Fluxys LNG | \n\n Terminalling | \n\n Nature of performance obligation: \u2022Unloading services: (time slots are sold in advance, the so-called \u2018berthing rights\u2019), possibly combined with related services such as storage, regasification or sending out (i.e. transform the liquid gas into gas that can be injected in the grid). \u2022Loading services \u2022Transshipment, these services have 2 forms: 1.Ship-To-Ship: unloading of LNG from one LNG ship directly to another. 2.Ship-Storage-Ship: LNG is unloaded from an LNG ship, then stored in a tank at the terminal. It can be loaded a few days later by another LNG ship. Customers: Customers reserve berthing rights in advance, these can be both long term and short term contracts. Revenue recognition: revenue of these berthing rights is recognized over time based on the reserved capacity, independently of whether the slots are used or not. For some additional services, such as storage, revenue is recognized over time as well, in accordance with IFRS 15.35(a). For other additional services, such as regasification, revenue is recognized at a point in time. | \n\n Standard (regulated) LNG Terminalling Agreement, mostly combined with a separate standard regulated LNG Service Agreement for ancillary services such as storage and sending out capacity, etc. Tariffs for (un)loading are expressed in \u20ac/berthing right for the capacity reservations. For storage and for regasification and sending out services, tariffs are expressed in \u20ac/MWh/day. \n Regulated standard Transshipment Service Agreement. Tariffs are expressed in \u20ac/berthing right for the transshipment services. For additional storage services, the tariff is expressed in \u20ac/MWh/day. | \n
Note 2.13.Tax
Current tax is determined in accordance with local tax regulations and calculated on the income of the parent entity, subsidiaries and joint operations.
Deferred tax liabilities and assets reflect, respectively, the future taxable and deductible temporary differences between the book value and the tax base of assets and liabilities.
As of the financial year started 1 January 2024, Publigas, including its stake in Fluxys SA and its Belgian and foreign subsidiaries, is subject to the new law referred to as the \u201cPillar Two\u201d (Law introducing a minimum tax for multinational companies and large domestic groups) Law of 19 December 2023. This Law is generally in line with Council Directive (EU) 2022/2523 of 14 December 2022.
The law aims to guarantee a global minimum effective tax rate for Belgian multinational and large-scale groups.The law includes a set of rules that should incur a 15% minimum effective tax rate for the Publigas Group, as it is a multinational group of companies with consolidated revenue exceeding 750 million euros for at least two of the past four financial years.
The Publigas group aims to correctly comply with this new legislation, both in Belgium and in the other countries in which the group is present. The group\u2019s focus is on the application of the \u2018Transitional CbCR Safe Harbour\u2019 rules. Based on an analysis of historical data, the Publigas group expects to be able to apply these rules in most of the jurisdictions in which the group operates. For the purposes of the Pillar-Two rules under the GloBE model, Publigaz SC (Belgian legal entity) has been identified as the ultimate parent entity of the group as a whole and Fluxys Belgium as an entity that forms part of the ultimate parent entity (and specifically as a partially-owned parent entity).
Fluxys Belgium has applied the exception relating to the recognition and disclosure of deferred tax assets and liabilities associated with Pillar Two income taxes. The Publigas Group can reasonably be expected to be able to make use of the transitional rules of exemption from Country-by-Country Reporting for all the jurisdictions in which Fluxys Belgium operates and consequently, no additional taxation is expected for Fluxys Belgium.
Note 2.1.General principles
The financial statements fairly present Fluxys Belgium group\u2019s financial position, results of operations and cash flows.
The group\u2019s financial statements have been prepared on the accrual basis of accounting, except for the cash flow statement.
Assets and liabilities have not been offset against each other, except when required or allowed by an international accounting standard.
Current and non-current assets and liabilities have been presented separately in the balance sheet of the Fluxys Belgium group.
The accounting policies have been applied in a coherent manner.
Note 2.3.Events after the balance sheet date
The book value of assets and liabilities at the balance sheet date is adjusted when events after the balance sheet date provide evidence of conditions that existed at the balance sheet date.
Adjustments can be made until the date of authorisation for issue of the financial statements by the Board of Directors.
Other events relating to circumstances arising after balance sheet date are disclosed in the notes to the consolidated financial statements, if significant.
Conflict in the Middle East
In the context of the conflict in the Middle East, passage through the Strait of Hormuz is currently blocked for LNG vessels, and several LNG export facilities have been damaged, notably at the Ras Laffan terminal. This could lead to a decrease in Qatari LNG exports to Europe due to the reduced availability of natural gas molecules.
This may in particular have consequences for the LNG terminal in Zeebrugge, which has clients that import LNG from Qatar under long-term contracts of the type \u201cship or pay\u201d for terminalling services. In the current state of affairs and subject to an analysis of each individual case that may arise, these contracts and the associated payment obligations remain fully in force and unchanged.
The extent and duration of the consequences of this conflict are currently difficult to assess.
Sanctions
Fluxys LNG will comply with the service ban and will continue to closely monitor the potential impact of the 19th sanctions package on its activities and existing contracts (more information on the services in Note 7.5).
Note 2.4.Basis of consolidation
The Fluxys Belgium group's consolidated financial statements have been prepared in accordance with IFRS and in particular with IFRS 3 (Business Combinations), IFRS 10 (Consolidated Financial Statements), IFRS 11 (Joint Arrangements) and IAS 28 (Investments in Associates and Joint Ventures).
The Fluxys group\u2019s consolidated financial statements include the financial statements of the parent entity and the financial statements of the entities it controls and its subsidiaries.
The investor controls an investee when it is exposed\u2014or has rights\u2014to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.
A joint venture is a joint arrangement in which the parties exercising joint control over the undertaking have rights to the net assets of the undertaking. Joint control means contractually agreed sharing of the control exercised over an undertaking, which only exists in the cases where the decisions on the relevant activities require the unanimous consent of the parties sharing the control.
The results and assets and liabilities of joint ventures are accounted for in the present consolidated financial statements in accordance with the equity method, unless the investment, or a part thereof, is classified an asset held for sale in accordance with IFRS 5.
An investment in an associate or joint venture is initially accounted for at cost. It then integrates the share of the group in the net results and the other elements of the comprehensive result of the undertaking accounted for under the equity method. Finally dividends distributed by this entity decrease the value of the investment.
The Fluxys group\u2019s consolidated financial statements include the financial statements of the parent entity and the financial statements of the entities it controls and its subsidiaries.
The investor controls an investee when it is exposed\u2014or has rights\u2014to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.
The Fluxys group\u2019s consolidated financial statements include the financial statements of the parent entity and the financial statements of the entities it controls and its subsidiaries.
The investor controls an investee when it is exposed\u2014or has rights\u2014to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.
A joint venture is a joint arrangement in which the parties exercising joint control over the undertaking have rights to the net assets of the undertaking. Joint control means contractually agreed sharing of the control exercised over an undertaking, which only exists in the cases where the decisions on the relevant activities require the unanimous consent of the parties sharing the control.
The results and assets and liabilities of joint ventures are accounted for in the present consolidated financial statements in accordance with the equity method, unless the investment, or a part thereof, is classified an asset held for sale in accordance with IFRS 5.
An investment in an associate or joint venture is initially accounted for at cost. It then integrates the share of the group in the net results and the other elements of the comprehensive result of the undertaking accounted for under the equity method. Finally dividends distributed by this entity decrease the value of the investment.
Note 3.Acquisitions, disposals and restructures
The consolidation scope has changed as follows in 2025: creation of Fluxys c-grid Antwerp SA.
| \n Fully consolidated entities | \n||||||
|---|---|---|---|---|---|---|
| \n Name of the subsidiary | \n\n Registered office | \n\n Co. reg. no. | \n\n % ownership | \n\n Core business | \n\n Currency | \n\n Balance sheet date | \n
| \n FLUXYS LNG SA | \n\n Rue Guimard 4 | \n\n 0426 047 853 | \n\n 100.00% | \n\n LNG terminalling | \n\n EUR | \n\n 31 December | \n
| \n \n | \n\n B - 1040 Brussels | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Flux Re SA | \n\n Rue de Merl 74 | \n\n - | \n\n 100.00% | \n\n Reinsurance entity | \n\n EUR | \n\n 31 December | \n
| \n \n | \n\n L - 2146 Luxembourg | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Fluxys c-grid SA | \n\n Rue Guimard 4 | \n\n 1002.472.828 | \n\n 77.50% | \n\n CO2 transmission | \n\n EUR | \n\n 31 December | \n
| \n \n | \n\n B - 1040 Brussels | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Fluxys hydrogen SA | \n\n Rue Guimard 4 | \n\n 1002.472.927 | \n\n 100.00% | \n\n Hydrogen transmission | \n\n EUR | \n\n 31 December | \n
| \n \n | \n\n B - 1040 Brussels | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Fluxys c-grid Antwerp SA | \n\n Rue Guimard 4 | \n\n 1023.471.150 | \n\n 70.00% | \n\n CO2 transmission | \n\n EUR | \n\n 31 December | \n
| \n \n | \n\n B - 1040 Brussels | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Companies accounted for using the equity method | \n||||||
|---|---|---|---|---|---|---|
| \n Name of the company | \n\n Registered office | \n\n Co. reg. no. | \n\n % ownership | \n\n Core business | \n\n Currency | \n\n Balance sheet date | \n
| \n Balansys SA | \n\n Rue de Strassen 105 | \n\n - | \n\n 50.00% | \n\n Balancing operator | \n\n EUR | \n\n 31 December | \n
| \n \n | \n\n L-2555 Luxembourg | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
Special rights are attached to the special share of the Belgian State in Fluxys Belgium, other than the normal rights attached to all other shares. These special rights are exercised by the Federal Minister in charge of Energy and can be summarised as follows:
\u2022the right to oppose to all transfers, any assignment as security or change of the destination of strategic assets of Fluxys Belgium of which the list is set out in an annex to the royal decree of 16 June 1994, if the Federal Minister in charge of Energy considers that this operation prejudices the national interests in the area of energy;
\u2022the right to appoint two representatives of the federal government with a consultative vote in the Board of Directors and the Strategic Committee of Fluxys Belgium;
\u2022the right of the representatives of the federal government, within four business days, to appeal to the Federal Minister in charge of Energy on the basis of objective, non-discriminatory and transparent criteria, as defined in the Royal Decree of 5 December 2000, against any decision of the Board of Directors or any advice of the strategic Committee of Fluxys Belgium (including the investment and business plan and related budget) which they regard as contrary to the guidelines of the country\u2019s energy policy, including the government's objectives concerning the country's energy supply. The appeal is suspensive. If the Federal Minister in charge of Energy has not cancelled the decision concerned within eight business days after this appeal, it becomes final.
\u2022a special voting right in case of deadlock in the General meeting on a matter concerning the objectives of the federal energy policy.
There are no other significant restrictions that may limit the ability of the group to access or use its assets and discharge its liabilities.However it must be noted that the assets of Flux Re are destined to cover the risk of the company in the scope of its reinsurance activities.The total assets in the balance sheet of Flux Re came to \u20ac185.7 million as at 31-12-2025 compared to \u20ac184.2 million as at 31-12-2024.
Balansys SA is a company governed by Luxembourg law in which 50% of shares are held by Fluxys Belgium SA and 50% by Creos Luxembourg SA. The objective of this company is to integrate the Belgian and Luxembourg natural gas markets. As part of this objective, an agreement has been signed between the shareholders that stipulates that Balansys SA shares may not be encumbered with any guarantees or transferred, unless for the benefit of another transmission system operator and with the agreement of the other shareholder.
| \n Entity accounted for using the equity method | \n\n 31-12-2025 | \n\n 31-12-2024 | \n
|---|---|---|
| \n \n | \n\n In thousands of \u20ac (*) | \n|
| \n Non-current assets | \n\n 0 | \n\n 0 | \n
| \n Current assets | \n\n 45\u00a0346 | \n\n 52\u00a0523 | \n
| \n Equity | \n\n 100 | \n\n 100 | \n
| \n Non-current liabilities | \n\n 30\u00a0390 | \n\n 30\u00a0203 | \n
| \n Current liabilities | \n\n 14\u00a0856 | \n\n 22\u00a0220 | \n
| \n \n | \n\n \n | \n\n \n | \n
| \n Operating revenue | \n\n 125\u00a0808 | \n\n 125\u00a0293 | \n
| \n Operating expenses | \n\n -124\u00a0644 | \n\n -124\u00a0274 | \n
| \n Net financial result | \n\n -1\u00a0163 | \n\n -980 | \n
| \n Income tax expenses | \n\n -1 | \n\n -39 | \n
| \n Net profit/loss for the period | \n\n 0 | \n\n 0 | \n
| \n \n | \n\n \n | \n\n \n | \n
| \n Investments accounted for using the equity method | \n\n 50 | \n\n 50 | \n
| \n\n | \n\n\n | \n\n\n | \n
The Fluxys group\u2019s consolidated financial statements include the financial statements of the parent entity and the financial statements of the entities it controls and its subsidiaries.
The investor controls an investee when it is exposed\u2014or has rights\u2014to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.
Note 3.Acquisitions, disposals and restructures
The consolidation scope has changed as follows in 2025: creation of Fluxys c-grid Antwerp SA.
| \n Fully consolidated entities | \n||||||
|---|---|---|---|---|---|---|
| \n Name of the subsidiary | \n\n Registered office | \n\n Co. reg. no. | \n\n % ownership | \n\n Core business | \n\n Currency | \n\n Balance sheet date | \n
| \n FLUXYS LNG SA | \n\n Rue Guimard 4 | \n\n 0426 047 853 | \n\n 100.00% | \n\n LNG terminalling | \n\n EUR | \n\n 31 December | \n
| \n \n | \n\n B - 1040 Brussels | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Flux Re SA | \n\n Rue de Merl 74 | \n\n - | \n\n 100.00% | \n\n Reinsurance entity | \n\n EUR | \n\n 31 December | \n
| \n \n | \n\n L - 2146 Luxembourg | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Fluxys c-grid SA | \n\n Rue Guimard 4 | \n\n 1002.472.828 | \n\n 77.50% | \n\n CO2 transmission | \n\n EUR | \n\n 31 December | \n
| \n \n | \n\n B - 1040 Brussels | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Fluxys hydrogen SA | \n\n Rue Guimard 4 | \n\n 1002.472.927 | \n\n 100.00% | \n\n Hydrogen transmission | \n\n EUR | \n\n 31 December | \n
| \n \n | \n\n B - 1040 Brussels | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Fluxys c-grid Antwerp SA | \n\n Rue Guimard 4 | \n\n 1023.471.150 | \n\n 70.00% | \n\n CO2 transmission | \n\n EUR | \n\n 31 December | \n
| \n \n | \n\n B - 1040 Brussels | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
A joint venture is a joint arrangement in which the parties exercising joint control over the undertaking have rights to the net assets of the undertaking. Joint control means contractually agreed sharing of the control exercised over an undertaking, which only exists in the cases where the decisions on the relevant activities require the unanimous consent of the parties sharing the control.
The results and assets and liabilities of joint ventures are accounted for in the present consolidated financial statements in accordance with the equity method, unless the investment, or a part thereof, is classified an asset held for sale in accordance with IFRS 5.
An investment in an associate or joint venture is initially accounted for at cost. It then integrates the share of the group in the net results and the other elements of the comprehensive result of the undertaking accounted for under the equity method. Finally dividends distributed by this entity decrease the value of the investment.
A joint venture is a joint arrangement in which the parties exercising joint control over the undertaking have rights to the net assets of the undertaking. Joint control means contractually agreed sharing of the control exercised over an undertaking, which only exists in the cases where the decisions on the relevant activities require the unanimous consent of the parties sharing the control.
The results and assets and liabilities of joint ventures are accounted for in the present consolidated financial statements in accordance with the equity method, unless the investment, or a part thereof, is classified an asset held for sale in accordance with IFRS 5.
An investment in an associate or joint venture is initially accounted for at cost. It then integrates the share of the group in the net results and the other elements of the comprehensive result of the undertaking accounted for under the equity method. Finally dividends distributed by this entity decrease the value of the investment.
| \n Companies accounted for using the equity method | \n||||||
|---|---|---|---|---|---|---|
| \n Name of the company | \n\n Registered office | \n\n Co. reg. no. | \n\n % ownership | \n\n Core business | \n\n Currency | \n\n Balance sheet date | \n
| \n Balansys SA | \n\n Rue de Strassen 105 | \n\n - | \n\n 50.00% | \n\n Balancing operator | \n\n EUR | \n\n 31 December | \n
| \n \n | \n\n L-2555 Luxembourg | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
Special rights are attached to the special share of the Belgian State in Fluxys Belgium, other than the normal rights attached to all other shares. These special rights are exercised by the Federal Minister in charge of Energy and can be summarised as follows:
\u2022the right to oppose to all transfers, any assignment as security or change of the destination of strategic assets of Fluxys Belgium of which the list is set out in an annex to the royal decree of 16 June 1994, if the Federal Minister in charge of Energy considers that this operation prejudices the national interests in the area of energy;
\u2022the right to appoint two representatives of the federal government with a consultative vote in the Board of Directors and the Strategic Committee of Fluxys Belgium;
\u2022the right of the representatives of the federal government, within four business days, to appeal to the Federal Minister in charge of Energy on the basis of objective, non-discriminatory and transparent criteria, as defined in the Royal Decree of 5 December 2000, against any decision of the Board of Directors or any advice of the strategic Committee of Fluxys Belgium (including the investment and business plan and related budget) which they regard as contrary to the guidelines of the country\u2019s energy policy, including the government's objectives concerning the country's energy supply. The appeal is suspensive. If the Federal Minister in charge of Energy has not cancelled the decision concerned within eight business days after this appeal, it becomes final.
\u2022a special voting right in case of deadlock in the General meeting on a matter concerning the objectives of the federal energy policy.
There are no other significant restrictions that may limit the ability of the group to access or use its assets and discharge its liabilities.However it must be noted that the assets of Flux Re are destined to cover the risk of the company in the scope of its reinsurance activities.The total assets in the balance sheet of Flux Re came to \u20ac185.7 million as at 31-12-2025 compared to \u20ac184.2 million as at 31-12-2024.
Balansys SA is a company governed by Luxembourg law in which 50% of shares are held by Fluxys Belgium SA and 50% by Creos Luxembourg SA. The objective of this company is to integrate the Belgian and Luxembourg natural gas markets. As part of this objective, an agreement has been signed between the shareholders that stipulates that Balansys SA shares may not be encumbered with any guarantees or transferred, unless for the benefit of another transmission system operator and with the agreement of the other shareholder.
| \n Entity accounted for using the equity method | \n\n 31-12-2025 | \n\n 31-12-2024 | \n
|---|---|---|
| \n \n | \n\n In thousands of \u20ac (*) | \n|
| \n Non-current assets | \n\n 0 | \n\n 0 | \n
| \n Current assets | \n\n 45\u00a0346 | \n\n 52\u00a0523 | \n
| \n Equity | \n\n 100 | \n\n 100 | \n
| \n Non-current liabilities | \n\n 30\u00a0390 | \n\n 30\u00a0203 | \n
| \n Current liabilities | \n\n 14\u00a0856 | \n\n 22\u00a0220 | \n
| \n \n | \n\n \n | \n\n \n | \n
| \n Operating revenue | \n\n 125\u00a0808 | \n\n 125\u00a0293 | \n
| \n Operating expenses | \n\n -124\u00a0644 | \n\n -124\u00a0274 | \n
| \n Net financial result | \n\n -1\u00a0163 | \n\n -980 | \n
| \n Income tax expenses | \n\n -1 | \n\n -39 | \n
| \n Net profit/loss for the period | \n\n 0 | \n\n 0 | \n
| \n \n | \n\n \n | \n\n \n | \n
| \n Investments accounted for using the equity method | \n\n 50 | \n\n 50 | \n
| \n\n | \n\n\n | \n\n\n | \n
A joint venture is a joint arrangement in which the parties exercising joint control over the undertaking have rights to the net assets of the undertaking. Joint control means contractually agreed sharing of the control exercised over an undertaking, which only exists in the cases where the decisions on the relevant activities require the unanimous consent of the parties sharing the control.
The results and assets and liabilities of joint ventures are accounted for in the present consolidated financial statements in accordance with the equity method, unless the investment, or a part thereof, is classified an asset held for sale in accordance with IFRS 5.
An investment in an associate or joint venture is initially accounted for at cost. It then integrates the share of the group in the net results and the other elements of the comprehensive result of the undertaking accounted for under the equity method. Finally dividends distributed by this entity decrease the value of the investment.
| \n Companies accounted for using the equity method | \n||||||
|---|---|---|---|---|---|---|
| \n Name of the company | \n\n Registered office | \n\n Co. reg. no. | \n\n % ownership | \n\n Core business | \n\n Currency | \n\n Balance sheet date | \n
| \n Balansys SA | \n\n Rue de Strassen 105 | \n\n - | \n\n 50.00% | \n\n Balancing operator | \n\n EUR | \n\n 31 December | \n
| \n \n | \n\n L-2555 Luxembourg | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
Special rights are attached to the special share of the Belgian State in Fluxys Belgium, other than the normal rights attached to all other shares. These special rights are exercised by the Federal Minister in charge of Energy and can be summarised as follows:
\u2022the right to oppose to all transfers, any assignment as security or change of the destination of strategic assets of Fluxys Belgium of which the list is set out in an annex to the royal decree of 16 June 1994, if the Federal Minister in charge of Energy considers that this operation prejudices the national interests in the area of energy;
\u2022the right to appoint two representatives of the federal government with a consultative vote in the Board of Directors and the Strategic Committee of Fluxys Belgium;
\u2022the right of the representatives of the federal government, within four business days, to appeal to the Federal Minister in charge of Energy on the basis of objective, non-discriminatory and transparent criteria, as defined in the Royal Decree of 5 December 2000, against any decision of the Board of Directors or any advice of the strategic Committee of Fluxys Belgium (including the investment and business plan and related budget) which they regard as contrary to the guidelines of the country\u2019s energy policy, including the government's objectives concerning the country's energy supply. The appeal is suspensive. If the Federal Minister in charge of Energy has not cancelled the decision concerned within eight business days after this appeal, it becomes final.
\u2022a special voting right in case of deadlock in the General meeting on a matter concerning the objectives of the federal energy policy.
There are no other significant restrictions that may limit the ability of the group to access or use its assets and discharge its liabilities.However it must be noted that the assets of Flux Re are destined to cover the risk of the company in the scope of its reinsurance activities.The total assets in the balance sheet of Flux Re came to \u20ac185.7 million as at 31-12-2025 compared to \u20ac184.2 million as at 31-12-2024.
Balansys SA is a company governed by Luxembourg law in which 50% of shares are held by Fluxys Belgium SA and 50% by Creos Luxembourg SA. The objective of this company is to integrate the Belgian and Luxembourg natural gas markets. As part of this objective, an agreement has been signed between the shareholders that stipulates that Balansys SA shares may not be encumbered with any guarantees or transferred, unless for the benefit of another transmission system operator and with the agreement of the other shareholder.
| \n Entity accounted for using the equity method | \n\n 31-12-2025 | \n\n 31-12-2024 | \n
|---|---|---|
| \n \n | \n\n In thousands of \u20ac (*) | \n|
| \n Non-current assets | \n\n 0 | \n\n 0 | \n
| \n Current assets | \n\n 45\u00a0346 | \n\n 52\u00a0523 | \n
| \n Equity | \n\n 100 | \n\n 100 | \n
| \n Non-current liabilities | \n\n 30\u00a0390 | \n\n 30\u00a0203 | \n
| \n Current liabilities | \n\n 14\u00a0856 | \n\n 22\u00a0220 | \n
| \n \n | \n\n \n | \n\n \n | \n
| \n Operating revenue | \n\n 125\u00a0808 | \n\n 125\u00a0293 | \n
| \n Operating expenses | \n\n -124\u00a0644 | \n\n -124\u00a0274 | \n
| \n Net financial result | \n\n -1\u00a0163 | \n\n -980 | \n
| \n Income tax expenses | \n\n -1 | \n\n -39 | \n
| \n Net profit/loss for the period | \n\n 0 | \n\n 0 | \n
| \n \n | \n\n \n | \n\n \n | \n
| \n Investments accounted for using the equity method | \n\n 50 | \n\n 50 | \n
| \n\n | \n\n\n | \n\n\n | \n
A joint venture is a joint arrangement in which the parties exercising joint control over the undertaking have rights to the net assets of the undertaking. Joint control means contractually agreed sharing of the control exercised over an undertaking, which only exists in the cases where the decisions on the relevant activities require the unanimous consent of the parties sharing the control.
The results and assets and liabilities of joint ventures are accounted for in the present consolidated financial statements in accordance with the equity method, unless the investment, or a part thereof, is classified an asset held for sale in accordance with IFRS 5.
An investment in an associate or joint venture is initially accounted for at cost. It then integrates the share of the group in the net results and the other elements of the comprehensive result of the undertaking accounted for under the equity method. Finally dividends distributed by this entity decrease the value of the investment.
Note 2.5.Intangible assets
An intangible asset is recognised as an asset if it is probable that future economic benefits attributable to the asset will flow to the entity and if the cost of the asset can be measured reliably.
Intangible assets are recognised at cost in the balance sheet (cost method), less any accumulated depreciation and any accumulated impairment losses.
Intangible assets with a limited useful life are depreciated over their useful life.
Computer software is depreciated at 20% per annum.
Subsequent expenditure is capitalised if it generates economic benefits exceeding the initial standard of performance.
Intangible assets are reviewed at each balance sheet date to identify indications of potential impairment that may have arisen during the financial year.
In case such indications are noted, an estimate of the recoverable amount of the related intangible assets is made. The recoverable amount is defined as the higher of the fair value less costs to sell of an asset and its value in use.
The value in use is calculated by discounting future cash inflows and outflows generated by the continuous use of the asset and its final disposal at an appropriate discount rate.
Intangible assets are impaired when their book value exceeds the amount that can be recovered, as a result of obsolescence of these assets or due to economic or technological circumstances.
The useful life, the depreciation method, as well as the potential residual value of intangible assets are reassessed at each balance sheet date and revised prospectively, if applicable.
Emission rights for greenhouse gases acquired at fair value are recognised as intangible assets at their acquisition cost. Rights granted free of charge are recognised as intangible assets at a nil book value.
The emission of greenhouse gases in the atmosphere is recognised as an operating expense, the counterpart being a liability for the obligation to deliver allowances covering the effective emission over the period concerned (other debts). This expense is measured by reference to the weighted average cost of the acquired or granted allowances.
This liability is derecognised on the delivery of allowances to the government by withdrawing emission rights from intangible assets.
In case the allowances are insufficient to cover the emission of greenhouse gases during the financial year, the group accounts for a provision. This provision is measured by reference to the market value at the balance sheet date of the allowances yet to be purchased.
The excess emission rights not sold on the market are valued at the balance sheet date by reference to the weighted average cost of the acquired or granted allowances, or at market value if lower than the weighted average cost.
Note 2.5.Intangible assets
An intangible asset is recognised as an asset if it is probable that future economic benefits attributable to the asset will flow to the entity and if the cost of the asset can be measured reliably.
Intangible assets are recognised at cost in the balance sheet (cost method), less any accumulated depreciation and any accumulated impairment losses.
Intangible assets with a limited useful life are depreciated over their useful life.
Computer software is depreciated at 20% per annum.
Subsequent expenditure is capitalised if it generates economic benefits exceeding the initial standard of performance.
Intangible assets are reviewed at each balance sheet date to identify indications of potential impairment that may have arisen during the financial year.
In case such indications are noted, an estimate of the recoverable amount of the related intangible assets is made. The recoverable amount is defined as the higher of the fair value less costs to sell of an asset and its value in use.
The value in use is calculated by discounting future cash inflows and outflows generated by the continuous use of the asset and its final disposal at an appropriate discount rate.
Intangible assets are impaired when their book value exceeds the amount that can be recovered, as a result of obsolescence of these assets or due to economic or technological circumstances.
The useful life, the depreciation method, as well as the potential residual value of intangible assets are reassessed at each balance sheet date and revised prospectively, if applicable.
Emission rights for greenhouse gases acquired at fair value are recognised as intangible assets at their acquisition cost. Rights granted free of charge are recognised as intangible assets at a nil book value.
The emission of greenhouse gases in the atmosphere is recognised as an operating expense, the counterpart being a liability for the obligation to deliver allowances covering the effective emission over the period concerned (other debts). This expense is measured by reference to the weighted average cost of the acquired or granted allowances.
This liability is derecognised on the delivery of allowances to the government by withdrawing emission rights from intangible assets.
In case the allowances are insufficient to cover the emission of greenhouse gases during the financial year, the group accounts for a provision. This provision is measured by reference to the market value at the balance sheet date of the allowances yet to be purchased.
The excess emission rights not sold on the market are valued at the balance sheet date by reference to the weighted average cost of the acquired or granted allowances, or at market value if lower than the weighted average cost.
Note 2.5.Intangible assets
An intangible asset is recognised as an asset if it is probable that future economic benefits attributable to the asset will flow to the entity and if the cost of the asset can be measured reliably.
Intangible assets are recognised at cost in the balance sheet (cost method), less any accumulated depreciation and any accumulated impairment losses.
Intangible assets with a limited useful life are depreciated over their useful life.
Computer software is depreciated at 20% per annum.
Subsequent expenditure is capitalised if it generates economic benefits exceeding the initial standard of performance.
Intangible assets are reviewed at each balance sheet date to identify indications of potential impairment that may have arisen during the financial year.
In case such indications are noted, an estimate of the recoverable amount of the related intangible assets is made. The recoverable amount is defined as the higher of the fair value less costs to sell of an asset and its value in use.
The value in use is calculated by discounting future cash inflows and outflows generated by the continuous use of the asset and its final disposal at an appropriate discount rate.
Intangible assets are impaired when their book value exceeds the amount that can be recovered, as a result of obsolescence of these assets or due to economic or technological circumstances.
The useful life, the depreciation method, as well as the potential residual value of intangible assets are reassessed at each balance sheet date and revised prospectively, if applicable.
Emission rights for greenhouse gases acquired at fair value are recognised as intangible assets at their acquisition cost. Rights granted free of charge are recognised as intangible assets at a nil book value.
The emission of greenhouse gases in the atmosphere is recognised as an operating expense, the counterpart being a liability for the obligation to deliver allowances covering the effective emission over the period concerned (other debts). This expense is measured by reference to the weighted average cost of the acquired or granted allowances.
This liability is derecognised on the delivery of allowances to the government by withdrawing emission rights from intangible assets.
In case the allowances are insufficient to cover the emission of greenhouse gases during the financial year, the group accounts for a provision. This provision is measured by reference to the market value at the balance sheet date of the allowances yet to be purchased.
The excess emission rights not sold on the market are valued at the balance sheet date by reference to the weighted average cost of the acquired or granted allowances, or at market value if lower than the weighted average cost.
Note 5.2.Intangible assets
| \n Movements in the book value of intangible assets | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|---|
| \n Gross book value | \n\n \n | \n\n Software | \n\n \u2018Client portfolios\u2019 assets | \n\n CO2 emission rights | \n\n Total | \n
| \n As at 31-12-2023 | \n\n \n | \n\n 45\u00a0891 | \n\n 52\u00a0800 | \n\n 1\u00a0599 | \n\n 100\u00a0290 | \n
| \n Investments | \n\n \n | \n\n 13\u00a0798 | \n\n 0 | \n\n 0 | \n\n 13\u00a0798 | \n
| \n Disposals and retirements | \n\n \n | \n\n -1\u00a0022 | \n\n -52\u00a0800 | \n\n -526 | \n\n -54\u00a0348 | \n
| \n As at 31-12-2024 | \n\n \n | \n\n 58\u00a0667 | \n\n 0 | \n\n 1\u00a0073 | \n\n 59\u00a0740 | \n
| \n Investments | \n\n \n | \n\n 11\u00a0679 | \n\n 0 | \n\n 0 | \n\n 11\u00a0679 | \n
| \n Disposals and retirements | \n\n \n | \n\n -6\u00a0458 | \n\n 0 | \n\n -444 | \n\n -6\u00a0902 | \n
| \n As at 31-12-2025 | \n\n \n | \n\n 63\u00a0888 | \n\n 0 | \n\n 629 | \n\n 64\u00a0517 | \n
| \n Movements in the book value of intangible assets | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|---|
| \n Depreciation and write-downs | \n\n \n | \n\n Software | \n\n \u2018Client portfolios\u2019 assets | \n\n CO2 emission rights | \n\n Total | \n
| \n As at 31-12-2023 | \n\n \n | \n\n -20\u00a0198 | \n\n -52\u00a0800 | \n\n -54 | \n\n -73\u00a0052 | \n
| \n Depreciation | \n\n \n | \n\n -11\u00a0053 | \n\n 0 | \n\n 0 | \n\n -11\u00a0053 | \n
| \n Impairment losses | \n\n \n | \n\n 0 | \n\n 0 | \n\n -39 | \n\n -39 | \n
| \n Disposals and retirements | \n\n \n | \n\n 1\u00a0022 | \n\n 52\u00a0800 | \n\n \n | \n\n 53\u00a0822 | \n
| \n As at 31-12-2024 | \n\n \n | \n\n -30\u00a0229 | \n\n 0 | \n\n -93 | \n\n -30\u00a0322 | \n
| \n Depreciation | \n\n \n | \n\n -12\u00a0323 | \n\n 0 | \n\n 0 | \n\n -12\u00a0323 | \n
| \n Impairment losses | \n\n \n | \n\n 0 | \n\n 0 | \n\n 93 | \n\n 93 | \n
| \n Disposals and retirements | \n\n \n | \n\n 6\u00a0457 | \n\n 0 | \n\n 0 | \n\n 6\u00a0457 | \n
| \n As at 31-12-2025 | \n\n \n | \n\n -36\u00a0095 | \n\n 0 | \n\n 0 | \n\n -36\u00a0095 | \n
| \n Movements in the book value of intangible assets | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|---|
| \n \n | \n\n \n | \n\n Software | \n\n \u2018Client portfolios\u2019 assets | \n\n CO2 emission rights | \n\n Total | \n
| \n Net book values as at 31-12-2025 | \n\n \n | \n\n 27\u00a0793 | \n\n 0 | \n\n 629 | \n\n 28\u00a0422 | \n
| \n Net book values as at 31-12-2024 | \n\n \n | \n\n 28\u00a0438 | \n\n 0 | \n\n 980 | \n\n 29\u00a0418 | \n
Intangible assets comprise the net carrying amount of software and of CO2 emission rights.
The software included in intangible assets is software developed or purchased by the group which bears characteristics of an investment. This software is depreciated over 5 years on a straight-line basis. Major investments during the financial year concern software developed in relation to gas flow and asset management and related administrative tools.
Certain gas transmission facilities in Belgium are included in the scheme for greenhouse gas emission allowance trading. The volume of free allocation for 2026 for compression, storage and terminalling sites is currently being assessed by the authorities. In accordance with the accounting policies stated in Note 2, the unused emission rights have been recognised at nil value under intangible assets.
As at 31-12-2025, the Fluxys Belgium group has 511,783 emission rights at nil book value.
In April 2025, the Fluxys Belgium group used 5,557 purchased emission rights and 1,592 free emission rights to cover the emissions linked to storage, totalling 7,149 tonnes of CO2.
As at 31 December 2025, Fluxys Belgium had a portfolio of 7,865 purchased emission rights. A total of 1,851 emission rights will be used to cover the emissions for the year 2025.
In 2023, the Fluxys Belgium group bought emission rights to cover its future needs, mainly for its storage services. The emission rights bought are recognised at the purchase price as intangible assets. They are then measured at fair value, with the carrying amount not exceeding the purchase price. If the fair value is lower than the carrying amount on the balance sheet date, the emission rights are impaired.\u00a0
Note 2.5.Intangible assets
An intangible asset is recognised as an asset if it is probable that future economic benefits attributable to the asset will flow to the entity and if the cost of the asset can be measured reliably.
Intangible assets are recognised at cost in the balance sheet (cost method), less any accumulated depreciation and any accumulated impairment losses.
Intangible assets with a limited useful life are depreciated over their useful life.
Computer software is depreciated at 20% per annum.
Subsequent expenditure is capitalised if it generates economic benefits exceeding the initial standard of performance.
Intangible assets are reviewed at each balance sheet date to identify indications of potential impairment that may have arisen during the financial year.
In case such indications are noted, an estimate of the recoverable amount of the related intangible assets is made. The recoverable amount is defined as the higher of the fair value less costs to sell of an asset and its value in use.
The value in use is calculated by discounting future cash inflows and outflows generated by the continuous use of the asset and its final disposal at an appropriate discount rate.
Intangible assets are impaired when their book value exceeds the amount that can be recovered, as a result of obsolescence of these assets or due to economic or technological circumstances.
The useful life, the depreciation method, as well as the potential residual value of intangible assets are reassessed at each balance sheet date and revised prospectively, if applicable.
Emission rights for greenhouse gases acquired at fair value are recognised as intangible assets at their acquisition cost. Rights granted free of charge are recognised as intangible assets at a nil book value.
The emission of greenhouse gases in the atmosphere is recognised as an operating expense, the counterpart being a liability for the obligation to deliver allowances covering the effective emission over the period concerned (other debts). This expense is measured by reference to the weighted average cost of the acquired or granted allowances.
This liability is derecognised on the delivery of allowances to the government by withdrawing emission rights from intangible assets.
In case the allowances are insufficient to cover the emission of greenhouse gases during the financial year, the group accounts for a provision. This provision is measured by reference to the market value at the balance sheet date of the allowances yet to be purchased.
The excess emission rights not sold on the market are valued at the balance sheet date by reference to the weighted average cost of the acquired or granted allowances, or at market value if lower than the weighted average cost.
Note 5.2.Intangible assets
| \n Movements in the book value of intangible assets | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|---|
| \n Gross book value | \n\n \n | \n\n Software | \n\n \u2018Client portfolios\u2019 assets | \n\n CO2 emission rights | \n\n Total | \n
| \n As at 31-12-2023 | \n\n \n | \n\n 45\u00a0891 | \n\n 52\u00a0800 | \n\n 1\u00a0599 | \n\n 100\u00a0290 | \n
| \n Investments | \n\n \n | \n\n 13\u00a0798 | \n\n 0 | \n\n 0 | \n\n 13\u00a0798 | \n
| \n Disposals and retirements | \n\n \n | \n\n -1\u00a0022 | \n\n -52\u00a0800 | \n\n -526 | \n\n -54\u00a0348 | \n
| \n As at 31-12-2024 | \n\n \n | \n\n 58\u00a0667 | \n\n 0 | \n\n 1\u00a0073 | \n\n 59\u00a0740 | \n
| \n Investments | \n\n \n | \n\n 11\u00a0679 | \n\n 0 | \n\n 0 | \n\n 11\u00a0679 | \n
| \n Disposals and retirements | \n\n \n | \n\n -6\u00a0458 | \n\n 0 | \n\n -444 | \n\n -6\u00a0902 | \n
| \n As at 31-12-2025 | \n\n \n | \n\n 63\u00a0888 | \n\n 0 | \n\n 629 | \n\n 64\u00a0517 | \n
| \n Movements in the book value of intangible assets | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|---|
| \n Depreciation and write-downs | \n\n \n | \n\n Software | \n\n \u2018Client portfolios\u2019 assets | \n\n CO2 emission rights | \n\n Total | \n
| \n As at 31-12-2023 | \n\n \n | \n\n -20\u00a0198 | \n\n -52\u00a0800 | \n\n -54 | \n\n -73\u00a0052 | \n
| \n Depreciation | \n\n \n | \n\n -11\u00a0053 | \n\n 0 | \n\n 0 | \n\n -11\u00a0053 | \n
| \n Impairment losses | \n\n \n | \n\n 0 | \n\n 0 | \n\n -39 | \n\n -39 | \n
| \n Disposals and retirements | \n\n \n | \n\n 1\u00a0022 | \n\n 52\u00a0800 | \n\n \n | \n\n 53\u00a0822 | \n
| \n As at 31-12-2024 | \n\n \n | \n\n -30\u00a0229 | \n\n 0 | \n\n -93 | \n\n -30\u00a0322 | \n
| \n Depreciation | \n\n \n | \n\n -12\u00a0323 | \n\n 0 | \n\n 0 | \n\n -12\u00a0323 | \n
| \n Impairment losses | \n\n \n | \n\n 0 | \n\n 0 | \n\n 93 | \n\n 93 | \n
| \n Disposals and retirements | \n\n \n | \n\n 6\u00a0457 | \n\n 0 | \n\n 0 | \n\n 6\u00a0457 | \n
| \n As at 31-12-2025 | \n\n \n | \n\n -36\u00a0095 | \n\n 0 | \n\n 0 | \n\n -36\u00a0095 | \n
| \n Movements in the book value of intangible assets | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|---|
| \n \n | \n\n \n | \n\n Software | \n\n \u2018Client portfolios\u2019 assets | \n\n CO2 emission rights | \n\n Total | \n
| \n Net book values as at 31-12-2025 | \n\n \n | \n\n 27\u00a0793 | \n\n 0 | \n\n 629 | \n\n 28\u00a0422 | \n
| \n Net book values as at 31-12-2024 | \n\n \n | \n\n 28\u00a0438 | \n\n 0 | \n\n 980 | \n\n 29\u00a0418 | \n
Intangible assets comprise the net carrying amount of software and of CO2 emission rights.
The software included in intangible assets is software developed or purchased by the group which bears characteristics of an investment. This software is depreciated over 5 years on a straight-line basis. Major investments during the financial year concern software developed in relation to gas flow and asset management and related administrative tools.
Certain gas transmission facilities in Belgium are included in the scheme for greenhouse gas emission allowance trading. The volume of free allocation for 2026 for compression, storage and terminalling sites is currently being assessed by the authorities. In accordance with the accounting policies stated in Note 2, the unused emission rights have been recognised at nil value under intangible assets.
As at 31-12-2025, the Fluxys Belgium group has 511,783 emission rights at nil book value.
In April 2025, the Fluxys Belgium group used 5,557 purchased emission rights and 1,592 free emission rights to cover the emissions linked to storage, totalling 7,149 tonnes of CO2.
As at 31 December 2025, Fluxys Belgium had a portfolio of 7,865 purchased emission rights. A total of 1,851 emission rights will be used to cover the emissions for the year 2025.
In 2023, the Fluxys Belgium group bought emission rights to cover its future needs, mainly for its storage services. The emission rights bought are recognised at the purchase price as intangible assets. They are then measured at fair value, with the carrying amount not exceeding the purchase price. If the fair value is lower than the carrying amount on the balance sheet date, the emission rights are impaired.\u00a0
Intangible assets are reviewed at each balance sheet date to identify indications of potential impairment that may have arisen during the financial year.
In case such indications are noted, an estimate of the recoverable amount of the related intangible assets is made. The recoverable amount is defined as the higher of the fair value less costs to sell of an asset and its value in use.
The value in use is calculated by discounting future cash inflows and outflows generated by the continuous use of the asset and its final disposal at an appropriate discount rate.
Intangible assets are impaired when their book value exceeds the amount that can be recovered, as a result of obsolescence of these assets or due to economic or technological circumstances.
The useful life, the depreciation method, as well as the potential residual value of intangible assets are reassessed at each balance sheet date and revised prospectively, if applicable.
PPE is reviewed at each balance sheet date to identify indications of potential impairment that may have arisen during the financial year.
In the event that such indications are noted, an estimate of the recoverable amount of the PPE in question is established. The recoverable amount is defined as the higher of the fair value less costs to sell of an asset and its value in use. The value in use is calculated by discounting future cash inflows and outflows generated by the continuous use of the asset and its final disposal at an appropriate discount rate.
Expected credit losses on financial assets accounted for at depreciated cost are calculated using an individual approach, based on the credit quality of the counterparty and the maturity of the financial asset.
Expected credit losses are determined using the general approach applicable to assets with low credit risk, while the simplified approach is applied to trade receivables and contract assets.
A financial asset is impaired where one or more events have occurred with a negative effect on the future estimated cash flows of this financial asset. The indications of the impairment of a financial asset encompass data that may be observed on the following events:
\u2022defaults in payments for more than 90 days,
\u2022significant financial difficulty of the issuer or debtor and
\u2022increasing probability of bankruptcy or financial restructure of the lender.
If the economic forecast (for example gross domestic product) deteriorates over the course of next year, which could lead to an increase in the number of defaults, the historical default rates are adjusted. At each balance sheet date, the historical default rates observed are updated and the changes in the forecast estimates are analysed.
Intangible assets are reviewed at each balance sheet date to identify indications of potential impairment that may have arisen during the financial year.
In case such indications are noted, an estimate of the recoverable amount of the related intangible assets is made. The recoverable amount is defined as the higher of the fair value less costs to sell of an asset and its value in use.
The value in use is calculated by discounting future cash inflows and outflows generated by the continuous use of the asset and its final disposal at an appropriate discount rate.
Intangible assets are impaired when their book value exceeds the amount that can be recovered, as a result of obsolescence of these assets or due to economic or technological circumstances.
The useful life, the depreciation method, as well as the potential residual value of intangible assets are reassessed at each balance sheet date and revised prospectively, if applicable.
PPE is reviewed at each balance sheet date to identify indications of potential impairment that may have arisen during the financial year.
In the event that such indications are noted, an estimate of the recoverable amount of the PPE in question is established. The recoverable amount is defined as the higher of the fair value less costs to sell of an asset and its value in use. The value in use is calculated by discounting future cash inflows and outflows generated by the continuous use of the asset and its final disposal at an appropriate discount rate.
Intangible assets are reviewed at each balance sheet date to identify indications of potential impairment that may have arisen during the financial year.
In case such indications are noted, an estimate of the recoverable amount of the related intangible assets is made. The recoverable amount is defined as the higher of the fair value less costs to sell of an asset and its value in use.
The value in use is calculated by discounting future cash inflows and outflows generated by the continuous use of the asset and its final disposal at an appropriate discount rate.
Intangible assets are impaired when their book value exceeds the amount that can be recovered, as a result of obsolescence of these assets or due to economic or technological circumstances.
The useful life, the depreciation method, as well as the potential residual value of intangible assets are reassessed at each balance sheet date and revised prospectively, if applicable.
PPE is reviewed at each balance sheet date to identify indications of potential impairment that may have arisen during the financial year.
In the event that such indications are noted, an estimate of the recoverable amount of the PPE in question is established. The recoverable amount is defined as the higher of the fair value less costs to sell of an asset and its value in use. The value in use is calculated by discounting future cash inflows and outflows generated by the continuous use of the asset and its final disposal at an appropriate discount rate.
Note 5.6.Inventories
| \n Book value of inventories | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|
| \n \n | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Supplies | \n\n 73\u00a0008 | \n\n 32\u00a0195 | \n\n 40\u00a0813 | \n
| \n Gross book value | \n\n 76\u00a0712 | \n\n 36\u00a0001 | \n\n 40\u00a0711 | \n
| \n Impairment losses | \n\n -3\u00a0704 | \n\n -3\u00a0806 | \n\n 102 | \n
| \n Goods held for resale (gas) | \n\n 16\u00a0029 | \n\n 19\u00a0768 | \n\n -3\u00a0739 | \n
| \n Gross book value | \n\n 18\u00a0571 | \n\n 19\u00a0768 | \n\n -1\u00a0197 | \n
| \n Impairment losses | \n\n -2\u00a0542 | \n\n 0 | \n\n -2\u00a0542 | \n
| \n Work in progress | \n\n 263 | \n\n 748 | \n\n -485 | \n
| \n Gross book value | \n\n 263 | \n\n 748 | \n\n -485 | \n
| \n Impairment losses | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Total | \n\n 89\u00a0300 | \n\n 52\u00a0711 | \n\n 36\u00a0589 | \n
Because of the many investments planned, in the natural gas and hydrogen & CO\u2082 networks, inventories of materials for the transmission network are above their normal levels.
The decrease in the gross book value of goods held for resale can primarily be explained by a fall in average gas prices. For the changes in impairment losses on gas stocks, see 4.2.5.3.
| \n Impact of movements on net profit/loss | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|
| \n \n | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Inventories \u2013 purchased or used | \n\n 39\u00a0029 | \n\n -4\u00a0084 | \n\n 43\u00a0113 | \n
| \n Impairment losses | \n\n -2\u00a0440 | \n\n 6\u00a0352 | \n\n -8\u00a0792 | \n
| \n Total | \n\n 36\u00a0589 | \n\n 2\u00a0268 | \n\n 34\u00a0321 | \n
The movements of work in progress are included in other operating income in the income statement. The other movements of inventories are included in purchase of gas related to balancing of operations and operational needs.
The impairment losses relate to standard equipment with limited possibilities for reuse.
Note 5.7.Trade and other receivables
| \n Trade and other receivables | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n Notes | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Gross trade receivables | \n\n \n | \n\n 83\u00a0049 | \n\n 72\u00a0504 | \n\n 10\u00a0545 | \n
| \n Impairment losses | \n\n \n | \n\n -363 | \n\n -1\u00a0572 | \n\n 1\u00a0209 | \n
| \n Net trade receivables | \n\n 5.7.1 | \n\n 82\u00a0686 | \n\n 70\u00a0932 | \n\n 11\u00a0754 | \n
| \n Other receivables | \n\n 5.7.2 | \n\n 34\u00a0727 | \n\n 22\u00a0589 | \n\n 12\u00a0138 | \n
| \n Total | \n\n \n | \n\n 117\u00a0413 | \n\n 93\u00a0521 | \n\n 23\u00a0892 | \n
The increase in trade receivables is in line with the increase in sales and services to external customers.
Fluxys Belgium group reduces its exposure to credit risk, both in terms of default and concentration of risk, by requiring short payment terms from its customers (payment within one month), a strict policy for the follow-up of trade receivables, and a systematic evaluation of its counterparties' financial position. The write-downs based on credit losses expected and accounted for in trade and other receivables are of little material significance to the Fluxys Belgium group.
Trade receivables can be broken down as follows according to their ageing:
| \n Net trade receivables according to ageing | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n \n | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Receivables not past due | \n\n \n | \n\n 81\u00a0223 | \n\n 70\u00a0063 | \n\n 11\u00a0160 | \n
| \n Receivables < 3 months | \n\n \n | \n\n 574 | \n\n 470 | \n\n 104 | \n
| \n Receivables 3 - 6 months | \n\n \n | \n\n 40 | \n\n 20 | \n\n 20 | \n
| \n Receivables > 6 months | \n\n \n | \n\n 118 | \n\n 0 | \n\n 118 | \n
| \n Disputed or doubtful receivables that are not yet impaired | \n\n \n | \n\n 731 | \n\n 379 | \n\n 352 | \n
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Total | \n\n \n | \n\n 82\u00a0686 | \n\n 70\u00a0932 | \n\n 11\u00a0754 | \n
Disputed or doubtful receivables mainly concern grid users. Those deemed irrecoverable have been subject to impairment losses of 100%.
Other receivables primarily include joint venture receivables and VAT administration receivables.
Emission rights for greenhouse gases acquired at fair value are recognised as intangible assets at their acquisition cost. Rights granted free of charge are recognised as intangible assets at a nil book value.
The emission of greenhouse gases in the atmosphere is recognised as an operating expense, the counterpart being a liability for the obligation to deliver allowances covering the effective emission over the period concerned (other debts). This expense is measured by reference to the weighted average cost of the acquired or granted allowances.
This liability is derecognised on the delivery of allowances to the government by withdrawing emission rights from intangible assets.
In case the allowances are insufficient to cover the emission of greenhouse gases during the financial year, the group accounts for a provision. This provision is measured by reference to the market value at the balance sheet date of the allowances yet to be purchased.
The excess emission rights not sold on the market are valued at the balance sheet date by reference to the weighted average cost of the acquired or granted allowances, or at market value if lower than the weighted average cost.
Note 2.6.Property, plant and equipment
Property, plant and equipment (PPE) is recognised as an asset if it is probable that future economic benefits attributable to the asset will flow to the entity and if the cost of the asset can be measured reliably.
PPE is recognised at cost in the balance sheet (cost method), less any accumulated depreciation and any accumulated impairment losses.
Subsequent expenditure is capitalised if it generates economic benefits exceeding the initial standard of performance.
Any capital subsidies are deducted from the cost of the property, plant and equipment that they finance. They are then spread over the useful life of the assets concerned, as a deduction from depreciation. If capital subsidies are received before an asset is accounted for, they are temporarily recorded as deferred income.
PPE is reviewed at each balance sheet date to identify indications of potential impairment that may have arisen during the financial year.
In the event that such indications are noted, an estimate of the recoverable amount of the PPE in question is established. The recoverable amount is defined as the higher of the fair value less costs to sell of an asset and its value in use. The value in use is calculated by discounting future cash inflows and outflows generated by the continuous use of the asset and its final disposal at an appropriate discount rate.
Climate-related factors have been assessed and it has been determined that there is no impact on the useful life of the assets. This assessment is in line with the regulatory framework set out by the CREG. The CREG is also responsible for developing the tariff methodology for transmission, storage and LNG terminalling, after having undertaken a public consultation on the subject. This methodology stipulates that pipelines and facilities must be fully depreciated by December 2049 at the latest, which is the rule that the Fluxys Belgium group applies.
PPE is depreciated over its useful life.
Each significant component of PPE is recognised separately and depreciated over its useful life.
The depreciation method reflects the rate at which the group expects to consume the future economic benefits related to the asset, taking into account the time during which the assets may generate regulated revenue.
The regulated investments intended to increase the security of supply in Europe are depreciated under a diminishing balance method, which more accurately reflects the rate at which the group expects to consume the future economic benefits of these assets.
This is a specific list of regulated infrastructure investments, which are essential for gas transmission in Europe and form an integral part of the RAB.
The methods and durations of depreciation used are as follows:
Straight-line method:
\u202250 years for transmission pipelines in Belgium, terminalling facilities and tanks;
In line with the new tariff method applied since 01.01.2020, all investments (new and existing) in gas transmission pipelines are fully depreciated by December 2049 at the latest.
In accordance with the new tariff method applied since 01.01.2024, all new investments in facilities are fully depreciated by December 2049 at the latest.
\u202250 years for administrative buildings, staff housing and facilities;
\u202240 years for storage facilities;
\u202233 years for industrial buildings;
\u202220 years for investments related to the extensions of the Zeebrugge LNG terminal;
\u202210 years for equipment and furniture;
\u20225 years for vehicles and site machinery;
\u20224 years for computer hardware;
\u20223 years for prototypes.
Declining-balance method:
\u2022This method only applies for investments made to ensure security of supply: declining balance.
The useful life, the depreciation method, as well as the potential residual value of property, plant and equipment are reassessed at each balance sheet date and revised prospectively, if applicable.
Note 2.6.Property, plant and equipment
Property, plant and equipment (PPE) is recognised as an asset if it is probable that future economic benefits attributable to the asset will flow to the entity and if the cost of the asset can be measured reliably.
PPE is recognised at cost in the balance sheet (cost method), less any accumulated depreciation and any accumulated impairment losses.
Subsequent expenditure is capitalised if it generates economic benefits exceeding the initial standard of performance.
Any capital subsidies are deducted from the cost of the property, plant and equipment that they finance. They are then spread over the useful life of the assets concerned, as a deduction from depreciation. If capital subsidies are received before an asset is accounted for, they are temporarily recorded as deferred income.
PPE is reviewed at each balance sheet date to identify indications of potential impairment that may have arisen during the financial year.
In the event that such indications are noted, an estimate of the recoverable amount of the PPE in question is established. The recoverable amount is defined as the higher of the fair value less costs to sell of an asset and its value in use. The value in use is calculated by discounting future cash inflows and outflows generated by the continuous use of the asset and its final disposal at an appropriate discount rate.
Climate-related factors have been assessed and it has been determined that there is no impact on the useful life of the assets. This assessment is in line with the regulatory framework set out by the CREG. The CREG is also responsible for developing the tariff methodology for transmission, storage and LNG terminalling, after having undertaken a public consultation on the subject. This methodology stipulates that pipelines and facilities must be fully depreciated by December 2049 at the latest, which is the rule that the Fluxys Belgium group applies.
PPE is depreciated over its useful life.
Each significant component of PPE is recognised separately and depreciated over its useful life.
The depreciation method reflects the rate at which the group expects to consume the future economic benefits related to the asset, taking into account the time during which the assets may generate regulated revenue.
The regulated investments intended to increase the security of supply in Europe are depreciated under a diminishing balance method, which more accurately reflects the rate at which the group expects to consume the future economic benefits of these assets.
This is a specific list of regulated infrastructure investments, which are essential for gas transmission in Europe and form an integral part of the RAB.
The methods and durations of depreciation used are as follows:
Straight-line method:
\u202250 years for transmission pipelines in Belgium, terminalling facilities and tanks;
In line with the new tariff method applied since 01.01.2020, all investments (new and existing) in gas transmission pipelines are fully depreciated by December 2049 at the latest.
In accordance with the new tariff method applied since 01.01.2024, all new investments in facilities are fully depreciated by December 2049 at the latest.
\u202250 years for administrative buildings, staff housing and facilities;
\u202240 years for storage facilities;
\u202233 years for industrial buildings;
\u202220 years for investments related to the extensions of the Zeebrugge LNG terminal;
\u202210 years for equipment and furniture;
\u20225 years for vehicles and site machinery;
\u20224 years for computer hardware;
\u20223 years for prototypes.
Declining-balance method:
\u2022This method only applies for investments made to ensure security of supply: declining balance.
The useful life, the depreciation method, as well as the potential residual value of property, plant and equipment are reassessed at each balance sheet date and revised prospectively, if applicable.
Note 5.1.Property, plant and equipment
| \n Movements in property, plant and equipment | \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 In thousands of \u20ac | \n
|---|---|---|---|---|---|---|---|---|---|
| \n Gross book value | \n\n Land | \n\n Buildings | \n\n Gas transmission networks* | \n\n Storage facilities* | \n\n LNG terminal* | \n\n Other facilities and machinery | \n\n Furniture, equipment & vehicles | \n\n Assets under construction & instalments paid | \n\n Total | \n
| \n As at 31-12-2023 | \n\n 48\u00a0218 | \n\n 161\u00a0294 | \n\n 3\u00a0537\u00a0011 | \n\n 388\u00a0086 | \n\n 1\u00a0500\u00a0613 | \n\n 17\u00a0259 | \n\n 63\u00a0240 | \n\n 148\u00a0239 | \n\n 5\u00a0863\u00a0960 | \n
| \n Investments | \n\n 1\u00a0626 | \n\n 665 | \n\n 58\u00a0641 | \n\n 2\u00a0145 | \n\n 3\u00a0398 | \n\n 0 | \n\n 12\u00a0724 | \n\n 12\u00a0923 | \n\n 92\u00a0122 | \n
| \n Subsidies | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Disposals and retirements | \n\n -43 | \n\n 0 | \n\n -1\u00a0233 | \n\n 0 | \n\n -71 | \n\n 0 | \n\n -4\u00a0536 | \n\n -181 | \n\n -6\u00a0063 | \n
| \n Internal transfers | \n\n 0 | \n\n 0 | \n\n 42\u00a0485 | \n\n 0 | \n\n 22\u00a0196 | \n\n 0 | \n\n 0 | \n\n -64\u00a0681 | \n\n 0 | \n
| \n Changes in the consolidation scope and assets held for sale | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Translation adjustments | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n As at 31-12-2024 | \n\n 49\u00a0801 | \n\n 161\u00a0959 | \n\n 3\u00a0636\u00a0904 | \n\n 390\u00a0231 | \n\n 1\u00a0526\u00a0136 | \n\n 17\u00a0259 | \n\n 71\u00a0429 | \n\n 96\u00a0300 | \n\n 5\u00a0950\u00a0019 | \n
| \n Investments | \n\n 319 | \n\n 1\u00a0607 | \n\n 24\u00a0915 | \n\n 5\u00a0878 | \n\n 3\u00a0478 | \n\n 0 | \n\n 13\u00a0919 | \n\n 211\u00a0635 | \n\n 261\u00a0751 | \n
| \n Subsidies | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n -26\u00a0231 | \n\n -26\u00a0231 | \n
| \n Disposals and retirements | \n\n -11 | \n\n 0 | \n\n -16\u00a0936 | \n\n -2\u00a0044 | \n\n -13\u00a0454 | \n\n 0 | \n\n -3\u00a0403 | \n\n 0 | \n\n -35\u00a0848 | \n
| \n Internal transfers | \n\n 0 | \n\n 1\u00a0186 | \n\n 7\u00a0097 | \n\n 2\u00a0699 | \n\n 206 | \n\n 0 | \n\n 2\u00a0000 | \n\n -13\u00a0188 | \n\n 0 | \n
| \n Changes in the consolidation scope and assets held for sale | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Translation adjustments | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n As at 31-12-2025 | \n\n 50\u00a0109 | \n\n 164\u00a0752 | \n\n 3\u00a0651\u00a0980 | \n\n 396\u00a0764 | \n\n 1\u00a0516\u00a0366 | \n\n 17\u00a0259 | \n\n 83\u00a0945 | \n\n 268\u00a0516 | \n\n 6\u00a0149\u00a0691 | \n
| \n * installations subject to the Gas Act | \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 | \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 | \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 | \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 Movements in property, plant and equipment | \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 In thousands of \u20ac | \n
| \n Depreciation and write-downs | \n\n Land | \n\n Buildings | \n\n Gas transmission networks* | \n\n Storage facilities* | \n\n LNG terminal* | \n\n Other facilities and machinery | \n\n Furniture, equipment & vehicles | \n\n Assets under construction & instalments paid | \n\n Total | \n
| \n As at 31-12-2023 | \n\n 0 | \n\n -109\u00a0175 | \n\n -2\u00a0532\u00a0907 | \n\n -276\u00a0795 | \n\n -1\u00a0019\u00a0639 | \n\n -17\u00a0014 | \n\n -35\u00a0144 | \n\n 0 | \n\n -3\u00a0990\u00a0674 | \n
| \n Depreciation | \n\n 0 | \n\n -2\u00a0226 | \n\n -92\u00a0355 | \n\n -7\u00a0938 | \n\n -49\u00a0867 | \n\n 0 | \n\n -7\u00a0990 | \n\n 0 | \n\n -160\u00a0376 | \n
| \n Disposals and retirements | \n\n 0 | \n\n 0 | \n\n 792 | \n\n \n | \n\n 5 | \n\n 0 | \n\n 4\u00a0536 | \n\n 0 | \n\n 5\u00a0333 | \n
| \n Internal transfers | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Changes in the consolidation scope and assets held for sale | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Translation adjustments | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n As at 31-12-2024 | \n\n 0 | \n\n -111\u00a0401 | \n\n -2\u00a0624\u00a0470 | \n\n -284\u00a0733 | \n\n -1\u00a0069\u00a0501 | \n\n -17\u00a0014 | \n\n -38\u00a0598 | \n\n 0 | \n\n -4\u00a0145\u00a0717 | \n
| \n Depreciation | \n\n 0 | \n\n -7\u00a0077 | \n\n -88\u00a0778 | \n\n -8\u00a0209 | \n\n -52\u00a0086 | \n\n 0 | \n\n -9\u00a0527 | \n\n 0 | \n\n -165\u00a0677 | \n
| \n Disposals and retirements | \n\n 0 | \n\n 0 | \n\n 5\u00a0708 | \n\n 2\u00a0044 | \n\n 12\u00a0891 | \n\n 0 | \n\n 3\u00a0301 | \n\n 0 | \n\n 23\u00a0944 | \n
| \n Internal transfers | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Changes in the consolidation scope and assets held for sale | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Translation adjustments | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n As at 31-12-2025 | \n\n 0 | \n\n -118\u00a0478 | \n\n -2\u00a0707\u00a0540 | \n\n -290\u00a0898 | \n\n -1\u00a0108\u00a0696 | \n\n -17\u00a0014 | \n\n -44\u00a0824 | \n\n 0 | \n\n -4\u00a0287\u00a0450 | \n
| \n Net book values as at 31-12-2025 | \n\n 50\u00a0109 | \n\n 46\u00a0274 | \n\n 944\u00a0440 | \n\n 105\u00a0866 | \n\n 407\u00a0670 | \n\n 245 | \n\n 39\u00a0121 | \n\n 268\u00a0516 | \n\n 1\u00a0862\u00a0241 | \n
| \n Net book values as at 31-12-2024 | \n\n 49\u00a0801 | \n\n 50\u00a0558 | \n\n 1\u00a0012\u00a0434 | \n\n 105\u00a0498 | \n\n 456\u00a0635 | \n\n 245 | \n\n 32\u00a0831 | \n\n 96\u00a0300 | \n\n 1\u00a0804\u00a0302 | \n
| \n * installations subject to the Gas Act | \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 | \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 Movements in property, plant and equipment | \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 In thousands of \u20ac | \n
| \n \n | \n\n Land | \n\n Buildings | \n\n Gas transmission networks* | \n\n Storage facilities* | \n\n LNG terminal* | \n\n Other facilities and machinery | \n\n Furniture, equipment & vehicles | \n\n Assets under construction & instalments paid | \n\n Total | \n
| \n Net book values as at 31-12-2025 of which: | \n\n 50\u00a0109 | \n\n 46\u00a0274 | \n\n 944\u00a0440 | \n\n 105\u00a0866 | \n\n 407\u00a0670 | \n\n 245 | \n\n 39\u00a0121 | \n\n 268\u00a0516 | \n\n 1\u00a0862\u00a0241 | \n
| \n Property, plant and equipment at cost | \n\n 50\u00a0109 | \n\n 46\u00a0274 | \n\n 944\u00a0440 | \n\n 105\u00a0866 | \n\n 407\u00a0670 | \n\n 245 | \n\n 39\u00a0121 | \n\n 268\u00a0516 | \n\n 1\u00a0862\u00a0241 | \n
| \n Property, plant and equipment at revaluation | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Supplementary information | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n *Net book value of assets temporarily retired from active use | \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
Property, plant and equipment mainly comprises the group\u2019s transmission, storage (Loenhout) and LNG terminalling (Zeebrugge) facilities.
In 2025, Fluxys Belgium group made investments in property, plant and equipment and infrastructure of \u20ac261,751 thousand.
Of these investments, \u20ac4,086 thousand was allocated to LNG infrastructure projects and \u20ac246,218 thousand to transmission-related projects, the main investment of which is the Knokke-Evergem pipeline, totalling \u20ac68,455 thousand. Investments in the development of the hydrogen and CO2 network are growing rapidly. In 2025, these investments totalled \u20ac110,584 thousand. These investments are also included in Chapter 4, \u2018European Taxonomy of Sustainable Economic Activities\u2019.
There were also investments in storage activities, totalling \u20ac11,446 thousand, mainly for the replacement of the compressors at Loenhout, and the installation of solar panels.
A transfer of \u20ac13,167 thousand was made from \u2018assets under construction\u2019 to \u2018gas storage\u2019 (mainly the commissioning of the solar panels at Loenhout), and to the \u2018gas transmission network\u2019 (Ville-sur-Haine installations).
In 2025 no costs for loans were activated on construction investments.
The depreciation charge for the period amounts to \u20ac169,868 thousand and reflects the rate at which the group expects to consume the economic benefits of the property, plant and equipment.
In 2025, the depreciation charge for depreciated assets through the declining-balance method was \u20ac24,587 thousand and their net carrying amount at balance sheet date came to \u20ac180,264 thousand.
The assets that are used within the regulated market are depreciated over their useful life, as stated in point 6 of the accounting principles (Note 2), without taking into account a residual value, given the specificity of the sector\u2019s activities.
Other property, plant and equipment is depreciated over its useful life as estimated by the group, taking into account actual and potential contracts, and considering reasonable market assumptions, based on the principle of matching of revenues and costs. Given the specific nature of the activities concerned, the residual value, if any, of the facilities in question has been ignored.
At the balance sheet date the group does not hold property, plant and equipment assets which have been pledged as security against liabilities.
At the end of the financial year, the group has identified no indications or event that would lead any item of property, plant and equipment to be considered impaired. This valuation takes into account the regulatory framework in which the Group operates and of the present energy transition in which the Group plays an active role. This refers, for example, to the transport of molecules other than natural gas and the efforts required to combat climate change.
PPE is depreciated over its useful life.
Each significant component of PPE is recognised separately and depreciated over its useful life.
The depreciation method reflects the rate at which the group expects to consume the future economic benefits related to the asset, taking into account the time during which the assets may generate regulated revenue.
The regulated investments intended to increase the security of supply in Europe are depreciated under a diminishing balance method, which more accurately reflects the rate at which the group expects to consume the future economic benefits of these assets.
This is a specific list of regulated infrastructure investments, which are essential for gas transmission in Europe and form an integral part of the RAB.
The methods and durations of depreciation used are as follows:
Straight-line method:
\u202250 years for transmission pipelines in Belgium, terminalling facilities and tanks;
In line with the new tariff method applied since 01.01.2020, all investments (new and existing) in gas transmission pipelines are fully depreciated by December 2049 at the latest.
In accordance with the new tariff method applied since 01.01.2024, all new investments in facilities are fully depreciated by December 2049 at the latest.
\u202250 years for administrative buildings, staff housing and facilities;
\u202240 years for storage facilities;
\u202233 years for industrial buildings;
\u202220 years for investments related to the extensions of the Zeebrugge LNG terminal;
\u202210 years for equipment and furniture;
\u20225 years for vehicles and site machinery;
\u20224 years for computer hardware;
\u20223 years for prototypes.
Declining-balance method:
\u2022This method only applies for investments made to ensure security of supply: declining balance.
The useful life, the depreciation method, as well as the potential residual value of property, plant and equipment are reassessed at each balance sheet date and revised prospectively, if applicable.
Right-of-use assets
The group recognises right-of-use assets on the date of the start of the contract, i.e. the date on which the asset becomes available for use. These assets are valued at the initial cost of the lease obligation minus amortisation and any depreciation, adjusted to take into account any revaluations of the lease obligation. The initial cost of the right-of-use assets includes the present value of the lease obligation, the initial costs incurred by the lessee, rent payments made on the start date or before that date, minus any incentives obtained by the lessee.
These assets are depreciated over the estimated lifetime of the underlying asset or over the duration of the contract if this period is shorter, unless the group is sufficiently certain of obtaining ownership of the asset at the end of the contract.
Right-of-use assets are presented separately from other assets as a different entry under non-current assets.
PPE is depreciated over its useful life.
Each significant component of PPE is recognised separately and depreciated over its useful life.
The depreciation method reflects the rate at which the group expects to consume the future economic benefits related to the asset, taking into account the time during which the assets may generate regulated revenue.
The regulated investments intended to increase the security of supply in Europe are depreciated under a diminishing balance method, which more accurately reflects the rate at which the group expects to consume the future economic benefits of these assets.
This is a specific list of regulated infrastructure investments, which are essential for gas transmission in Europe and form an integral part of the RAB.
The methods and durations of depreciation used are as follows:
Straight-line method:
\u202250 years for transmission pipelines in Belgium, terminalling facilities and tanks;
In line with the new tariff method applied since 01.01.2020, all investments (new and existing) in gas transmission pipelines are fully depreciated by December 2049 at the latest.
In accordance with the new tariff method applied since 01.01.2024, all new investments in facilities are fully depreciated by December 2049 at the latest.
\u202250 years for administrative buildings, staff housing and facilities;
\u202240 years for storage facilities;
\u202233 years for industrial buildings;
\u202220 years for investments related to the extensions of the Zeebrugge LNG terminal;
\u202210 years for equipment and furniture;
\u20225 years for vehicles and site machinery;
\u20224 years for computer hardware;
\u20223 years for prototypes.
Declining-balance method:
\u2022This method only applies for investments made to ensure security of supply: declining balance.
The useful life, the depreciation method, as well as the potential residual value of property, plant and equipment are reassessed at each balance sheet date and revised prospectively, if applicable.
Right-of-use assets
The group recognises right-of-use assets on the date of the start of the contract, i.e. the date on which the asset becomes available for use. These assets are valued at the initial cost of the lease obligation minus amortisation and any depreciation, adjusted to take into account any revaluations of the lease obligation. The initial cost of the right-of-use assets includes the present value of the lease obligation, the initial costs incurred by the lessee, rent payments made on the start date or before that date, minus any incentives obtained by the lessee.
These assets are depreciated over the estimated lifetime of the underlying asset or over the duration of the contract if this period is shorter, unless the group is sufficiently certain of obtaining ownership of the asset at the end of the contract.
Right-of-use assets are presented separately from other assets as a different entry under non-current assets.
4.2.5.Depreciation, impairment losses et provisions
| \n Depreciation, impairment losses et provisions | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n Notes | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Depreciation | \n\n 4.2.5.1 | \n\n -184\u00a0894 | \n\n -177\u00a0533 | \n\n -7\u00a0361 | \n
| \n Intangible assets | \n\n \n | \n\n -12\u00a0323 | \n\n -11\u00a0053 | \n\n -1\u00a0270 | \n
| \n Property, plant and equipment | \n\n \n | \n\n -165\u00a0677 | \n\n -160\u00a0376 | \n\n -5\u00a0301 | \n
| \n Right-of-use assets | \n\n \n | \n\n -6\u00a0894 | \n\n -6\u00a0104 | \n\n -790 | \n
| \n Provisions for risks and charges | \n\n 4.2.5.2 | \n\n -163 | \n\n 2\u00a0958 | \n\n -3\u00a0121 | \n
| \n Impairment losses | \n\n 4.2.5.3 | \n\n -1\u00a0138 | \n\n 6\u00a0223 | \n\n -7\u00a0361 | \n
| \n Intangible assets | \n\n \n | \n\n 93 | \n\n -39 | \n\n 132 | \n
| \n Inventories | \n\n \n | \n\n -2\u00a0440 | \n\n 6\u00a0352 | \n\n -8\u00a0792 | \n
| \n Trade receivables | \n\n \n | \n\n 1\u00a0209 | \n\n -90 | \n\n 1\u00a0299 | \n
| \n Total | \n\n \n | \n\n -186\u00a0195 | \n\n -168\u00a0352 | \n\n -17\u00a0843 | \n
4.2.5.1.Depreciation
Depreciation charges on property, plant and equipment over the period are up \u20ac5,301 thousand year on year, primarily due to the commissioning of the pipeline Desteldonk-Opwijk.
| \n Movements in property, plant and equipment | \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 In thousands of \u20ac | \n
|---|---|---|---|---|---|---|---|---|---|
| \n Gross book value | \n\n Land | \n\n Buildings | \n\n Gas transmission networks* | \n\n Storage facilities* | \n\n LNG terminal* | \n\n Other facilities and machinery | \n\n Furniture, equipment & vehicles | \n\n Assets under construction & instalments paid | \n\n Total | \n
| \n As at 31-12-2023 | \n\n 48\u00a0218 | \n\n 161\u00a0294 | \n\n 3\u00a0537\u00a0011 | \n\n 388\u00a0086 | \n\n 1\u00a0500\u00a0613 | \n\n 17\u00a0259 | \n\n 63\u00a0240 | \n\n 148\u00a0239 | \n\n 5\u00a0863\u00a0960 | \n
| \n Investments | \n\n 1\u00a0626 | \n\n 665 | \n\n 58\u00a0641 | \n\n 2\u00a0145 | \n\n 3\u00a0398 | \n\n 0 | \n\n 12\u00a0724 | \n\n 12\u00a0923 | \n\n 92\u00a0122 | \n
| \n Subsidies | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Disposals and retirements | \n\n -43 | \n\n 0 | \n\n -1\u00a0233 | \n\n 0 | \n\n -71 | \n\n 0 | \n\n -4\u00a0536 | \n\n -181 | \n\n -6\u00a0063 | \n
| \n Internal transfers | \n\n 0 | \n\n 0 | \n\n 42\u00a0485 | \n\n 0 | \n\n 22\u00a0196 | \n\n 0 | \n\n 0 | \n\n -64\u00a0681 | \n\n 0 | \n
| \n Changes in the consolidation scope and assets held for sale | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Translation adjustments | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n As at 31-12-2024 | \n\n 49\u00a0801 | \n\n 161\u00a0959 | \n\n 3\u00a0636\u00a0904 | \n\n 390\u00a0231 | \n\n 1\u00a0526\u00a0136 | \n\n 17\u00a0259 | \n\n 71\u00a0429 | \n\n 96\u00a0300 | \n\n 5\u00a0950\u00a0019 | \n
| \n Investments | \n\n 319 | \n\n 1\u00a0607 | \n\n 24\u00a0915 | \n\n 5\u00a0878 | \n\n 3\u00a0478 | \n\n 0 | \n\n 13\u00a0919 | \n\n 211\u00a0635 | \n\n 261\u00a0751 | \n
| \n Subsidies | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n -26\u00a0231 | \n\n -26\u00a0231 | \n
| \n Disposals and retirements | \n\n -11 | \n\n 0 | \n\n -16\u00a0936 | \n\n -2\u00a0044 | \n\n -13\u00a0454 | \n\n 0 | \n\n -3\u00a0403 | \n\n 0 | \n\n -35\u00a0848 | \n
| \n Internal transfers | \n\n 0 | \n\n 1\u00a0186 | \n\n 7\u00a0097 | \n\n 2\u00a0699 | \n\n 206 | \n\n 0 | \n\n 2\u00a0000 | \n\n -13\u00a0188 | \n\n 0 | \n
| \n Changes in the consolidation scope and assets held for sale | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Translation adjustments | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n As at 31-12-2025 | \n\n 50\u00a0109 | \n\n 164\u00a0752 | \n\n 3\u00a0651\u00a0980 | \n\n 396\u00a0764 | \n\n 1\u00a0516\u00a0366 | \n\n 17\u00a0259 | \n\n 83\u00a0945 | \n\n 268\u00a0516 | \n\n 6\u00a0149\u00a0691 | \n
| \n * installations subject to the Gas Act | \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 | \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 | \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 | \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 Movements in property, plant and equipment | \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 In thousands of \u20ac | \n
| \n Depreciation and write-downs | \n\n Land | \n\n Buildings | \n\n Gas transmission networks* | \n\n Storage facilities* | \n\n LNG terminal* | \n\n Other facilities and machinery | \n\n Furniture, equipment & vehicles | \n\n Assets under construction & instalments paid | \n\n Total | \n
| \n As at 31-12-2023 | \n\n 0 | \n\n -109\u00a0175 | \n\n -2\u00a0532\u00a0907 | \n\n -276\u00a0795 | \n\n -1\u00a0019\u00a0639 | \n\n -17\u00a0014 | \n\n -35\u00a0144 | \n\n 0 | \n\n -3\u00a0990\u00a0674 | \n
| \n Depreciation | \n\n 0 | \n\n -2\u00a0226 | \n\n -92\u00a0355 | \n\n -7\u00a0938 | \n\n -49\u00a0867 | \n\n 0 | \n\n -7\u00a0990 | \n\n 0 | \n\n -160\u00a0376 | \n
| \n Disposals and retirements | \n\n 0 | \n\n 0 | \n\n 792 | \n\n \n | \n\n 5 | \n\n 0 | \n\n 4\u00a0536 | \n\n 0 | \n\n 5\u00a0333 | \n
| \n Internal transfers | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Changes in the consolidation scope and assets held for sale | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Translation adjustments | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n As at 31-12-2024 | \n\n 0 | \n\n -111\u00a0401 | \n\n -2\u00a0624\u00a0470 | \n\n -284\u00a0733 | \n\n -1\u00a0069\u00a0501 | \n\n -17\u00a0014 | \n\n -38\u00a0598 | \n\n 0 | \n\n -4\u00a0145\u00a0717 | \n
| \n Depreciation | \n\n 0 | \n\n -7\u00a0077 | \n\n -88\u00a0778 | \n\n -8\u00a0209 | \n\n -52\u00a0086 | \n\n 0 | \n\n -9\u00a0527 | \n\n 0 | \n\n -165\u00a0677 | \n
| \n Disposals and retirements | \n\n 0 | \n\n 0 | \n\n 5\u00a0708 | \n\n 2\u00a0044 | \n\n 12\u00a0891 | \n\n 0 | \n\n 3\u00a0301 | \n\n 0 | \n\n 23\u00a0944 | \n
| \n Internal transfers | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Changes in the consolidation scope and assets held for sale | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Translation adjustments | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n As at 31-12-2025 | \n\n 0 | \n\n -118\u00a0478 | \n\n -2\u00a0707\u00a0540 | \n\n -290\u00a0898 | \n\n -1\u00a0108\u00a0696 | \n\n -17\u00a0014 | \n\n -44\u00a0824 | \n\n 0 | \n\n -4\u00a0287\u00a0450 | \n
| \n Net book values as at 31-12-2025 | \n\n 50\u00a0109 | \n\n 46\u00a0274 | \n\n 944\u00a0440 | \n\n 105\u00a0866 | \n\n 407\u00a0670 | \n\n 245 | \n\n 39\u00a0121 | \n\n 268\u00a0516 | \n\n 1\u00a0862\u00a0241 | \n
| \n Net book values as at 31-12-2024 | \n\n 49\u00a0801 | \n\n 50\u00a0558 | \n\n 1\u00a0012\u00a0434 | \n\n 105\u00a0498 | \n\n 456\u00a0635 | \n\n 245 | \n\n 32\u00a0831 | \n\n 96\u00a0300 | \n\n 1\u00a0804\u00a0302 | \n
| \n * installations subject to the Gas Act | \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 | \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 Movements in property, plant and equipment | \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 In thousands of \u20ac | \n
| \n \n | \n\n Land | \n\n Buildings | \n\n Gas transmission networks* | \n\n Storage facilities* | \n\n LNG terminal* | \n\n Other facilities and machinery | \n\n Furniture, equipment & vehicles | \n\n Assets under construction & instalments paid | \n\n Total | \n
| \n Net book values as at 31-12-2025 of which: | \n\n 50\u00a0109 | \n\n 46\u00a0274 | \n\n 944\u00a0440 | \n\n 105\u00a0866 | \n\n 407\u00a0670 | \n\n 245 | \n\n 39\u00a0121 | \n\n 268\u00a0516 | \n\n 1\u00a0862\u00a0241 | \n
| \n Property, plant and equipment at cost | \n\n 50\u00a0109 | \n\n 46\u00a0274 | \n\n 944\u00a0440 | \n\n 105\u00a0866 | \n\n 407\u00a0670 | \n\n 245 | \n\n 39\u00a0121 | \n\n 268\u00a0516 | \n\n 1\u00a0862\u00a0241 | \n
| \n Property, plant and equipment at revaluation | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Supplementary information | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n *Net book value of assets temporarily retired from active use | \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 Movements in the book value of intangible assets | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|---|
| \n Depreciation and write-downs | \n\n \n | \n\n Software | \n\n \u2018Client portfolios\u2019 assets | \n\n CO2 emission rights | \n\n Total | \n
| \n As at 31-12-2023 | \n\n \n | \n\n -20\u00a0198 | \n\n -52\u00a0800 | \n\n -54 | \n\n -73\u00a0052 | \n
| \n Depreciation | \n\n \n | \n\n -11\u00a0053 | \n\n 0 | \n\n 0 | \n\n -11\u00a0053 | \n
| \n Impairment losses | \n\n \n | \n\n 0 | \n\n 0 | \n\n -39 | \n\n -39 | \n
| \n Disposals and retirements | \n\n \n | \n\n 1\u00a0022 | \n\n 52\u00a0800 | \n\n \n | \n\n 53\u00a0822 | \n
| \n As at 31-12-2024 | \n\n \n | \n\n -30\u00a0229 | \n\n 0 | \n\n -93 | \n\n -30\u00a0322 | \n
| \n Depreciation | \n\n \n | \n\n -12\u00a0323 | \n\n 0 | \n\n 0 | \n\n -12\u00a0323 | \n
| \n Impairment losses | \n\n \n | \n\n 0 | \n\n 0 | \n\n 93 | \n\n 93 | \n
| \n Disposals and retirements | \n\n \n | \n\n 6\u00a0457 | \n\n 0 | \n\n 0 | \n\n 6\u00a0457 | \n
| \n As at 31-12-2025 | \n\n \n | \n\n -36\u00a0095 | \n\n 0 | \n\n 0 | \n\n -36\u00a0095 | \n
Note 5.3.Right-of-use assets
The right of use assets are mainly linked to long-term concession rights for land on which gas transmission and terminalling facilities (Zeebrugge) have been built.
The increase in 2025 can primarily be explained by the entry into new concession contracts for land.
There are no significant extension or termination options in these lease contracts. The rent is not variable, except for some contracts that have a clause for yearly indexation. The impact thereof is not material.
| \n Right-of-use assets | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n Land & Buildings | \n\n Facilities | \n\n Cars | \n\n Total | \n
| \n As at 31-12-2023 | \n\n 22\u00a0210 | \n\n 1\u00a0290 | \n\n 5\u00a0080 | \n\n 28\u00a0580 | \n
| \n Increases | \n\n 2\u00a0330 | \n\n 0 | \n\n 3\u00a0734 | \n\n 6\u00a0064 | \n
| \n Depreciation and write-downs | \n\n -3\u00a0461 | \n\n -397 | \n\n -2\u00a0246 | \n\n -6\u00a0104 | \n
| \n Disposals | \n\n 0 | \n\n 0 | \n\n -112 | \n\n -112 | \n
| \n As at 31-12-2024 | \n\n 21\u00a0079 | \n\n 893 | \n\n 6\u00a0456 | \n\n 28\u00a0428 | \n
| \n Increases | \n\n 7\u00a0488 | \n\n 0 | \n\n 3\u00a0733 | \n\n 11\u00a0221 | \n
| \n Depreciation and write-downs | \n\n -4\u00a0013 | \n\n -397 | \n\n -2\u00a0484 | \n\n -6\u00a0894 | \n
| \n Disposals | \n\n 0 | \n\n 0 | \n\n -299 | \n\n -299 | \n
| \n As at 31-12-2025 | \n\n 24\u00a0554 | \n\n 496 | \n\n 7\u00a0406 | \n\n 32\u00a0456 | \n
Note 2.7.Leases
Definition of \u2018lease\u2019
A contract is or contains a lease if it conveys a right to control the use of an identified asset for a period of time in exchange for a consideration.
To determine whether a lease confers the right to control use of a determined asset for a determined period of time, the entity must appreciate whether, throughout the period of use, it has the right to:
\u2022obtain substantially all of the economic benefits from the use of the asset; and
\u2022direct the use of the asset.
To determine the duration of the lease, any options for renewal or termination were considered required under IFRS 16, taking into account the probability of exercising the option as well as whether it is under the control of the lessee.
At the start of the lease, the lessee recognises a right-of-use asset and a lease obligation.
Right-of-use assets
The group recognises right-of-use assets on the date of the start of the contract, i.e. the date on which the asset becomes available for use. These assets are valued at the initial cost of the lease obligation minus amortisation and any depreciation, adjusted to take into account any revaluations of the lease obligation. The initial cost of the right-of-use assets includes the present value of the lease obligation, the initial costs incurred by the lessee, rent payments made on the start date or before that date, minus any incentives obtained by the lessee.
These assets are depreciated over the estimated lifetime of the underlying asset or over the duration of the contract if this period is shorter, unless the group is sufficiently certain of obtaining ownership of the asset at the end of the contract.
Right-of-use assets are presented separately from other assets as a different entry under non-current assets.
Lease obligations
The lease obligation is valued at the present value of the rent payments that have not yet been paid. The present value of the rent payments must be calculated using the interest rate implicit in the lease if it is possible to determine that rate. If not, the lessee must use its incremental borrowing rate.
The incremental borrowing rate is the interest rate that the lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment.
Over the duration of the contract, the lessee values the lease obligation as follows:
\u2022by increasing the book value to reflect the interest on the lease obligation;
\u2022by reducing the book value to reflect the rent payments made;
\u2022by revaluing the book value to reflect the new appreciation of the lease obligation or amendments to the lease.
The services included in leases do not form part of the lease debt.
Lease obligations are presented in a separate entry under current and non-current interest-bearing liabilities (see note 5.11).
Short-term leases and low-value leases
For short-term leases (duration of 12 months or less), the Fluxys Belgium group registers a lease expense.
To determine the criteria for a low-value lease, a threshold has been determined, with the exception of vehicles, which are included in the group of vehicles leased for more than one year without applying the value criteria.
For short-term leases, and low-value leases, the effect on profit/loss is not significant.
Presentation
In the consolidated income statement, the interest charge on the lease obligation is presented separately from the depreciation charge that applies to the right-of-use asset.
In the cash flow statement, the cash flows will be presented as follows:
\u2022cash outflows relating to the principal of the lease obligation and the interest paid, in the financing activities;
\u2022rent payments for short-term leases, low-value leases and variable rent payments that have not been taken into account in the valuation of the lease obligations, in the operating activities.
Note 2.7.Leases
Definition of \u2018lease\u2019
A contract is or contains a lease if it conveys a right to control the use of an identified asset for a period of time in exchange for a consideration.
To determine whether a lease confers the right to control use of a determined asset for a determined period of time, the entity must appreciate whether, throughout the period of use, it has the right to:
\u2022obtain substantially all of the economic benefits from the use of the asset; and
\u2022direct the use of the asset.
To determine the duration of the lease, any options for renewal or termination were considered required under IFRS 16, taking into account the probability of exercising the option as well as whether it is under the control of the lessee.
At the start of the lease, the lessee recognises a right-of-use asset and a lease obligation.
Right-of-use assets
The group recognises right-of-use assets on the date of the start of the contract, i.e. the date on which the asset becomes available for use. These assets are valued at the initial cost of the lease obligation minus amortisation and any depreciation, adjusted to take into account any revaluations of the lease obligation. The initial cost of the right-of-use assets includes the present value of the lease obligation, the initial costs incurred by the lessee, rent payments made on the start date or before that date, minus any incentives obtained by the lessee.
These assets are depreciated over the estimated lifetime of the underlying asset or over the duration of the contract if this period is shorter, unless the group is sufficiently certain of obtaining ownership of the asset at the end of the contract.
Right-of-use assets are presented separately from other assets as a different entry under non-current assets.
Lease obligations
The lease obligation is valued at the present value of the rent payments that have not yet been paid. The present value of the rent payments must be calculated using the interest rate implicit in the lease if it is possible to determine that rate. If not, the lessee must use its incremental borrowing rate.
The incremental borrowing rate is the interest rate that the lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment.
Over the duration of the contract, the lessee values the lease obligation as follows:
\u2022by increasing the book value to reflect the interest on the lease obligation;
\u2022by reducing the book value to reflect the rent payments made;
\u2022by revaluing the book value to reflect the new appreciation of the lease obligation or amendments to the lease.
The services included in leases do not form part of the lease debt.
Lease obligations are presented in a separate entry under current and non-current interest-bearing liabilities (see note 5.11).
Short-term leases and low-value leases
For short-term leases (duration of 12 months or less), the Fluxys Belgium group registers a lease expense.
To determine the criteria for a low-value lease, a threshold has been determined, with the exception of vehicles, which are included in the group of vehicles leased for more than one year without applying the value criteria.
For short-term leases, and low-value leases, the effect on profit/loss is not significant.
Presentation
In the consolidated income statement, the interest charge on the lease obligation is presented separately from the depreciation charge that applies to the right-of-use asset.
In the cash flow statement, the cash flows will be presented as follows:
\u2022cash outflows relating to the principal of the lease obligation and the interest paid, in the financing activities;
\u2022rent payments for short-term leases, low-value leases and variable rent payments that have not been taken into account in the valuation of the lease obligations, in the operating activities.
Note 5.3.Right-of-use assets
The right of use assets are mainly linked to long-term concession rights for land on which gas transmission and terminalling facilities (Zeebrugge) have been built.
The increase in 2025 can primarily be explained by the entry into new concession contracts for land.
There are no significant extension or termination options in these lease contracts. The rent is not variable, except for some contracts that have a clause for yearly indexation. The impact thereof is not material.
| \n Right-of-use assets | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n Land & Buildings | \n\n Facilities | \n\n Cars | \n\n Total | \n
| \n As at 31-12-2023 | \n\n 22\u00a0210 | \n\n 1\u00a0290 | \n\n 5\u00a0080 | \n\n 28\u00a0580 | \n
| \n Increases | \n\n 2\u00a0330 | \n\n 0 | \n\n 3\u00a0734 | \n\n 6\u00a0064 | \n
| \n Depreciation and write-downs | \n\n -3\u00a0461 | \n\n -397 | \n\n -2\u00a0246 | \n\n -6\u00a0104 | \n
| \n Disposals | \n\n 0 | \n\n 0 | \n\n -112 | \n\n -112 | \n
| \n As at 31-12-2024 | \n\n 21\u00a0079 | \n\n 893 | \n\n 6\u00a0456 | \n\n 28\u00a0428 | \n
| \n Increases | \n\n 7\u00a0488 | \n\n 0 | \n\n 3\u00a0733 | \n\n 11\u00a0221 | \n
| \n Depreciation and write-downs | \n\n -4\u00a0013 | \n\n -397 | \n\n -2\u00a0484 | \n\n -6\u00a0894 | \n
| \n Disposals | \n\n 0 | \n\n 0 | \n\n -299 | \n\n -299 | \n
| \n As at 31-12-2025 | \n\n 24\u00a0554 | \n\n 496 | \n\n 7\u00a0406 | \n\n 32\u00a0456 | \n
Note 5.11.Interest-bearing liabilities
| \n Non-current interest-bearing liabilities | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n Notes | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Leases | \n\n 5.11.1 | \n\n 26\u00a0310 | \n\n 22\u00a0312 | \n\n 3\u00a0998 | \n
| \n Bonds | \n\n 5.11.2 | \n\n 697\u00a0208 | \n\n 696\u00a0781 | \n\n 427 | \n
| \n Bank borrowings | \n\n 5.11.3 | \n\n 146\u00a0000 | \n\n 166\u00a0000 | \n\n -20\u00a0000 | \n
| \n Other borrowings | \n\n 5.11.4 | \n\n 116\u00a0818 | \n\n 140\u00a0182 | \n\n -23\u00a0364 | \n
| \n Total | \n\n \n | \n\n 986\u00a0336 | \n\n 1\u00a0025\u00a0275 | \n\n -38\u00a0939 | \n
| \n Of which debts guaranteed by the public authorities or by actual sureties | \n\n \n | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Current interest-bearing liabilities | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n Notes | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Leases | \n\n 5.11.1 | \n\n 4\u00a0049 | \n\n 3\u00a0974 | \n\n 75 | \n
| \n Bonds | \n\n 5.11.2 | \n\n 2\u00a0523 | \n\n 2\u00a0523 | \n\n 0 | \n
| \n Bank borrowings | \n\n 5.11.3 | \n\n 22\u00a0039 | \n\n 22\u00a0269 | \n\n -230 | \n
| \n Other borrowings | \n\n 5.11.4 | \n\n 28\u00a0513 | \n\n 27\u00a0580 | \n\n 933 | \n
| \n Total | \n\n \n | \n\n 57\u00a0124 | \n\n 56\u00a0346 | \n\n 778 | \n
| \n Of which debts guaranteed by the public authorities or by actual sureties | \n\n \n | \n\n 0 | \n\n 0 | \n\n 0 | \n
5.11.1.
Lease liabilities are accounted for in line with IFRS 16 and are limited to the contractual obligations, even if the Group expects certain contracts to be extended in the future, but this option isn\u2019t stated in the current contract.
5.11.2.
In November 2014 and October 2017, Fluxys Belgium issued bonds for a total of \u20ac700,000 thousand. These bonds offer a gross annual coupon of 1.75% and 3.25% respectively. They will mature between 2027 and 2034.
5.11.3.
A 25-year loan of \u20ac400,000 thousand at a fixed rate contracted with the EIB in December 2008 to finance investments in developing the gas transmission network, the balance of which was \u20ac166,000 thousand as at 31-12-2025.
5.11.4.
Other borrowings include:
\u2022A loan of \u20ac257,000 thousand at a fixed rate of 3.20% with Fluxys SA to cover needs relating to investments necessary for the transshipment services at the Zeebrugge LNG Terminal. The balance still due as at 31-12-2025 is \u20ac140,181 thousand.
\u2022Short-term loans and accrued interest amounting to \u20ac 5.150 thousand.
| \n Changes in liabilities based on financing activities | \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 | \n\n 31-12-2024 | \n\n Cash flow | \n\n Other movements | \n\n 31-12-2025 | \n|||
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n New rental contracts | \n\n Reclassification between non-current and current | \n\n Variation in accrued interest payable | \n\n Amortisation of issuance costs | \n\n \n | \n
| \n Non-current interest-bearing liabilities | \n\n \n | \n\n 1\u00a0025\u00a0275 | \n\n 0 | \n\n 11\u00a0232 | \n\n -50\u00a0598 | \n\n 427 | \n\n 0 | \n\n 986\u00a0336 | \n
| \n Leases | \n\n \n | \n\n 22\u00a0312 | \n\n \n | \n\n 11\u00a0232 | \n\n -7\u00a0234 | \n\n \n | \n\n \n | \n\n 26\u00a0310 | \n
| \n Bonds | \n\n \n | \n\n 696\u00a0781 | \n\n \n | \n\n \n | \n\n \n | \n\n 427 | \n\n \n | \n\n 697\u00a0208 | \n
| \n Bank borrowings | \n\n \n | \n\n 166\u00a0000 | \n\n \n | \n\n \n | \n\n -20\u00a0000 | \n\n \n | \n\n \n | \n\n 146\u00a0000 | \n
| \n Other borrowings | \n\n \n | \n\n 140\u00a0182 | \n\n \n | \n\n \n | \n\n -23\u00a0364 | \n\n \n | \n\n \n | \n\n 116\u00a0818 | \n
| \n Current interest-bearing liabilities | \n\n \n | \n\n 56\u00a0346 | \n\n -49\u00a0013 | \n\n 0 | \n\n 50\u00a0598 | \n\n -806 | \n\n 0 | \n\n 57\u00a0124 | \n
| \n Leases | \n\n \n | \n\n 3\u00a0974 | \n\n -7\u00a0158 | \n\n \n | \n\n 7\u00a0234 | \n\n \n | \n\n \n | \n\n 4\u00a0049 | \n
| \n Bonds | \n\n \n | \n\n 2\u00a0523 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n 2\u00a0523 | \n
| \n Bank borrowings | \n\n \n | \n\n 22\u00a0269 | \n\n -20\u00a0000 | \n\n \n | \n\n 20\u00a0000 | \n\n -230 | \n\n \n | \n\n 22\u00a0039 | \n
| \n Other borrowings | \n\n \n | \n\n 27\u00a0580 | \n\n -21\u00a0855 | \n\n \n | \n\n 23\u00a0364 | \n\n -576 | \n\n \n | \n\n 28\u00a0513 | \n
| \n Total | \n\n \n | \n\n 1\u00a0081\u00a0621 | \n\n -49\u00a0013 | \n\n 11\u00a0232 | \n\n 0 | \n\n -379 | \n\n 0 | \n\n 1\u00a0043\u00a0460 | \n
Cash flows relating to interest-bearing liabilities are included in points IV.1.2, IV.2.1 and IV.2.2 of the consolidated statement of cash flows.
The change in accrued interests payable and the depreciation of issuance costs (in total \u20ac-379 thousand) correspond with the difference between:
\u2022the interests paid, including leases (see note IV.3.1 of the statement of cash flows: \u20ac31,091 thousand) and
\u2022the sum of borrowing interest costs and interests on lease liabilities (see Note 4.4: \u20ac57,812 thousand) minus the interest on regulatory liabilities (\u20ac27,099 thousand) hence \u20ac30,713 thousand.
| \n Maturity of interest-bearing liabilities at 31-12-2025, non-discounted | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n Up to one year | \n\n Between one and five years | \n\n More than 5 years | \n\n Total | \n
| \n Leases | \n\n 4\u00a0807 | \n\n 18\u00a0569 | \n\n 15\u00a0639 | \n\n 39\u00a0015 | \n
| \n Bonds | \n\n 19\u00a0085 | \n\n 594\u00a0192 | \n\n 164\u00a0792 | \n\n 778\u00a0069 | \n
| \n Bank borrowings | \n\n 28\u00a0669 | \n\n 98\u00a0280 | \n\n 71\u00a0090 | \n\n 198\u00a0039 | \n
| \n Other borrowings | \n\n 32\u00a0435 | \n\n 101\u00a0670 | \n\n 23\u00a0546 | \n\n 157\u00a0651 | \n
| \n Total | \n\n 84\u00a0996 | \n\n 812\u00a0711 | \n\n 275\u00a0067 | \n\n 1\u00a0172\u00a0774 | \n
| \n Maturity of interest-bearing liabilities at 31-12-2024, non-discounted | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n Up to one year | \n\n Between one and five years | \n\n More than 5 years | \n\n Total | \n
| \n Leases | \n\n 4\u00a0613 | \n\n 15\u00a0870 | \n\n 9\u00a0924 | \n\n 30\u00a0407 | \n
| \n Bonds | \n\n 19\u00a0316 | \n\n 601\u00a0419 | \n\n 169\u00a0506 | \n\n 790\u00a0241 | \n
| \n Bank borrowings | \n\n 34\u00a0562 | \n\n 113\u00a0245 | \n\n 95\u00a0663 | \n\n 243\u00a0470 | \n
| \n Other borrowings | \n\n 32\u00a0314 | \n\n 104\u00a0818 | \n\n 47\u00a0855 | \n\n 184\u00a0987 | \n
| \n Total | \n\n 90\u00a0805 | \n\n 835\u00a0352 | \n\n 322\u00a0948 | \n\n 1\u00a0249\u00a0105 | \n
Note 2.8.Financial instruments
Recognition
Financial assets and liabilities are recognised when the group becomes party to the instrument\u2019s contractual terms.
Derecognition of financial assets
The group has to derecognise a financial asset is and only if the contractual rights on the cash flows of the financial asset expire, or where it transfers almost all the risks and advantages inherent to the ownership of the financial asset to a third party.
If the group doesn\u2019t transfer, or keep almost all the risks and advantages inherent to the ownership of the financial asset and it keeps control of the asset transferred, the group continues to recognise the financial asset to the degree that its implication in it continues and an associated liability for the amount owed.
If the group keeps almost all the risks and advantages inherent to the ownership of the financial asset, it continues to recognise the whole financial asset and recognises a financial liability for the consideration received.
When a financial asset measured at amortised cost is derecognised, the difference between the amortised cost and the sum of the considerations received is transferred to the income statement.
When an investment and equity instruments until now measured at fair value with changes to other comprehensive income are derecognised, the accumulated profit/loss recognised previously in other comprehensive income is not reclassified to net income.
Derecognition of financial liabilities
The entity derecognises a financial liability only if this liability is extinguished, i.e. once the obligation is fulfilled, cancelled or it expires.
The difference between the book value of an extinguished financial liability and the consideration paid, including, where applicable, the assets (non-cash) transferred and the liabilities acquired must be recognised in the income statement.
The Fluxys Belgium group values the unconsolidated equity instruments at fair value with changes to other comprehensive income.
However, given the materiality of certain instruments and the unavailability of recent market values, certain equity instruments are accounted for at the initial cost.
The dividends received for these equity instruments are recognised in financial income under the item \u2018Dividends from unconsolidated entities\u2019.
Cash investments in the form of bonds or commercial paper, having a maturity date exceeding three months, are reported as financial assets measured at amortised cost. These are shown in the balance sheet under non-current \u2018other financial assets\u2019 and under current \u2018investments\u2019.
Cash and cash equivalents held are reported as financial assets measured at amortised cost.
The economic model used by the Fluxys Belgium group to manage financial assets aims to hold them in order to obtain contractual cash flows. The sales of financial assets are rare and the group does not expect to proceed with such sales in the future, except in the case of an increased credit risk for the assets over and above the policy advocated by the group. A sale may also be motivated by an unexpected financing need.
Where the conditions required to be qualified as financial assets valued at the depreciated cost are not met, these financial assets concerned are valued at fair value with changes to net profit/loss.
Trade and other receivables are stated at their face value reduced by any amounts deemed unrecoverable.
When the time value of money is significant, trade and other receivables are discounted.
Impairment losses are recognised when the book value of these items at balance sheet date exceeds their recoverable amount.
Expected credit losses on financial assets accounted for at depreciated cost are calculated using an individual approach, based on the credit quality of the counterparty and the maturity of the financial asset.
Expected credit losses are determined using the general approach applicable to assets with low credit risk, while the simplified approach is applied to trade receivables and contract assets.
A financial asset is impaired where one or more events have occurred with a negative effect on the future estimated cash flows of this financial asset. The indications of the impairment of a financial asset encompass data that may be observed on the following events:
\u2022defaults in payments for more than 90 days,
\u2022significant financial difficulty of the issuer or debtor and
\u2022increasing probability of bankruptcy or financial restructure of the lender.
If the economic forecast (for example gross domestic product) deteriorates over the course of next year, which could lead to an increase in the number of defaults, the historical default rates are adjusted. At each balance sheet date, the historical default rates observed are updated and the changes in the forecast estimates are analysed.
Interest-bearing liabilities are recognised at the net amount received. Following initial recognition, interest-bearing liabilities are recorded at depreciated cost. The difference between the depreciated cost and the redemption value is recognised in the income statement under the effective interest rate method over the term of the liabilities.
Trade payables are stated at face value.
When the time value of money is significant, trade payables are discounted.
Note 2.10.Borrowing costs
Borrowing costs directly attributable to the acquisition, building or production of assets requiring a substantial period of time to get ready for their intended use (property, plant and equipment, investment property, etc.) are added to the costs of the assets concerned until they are ready for use or sale.
The amount of the borrowing costs to be capitalised is the actual cost incurred in borrowing the funds, as reduced by income from any temporary investment of these funds.
Note 2.8.Financial instruments
Recognition
Financial assets and liabilities are recognised when the group becomes party to the instrument\u2019s contractual terms.
Derecognition of financial assets
The group has to derecognise a financial asset is and only if the contractual rights on the cash flows of the financial asset expire, or where it transfers almost all the risks and advantages inherent to the ownership of the financial asset to a third party.
If the group doesn\u2019t transfer, or keep almost all the risks and advantages inherent to the ownership of the financial asset and it keeps control of the asset transferred, the group continues to recognise the financial asset to the degree that its implication in it continues and an associated liability for the amount owed.
If the group keeps almost all the risks and advantages inherent to the ownership of the financial asset, it continues to recognise the whole financial asset and recognises a financial liability for the consideration received.
When a financial asset measured at amortised cost is derecognised, the difference between the amortised cost and the sum of the considerations received is transferred to the income statement.
When an investment and equity instruments until now measured at fair value with changes to other comprehensive income are derecognised, the accumulated profit/loss recognised previously in other comprehensive income is not reclassified to net income.
Derecognition of financial liabilities
The entity derecognises a financial liability only if this liability is extinguished, i.e. once the obligation is fulfilled, cancelled or it expires.
The difference between the book value of an extinguished financial liability and the consideration paid, including, where applicable, the assets (non-cash) transferred and the liabilities acquired must be recognised in the income statement.
The Fluxys Belgium group values the unconsolidated equity instruments at fair value with changes to other comprehensive income.
However, given the materiality of certain instruments and the unavailability of recent market values, certain equity instruments are accounted for at the initial cost.
The dividends received for these equity instruments are recognised in financial income under the item \u2018Dividends from unconsolidated entities\u2019.
Cash investments in the form of bonds or commercial paper, having a maturity date exceeding three months, are reported as financial assets measured at amortised cost. These are shown in the balance sheet under non-current \u2018other financial assets\u2019 and under current \u2018investments\u2019.
Cash and cash equivalents held are reported as financial assets measured at amortised cost.
The economic model used by the Fluxys Belgium group to manage financial assets aims to hold them in order to obtain contractual cash flows. The sales of financial assets are rare and the group does not expect to proceed with such sales in the future, except in the case of an increased credit risk for the assets over and above the policy advocated by the group. A sale may also be motivated by an unexpected financing need.
Where the conditions required to be qualified as financial assets valued at the depreciated cost are not met, these financial assets concerned are valued at fair value with changes to net profit/loss.
Trade and other receivables are stated at their face value reduced by any amounts deemed unrecoverable.
When the time value of money is significant, trade and other receivables are discounted.
Impairment losses are recognised when the book value of these items at balance sheet date exceeds their recoverable amount.
Expected credit losses on financial assets accounted for at depreciated cost are calculated using an individual approach, based on the credit quality of the counterparty and the maturity of the financial asset.
Expected credit losses are determined using the general approach applicable to assets with low credit risk, while the simplified approach is applied to trade receivables and contract assets.
A financial asset is impaired where one or more events have occurred with a negative effect on the future estimated cash flows of this financial asset. The indications of the impairment of a financial asset encompass data that may be observed on the following events:
\u2022defaults in payments for more than 90 days,
\u2022significant financial difficulty of the issuer or debtor and
\u2022increasing probability of bankruptcy or financial restructure of the lender.
If the economic forecast (for example gross domestic product) deteriorates over the course of next year, which could lead to an increase in the number of defaults, the historical default rates are adjusted. At each balance sheet date, the historical default rates observed are updated and the changes in the forecast estimates are analysed.
Interest-bearing liabilities are recognised at the net amount received. Following initial recognition, interest-bearing liabilities are recorded at depreciated cost. The difference between the depreciated cost and the redemption value is recognised in the income statement under the effective interest rate method over the term of the liabilities.
Trade payables are stated at face value.
When the time value of money is significant, trade payables are discounted.
Note 2.10.Borrowing costs
Borrowing costs directly attributable to the acquisition, building or production of assets requiring a substantial period of time to get ready for their intended use (property, plant and equipment, investment property, etc.) are added to the costs of the assets concerned until they are ready for use or sale.
The amount of the borrowing costs to be capitalised is the actual cost incurred in borrowing the funds, as reduced by income from any temporary investment of these funds.
Note 5.4.Other financial assets
| \n Other financial assets | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|
| \n \n | \n\n Notes | \n\n 31-12-2025 | \n\n 31-12-2024 | \n
| \n Shares at cost | \n\n \n | \n\n 24 | \n\n 24 | \n
| \n Amortised investment securities | \n\n 5.4.1 | \n\n 72\u00a0421 | \n\n 58\u00a0882 | \n
| \n Other amortised/depreciated investments | \n\n 5.4.1 | \n\n 25\u00a0039 | \n\n 47\u00a0065 | \n
| \n Financial instruments at fair value through profit or loss | \n\n \n | \n\n 4\u00a0741 | \n\n 2\u00a0912 | \n
| \n Other financial assets at cost | \n\n \n | \n\n 69 | \n\n 70 | \n
| \n Total | \n\n \n | \n\n 102\u00a0294 | \n\n 108\u00a0953 | \n
5.4.1.
These items include cash investments with a maturity longer than one year. Investment securities at amortised cost correspond to bonds, while other investments at amortised cost correspond mainly to term deposits. They are mainly from Flux Re of which the cash is destined to cover the risk of the entity in the scope of its reinsurance business. The maturity of these investments is between 2026 and 2036.
The assets held by Flux Re are significantly higher than the minimum capital requirements under Solvency II (\u20ac 19.3 million).
Note 5.7.Trade and other receivables
| \n Trade and other receivables | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n Notes | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Gross trade receivables | \n\n \n | \n\n 83\u00a0049 | \n\n 72\u00a0504 | \n\n 10\u00a0545 | \n
| \n Impairment losses | \n\n \n | \n\n -363 | \n\n -1\u00a0572 | \n\n 1\u00a0209 | \n
| \n Net trade receivables | \n\n 5.7.1 | \n\n 82\u00a0686 | \n\n 70\u00a0932 | \n\n 11\u00a0754 | \n
| \n Other receivables | \n\n 5.7.2 | \n\n 34\u00a0727 | \n\n 22\u00a0589 | \n\n 12\u00a0138 | \n
| \n Total | \n\n \n | \n\n 117\u00a0413 | \n\n 93\u00a0521 | \n\n 23\u00a0892 | \n
The increase in trade receivables is in line with the increase in sales and services to external customers.
Fluxys Belgium group reduces its exposure to credit risk, both in terms of default and concentration of risk, by requiring short payment terms from its customers (payment within one month), a strict policy for the follow-up of trade receivables, and a systematic evaluation of its counterparties' financial position. The write-downs based on credit losses expected and accounted for in trade and other receivables are of little material significance to the Fluxys Belgium group.
Trade receivables can be broken down as follows according to their ageing:
| \n Net trade receivables according to ageing | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n \n | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Receivables not past due | \n\n \n | \n\n 81\u00a0223 | \n\n 70\u00a0063 | \n\n 11\u00a0160 | \n
| \n Receivables < 3 months | \n\n \n | \n\n 574 | \n\n 470 | \n\n 104 | \n
| \n Receivables 3 - 6 months | \n\n \n | \n\n 40 | \n\n 20 | \n\n 20 | \n
| \n Receivables > 6 months | \n\n \n | \n\n 118 | \n\n 0 | \n\n 118 | \n
| \n Disputed or doubtful receivables that are not yet impaired | \n\n \n | \n\n 731 | \n\n 379 | \n\n 352 | \n
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Total | \n\n \n | \n\n 82\u00a0686 | \n\n 70\u00a0932 | \n\n 11\u00a0754 | \n
Disputed or doubtful receivables mainly concern grid users. Those deemed irrecoverable have been subject to impairment losses of 100%.
Other receivables primarily include joint venture receivables and VAT administration receivables.
Note 5.8.Short-term investments, cash and cash equivalents
Short-term investments are investments with a maturity of more than three months and maximum one year in bonds, commercial paper and bank deposits.
Cash and cash equivalents are mainly euro investments in commercial paper that have a maximum maturity of 11 months after the date of acquisition, deposits made with Fluxys SA (cash pooling), term deposits at credit institutions, current account bank balances and cash in hand.
| \n Short-term investments, cash and cash equivalents | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|
| \n \n | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Cash investments | \n\n 72\u00a0293 | \n\n 31\u00a0672 | \n\n 40\u00a0621 | \n
| \n Cash and cash equivalents | \n\n 785\u00a0654 | \n\n 1\u00a0091\u00a0543 | \n\n -305\u00a0889 | \n
| \n Cash equivalents and cash pooling | \n\n 764\u00a0098 | \n\n 1\u00a0040\u00a0611 | \n\n -276\u00a0513 | \n
| \n Short-term deposits | \n\n 7\u00a0093 | \n\n 20\u00a0036 | \n\n -12\u00a0943 | \n
| \n Bank balances | \n\n 14\u00a0451 | \n\n 30\u00a0883 | \n\n -16\u00a0432 | \n
| \n Cash in hand | \n\n 12 | \n\n 13 | \n\n -1 | \n
| \n Total | \n\n 857\u00a0947 | \n\n 1\u00a0123\u00a0215 | \n\n -265\u00a0268 | \n
In 2025, the average rate of return on short-term investments, cash and cash equivalents was 1.67%. The credit losses expected and accounted for in investments, cash and cash equivalents are of little material significance to the Fluxys Belgium group.
Note 5.11.Interest-bearing liabilities
| \n Non-current interest-bearing liabilities | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n Notes | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Leases | \n\n 5.11.1 | \n\n 26\u00a0310 | \n\n 22\u00a0312 | \n\n 3\u00a0998 | \n
| \n Bonds | \n\n 5.11.2 | \n\n 697\u00a0208 | \n\n 696\u00a0781 | \n\n 427 | \n
| \n Bank borrowings | \n\n 5.11.3 | \n\n 146\u00a0000 | \n\n 166\u00a0000 | \n\n -20\u00a0000 | \n
| \n Other borrowings | \n\n 5.11.4 | \n\n 116\u00a0818 | \n\n 140\u00a0182 | \n\n -23\u00a0364 | \n
| \n Total | \n\n \n | \n\n 986\u00a0336 | \n\n 1\u00a0025\u00a0275 | \n\n -38\u00a0939 | \n
| \n Of which debts guaranteed by the public authorities or by actual sureties | \n\n \n | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Current interest-bearing liabilities | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n Notes | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Leases | \n\n 5.11.1 | \n\n 4\u00a0049 | \n\n 3\u00a0974 | \n\n 75 | \n
| \n Bonds | \n\n 5.11.2 | \n\n 2\u00a0523 | \n\n 2\u00a0523 | \n\n 0 | \n
| \n Bank borrowings | \n\n 5.11.3 | \n\n 22\u00a0039 | \n\n 22\u00a0269 | \n\n -230 | \n
| \n Other borrowings | \n\n 5.11.4 | \n\n 28\u00a0513 | \n\n 27\u00a0580 | \n\n 933 | \n
| \n Total | \n\n \n | \n\n 57\u00a0124 | \n\n 56\u00a0346 | \n\n 778 | \n
| \n Of which debts guaranteed by the public authorities or by actual sureties | \n\n \n | \n\n 0 | \n\n 0 | \n\n 0 | \n
5.11.1.
Lease liabilities are accounted for in line with IFRS 16 and are limited to the contractual obligations, even if the Group expects certain contracts to be extended in the future, but this option isn\u2019t stated in the current contract.
5.11.2.
In November 2014 and October 2017, Fluxys Belgium issued bonds for a total of \u20ac700,000 thousand. These bonds offer a gross annual coupon of 1.75% and 3.25% respectively. They will mature between 2027 and 2034.
5.11.3.
A 25-year loan of \u20ac400,000 thousand at a fixed rate contracted with the EIB in December 2008 to finance investments in developing the gas transmission network, the balance of which was \u20ac166,000 thousand as at 31-12-2025.
5.11.4.
Other borrowings include:
\u2022A loan of \u20ac257,000 thousand at a fixed rate of 3.20% with Fluxys SA to cover needs relating to investments necessary for the transshipment services at the Zeebrugge LNG Terminal. The balance still due as at 31-12-2025 is \u20ac140,181 thousand.
\u2022Short-term loans and accrued interest amounting to \u20ac 5.150 thousand.
| \n Changes in liabilities based on financing activities | \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 | \n\n 31-12-2024 | \n\n Cash flow | \n\n Other movements | \n\n 31-12-2025 | \n|||
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n New rental contracts | \n\n Reclassification between non-current and current | \n\n Variation in accrued interest payable | \n\n Amortisation of issuance costs | \n\n \n | \n
| \n Non-current interest-bearing liabilities | \n\n \n | \n\n 1\u00a0025\u00a0275 | \n\n 0 | \n\n 11\u00a0232 | \n\n -50\u00a0598 | \n\n 427 | \n\n 0 | \n\n 986\u00a0336 | \n
| \n Leases | \n\n \n | \n\n 22\u00a0312 | \n\n \n | \n\n 11\u00a0232 | \n\n -7\u00a0234 | \n\n \n | \n\n \n | \n\n 26\u00a0310 | \n
| \n Bonds | \n\n \n | \n\n 696\u00a0781 | \n\n \n | \n\n \n | \n\n \n | \n\n 427 | \n\n \n | \n\n 697\u00a0208 | \n
| \n Bank borrowings | \n\n \n | \n\n 166\u00a0000 | \n\n \n | \n\n \n | \n\n -20\u00a0000 | \n\n \n | \n\n \n | \n\n 146\u00a0000 | \n
| \n Other borrowings | \n\n \n | \n\n 140\u00a0182 | \n\n \n | \n\n \n | \n\n -23\u00a0364 | \n\n \n | \n\n \n | \n\n 116\u00a0818 | \n
| \n Current interest-bearing liabilities | \n\n \n | \n\n 56\u00a0346 | \n\n -49\u00a0013 | \n\n 0 | \n\n 50\u00a0598 | \n\n -806 | \n\n 0 | \n\n 57\u00a0124 | \n
| \n Leases | \n\n \n | \n\n 3\u00a0974 | \n\n -7\u00a0158 | \n\n \n | \n\n 7\u00a0234 | \n\n \n | \n\n \n | \n\n 4\u00a0049 | \n
| \n Bonds | \n\n \n | \n\n 2\u00a0523 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n 2\u00a0523 | \n
| \n Bank borrowings | \n\n \n | \n\n 22\u00a0269 | \n\n -20\u00a0000 | \n\n \n | \n\n 20\u00a0000 | \n\n -230 | \n\n \n | \n\n 22\u00a0039 | \n
| \n Other borrowings | \n\n \n | \n\n 27\u00a0580 | \n\n -21\u00a0855 | \n\n \n | \n\n 23\u00a0364 | \n\n -576 | \n\n \n | \n\n 28\u00a0513 | \n
| \n Total | \n\n \n | \n\n 1\u00a0081\u00a0621 | \n\n -49\u00a0013 | \n\n 11\u00a0232 | \n\n 0 | \n\n -379 | \n\n 0 | \n\n 1\u00a0043\u00a0460 | \n
Cash flows relating to interest-bearing liabilities are included in points IV.1.2, IV.2.1 and IV.2.2 of the consolidated statement of cash flows.
The change in accrued interests payable and the depreciation of issuance costs (in total \u20ac-379 thousand) correspond with the difference between:
\u2022the interests paid, including leases (see note IV.3.1 of the statement of cash flows: \u20ac31,091 thousand) and
\u2022the sum of borrowing interest costs and interests on lease liabilities (see Note 4.4: \u20ac57,812 thousand) minus the interest on regulatory liabilities (\u20ac27,099 thousand) hence \u20ac30,713 thousand.
| \n Maturity of interest-bearing liabilities at 31-12-2025, non-discounted | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n Up to one year | \n\n Between one and five years | \n\n More than 5 years | \n\n Total | \n
| \n Leases | \n\n 4\u00a0807 | \n\n 18\u00a0569 | \n\n 15\u00a0639 | \n\n 39\u00a0015 | \n
| \n Bonds | \n\n 19\u00a0085 | \n\n 594\u00a0192 | \n\n 164\u00a0792 | \n\n 778\u00a0069 | \n
| \n Bank borrowings | \n\n 28\u00a0669 | \n\n 98\u00a0280 | \n\n 71\u00a0090 | \n\n 198\u00a0039 | \n
| \n Other borrowings | \n\n 32\u00a0435 | \n\n 101\u00a0670 | \n\n 23\u00a0546 | \n\n 157\u00a0651 | \n
| \n Total | \n\n 84\u00a0996 | \n\n 812\u00a0711 | \n\n 275\u00a0067 | \n\n 1\u00a0172\u00a0774 | \n
| \n Maturity of interest-bearing liabilities at 31-12-2024, non-discounted | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n Up to one year | \n\n Between one and five years | \n\n More than 5 years | \n\n Total | \n
| \n Leases | \n\n 4\u00a0613 | \n\n 15\u00a0870 | \n\n 9\u00a0924 | \n\n 30\u00a0407 | \n
| \n Bonds | \n\n 19\u00a0316 | \n\n 601\u00a0419 | \n\n 169\u00a0506 | \n\n 790\u00a0241 | \n
| \n Bank borrowings | \n\n 34\u00a0562 | \n\n 113\u00a0245 | \n\n 95\u00a0663 | \n\n 243\u00a0470 | \n
| \n Other borrowings | \n\n 32\u00a0314 | \n\n 104\u00a0818 | \n\n 47\u00a0855 | \n\n 184\u00a0987 | \n
| \n Total | \n\n 90\u00a0805 | \n\n 835\u00a0352 | \n\n 322\u00a0948 | \n\n 1\u00a0249\u00a0105 | \n
Note 5.16.Current trade and other payables
| \n Current trade and other payables | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n \n | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Suppliers | \n\n \n | \n\n 48\u00a0360 | \n\n 50\u00a0936 | \n\n -2\u00a0576 | \n
| \n Payroll and related items | \n\n \n | \n\n 37\u00a0116 | \n\n 34\u00a0283 | \n\n 2\u00a0833 | \n
| \n Other liabilities | \n\n \n | \n\n 17\u00a0091 | \n\n 23\u00a0740 | \n\n -6\u00a0649 | \n
| \n Total | \n\n \n | \n\n 102\u00a0567 | \n\n 108\u00a0959 | \n\n -6\u00a0392 | \n
The decrease is mainly due to the decrease in other liabilities.
Other liabilities primarily contain the guarantees received and the subsidies to be redistributed to the entities concerned. The decrease is therefore explained by a partial reimbursement of guarantees and the elimination of intercompany movements related to subsidies.
Note 6.Financial instruments
The Fluxys Belgium group is exposed to several financial risks ensuing from its underlying operations and its business financing operations. These financial risks consist of market risks (including currency risks, interest rate risks and price risks), credit risks and liquidity risks.
The group's administrative organisation, controlling and financial reports ensure that these risks are constantly monitored and managed.
The group uses derivative financial instruments to hedge its exposure to exchange and interest rate risks arising from its operating, financing and investment activities. The group does not engage in speculative transactions.
The Fluxys Belgium group's cash is managed as part of a general policy that cash surpluses are invested with Fluxys SA under cash pooling agreements.As a reminder, Fluxys SA centralises the management of the Fluxys group\u2019s cash funds and financing.
The objective of this policy is to optimise the group\u2019s cash positions.These transactions are entered into at market terms and conditions.
The group's financial policy stipulates that cash surpluses be maintained at first class financial institutions or invested in financial instruments issued by entities with a high credit rating or in financial instruments of issuers which are covered by a guarantee from a European Member State or whose share capital is predominantly controlled by state-owned entities.Cash surpluses are invested following a competitive bidding award, and in instruments that are sufficiently diversified to limit counterparty risk concentration.These investments are subject to constant monitoring and risk analysis on a case-by-case basis.
At 31-12-2025, current and non-current investments, cash and cash equivalents amounted to \u20ac955,407 thousand compared to \u20ac1,229,162 thousand at the end of 2024.
The group systematically assesses its counterparties' financial capacity and systematically monitors receivables.Group policy regarding counterparty risks requires that the group submit potential customers and suppliers to a detailed preliminary financial analysis (liquidity, solvency, profitability, reputation and risks).The group uses internal and external information sources, such as official analysis performed by rating agencies (Moody's, Standard & Poor's and Fitch). These rating agencies assess entities in relation to risk and award them a credit score (rating).The group also uses specialist services or databases containing general, financial and market information to complement its own evaluation of potential customers and suppliers.In addition, for most of its activities the group is allowed to contractually require guarantees (either bank guarantees or cash deposits) from counterparties.The group thereby reduces its exposure to credit risk both in terms of default and concentration of customers.
In view of the concentration risk it must be noted that three clients contribute 18%, 13% and 12% of the operating revenue.
The group's debt mainly consists of fixed interest rate loans maturing between 2026 and 2034, the balance of which (including lease obligations) as at 31-12-2025 represents \u20ac1,043,460 thousand compared to \u20ac1,081,621 thousand at the end of 2024.
In addition, the group's interest-bearing liabilities include other financing and liabilities to be used within the regulatory framework.
As further explained in Note 5.12, part of these bear interest at a 10-year OLO rate and the remainder at the average Euribor 1-year rate. The group does not incur any interest rate risks related to this.
Therefore, a sensitivity analysis is not representative for the risk inherent in these financial instruments. Consequently, the Fluxys Belgium group\u2019s exposure to interest rate risk is very limited.
Liquidity risk management is one of Fluxys Belgium group\u2019s main objectives.
The Fluxys Belgium group can call upon Fluxys SA in case of liquidity needs, under the cash pooling arrangements. As a reminder, Fluxys SA centralises the management of the Fluxys group\u2019s cash funds and financing, and has some unused, confirmed and renewable lines of credit.
The maturity of interest-bearing liabilities is reported in Note 5.11.
The group's main financial instruments consist of financial and trade receivables and payables, short-term investments, cash and cash equivalents.
The following table gives an overview of financial instruments at 31 December 2025:
| \n Summary of financial instruments at balance sheet date | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n 31-12-2025 | \n\n Categories | \n\n Book value | \n\n Fair value | \n\n Level | \n
| \n I. Non-current assets | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Other financial assets at amortised cost | \n\n A | \n\n 97\u00a0553 | \n\n 91\u00a0253 | \n\n 1 & 2 | \n
| \n Other financial assets at fair value through profit or loss | \n\n B | \n\n 4\u00a0741 | \n\n 4\u00a0741 | \n\n 2 | \n
| \n Financial lease receivables | \n\n A | \n\n 0 | \n\n 0 | \n\n 2 | \n
| \n Other receivables | \n\n A | \n\n 14\u00a0571 | \n\n 14\u00a0571 | \n\n 2 | \n
| \n II. Current assets | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Financial lease receivables | \n\n A | \n\n 0 | \n\n 0 | \n\n 2 | \n
| \n Trade and other receivables | \n\n A | \n\n 117\u00a0413 | \n\n 117\u00a0413 | \n\n 2 | \n
| \n Cash investments | \n\n A | \n\n 72\u00a0293 | \n\n 71\u00a0725 | \n\n 2 | \n
| \n Cash and cash equivalents | \n\n A | \n\n 785\u00a0654 | \n\n 785\u00a0655 | \n\n 2 | \n
| \n Total financial instruments \u2013 assets | \n\n \n | \n\n 1\u00a0092\u00a0225 | \n\n 1\u00a0085\u00a0358 | \n\n \n | \n
| \n I. Non-current liabilities | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Interest-bearing liabilities | \n\n A | \n\n 960\u00a0026 | \n\n 933\u00a0529 | \n\n 2 | \n
| \n Other financial assets | \n\n B | \n\n 4\u00a0741 | \n\n 4\u00a0741 | \n\n 2 | \n
| \n II. Current liabilities | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Interest-bearing liabilities | \n\n A | \n\n 53\u00a0074 | \n\n 53\u00a0074 | \n\n 2 | \n
| \n Trade and other payables | \n\n A | \n\n 102\u00a0567 | \n\n 102\u00a0567 | \n\n 2 | \n
| \n Total financial instruments - liabilities | \n\n \n | \n\n 1\u00a0120\u00a0409 | \n\n 1\u00a0093\u00a0911 | \n\n \n | \n
The categories correspond to the following financial instruments:
A.Financial assets or financial liabilities at depreciated cost.
B.Assets or liabilities at fair value through net profit or loss.
| \n Summary of financial instruments at balance sheet date | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n 31-12-2024 | \n\n Categories | \n\n Book value | \n\n Fair value | \n\n Level | \n
| \n I. Non-current assets | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Other financial assets at amortised cost | \n\n A | \n\n 106\u00a0041 | \n\n 99\u00a0952 | \n\n 1 & 2 | \n
| \n Other financial assets at fair value through profit or loss | \n\n B | \n\n 2\u00a0912 | \n\n 2\u00a0912 | \n\n 2 | \n
| \n Financial lease receivables | \n\n A | \n\n 0 | \n\n 0 | \n\n 2 | \n
| \n Other receivables | \n\n A | \n\n 18\u00a0691 | \n\n 18\u00a0691 | \n\n 2 | \n
| \n II. Current assets | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Financial lease receivables | \n\n A | \n\n 0 | \n\n 0 | \n\n 2 | \n
| \n Trade and other receivables | \n\n A | \n\n 93\u00a0521 | \n\n 93\u00a0521 | \n\n 2 | \n
| \n Cash investments | \n\n A | \n\n 31\u00a0672 | \n\n 31\u00a0648 | \n\n 2 | \n
| \n Cash and cash equivalents | \n\n A | \n\n 1\u00a0091\u00a0543 | \n\n 1\u00a0091\u00a0567 | \n\n 2 | \n
| \n Total financial instruments \u2013 assets | \n\n \n | \n\n 1\u00a0344\u00a0380 | \n\n 1\u00a0338\u00a0291 | \n\n \n | \n
| \n I. Non-current liabilities | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Interest-bearing liabilities | \n\n A | \n\n 1\u00a0002\u00a0963 | \n\n 964\u00a0858 | \n\n 2 | \n
| \n Other financial assets | \n\n B | \n\n 2\u00a0912 | \n\n 2\u00a0912 | \n\n 2 | \n
| \n II. Current liabilities | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Interest-bearing liabilities | \n\n A | \n\n 52\u00a0371 | \n\n 52\u00a0371 | \n\n 2 | \n
| \n Trade and other payables | \n\n A | \n\n 108\u00a0959 | \n\n 108\u00a0959 | \n\n 2 | \n
| \n Total financial instruments - liabilities | \n\n \n | \n\n 1\u00a0167\u00a0205 | \n\n 1\u00a0129\u00a0100 | \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 | \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 | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
All of the group's financial instruments fall within Levels 1 and 2 of the fair value hierarchy. Their fair value is measured on a recurring basis.
Level 1 of the fair value hierarchy includes short-term investments and cash equivalents whose fair value is based on quoted prices. They consist mainly of bonds.
Level 2 of the fair value hierarchy includes other financial assets and liabilities whose fair value is based on other inputs that are observable for the asset or liability, either directly or indirectly.
The techniques for measuring the fair value of Level 2 financial instruments are as follows:
\u2022The items \u2018Interest-bearing liabilities\u2019 include the fixed-rate bonds issued by Fluxys Belgium, whose fair value is determined based on active market rates, usually provided by financial institutions.
\u2022The fair value of other level-2 financial assets and liabilities remains close to the book value
-because they have a short-term maturity (such as trade receivables and payables).
-except for assets depreciated due to the increase in interest rates
Recognition
Financial assets and liabilities are recognised when the group becomes party to the instrument\u2019s contractual terms.
Derecognition of financial assets
The group has to derecognise a financial asset is and only if the contractual rights on the cash flows of the financial asset expire, or where it transfers almost all the risks and advantages inherent to the ownership of the financial asset to a third party.
If the group doesn\u2019t transfer, or keep almost all the risks and advantages inherent to the ownership of the financial asset and it keeps control of the asset transferred, the group continues to recognise the financial asset to the degree that its implication in it continues and an associated liability for the amount owed.
If the group keeps almost all the risks and advantages inherent to the ownership of the financial asset, it continues to recognise the whole financial asset and recognises a financial liability for the consideration received.
When a financial asset measured at amortised cost is derecognised, the difference between the amortised cost and the sum of the considerations received is transferred to the income statement.
When an investment and equity instruments until now measured at fair value with changes to other comprehensive income are derecognised, the accumulated profit/loss recognised previously in other comprehensive income is not reclassified to net income.
The Fluxys Belgium group values the unconsolidated equity instruments at fair value with changes to other comprehensive income.
However, given the materiality of certain instruments and the unavailability of recent market values, certain equity instruments are accounted for at the initial cost.
The dividends received for these equity instruments are recognised in financial income under the item \u2018Dividends from unconsolidated entities\u2019.
Cash investments in the form of bonds or commercial paper, having a maturity date exceeding three months, are reported as financial assets measured at amortised cost. These are shown in the balance sheet under non-current \u2018other financial assets\u2019 and under current \u2018investments\u2019.
Cash and cash equivalents held are reported as financial assets measured at amortised cost.
The economic model used by the Fluxys Belgium group to manage financial assets aims to hold them in order to obtain contractual cash flows. The sales of financial assets are rare and the group does not expect to proceed with such sales in the future, except in the case of an increased credit risk for the assets over and above the policy advocated by the group. A sale may also be motivated by an unexpected financing need.
Where the conditions required to be qualified as financial assets valued at the depreciated cost are not met, these financial assets concerned are valued at fair value with changes to net profit/loss.
Trade and other receivables are stated at their face value reduced by any amounts deemed unrecoverable.
When the time value of money is significant, trade and other receivables are discounted.
Impairment losses are recognised when the book value of these items at balance sheet date exceeds their recoverable amount.
Expected credit losses on financial assets accounted for at depreciated cost are calculated using an individual approach, based on the credit quality of the counterparty and the maturity of the financial asset.
Expected credit losses are determined using the general approach applicable to assets with low credit risk, while the simplified approach is applied to trade receivables and contract assets.
A financial asset is impaired where one or more events have occurred with a negative effect on the future estimated cash flows of this financial asset. The indications of the impairment of a financial asset encompass data that may be observed on the following events:
\u2022defaults in payments for more than 90 days,
\u2022significant financial difficulty of the issuer or debtor and
\u2022increasing probability of bankruptcy or financial restructure of the lender.
If the economic forecast (for example gross domestic product) deteriorates over the course of next year, which could lead to an increase in the number of defaults, the historical default rates are adjusted. At each balance sheet date, the historical default rates observed are updated and the changes in the forecast estimates are analysed.
Recognition
Financial assets and liabilities are recognised when the group becomes party to the instrument\u2019s contractual terms.
Derecognition of financial liabilities
The entity derecognises a financial liability only if this liability is extinguished, i.e. once the obligation is fulfilled, cancelled or it expires.
The difference between the book value of an extinguished financial liability and the consideration paid, including, where applicable, the assets (non-cash) transferred and the liabilities acquired must be recognised in the income statement.
Interest-bearing liabilities are recognised at the net amount received. Following initial recognition, interest-bearing liabilities are recorded at depreciated cost. The difference between the depreciated cost and the redemption value is recognised in the income statement under the effective interest rate method over the term of the liabilities.
Trade payables are stated at face value.
When the time value of money is significant, trade payables are discounted.
Note 2.10.Borrowing costs
Borrowing costs directly attributable to the acquisition, building or production of assets requiring a substantial period of time to get ready for their intended use (property, plant and equipment, investment property, etc.) are added to the costs of the assets concerned until they are ready for use or sale.
The amount of the borrowing costs to be capitalised is the actual cost incurred in borrowing the funds, as reduced by income from any temporary investment of these funds.
Derecognition of financial assets
The group has to derecognise a financial asset is and only if the contractual rights on the cash flows of the financial asset expire, or where it transfers almost all the risks and advantages inherent to the ownership of the financial asset to a third party.
If the group doesn\u2019t transfer, or keep almost all the risks and advantages inherent to the ownership of the financial asset and it keeps control of the asset transferred, the group continues to recognise the financial asset to the degree that its implication in it continues and an associated liability for the amount owed.
If the group keeps almost all the risks and advantages inherent to the ownership of the financial asset, it continues to recognise the whole financial asset and recognises a financial liability for the consideration received.
When a financial asset measured at amortised cost is derecognised, the difference between the amortised cost and the sum of the considerations received is transferred to the income statement.
When an investment and equity instruments until now measured at fair value with changes to other comprehensive income are derecognised, the accumulated profit/loss recognised previously in other comprehensive income is not reclassified to net income.
Derecognition of financial liabilities
The entity derecognises a financial liability only if this liability is extinguished, i.e. once the obligation is fulfilled, cancelled or it expires.
The difference between the book value of an extinguished financial liability and the consideration paid, including, where applicable, the assets (non-cash) transferred and the liabilities acquired must be recognised in the income statement.
Cash investments in the form of bonds or commercial paper, having a maturity date exceeding three months, are reported as financial assets measured at amortised cost. These are shown in the balance sheet under non-current \u2018other financial assets\u2019 and under current \u2018investments\u2019.
Cash and cash equivalents held are reported as financial assets measured at amortised cost.
Note 5.8.Short-term investments, cash and cash equivalents
Short-term investments are investments with a maturity of more than three months and maximum one year in bonds, commercial paper and bank deposits.
Cash and cash equivalents are mainly euro investments in commercial paper that have a maximum maturity of 11 months after the date of acquisition, deposits made with Fluxys SA (cash pooling), term deposits at credit institutions, current account bank balances and cash in hand.
| \n Short-term investments, cash and cash equivalents | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|
| \n \n | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Cash investments | \n\n 72\u00a0293 | \n\n 31\u00a0672 | \n\n 40\u00a0621 | \n
| \n Cash and cash equivalents | \n\n 785\u00a0654 | \n\n 1\u00a0091\u00a0543 | \n\n -305\u00a0889 | \n
| \n Cash equivalents and cash pooling | \n\n 764\u00a0098 | \n\n 1\u00a0040\u00a0611 | \n\n -276\u00a0513 | \n
| \n Short-term deposits | \n\n 7\u00a0093 | \n\n 20\u00a0036 | \n\n -12\u00a0943 | \n
| \n Bank balances | \n\n 14\u00a0451 | \n\n 30\u00a0883 | \n\n -16\u00a0432 | \n
| \n Cash in hand | \n\n 12 | \n\n 13 | \n\n -1 | \n
| \n Total | \n\n 857\u00a0947 | \n\n 1\u00a0123\u00a0215 | \n\n -265\u00a0268 | \n
In 2025, the average rate of return on short-term investments, cash and cash equivalents was 1.67%. The credit losses expected and accounted for in investments, cash and cash equivalents are of little material significance to the Fluxys Belgium group.
Cash investments in the form of bonds or commercial paper, having a maturity date exceeding three months, are reported as financial assets measured at amortised cost. These are shown in the balance sheet under non-current \u2018other financial assets\u2019 and under current \u2018investments\u2019.
Cash and cash equivalents held are reported as financial assets measured at amortised cost.
Trade and other receivables are stated at their face value reduced by any amounts deemed unrecoverable.
When the time value of money is significant, trade and other receivables are discounted.
Impairment losses are recognised when the book value of these items at balance sheet date exceeds their recoverable amount.
Note 5.7.Trade and other receivables
| \n Trade and other receivables | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n Notes | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Gross trade receivables | \n\n \n | \n\n 83\u00a0049 | \n\n 72\u00a0504 | \n\n 10\u00a0545 | \n
| \n Impairment losses | \n\n \n | \n\n -363 | \n\n -1\u00a0572 | \n\n 1\u00a0209 | \n
| \n Net trade receivables | \n\n 5.7.1 | \n\n 82\u00a0686 | \n\n 70\u00a0932 | \n\n 11\u00a0754 | \n
| \n Other receivables | \n\n 5.7.2 | \n\n 34\u00a0727 | \n\n 22\u00a0589 | \n\n 12\u00a0138 | \n
| \n Total | \n\n \n | \n\n 117\u00a0413 | \n\n 93\u00a0521 | \n\n 23\u00a0892 | \n
The increase in trade receivables is in line with the increase in sales and services to external customers.
Fluxys Belgium group reduces its exposure to credit risk, both in terms of default and concentration of risk, by requiring short payment terms from its customers (payment within one month), a strict policy for the follow-up of trade receivables, and a systematic evaluation of its counterparties' financial position. The write-downs based on credit losses expected and accounted for in trade and other receivables are of little material significance to the Fluxys Belgium group.
Trade receivables can be broken down as follows according to their ageing:
| \n Net trade receivables according to ageing | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n \n | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Receivables not past due | \n\n \n | \n\n 81\u00a0223 | \n\n 70\u00a0063 | \n\n 11\u00a0160 | \n
| \n Receivables < 3 months | \n\n \n | \n\n 574 | \n\n 470 | \n\n 104 | \n
| \n Receivables 3 - 6 months | \n\n \n | \n\n 40 | \n\n 20 | \n\n 20 | \n
| \n Receivables > 6 months | \n\n \n | \n\n 118 | \n\n 0 | \n\n 118 | \n
| \n Disputed or doubtful receivables that are not yet impaired | \n\n \n | \n\n 731 | \n\n 379 | \n\n 352 | \n
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Total | \n\n \n | \n\n 82\u00a0686 | \n\n 70\u00a0932 | \n\n 11\u00a0754 | \n
Disputed or doubtful receivables mainly concern grid users. Those deemed irrecoverable have been subject to impairment losses of 100%.
Other receivables primarily include joint venture receivables and VAT administration receivables.
Trade and other receivables are stated at their face value reduced by any amounts deemed unrecoverable.
When the time value of money is significant, trade and other receivables are discounted.
Impairment losses are recognised when the book value of these items at balance sheet date exceeds their recoverable amount.
Expected credit losses on financial assets accounted for at depreciated cost are calculated using an individual approach, based on the credit quality of the counterparty and the maturity of the financial asset.
Expected credit losses are determined using the general approach applicable to assets with low credit risk, while the simplified approach is applied to trade receivables and contract assets.
A financial asset is impaired where one or more events have occurred with a negative effect on the future estimated cash flows of this financial asset. The indications of the impairment of a financial asset encompass data that may be observed on the following events:
\u2022defaults in payments for more than 90 days,
\u2022significant financial difficulty of the issuer or debtor and
\u2022increasing probability of bankruptcy or financial restructure of the lender.
If the economic forecast (for example gross domestic product) deteriorates over the course of next year, which could lead to an increase in the number of defaults, the historical default rates are adjusted. At each balance sheet date, the historical default rates observed are updated and the changes in the forecast estimates are analysed.
Fluxys Belgium group reduces its exposure to credit risk, both in terms of default and concentration of risk, by requiring short payment terms from its customers (payment within one month), a strict policy for the follow-up of trade receivables, and a systematic evaluation of its counterparties' financial position. The write-downs based on credit losses expected and accounted for in trade and other receivables are of little material significance to the Fluxys Belgium group.
Trade receivables can be broken down as follows according to their ageing:
| \n Net trade receivables according to ageing | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n \n | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Receivables not past due | \n\n \n | \n\n 81\u00a0223 | \n\n 70\u00a0063 | \n\n 11\u00a0160 | \n
| \n Receivables < 3 months | \n\n \n | \n\n 574 | \n\n 470 | \n\n 104 | \n
| \n Receivables 3 - 6 months | \n\n \n | \n\n 40 | \n\n 20 | \n\n 20 | \n
| \n Receivables > 6 months | \n\n \n | \n\n 118 | \n\n 0 | \n\n 118 | \n
| \n Disputed or doubtful receivables that are not yet impaired | \n\n \n | \n\n 731 | \n\n 379 | \n\n 352 | \n
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Total | \n\n \n | \n\n 82\u00a0686 | \n\n 70\u00a0932 | \n\n 11\u00a0754 | \n
Disputed or doubtful receivables mainly concern grid users. Those deemed irrecoverable have been subject to impairment losses of 100%.
Other receivables primarily include joint venture receivables and VAT administration receivables.
Expected credit losses on financial assets accounted for at depreciated cost are calculated using an individual approach, based on the credit quality of the counterparty and the maturity of the financial asset.
Expected credit losses are determined using the general approach applicable to assets with low credit risk, while the simplified approach is applied to trade receivables and contract assets.
A financial asset is impaired where one or more events have occurred with a negative effect on the future estimated cash flows of this financial asset. The indications of the impairment of a financial asset encompass data that may be observed on the following events:
\u2022defaults in payments for more than 90 days,
\u2022significant financial difficulty of the issuer or debtor and
\u2022increasing probability of bankruptcy or financial restructure of the lender.
If the economic forecast (for example gross domestic product) deteriorates over the course of next year, which could lead to an increase in the number of defaults, the historical default rates are adjusted. At each balance sheet date, the historical default rates observed are updated and the changes in the forecast estimates are analysed.
Fluxys Belgium group reduces its exposure to credit risk, both in terms of default and concentration of risk, by requiring short payment terms from its customers (payment within one month), a strict policy for the follow-up of trade receivables, and a systematic evaluation of its counterparties' financial position. The write-downs based on credit losses expected and accounted for in trade and other receivables are of little material significance to the Fluxys Belgium group.
Trade receivables can be broken down as follows according to their ageing:
| \n Net trade receivables according to ageing | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n \n | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Receivables not past due | \n\n \n | \n\n 81\u00a0223 | \n\n 70\u00a0063 | \n\n 11\u00a0160 | \n
| \n Receivables < 3 months | \n\n \n | \n\n 574 | \n\n 470 | \n\n 104 | \n
| \n Receivables 3 - 6 months | \n\n \n | \n\n 40 | \n\n 20 | \n\n 20 | \n
| \n Receivables > 6 months | \n\n \n | \n\n 118 | \n\n 0 | \n\n 118 | \n
| \n Disputed or doubtful receivables that are not yet impaired | \n\n \n | \n\n 731 | \n\n 379 | \n\n 352 | \n
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Total | \n\n \n | \n\n 82\u00a0686 | \n\n 70\u00a0932 | \n\n 11\u00a0754 | \n
Disputed or doubtful receivables mainly concern grid users. Those deemed irrecoverable have been subject to impairment losses of 100%.
Other receivables primarily include joint venture receivables and VAT administration receivables.
The group systematically assesses its counterparties' financial capacity and systematically monitors receivables.Group policy regarding counterparty risks requires that the group submit potential customers and suppliers to a detailed preliminary financial analysis (liquidity, solvency, profitability, reputation and risks).The group uses internal and external information sources, such as official analysis performed by rating agencies (Moody's, Standard & Poor's and Fitch). These rating agencies assess entities in relation to risk and award them a credit score (rating).The group also uses specialist services or databases containing general, financial and market information to complement its own evaluation of potential customers and suppliers.In addition, for most of its activities the group is allowed to contractually require guarantees (either bank guarantees or cash deposits) from counterparties.The group thereby reduces its exposure to credit risk both in terms of default and concentration of customers.
In view of the concentration risk it must be noted that three clients contribute 18%, 13% and 12% of the operating revenue.
Expected credit losses on financial assets accounted for at depreciated cost are calculated using an individual approach, based on the credit quality of the counterparty and the maturity of the financial asset.
Expected credit losses are determined using the general approach applicable to assets with low credit risk, while the simplified approach is applied to trade receivables and contract assets.
A financial asset is impaired where one or more events have occurred with a negative effect on the future estimated cash flows of this financial asset. The indications of the impairment of a financial asset encompass data that may be observed on the following events:
\u2022defaults in payments for more than 90 days,
\u2022significant financial difficulty of the issuer or debtor and
\u2022increasing probability of bankruptcy or financial restructure of the lender.
If the economic forecast (for example gross domestic product) deteriorates over the course of next year, which could lead to an increase in the number of defaults, the historical default rates are adjusted. At each balance sheet date, the historical default rates observed are updated and the changes in the forecast estimates are analysed.
Interest-bearing liabilities are recognised at the net amount received. Following initial recognition, interest-bearing liabilities are recorded at depreciated cost. The difference between the depreciated cost and the redemption value is recognised in the income statement under the effective interest rate method over the term of the liabilities.
Note 2.10.Borrowing costs
Borrowing costs directly attributable to the acquisition, building or production of assets requiring a substantial period of time to get ready for their intended use (property, plant and equipment, investment property, etc.) are added to the costs of the assets concerned until they are ready for use or sale.
The amount of the borrowing costs to be capitalised is the actual cost incurred in borrowing the funds, as reduced by income from any temporary investment of these funds.
Note 5.11.Interest-bearing liabilities
| \n Non-current interest-bearing liabilities | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n Notes | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Leases | \n\n 5.11.1 | \n\n 26\u00a0310 | \n\n 22\u00a0312 | \n\n 3\u00a0998 | \n
| \n Bonds | \n\n 5.11.2 | \n\n 697\u00a0208 | \n\n 696\u00a0781 | \n\n 427 | \n
| \n Bank borrowings | \n\n 5.11.3 | \n\n 146\u00a0000 | \n\n 166\u00a0000 | \n\n -20\u00a0000 | \n
| \n Other borrowings | \n\n 5.11.4 | \n\n 116\u00a0818 | \n\n 140\u00a0182 | \n\n -23\u00a0364 | \n
| \n Total | \n\n \n | \n\n 986\u00a0336 | \n\n 1\u00a0025\u00a0275 | \n\n -38\u00a0939 | \n
| \n Of which debts guaranteed by the public authorities or by actual sureties | \n\n \n | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Current interest-bearing liabilities | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n Notes | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Leases | \n\n 5.11.1 | \n\n 4\u00a0049 | \n\n 3\u00a0974 | \n\n 75 | \n
| \n Bonds | \n\n 5.11.2 | \n\n 2\u00a0523 | \n\n 2\u00a0523 | \n\n 0 | \n
| \n Bank borrowings | \n\n 5.11.3 | \n\n 22\u00a0039 | \n\n 22\u00a0269 | \n\n -230 | \n
| \n Other borrowings | \n\n 5.11.4 | \n\n 28\u00a0513 | \n\n 27\u00a0580 | \n\n 933 | \n
| \n Total | \n\n \n | \n\n 57\u00a0124 | \n\n 56\u00a0346 | \n\n 778 | \n
| \n Of which debts guaranteed by the public authorities or by actual sureties | \n\n \n | \n\n 0 | \n\n 0 | \n\n 0 | \n
5.11.1.
Lease liabilities are accounted for in line with IFRS 16 and are limited to the contractual obligations, even if the Group expects certain contracts to be extended in the future, but this option isn\u2019t stated in the current contract.
5.11.2.
In November 2014 and October 2017, Fluxys Belgium issued bonds for a total of \u20ac700,000 thousand. These bonds offer a gross annual coupon of 1.75% and 3.25% respectively. They will mature between 2027 and 2034.
5.11.3.
A 25-year loan of \u20ac400,000 thousand at a fixed rate contracted with the EIB in December 2008 to finance investments in developing the gas transmission network, the balance of which was \u20ac166,000 thousand as at 31-12-2025.
5.11.4.
Other borrowings include:
\u2022A loan of \u20ac257,000 thousand at a fixed rate of 3.20% with Fluxys SA to cover needs relating to investments necessary for the transshipment services at the Zeebrugge LNG Terminal. The balance still due as at 31-12-2025 is \u20ac140,181 thousand.
\u2022Short-term loans and accrued interest amounting to \u20ac 5.150 thousand.
| \n Changes in liabilities based on financing activities | \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 | \n\n 31-12-2024 | \n\n Cash flow | \n\n Other movements | \n\n 31-12-2025 | \n|||
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n New rental contracts | \n\n Reclassification between non-current and current | \n\n Variation in accrued interest payable | \n\n Amortisation of issuance costs | \n\n \n | \n
| \n Non-current interest-bearing liabilities | \n\n \n | \n\n 1\u00a0025\u00a0275 | \n\n 0 | \n\n 11\u00a0232 | \n\n -50\u00a0598 | \n\n 427 | \n\n 0 | \n\n 986\u00a0336 | \n
| \n Leases | \n\n \n | \n\n 22\u00a0312 | \n\n \n | \n\n 11\u00a0232 | \n\n -7\u00a0234 | \n\n \n | \n\n \n | \n\n 26\u00a0310 | \n
| \n Bonds | \n\n \n | \n\n 696\u00a0781 | \n\n \n | \n\n \n | \n\n \n | \n\n 427 | \n\n \n | \n\n 697\u00a0208 | \n
| \n Bank borrowings | \n\n \n | \n\n 166\u00a0000 | \n\n \n | \n\n \n | \n\n -20\u00a0000 | \n\n \n | \n\n \n | \n\n 146\u00a0000 | \n
| \n Other borrowings | \n\n \n | \n\n 140\u00a0182 | \n\n \n | \n\n \n | \n\n -23\u00a0364 | \n\n \n | \n\n \n | \n\n 116\u00a0818 | \n
| \n Current interest-bearing liabilities | \n\n \n | \n\n 56\u00a0346 | \n\n -49\u00a0013 | \n\n 0 | \n\n 50\u00a0598 | \n\n -806 | \n\n 0 | \n\n 57\u00a0124 | \n
| \n Leases | \n\n \n | \n\n 3\u00a0974 | \n\n -7\u00a0158 | \n\n \n | \n\n 7\u00a0234 | \n\n \n | \n\n \n | \n\n 4\u00a0049 | \n
| \n Bonds | \n\n \n | \n\n 2\u00a0523 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n 2\u00a0523 | \n
| \n Bank borrowings | \n\n \n | \n\n 22\u00a0269 | \n\n -20\u00a0000 | \n\n \n | \n\n 20\u00a0000 | \n\n -230 | \n\n \n | \n\n 22\u00a0039 | \n
| \n Other borrowings | \n\n \n | \n\n 27\u00a0580 | \n\n -21\u00a0855 | \n\n \n | \n\n 23\u00a0364 | \n\n -576 | \n\n \n | \n\n 28\u00a0513 | \n
| \n Total | \n\n \n | \n\n 1\u00a0081\u00a0621 | \n\n -49\u00a0013 | \n\n 11\u00a0232 | \n\n 0 | \n\n -379 | \n\n 0 | \n\n 1\u00a0043\u00a0460 | \n
Cash flows relating to interest-bearing liabilities are included in points IV.1.2, IV.2.1 and IV.2.2 of the consolidated statement of cash flows.
The change in accrued interests payable and the depreciation of issuance costs (in total \u20ac-379 thousand) correspond with the difference between:
\u2022the interests paid, including leases (see note IV.3.1 of the statement of cash flows: \u20ac31,091 thousand) and
\u2022the sum of borrowing interest costs and interests on lease liabilities (see Note 4.4: \u20ac57,812 thousand) minus the interest on regulatory liabilities (\u20ac27,099 thousand) hence \u20ac30,713 thousand.
| \n Maturity of interest-bearing liabilities at 31-12-2025, non-discounted | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n Up to one year | \n\n Between one and five years | \n\n More than 5 years | \n\n Total | \n
| \n Leases | \n\n 4\u00a0807 | \n\n 18\u00a0569 | \n\n 15\u00a0639 | \n\n 39\u00a0015 | \n
| \n Bonds | \n\n 19\u00a0085 | \n\n 594\u00a0192 | \n\n 164\u00a0792 | \n\n 778\u00a0069 | \n
| \n Bank borrowings | \n\n 28\u00a0669 | \n\n 98\u00a0280 | \n\n 71\u00a0090 | \n\n 198\u00a0039 | \n
| \n Other borrowings | \n\n 32\u00a0435 | \n\n 101\u00a0670 | \n\n 23\u00a0546 | \n\n 157\u00a0651 | \n
| \n Total | \n\n 84\u00a0996 | \n\n 812\u00a0711 | \n\n 275\u00a0067 | \n\n 1\u00a0172\u00a0774 | \n
| \n Maturity of interest-bearing liabilities at 31-12-2024, non-discounted | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n Up to one year | \n\n Between one and five years | \n\n More than 5 years | \n\n Total | \n
| \n Leases | \n\n 4\u00a0613 | \n\n 15\u00a0870 | \n\n 9\u00a0924 | \n\n 30\u00a0407 | \n
| \n Bonds | \n\n 19\u00a0316 | \n\n 601\u00a0419 | \n\n 169\u00a0506 | \n\n 790\u00a0241 | \n
| \n Bank borrowings | \n\n 34\u00a0562 | \n\n 113\u00a0245 | \n\n 95\u00a0663 | \n\n 243\u00a0470 | \n
| \n Other borrowings | \n\n 32\u00a0314 | \n\n 104\u00a0818 | \n\n 47\u00a0855 | \n\n 184\u00a0987 | \n
| \n Total | \n\n 90\u00a0805 | \n\n 835\u00a0352 | \n\n 322\u00a0948 | \n\n 1\u00a0249\u00a0105 | \n
Interest-bearing liabilities are recognised at the net amount received. Following initial recognition, interest-bearing liabilities are recorded at depreciated cost. The difference between the depreciated cost and the redemption value is recognised in the income statement under the effective interest rate method over the term of the liabilities.
Note 2.10.Borrowing costs
Borrowing costs directly attributable to the acquisition, building or production of assets requiring a substantial period of time to get ready for their intended use (property, plant and equipment, investment property, etc.) are added to the costs of the assets concerned until they are ready for use or sale.
The amount of the borrowing costs to be capitalised is the actual cost incurred in borrowing the funds, as reduced by income from any temporary investment of these funds.
Trade payables are stated at face value.
When the time value of money is significant, trade payables are discounted.
Note 5.16.Current trade and other payables
| \n Current trade and other payables | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n \n | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Suppliers | \n\n \n | \n\n 48\u00a0360 | \n\n 50\u00a0936 | \n\n -2\u00a0576 | \n
| \n Payroll and related items | \n\n \n | \n\n 37\u00a0116 | \n\n 34\u00a0283 | \n\n 2\u00a0833 | \n
| \n Other liabilities | \n\n \n | \n\n 17\u00a0091 | \n\n 23\u00a0740 | \n\n -6\u00a0649 | \n
| \n Total | \n\n \n | \n\n 102\u00a0567 | \n\n 108\u00a0959 | \n\n -6\u00a0392 | \n
The decrease is mainly due to the decrease in other liabilities.
Other liabilities primarily contain the guarantees received and the subsidies to be redistributed to the entities concerned. The decrease is therefore explained by a partial reimbursement of guarantees and the elimination of intercompany movements related to subsidies.
Trade payables are stated at face value.
When the time value of money is significant, trade payables are discounted.
Note 2.9.Inventories
Inventories are valued at the lower of cost and net realisable value. Inventories are written down to account for:
\u2022a reduction in net realisable value, or
\u2022impairment losses due to unforeseen circumstances related to the nature or use of the assets.
This impairment on inventories is recognised in the income statement in the period in which they arise.
Gas inventory changes are valued under the weighted average cost method.
Supplies and consumables are valued under the weighted average cost method.
Work in progress for third parties is valued at cost, including indirectly attributable costs.
When the outcome of a contract can be reliably estimated, contract revenue and expenses are recognised as revenue and expenses respectively by reference to the stage of completion of the contract at balance sheet date. Any expected loss is recognised immediately as an expense in the income statement.
Note 5.6.Inventories
| \n Book value of inventories | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|
| \n \n | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Supplies | \n\n 73\u00a0008 | \n\n 32\u00a0195 | \n\n 40\u00a0813 | \n
| \n Gross book value | \n\n 76\u00a0712 | \n\n 36\u00a0001 | \n\n 40\u00a0711 | \n
| \n Impairment losses | \n\n -3\u00a0704 | \n\n -3\u00a0806 | \n\n 102 | \n
| \n Goods held for resale (gas) | \n\n 16\u00a0029 | \n\n 19\u00a0768 | \n\n -3\u00a0739 | \n
| \n Gross book value | \n\n 18\u00a0571 | \n\n 19\u00a0768 | \n\n -1\u00a0197 | \n
| \n Impairment losses | \n\n -2\u00a0542 | \n\n 0 | \n\n -2\u00a0542 | \n
| \n Work in progress | \n\n 263 | \n\n 748 | \n\n -485 | \n
| \n Gross book value | \n\n 263 | \n\n 748 | \n\n -485 | \n
| \n Impairment losses | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Total | \n\n 89\u00a0300 | \n\n 52\u00a0711 | \n\n 36\u00a0589 | \n
Because of the many investments planned, in the natural gas and hydrogen & CO\u2082 networks, inventories of materials for the transmission network are above their normal levels.
The decrease in the gross book value of goods held for resale can primarily be explained by a fall in average gas prices. For the changes in impairment losses on gas stocks, see 4.2.5.3.
| \n Impact of movements on net profit/loss | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|
| \n \n | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Inventories \u2013 purchased or used | \n\n 39\u00a0029 | \n\n -4\u00a0084 | \n\n 43\u00a0113 | \n
| \n Impairment losses | \n\n -2\u00a0440 | \n\n 6\u00a0352 | \n\n -8\u00a0792 | \n
| \n Total | \n\n 36\u00a0589 | \n\n 2\u00a0268 | \n\n 34\u00a0321 | \n
The movements of work in progress are included in other operating income in the income statement. The other movements of inventories are included in purchase of gas related to balancing of operations and operational needs.
The impairment losses relate to standard equipment with limited possibilities for reuse.
Note 2.9.Inventories
Inventories are valued at the lower of cost and net realisable value. Inventories are written down to account for:
\u2022a reduction in net realisable value, or
\u2022impairment losses due to unforeseen circumstances related to the nature or use of the assets.
This impairment on inventories is recognised in the income statement in the period in which they arise.
Gas inventory changes are valued under the weighted average cost method.
Supplies and consumables are valued under the weighted average cost method.
Work in progress for third parties is valued at cost, including indirectly attributable costs.
When the outcome of a contract can be reliably estimated, contract revenue and expenses are recognised as revenue and expenses respectively by reference to the stage of completion of the contract at balance sheet date. Any expected loss is recognised immediately as an expense in the income statement.
Note 2.10.Borrowing costs
Borrowing costs directly attributable to the acquisition, building or production of assets requiring a substantial period of time to get ready for their intended use (property, plant and equipment, investment property, etc.) are added to the costs of the assets concerned until they are ready for use or sale.
The amount of the borrowing costs to be capitalised is the actual cost incurred in borrowing the funds, as reduced by income from any temporary investment of these funds.
Note 2.10.Borrowing costs
Borrowing costs directly attributable to the acquisition, building or production of assets requiring a substantial period of time to get ready for their intended use (property, plant and equipment, investment property, etc.) are added to the costs of the assets concerned until they are ready for use or sale.
The amount of the borrowing costs to be capitalised is the actual cost incurred in borrowing the funds, as reduced by income from any temporary investment of these funds.
Note 2.11.Provisions
Provisions are recognised as a liability in the balance sheet when they meet the following criteria:
\u2022the group has a present (legal or constructive) obligation arising from a past event;
\u2022it is probable (i.e. more likely than not) that the settlement of this obligation will lead to an outflow of resources embodying economic benefits;
\u2022the amount of the obligation can be reliably estimated.
No provision is recognised if the above conditions are not met.
The amount recognised as a provision is the best estimate of the expenditure required to settle the present obligation at the balance sheet date, in other words the amount the entity reasonably expects to need to pay to discharge the obligation at balance sheet date, or to transfer it to a third party at the same date.
Note 5.13.Provisions
5.13.2.Other provisions
| \n Provisions for: | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n Litigation and claims | \n\n Environment and site restoration | \n\n Other | \n\n Total other provisions | \n
| \n Provisions at 31-12-2024 | \n\n 0 | \n\n 1\u00a0182 | \n\n 0 | \n\n 1\u00a0182 | \n
| \n Additions | \n\n \n | \n\n 164 | \n\n \n | \n\n 164 | \n
| \n Use | \n\n \n | \n\n -1 | \n\n \n | \n\n -1 | \n
| \n Surpluses | \n\n \n | \n\n \n | \n\n \n | \n\n 0 | \n
| \n Discounting charges/(income) | \n\n \n | \n\n 102 | \n\n \n | \n\n 102 | \n
| \n Provisions at 31-12-2025, of which: | \n\n 0 | \n\n 1\u00a0447 | \n\n 0 | \n\n 1\u00a0447 | \n
| \n Non-current provisions | \n\n 0 | \n\n 1\u00a0283 | \n\n \n | \n\n 1 283 | \n
| \n Current provisions | \n\n \n | \n\n 164 | \n\n \n | \n\n 164 | \n
5.13.3.Movements in the income statement and maturity of provisions
Movements in the income statement and maturity of provisions are distributed as follows:
| \n Impact 2025 | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n \n | \n\n Additions | \n\n Use and reversals | \n\n Total | \n
| \n Operating profit/loss | \n\n \n | \n\n 10\u00a0052 | \n\n -12\u00a0181 | \n\n -2\u00a0129 | \n
| \n Financial profit/loss | \n\n \n | \n\n 7\u00a0910 | \n\n -6\u00a0350 | \n\n 1\u00a0560 | \n
| \n Total | \n\n \n | \n\n 17\u00a0962 | \n\n -18\u00a0531 | \n\n -569 | \n
| \n Maturity of provisions at 31-12-2025 | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n Up to one year | \n\n Between one and five years | \n\n More than 5 years | \n\n Total | \n
| \n Litigation and claims | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Environment and site restoration | \n\n 164 | \n\n 0 | \n\n 1\u00a0283 | \n\n 1\u00a0447 | \n
| \n Other | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Sub-total | \n\n 164 | \n\n 0 | \n\n 1\u00a0283 | \n\n 1\u00a0447 | \n
| \n Employee benefits | \n\n 2964 | \n\n 11\u00a0856 | \n\n 29\u00a0238 | \n\n 44\u00a0058 | \n
| \n Total | \n\n 3128 | \n\n 11\u00a0856 | \n\n 30\u00a0521 | \n\n 45\u00a0505 | \n
| \n Maturity of provisions at 31-12-2024 | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n Up to one year | \n\n Between one and five years | \n\n More than 5 years | \n\n Total | \n
| \n Litigation and claims | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Environment and site restoration | \n\n 0 | \n\n 0 | \n\n 1\u00a0182 | \n\n 1\u00a0182 | \n
| \n Other | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Sub-total | \n\n 0 | \n\n 0 | \n\n 1182 | \n\n 1\u00a0182 | \n
| \n Employee benefits | \n\n 3\u00a0293 | \n\n 13\u00a0172 | \n\n 32\u00a0607 | \n\n 49\u00a0072 | \n
| \n Total | \n\n 3293 | \n\n 13172 | \n\n 33789 | \n\n 50\u00a0254 | \n
Provisions for the environment and site restoration
These provisions essentially cover the costs of safety, clean-up and restoration of sites subject to closure.
These provisions are accrued in accordance with the Belgian regional environmental legislation and the Belgian Gas Act. These works require action plans and numerous studies in cooperation with the various public authorities and the institutions established for this purpose.
Note 7.Contingent assets and liabilities \u2013 rights and commitments of the group
Note 7.1.Litigation
A compensation claim for additional works was introduced by a supplier in the scope of the 'Open Rack Vaporiser' investment made by Fluxys LNG. The latter disputes this claim and an expert was appointed to assess the case. Taking into account the expert evaluation that took place, the invoices to be received have been accounted for about \u20ac1.400 thousand.
Other claims arising from the operation of our facilities are in progress but their potential impact is immaterial and/or the proceedings have been suspended.
Note 7.2.Assets and items held for third parties, in their name, but at the risk and for the benefit of entities included in the consolidation scope
In the ordinary course of business, the Fluxys Belgium group holds gas belonging to its customers at its storage sites in Loenhout, in the pipelines and in the tanks at the LNG terminal in Zeebrugge.
Note 7.3.Guarantees received
Bank securities for the benefit of the group comprise guarantees received from contractors in respect of construction contracts as well as bank guarantees received from customers. At 31 December 2025, the guarantees received amounted to \u20ac162,331 thousand. The expected credit losses on guarantees received are of little material significance to the Fluxys Belgium group.
Note 7.4.Guarantees provided by third parties on behalf of the entity
Rental guarantees in favour of the owners of assets located in Belgium and leased by the group amounted to \u20ac644 thousand as at 31-12-2025.
Other guarantees amounted to \u20ac258 thousand as at 31-12-2025.
Note 7.5.Commitments under terminalling service contracts
The Capacity Subscription Agreements (CSA) entered into with the terminal users of the Zeebrugge LNG terminal provide for 110 slots to be available per contractual year until 2023 and 88 mooring slots per contractual year until 2027.
In 2019, in addition to the aforementioned contracts, a new long-term contract was entered into with Qatar Petroleum (now Qatar Energy), a subsidiary of Qatar Terminal Limited (QTL), for the remaining unloading slots until 2039 with extension option until 2044.
Following an optimisation of short-term slot planning since 2022, and market demand for long-term capacity, Fluxys has offered 24 slots per year from April 2027 (pro rata) until 2044. Two shippers obtain 12 slots per year each for the entire duration (corresponding to 1 billion cubic metres per year).
As a consequence, the capacity of 134 slots is distributed to 3 different shippers up until 2044.
During the binding window of the Open Season held at the end of 2020 for additional regasification capacity at the Zeebrugge LNG terminal, the full 6 million tonnes per year offered (or close to 10.5 GWh/h) was subscribed to. On this basis, Fluxys LNG took the final investment decision in February 2021 to build the additional necessary infrastructure at the Zeebrugge LNG terminal. The additional regasification capacity will be provided in two steps:
\u2022as of early 2024, a total of 4.7 million tonnes have been supplied.
\u2022as of early 2025 (contractually subscribed to from January 2026), the full additional capacity of 6 million tonnes (8 billion cubic metres per year) was commissioned.
The sum of the capacities, slots and regasification, is now equivalent to a total regasification capacity of 19 billion cubic metres per year.
In 2019, along with the commissioning of the fifth tank at the Zeebrugge tanker terminal and of a second jetty, Fluxys offered a transshipment service relating to 214 berthing rights and 180,000 m\u00b3 of storage rights. This contract is for 20 years (2039) and was entered into with Yamal Trade (100% subsidiary of Yamal LNG).
Note 7.6.Other
Other commitments have been made and received by the Fluxys Belgium group, but their potential impact is immaterial.
Note 7.7.Latent regulatory assets
As part of the development of hydrogen and CO\u2082 transmission activity, the Fluxys Belgium group has incurred a series of expenses in 2025. Although the entities Fluxys hydrogen, Fluxys c-grid and Fluxys c-grid Antwerp are designated respectively as the operators of the future hydrogen and CO\u2082 network, as well as operator of the CO\u2082 transport network for the local cluster in the Antwerp port area, the regulatory framework has neither been defined nor approved as yet on the balance sheet date. However, it is expected that once the regulatory framework defined enters into play, the expenses in question will be recovered through the authorised revenue. As a consequence, the Fluxys Belgium group considers itself to have estimated latent regulatory assets of \u20ac12,700 thousand in Fluxys hydrogen, \u20ac2,900 thousand in Fluxys c-grid and \u20ac4,000 thousand in Fluxys c-grid Antwerp as at 31.12.2025.
Note 2.11.Provisions
Provisions are recognised as a liability in the balance sheet when they meet the following criteria:
\u2022the group has a present (legal or constructive) obligation arising from a past event;
\u2022it is probable (i.e. more likely than not) that the settlement of this obligation will lead to an outflow of resources embodying economic benefits;
\u2022the amount of the obligation can be reliably estimated.
No provision is recognised if the above conditions are not met.
The amount recognised as a provision is the best estimate of the expenditure required to settle the present obligation at the balance sheet date, in other words the amount the entity reasonably expects to need to pay to discharge the obligation at balance sheet date, or to transfer it to a third party at the same date.
Some companies in the Fluxys group have established supplementary \u2018defined benefit\u2019 or \u2018defined contribution\u2019 pension plans. Benefits provided under these plans are based on the number of years of service and the employee\u2019s salary.
\u2018Defined benefit\u2019 pension plans enable employees to benefit from a capital sum calculated on the basis of a formula which takes account of their annual salary at the end of their career and their seniority when they retire.
\u2018Defined contribution\u2019 pension plans provide employees with a capital sum accumulated from personal and employer contributions based on their salary.
In Belgium, the law requires that the employer guarantee a minimum return for defined contribution, which varies based on the market rates.
The accounting method used by the group to value these \u2018defined contribution pension plans, with a guaranteed minimum return\u2019, is identical to the method used for \u2018defined benefit\u2019 plans.
In case of death before retirement, these plans provide a capital sum for the surviving spouse, as well as allowances for orphans.
Certain group companies offer their employees post-employment benefits such as the reimbursement of medical costs and tariff reductions, and other long-term benefits (seniority premiums).
These liabilities are valued annually by a qualified actuary.
Regular payments made in relation to the supplementary pension plans are recognised as expenses at the time they are incurred.
Provisions for pensions and other collective agreements are reported in the balance sheet in accordance with IAS 19 (Employee Benefits), using the Projected Unit Credit Method (PUCM).
The current value of post-employment benefits is determined at each balance sheet date based on the projected salary estimated at the end of the employee\u2019s career, the rate of inflation, life expectancy, staff turnover and the expected age of retirement. The present value of defined benefit obligations is determined using a discount rate based on high-quality bonds with maturity dates close to the weighted average maturity of the plans concerned and which are denominated in the currency in which the benefits are to be paid.
The amount accounted for in respect of post-employment commitments corresponds to the difference between the current value of future obligations and the fair value of assets in the plan destined to cover them. Any deficit resulting from this valuation is subject to the recognition of a provision to cover this risk.
In the opposite case, an asset is recognised in line with the surplus of the defined benefit pension plan, capped at the current value of any future reimbursement from the plan or any reduction in future contributions to the plan.
The remeasurements of the liabilities or assets in the balance sheet comprise:
\u2022the actuarial gains or losses on the defined benefit liabilities resulting from adjustments relating to experience and/or changes in actuarial assumptions (including the effect of the change in the discount rate);
\u2022the return on plan assets (excluding amounts included in net interest) and changes in the effect of the asset ceiling (excluding amounts included in net interest).
These remeasurements are directly recognised in equity through the other items in comprehensive income.
The liabilities of the group with regard to \u2018defined contribution\u2019 plans are limited to the employer contributions paid recorded in the results.
The other long-term benefits are accounted for in the same way as the post-employment benefits, but revaluations are fully accounted for in the financial results in the financial year in which they occur.
4.2.3.Employee expenses
Employee expenses have increased \u20ac9,723 thousand as compared with 2024, due to an increased headcount, and indexation. The average headcount of the Group is up, from 978 in 2024 to 1003 in 2025. Expressed in FTE (full-time equivalents), these figures convert to 944 in 2024 compared to 974 in 2025.
| \n \n | \n\n \n | \n\n Financial year | \n\n Preceding financial year | \n||
|---|---|---|---|---|---|
| \n \n | \n\n \n | \n\n Total number of staff | \n\n Total in FTE | \n\n Total number of staff | \n\n Total in FTE | \n
| \n Average number of employees | \n\n \n | \n\n 1\u00a0003 | \n\n 974.0 | \n\n 976 | \n\n 944.3 | \n
| \n Fluxys Belgium | \n\n \n | \n\n 946 | \n\n 918.5 | \n\n 924 | \n\n 894.7 | \n
| \n Executives | \n\n \n | \n\n 373 | \n\n 365.8 | \n\n 352 | \n\n 343.8 | \n
| \n Employees | \n\n \n | \n\n 573 | \n\n 552.8 | \n\n 572 | \n\n 550.9 | \n
| \n Fluxys LNG | \n\n \n | \n\n 53 | \n\n 51.5 | \n\n 50 | \n\n 48.6 | \n
| \n Executives | \n\n \n | \n\n 8 | \n\n 7.5 | \n\n 7 | \n\n 6.9 | \n
| \n Employees | \n\n \n | \n\n 45 | \n\n 44.0 | \n\n 43 | \n\n 41.7 | \n
| \n Flux Re | \n\n \n | \n\n 1 | \n\n 0.5 | \n\n 1 | \n\n 0.5 | \n
| \n Fluxys hydrogen | \n\n \n | \n\n 4 | \n\n 3.5 | \n\n 1 | \n\n 0.5 | \n
| \n Executives | \n\n \n | \n\n 4 | \n\n 3.5 | \n\n 1 | \n\n 0.5 | \n
| \n Employees | \n\n \n | \n\n 0 | \n\n 0.0 | \n\n 0 | \n\n 0.0 | \n
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Number of employees at the end of the financial year | \n\n \n | \n\n 1\u00a0018 | \n\n 993 | \n\n 982 | \n\n 953 | \n
| \n Fluxys Belgium | \n\n \n | \n\n 961 | \n\n 937 | \n\n 926 | \n\n 898.9 | \n
| \n Executives | \n\n \n | \n\n 385 | \n\n 379 | \n\n 360 | \n\n 352.6 | \n
| \n Employees | \n\n \n | \n\n 576 | \n\n 559 | \n\n 566 | \n\n 546.3 | \n
| \n Fluxys LNG | \n\n \n | \n\n 53 | \n\n 52 | \n\n 52 | \n\n 51.0 | \n
| \n Executives | \n\n \n | \n\n 7 | \n\n 7 | \n\n 8 | \n\n 8.0 | \n
| \n Employees | \n\n \n | \n\n 46 | \n\n 45 | \n\n 44 | \n\n 43.0 | \n
| \n Flux Re | \n\n \n | \n\n 1 | \n\n 1 | \n\n 1 | \n\n 0.5 | \n
| \n Fluxys hydrogen | \n\n \n | \n\n 3 | \n\n 3 | \n\n 3 | \n\n 3.0 | \n
| \n Executives | \n\n \n | \n\n 3 | \n\n 3 | \n\n 3 | \n\n 3.0 | \n
| \n Employees | \n\n \n | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0.0 | \n
5.13.1.Provisions for employee benefits
| \n Provisions for employee benefits | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|
| \n Provisions at 31-12-2024 | \n\n \n | \n\n \n | \n\n 49\u00a0072 | \n
| \n Additions | \n\n \n | \n\n \n | \n\n 9\u00a0888 | \n
| \n Use | \n\n \n | \n\n \n | \n\n -11\u00a0752 | \n
| \n Surpluses | \n\n \n | \n\n \n | \n\n 0 | \n
| \n Discounting charges/(income) | \n\n \n | \n\n \n | \n\n 7\u00a0808 | \n
| \n Actuarial gains/losses recognised in the profit/loss (seniority bonuses) | \n\n \n | \n\n \n | \n\n -428 | \n
| \n Expected return | \n\n \n | \n\n \n | \n\n -6\u00a0350 | \n
| \n Actuarial gains/losses recognised in equity | \n\n \n | \n\n \n | \n\n -11\u00a0049 | \n
| \n Reclassification to assets | \n\n \n | \n\n \n | \n\n 6\u00a0869 | \n
| \n Provisions at 31-12-2025, of which: | \n\n \n | \n\n \n | \n\n 44\u00a0058 | \n
| \n Non-current provisions | \n\n \n | \n\n \n | \n\n 41\u00a0094 | \n
| \n Current provisions | \n\n \n | \n\n \n | \n\n 2\u00a0964 | \n
Expenses relating to the effects of discounts are presented in the group financial results, as an offset against the expected return on plan assets. The expected return on plan assets is higher than the discount rate used to determine actuarial debt.
The change in provisions for employee benefits is largely linked to:
- the decrease in obligations mainly due to the significant increase in discount rates;
- the increase in plan assets mainly due to the high return from these assets.
See Note 5.14.
Note 5.14.Provisions for employee benefits
In Belgium collective agreements regulate the rights of entity employees in the electricity and gas industries.
These agreements cover 'salary scale' personnel recruited before 1 June 2002 and management personnel recruited before 1 May 1999 allowing affiliates to benefit from a capital calculated based on a formula that takes account of their final annual salary and the number of years of service when they leave or retire. These are called \u2018defined benefit pension plans\u2019.
Obligations under these defined contribution pension plans are funded through a number of pension funds for the electricity and gas industries and through insurance companies.
Employees and employers contribute to these pension plans. The employer\u2019s contribution is determined annually on the basis of an actuarial report. This is to ensure that the minimum legal funding requirements have been met and that the long-term funding of the benefits is assured.
The group is exposed, in connection with its defined benefit pension plans, to risks related to actuarial assumptions concerning investments, interest rates, life expectancy and salary development.
The present value of defined benefit obligations is determined using a Discount rate based on high-quality bonds.
The assumptions concerning salary increases, inflation, personnel movements and expected average retirement age are defined based on historic entity statistics. The mortality tables used are those published by the IABE (Institute of Actuaries in Belgium).
At 2025 year-end, the defined benefit pension plans have surplus plan assets of \u20ac25,488 thousand (2024: \u20ac18,618 thousand) compared with the actuarial liability on estimated liabilities of the group. The amount was therefore transferred to the assets in the balance sheet under 'Other non-current assets' (Note 5.5) and 'Other current assets\u2019 (Note 5.9.1).
The financing policy was amended in 2018 to ensure that surpluses are recovered over the duration of the pension plans. In addition, transfers between different pension plans are possible.
In Belgium, \u2018Salary scale\u2019 personnel recruited after 1 June 2002 and management staff recruited after 1 May 1999 as well as the members of the management benefit from defined contribution pension plans.
The pension plans are financed by contributions from employees and employers, the latter corresponding to a multiple of the contributions from employees. Obligations under these defined contribution pension plans are funded through a number of pension funds for the electricity and gas industries and through insurance companies.
The assets of the pension funds are allocated among the various categories of the following risks:
\u2022Low risk: bonds in the euro zone and/or high-quality bonds.
\u2022Medium risk: risk diversification between bonds, convertible bonds, real estate and equity instruments.
\u2022High risk: equity instruments. Real-estate etc.
\u2022Dynamic Asset Allocation: rapid adjustment of the portfolio structure in case specific events in order to limit losses in periods of stress.
Belgian law requires that the employer guarantees a minimum return for defined contribution, which varies based on the market rates.
Specifications relating to minimum returns guaranteed by the employer:
\u2022For contributions paid up until 31-12-2015, the minimum return of 3.25% for employer contributions and 3.75% for employee contributions applies up to that date.
\u2022For contributions paid since 01-01-2025, the minimum guaranteed return went from 1.75% to 2.5%.
\u2022The accounting method used by the group to value these \u2018defined contribution pension plans, with a guaranteed minimum return\u2019, is identical to the method used for \u2018defined benefit plans\u2019 (see Note 2.11).
For certain defined contribution schemes, the contributions increase depending on the seniority in the Group (referred to as \u2018backloaded\u2019). For these schemes, the contributions are distributed uniformly over time.
Defined contribution plans expose the employer to the risk of a minimum return on pension fund assets that do not offer a sufficient guaranteed return.
Fluxys Belgium group also has early pension schemes, other post-employment benefits such as reimbursement of medical expenses and price subsidies, as well as other long-term benefits (seniority payments). Not all of these benefits are funded.
| \n In thousands of \u20ac | \n\n Pensions * | \n\n Other** | \n||
|---|---|---|---|---|
| \n \n | \n\n 2025 | \n\n 2024 | \n\n 2025 | \n\n 2024 | \n
| \n Present value of funded obligations | \n\n -215\u00a0650 | \n\n -214\u00a0252 | \n\n -30\u00a0447 | \n\n -34\u00a0070 | \n
| \n Fair value of plan assets | \n\n 231\u00a0639 | \n\n 221\u00a0453 | \n\n 0 | \n\n 0 | \n
| \n Funded status of plans | \n\n 15\u00a0989 | \n\n 7\u00a0201 | \n\n -30\u00a0447 | \n\n -34\u00a0070 | \n
| \n Effect of the asset ceiling*** | \n\n -4\u00a0112 | \n\n -3\u00a0586 | \n\n 0 | \n\n 0 | \n
| \n Other | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Net employee benefit liability | \n\n 11\u00a0877 | \n\n 3\u00a0615 | \n\n -30\u00a0447 | \n\n -34\u00a0070 | \n
| \n Of which assets | \n\n 25\u00a0489 | \n\n 18\u00a0618 | \n\n 0 | \n\n 0 | \n
| \n Of which liabilities | \n\n -13\u00a0612 | \n\n -15\u00a0002 | \n\n -30\u00a0447 | \n\n -34\u00a0070 | \n
* Pensions also include non-prefinanced early-retirement obligations.They also include, since 2018, contributions paid to cover pension schemes with a profile that takes into account seniority.
** The item \u2018Other\u2019 includes seniority bonuses paid over the course of the career as well as other post-employment benefits (reimbursement of medical expenses and price subsidies (discounted energy prices)).
*** Applicable to a limited number of plans for which surplus plan assets cannot be transferred to other plans.
Movements in the present value of obligations
| \n In thousands of \u20ac | \n\n Pensions * | \n\n Other** | \n||
|---|---|---|---|---|
| \n \n | \n\n 2025 | \n\n 2024 | \n\n 2025 | \n\n 2024 | \n
| \n At the start of the period | \n\n -214\u00a0252 | \n\n -206\u00a0978 | \n\n -34\u00a0070 | \n\n -35\u00a0643 | \n
| \n Service costs | \n\n -9\u00a0134 | \n\n -8\u00a0168 | \n\n -756 | \n\n -772 | \n
| \n Early retirement costs | \n\n -125 | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Financial loss (-) / profit (+) | \n\n -6\u00a0747 | \n\n -7\u00a0673 | \n\n -1\u00a0060 | \n\n -1\u00a0080 | \n
| \n Participants\u2019 contributions | \n\n -973 | \n\n -969 | \n\n 0 | \n\n 0 | \n
| \n Change in demographic assumptions | \n\n 779 | \n\n 783 | \n\n 470 | \n\n 537 | \n
| \n Change in financial assumptions | \n\n 4\u00a0013 | \n\n 584 | \n\n 3\u00a0288 | \n\n 285 | \n
| \n Change from experience adjustments | \n\n -1\u00a0255 | \n\n -158 | \n\n -1 | \n\n 870 | \n
| \n Past service costs | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Benefits paid | \n\n 11\u00a0966 | \n\n 8\u00a0327 | \n\n 1\u00a0669 | \n\n 1\u00a0733 | \n
| \n Other | \n\n 78 | \n\n 0 | \n\n 13 | \n\n 0 | \n
| \n At the end of the period | \n\n -215\u00a0650 | \n\n -214\u00a0252 | \n\n -30\u00a0447 | \n\n -34\u00a0070 | \n
| \n In thousands of \u20ac | \n\n Pensions * | \n\n Other** | \n||
|---|---|---|---|---|
| \n \n | \n\n 2025 | \n\n 2024 | \n\n 2025 | \n\n 2024 | \n
| \n At the start of the period | \n\n 221\u00a0453 | \n\n 205\u00a0500 | \n\n 0 | \n\n 0 | \n
| \n Interest income | \n\n 6\u00a0498 | \n\n 6\u00a0314 | \n\n 0 | \n\n 0 | \n
| \n Return on plan assets (excluding net interest income) | \n\n 7\u00a0147 | \n\n 9\u00a0439 | \n\n 0 | \n\n 0 | \n
| \n Employer\u2019s contributions | \n\n 10\u00a0085 | \n\n 9\u00a0670 | \n\n 1\u00a0669 | \n\n 1\u00a0733 | \n
| \n Participants\u2019 contributions | \n\n 973 | \n\n 969 | \n\n 0 | \n\n 0 | \n
| \n Benefits paid | \n\n -11\u00a0966 | \n\n -8\u00a0327 | \n\n -1\u00a0669 | \n\n -1\u00a0733 | \n
| \n Change in financial assumptions | \n\n -2\u00a0471 | \n\n -2\u00a0112 | \n\n 0 | \n\n 0 | \n
| \n Other | \n\n -80 | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n At the end of the period | \n\n 231\u00a0639 | \n\n 221\u00a0453 | \n\n 0 | \n\n 0 | \n
| \n Actual return on plan assets | \n\n 13\u00a0645 | \n\n 15\u00a0753 | \n\n 0 | \n\n 0 | \n
| \n In thousands of \u20ac | \n\n Pensions * | \n\n Other** | \n||
|---|---|---|---|---|
| \n \n | \n\n 2025 | \n\n 2024 | \n\n 2025 | \n\n 2024 | \n
| \n Cost | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Service costs | \n\n -9\u00a0134 | \n\n -8\u00a0168 | \n\n -756 | \n\n -772 | \n
| \n Early retirement costs | \n\n -125 | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Past service costs | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Actuarial gains/(losses) on other long-term benefits | \n\n 428 | \n\n 1\u00a0192 | \n\n 0 | \n\n 0 | \n
| \n Net interest on net liabilities/(assets) | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Interest expense on obligations | \n\n -6\u00a0748 | \n\n -7\u00a0672 | \n\n -1\u00a0060 | \n\n -1\u00a0080 | \n
| \n Interest income on plan assets | \n\n 6\u00a0500 | \n\n 6\u00a0315 | \n\n 0 | \n\n 0 | \n
| \n Cost transferred to the income statement | \n\n -9\u00a0079 | \n\n -8\u00a0333 | \n\n -1\u00a0816 | \n\n -1\u00a0852 | \n
| \n In thousands of \u20ac | \n\n Pensions * | \n\n Other** | \n||
|---|---|---|---|---|
| \n \n | \n\n 2025 | \n\n 2024 | \n\n 2025 | \n\n 2024 | \n
| \n Change in demographic assumptions | \n\n 486 | \n\n 660 | \n\n 554 | \n\n 424 | \n
| \n Change in financial assumptions | \n\n 4\u00a0139 | \n\n -60 | \n\n 2\u00a0952 | \n\n -121 | \n
| \n Change from experience adjustments | \n\n -501 | \n\n -500 | \n\n -713 | \n\n 766 | \n
| \n Effect of the asset ceiling | \n\n -413 | \n\n -1\u00a0121 | \n\n 0 | \n\n 0 | \n
| \n Return on plan assets (excluding net interest income) | \n\n 4\u00a0335 | \n\n 7\u00a0756 | \n\n 211 | \n\n 122 | \n
| \n Actuarial losses (gains) recognised in other comprehensive income | \n\n 8\u00a0046 | \n\n 6\u00a0735 | \n\n 3\u00a0003 | \n\n 1\u00a0190 | \n
| \n In thousands of \u20ac | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Active plan participants | \n\n -197\u00a0559 | \n\n -199\u00a0310 | \n
| \n Non-active participants with deferred benefits | \n\n -29\u00a0471 | \n\n -26\u00a0809 | \n
| \n Retirees and beneficiaries | \n\n -19\u00a0067 | \n\n -22\u00a0203 | \n
| \n Total | \n\n -246\u00a0097 | \n\n -248\u00a0322 | \n
| \n In thousands of \u20ac | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Retirement and death benefits | \n\n -215\u00a0650 | \n\n -214\u00a0252 | \n
| \n Other post-employment benefits (medical expenses and tariff reductions) | \n\n -23\u00a0141 | \n\n -26\u00a0122 | \n
| \n Seniority bonuses | \n\n -7\u00a0306 | \n\n -7\u00a0948 | \n
| \n Total | \n\n -246\u00a0097 | \n\n -248\u00a0322 | \n
| \n \n | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Discount rate between 10 to 12 years | \n\n 3.53% | \n\n 2.99% | \n
| \n Discount rate between 13 to 19 years | \n\n 4.07% | \n\n 3.23% | \n
| \n Discount rate over 19 years | \n\n 4.11% | \n\n 3.26% | \n
| \n Expected average salary increase | \n\n 2.24% | \n\n 2.24% | \n
| \n Expected inflation | \n\n 2.00% | \n\n 2.00% | \n
| \n Expected increase in health expenses * | \n\n 3.00% | \n\n 3.00% | \n
| \n Expected increase of tariff advantages | \n\n 2.00% | \n\n 2.00% | \n
| \n Average assumed retirement age | \n\n 63(BAR) / 65(CAD) | \n\n 63(BAR) / 65(CAD) | \n
| \n Mortality tables | \n\n Prospective IABE | \n\n Prospective IABE | \n
| \n Life expectancy in years: | \n\n \n | \n\n \n | \n
| \n \u2022For a person aged 65 at the balance sheet date: | \n\n \n | \n\n \n | \n
| \n - Male | \n\n 21 | \n\n 21 | \n
| \n - Female | \n\n 24 | \n\n 24 | \n
| \n For a person aged 65 in 20 years: | \n\n \n | \n\n \n | \n
| \n - Male | \n\n 23 | \n\n 23 | \n
| \n - Female | \n\n 26 | \n\n 26 | \n
| \n \n | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Listed investments | \n\n 92.07% | \n\n 92.24% | \n
| \n Shares - eurozone | \n\n 9.16% | \n\n 12.05% | \n
| \n Shares - outside eurozone | \n\n 13.26% | \n\n 13.10% | \n
| \n Government bonds - eurozone | \n\n 14.66% | \n\n 5.06% | \n
| \n Other bonds - eurozone | \n\n 22.82% | \n\n 33.09% | \n
| \n Other bonds - outside eurozone | \n\n 32.17% | \n\n 28.93% | \n
| \n Non-listed investments | \n\n 7.93% | \n\n 7.76% | \n
| \n Insurance contracts | \n\n 0.00% | \n\n 0.00% | \n
| \n Real estate | \n\n 0.00% | \n\n 1.82% | \n
| \n Cash and cash equivalents | \n\n 5.83% | \n\n 0.25% | \n
| \n Other | \n\n 2.11% | \n\n 5.70% | \n
| \n Total (in %) | \n\n 100.00% | \n\n 100.00% | \n
| \n Total (In thousands of \u20ac) | \n\n 231\u00a0639 | \n\n 221\u00a0453 | \n
| \n Impact on obligation | \n\n In thousands of \u20ac | \n
|---|---|
| \n \n | \n\n Increase (-) / Decrease (+) | \n
| \n Increase in discount rate (0.25%) | \n\n 3\u00a0683 | \n
| \n Average salary increase - excluding inflation (0.1%) | \n\n -1\u00a0362 | \n
| \n Increase in inflation rate (0.25%) | \n\n -3\u00a0319 | \n
| \n Increase in healthcare benefits (0.01%) | \n\n -26 | \n
| \n Increase in tariff benefits (0.5%) | \n\n -837 | \n
| \n Increase in life expectancy of retirees (1 year) | \n\n -778 | \n
| \n \n | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Average weighted duration of defined benefit obligations | \n\n 7 | \n\n 7 | \n
| \n Average weighted duration of other post-employment obligations | \n\n 15 | \n\n 16 | \n
| \n \n | \n\n In thousands of \u20ac | \n
|---|---|
| \n Expected contribution for 2026 (for all pension and other obligations, listed above) | \n\n 12\u00a0117 | \n
The contributions to be paid are based on the payroll of the population concerned.
Some companies in the Fluxys group have established supplementary \u2018defined benefit\u2019 or \u2018defined contribution\u2019 pension plans. Benefits provided under these plans are based on the number of years of service and the employee\u2019s salary.
\u2018Defined benefit\u2019 pension plans enable employees to benefit from a capital sum calculated on the basis of a formula which takes account of their annual salary at the end of their career and their seniority when they retire.
\u2018Defined contribution\u2019 pension plans provide employees with a capital sum accumulated from personal and employer contributions based on their salary.
In Belgium, the law requires that the employer guarantee a minimum return for defined contribution, which varies based on the market rates.
The accounting method used by the group to value these \u2018defined contribution pension plans, with a guaranteed minimum return\u2019, is identical to the method used for \u2018defined benefit\u2019 plans.
In case of death before retirement, these plans provide a capital sum for the surviving spouse, as well as allowances for orphans.
Certain group companies offer their employees post-employment benefits such as the reimbursement of medical costs and tariff reductions, and other long-term benefits (seniority premiums).
These liabilities are valued annually by a qualified actuary.
Regular payments made in relation to the supplementary pension plans are recognised as expenses at the time they are incurred.
Provisions for pensions and other collective agreements are reported in the balance sheet in accordance with IAS 19 (Employee Benefits), using the Projected Unit Credit Method (PUCM).
The current value of post-employment benefits is determined at each balance sheet date based on the projected salary estimated at the end of the employee\u2019s career, the rate of inflation, life expectancy, staff turnover and the expected age of retirement. The present value of defined benefit obligations is determined using a discount rate based on high-quality bonds with maturity dates close to the weighted average maturity of the plans concerned and which are denominated in the currency in which the benefits are to be paid.
The amount accounted for in respect of post-employment commitments corresponds to the difference between the current value of future obligations and the fair value of assets in the plan destined to cover them. Any deficit resulting from this valuation is subject to the recognition of a provision to cover this risk.
In the opposite case, an asset is recognised in line with the surplus of the defined benefit pension plan, capped at the current value of any future reimbursement from the plan or any reduction in future contributions to the plan.
The remeasurements of the liabilities or assets in the balance sheet comprise:
\u2022the actuarial gains or losses on the defined benefit liabilities resulting from adjustments relating to experience and/or changes in actuarial assumptions (including the effect of the change in the discount rate);
\u2022the return on plan assets (excluding amounts included in net interest) and changes in the effect of the asset ceiling (excluding amounts included in net interest).
These remeasurements are directly recognised in equity through the other items in comprehensive income.
The liabilities of the group with regard to \u2018defined contribution\u2019 plans are limited to the employer contributions paid recorded in the results.
The other long-term benefits are accounted for in the same way as the post-employment benefits, but revaluations are fully accounted for in the financial results in the financial year in which they occur.
Note 2.12.Revenue recognition
The group accounts for operating revenue as it meets a service obligation by supplying the customer with the promised good or service and as this latter obtains control thereof.
The Fluxys Belgium group uses a five-stage approach to determine whether a contract entered into with a customer may be accounted for and the way in which revenue should be recognised:
1.identification of the contract,
2.identification of the service obligations,
3.determination of the transaction price,
4.distribution of the transaction price between the service obligations and
5.recognition of operating revenue where the service obligations are met or where the control of the goods or services is transferred to the customer.
Group revenues mainly come from standard regulated contracts for which both the services to be provided and the price of the service are clearly identified.
Fluxys Belgium and its subsidiaries transfer the control of their regulated services progressively and in doing so meet their service obligation and account for operating revenue progressively. It should be noted that the revenue from regulated activity is recognised based on reserved capacities.
Furthermore, the Fluxys Belgium group makes sales of gas that are necessary for balancing operations and its operational needs. These services, fulfilled at a specific time, are recognised in operating revenue at the time of their fulfilment. From 1 June 2020, these balancing operations are conducted by the joint venture with Balansys. The technical balancing, which is intended to be residual, remains with Fluxys Belgium.
Regulated income received by the group may generate a gain or a loss compared with the fair margin for return on the capital invested. Gains are reported and recognised as regulatory liabilities, whereas revenues acquired corresponding to a loss are included in operating revenue to offset the accounting of regulatory assets. The group has no regulatory assets in the published periods.
The regulatory framework is explained in further detail in the chapter on \u2018Regulatory and legal framework\u2019 of the annual report.
In note 4 - Segment income statement, the distinction is shown between the revenue invoiced and the revenue recognised. The latter includes not only the revenue invoiced, but also the movements in regulatory assets and liabilities.
The following table provides more detailed information on the Group\u2019s services (performance obligations), types of contract, pricing, and the way in which operating revenue is recognised. The large majority of this revenue is regulated.
| \n Legal entity | \n\n Revenue stream | \n\n Performance obligation: nature, customer and timing of satisfaction | \n\n Contract type and pricing | \n
|---|---|---|---|
| \n Fluxys Belgium | \n\n Transmission | \n\n Nature of performance obligation: Sale of capacity and related services in the pipeline infrastructure to its customers to transmit natural gas to distribution system operators, power stations and major industrial end-users in Belgium, or to transport natural gas to a border point for transmission to other end-user markets in Europe. Customers: gas shippers reserve capacity slots (short + long term contracts). Revenue recognition: the performance obligation consists in making these capacities available for the customers for use at the customers\u2019 discretion (cf. IFRS 15.26 (e)). Basically, the contracts between Fluxys Belgium and their customers determine that the latter reserve a certain capacity that can be used over a certain period, at the choice of the customer. Thus, Fluxys Belgium will transfer to the customer a series of services that are substantially the same and that have the same pattern of transfer to the customer (IFRS 15.22 (b)). Each service in the series provided by Fluxys Belgium is a performance obligation satisfied over time, as described by IFRS 15.35a (the customer simultaneously receives and consumes the benefits provided by Fluxys Belgium). Therefore, the reserved capacities are invoiced and recognised monthly over the contractual period (in accordance with IFRS 15.39 and IFRS 15.B15), i.e. over-time recognition. | \n\n Regulated Standard Transmission Agreement. Regulated tariffs are expressed in \u20ac/kWh/h/year | \n
| \n Fluxys Belgium | \n\n Storage | \n\n Nature of performance obligation: storage services enabling customers to use buffer capacity flexibly according to their needs. The gas is stored in the underground facilities in Loenhout, Belgium. Most of the revenues are generated by the sale of standard bundled packages. These are composed of injection, storage and withdrawing capacity throughout the storage season in fixed proportion. Such contracts can be both long term and short term. Customers: as is the case for transmission, the revenues are based on the reserved capacities. Revenue recognition: revenue is recognised over time as these services are performed continuously throughout the contractual term. | \n\n Regulated Standard Storage Agreement (in combination with a regulated Standard Transmission Agreement to enable injecting into and withdrawing from the gas grid \u2013 see above). Regulated tariffs for storage capacity are expressed in \u20ac/standard bundled unit per year. Tariffs for separately purchased storage capacity are expressed in \u20ac/GWh/year. Injection or withdrawal capacity is expressed in \u20ac/m\u00b3(n)/h/year. | \n
| \n Fluxys LNG | \n\n Terminalling | \n\n Nature of performance obligation: \u2022Unloading services: (time slots are sold in advance, the so-called \u2018berthing rights\u2019), possibly combined with related services such as storage, regasification or sending out (i.e. transform the liquid gas into gas that can be injected in the grid). \u2022Loading services \u2022Transshipment, these services have 2 forms: 1.Ship-To-Ship: unloading of LNG from one LNG ship directly to another. 2.Ship-Storage-Ship: LNG is unloaded from an LNG ship, then stored in a tank at the terminal. It can be loaded a few days later by another LNG ship. Customers: Customers reserve berthing rights in advance, these can be both long term and short term contracts. Revenue recognition: revenue of these berthing rights is recognized over time based on the reserved capacity, independently of whether the slots are used or not. For some additional services, such as storage, revenue is recognized over time as well, in accordance with IFRS 15.35(a). For other additional services, such as regasification, revenue is recognized at a point in time. | \n\n Standard (regulated) LNG Terminalling Agreement, mostly combined with a separate standard regulated LNG Service Agreement for ancillary services such as storage and sending out capacity, etc. Tariffs for (un)loading are expressed in \u20ac/berthing right for the capacity reservations. For storage and for regasification and sending out services, tariffs are expressed in \u20ac/MWh/day. \n Regulated standard Transshipment Service Agreement. Tariffs are expressed in \u20ac/berthing right for the transshipment services. For additional storage services, the tariff is expressed in \u20ac/MWh/day. | \n
Note 4.1.Operating revenue
Breakdown of operating revenue by business segment:
| \n Sales and services | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n Notes | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Transmission in Belgium | \n\n 4.1.1 | \n\n 440\u00a0407 | \n\n 416\u00a0048 | \n\n 24\u00a0359 | \n
| \n Storage in Belgium | \n\n 4.1.1 | \n\n 28\u00a0610 | \n\n 26\u00a0663 | \n\n 1\u00a0947 | \n
| \n Terminalling in Belgium | \n\n 4.1.1 | \n\n 154\u00a0989 | \n\n 140\u00a0851 | \n\n 14\u00a0138 | \n
| \n Other operating revenue | \n\n 4.1.2 | \n\n 26\u00a0447 | \n\n 25\u00a0227 | \n\n 1\u00a0220 | \n
| \n Total | \n\n \n | \n\n 650\u00a0453 | \n\n 608\u00a0789 | \n\n 41\u00a0664 | \n
Operating revenues for the 2025 financial year amount to k\u20ac 650,453, representing an increase of k\u20ac 41,664 compared to the previous financial year.
4.1.1.Transmission, storage and terminalling services in Belgium are subject to the Gas Act.
Revenue from these services aims to ensure an authorized return on capital invested and to cover the operating expenses related to these services, while integrating the productivity efforts to be accomplished by the network operator, as well as permitted depreciation.
The bulk of the increase in sales and regulated services relates to transmission services (\u20ac24,359 thousand). For this activity, costs increased in 2025 compared with 2024.
Storage income invoiced is down in 2025 compared to the exceptional levels in 2024. However, this decrease is offset by a lower regulatory liability charge, in accordance with the tariff proposal.
Terminalling revenue has seen an increase in the sale of spot slots, which has led to a higher allocation to regulatory liabilities. In addition, for this activity as well, costs have increased compared with 2024.
4.1.2.Other operating revenue
Other operating revenue relates mainly to work and services for third parties and the provision of facilities.
Note 2.12.Revenue recognition
The group accounts for operating revenue as it meets a service obligation by supplying the customer with the promised good or service and as this latter obtains control thereof.
The Fluxys Belgium group uses a five-stage approach to determine whether a contract entered into with a customer may be accounted for and the way in which revenue should be recognised:
1.identification of the contract,
2.identification of the service obligations,
3.determination of the transaction price,
4.distribution of the transaction price between the service obligations and
5.recognition of operating revenue where the service obligations are met or where the control of the goods or services is transferred to the customer.
Group revenues mainly come from standard regulated contracts for which both the services to be provided and the price of the service are clearly identified.
Fluxys Belgium and its subsidiaries transfer the control of their regulated services progressively and in doing so meet their service obligation and account for operating revenue progressively. It should be noted that the revenue from regulated activity is recognised based on reserved capacities.
Furthermore, the Fluxys Belgium group makes sales of gas that are necessary for balancing operations and its operational needs. These services, fulfilled at a specific time, are recognised in operating revenue at the time of their fulfilment. From 1 June 2020, these balancing operations are conducted by the joint venture with Balansys. The technical balancing, which is intended to be residual, remains with Fluxys Belgium.
Regulated income received by the group may generate a gain or a loss compared with the fair margin for return on the capital invested. Gains are reported and recognised as regulatory liabilities, whereas revenues acquired corresponding to a loss are included in operating revenue to offset the accounting of regulatory assets. The group has no regulatory assets in the published periods.
The regulatory framework is explained in further detail in the chapter on \u2018Regulatory and legal framework\u2019 of the annual report.
In note 4 - Segment income statement, the distinction is shown between the revenue invoiced and the revenue recognised. The latter includes not only the revenue invoiced, but also the movements in regulatory assets and liabilities.
The following table provides more detailed information on the Group\u2019s services (performance obligations), types of contract, pricing, and the way in which operating revenue is recognised. The large majority of this revenue is regulated.
| \n Legal entity | \n\n Revenue stream | \n\n Performance obligation: nature, customer and timing of satisfaction | \n\n Contract type and pricing | \n
|---|---|---|---|
| \n Fluxys Belgium | \n\n Transmission | \n\n Nature of performance obligation: Sale of capacity and related services in the pipeline infrastructure to its customers to transmit natural gas to distribution system operators, power stations and major industrial end-users in Belgium, or to transport natural gas to a border point for transmission to other end-user markets in Europe. Customers: gas shippers reserve capacity slots (short + long term contracts). Revenue recognition: the performance obligation consists in making these capacities available for the customers for use at the customers\u2019 discretion (cf. IFRS 15.26 (e)). Basically, the contracts between Fluxys Belgium and their customers determine that the latter reserve a certain capacity that can be used over a certain period, at the choice of the customer. Thus, Fluxys Belgium will transfer to the customer a series of services that are substantially the same and that have the same pattern of transfer to the customer (IFRS 15.22 (b)). Each service in the series provided by Fluxys Belgium is a performance obligation satisfied over time, as described by IFRS 15.35a (the customer simultaneously receives and consumes the benefits provided by Fluxys Belgium). Therefore, the reserved capacities are invoiced and recognised monthly over the contractual period (in accordance with IFRS 15.39 and IFRS 15.B15), i.e. over-time recognition. | \n\n Regulated Standard Transmission Agreement. Regulated tariffs are expressed in \u20ac/kWh/h/year | \n
| \n Fluxys Belgium | \n\n Storage | \n\n Nature of performance obligation: storage services enabling customers to use buffer capacity flexibly according to their needs. The gas is stored in the underground facilities in Loenhout, Belgium. Most of the revenues are generated by the sale of standard bundled packages. These are composed of injection, storage and withdrawing capacity throughout the storage season in fixed proportion. Such contracts can be both long term and short term. Customers: as is the case for transmission, the revenues are based on the reserved capacities. Revenue recognition: revenue is recognised over time as these services are performed continuously throughout the contractual term. | \n\n Regulated Standard Storage Agreement (in combination with a regulated Standard Transmission Agreement to enable injecting into and withdrawing from the gas grid \u2013 see above). Regulated tariffs for storage capacity are expressed in \u20ac/standard bundled unit per year. Tariffs for separately purchased storage capacity are expressed in \u20ac/GWh/year. Injection or withdrawal capacity is expressed in \u20ac/m\u00b3(n)/h/year. | \n
| \n Fluxys LNG | \n\n Terminalling | \n\n Nature of performance obligation: \u2022Unloading services: (time slots are sold in advance, the so-called \u2018berthing rights\u2019), possibly combined with related services such as storage, regasification or sending out (i.e. transform the liquid gas into gas that can be injected in the grid). \u2022Loading services \u2022Transshipment, these services have 2 forms: 1.Ship-To-Ship: unloading of LNG from one LNG ship directly to another. 2.Ship-Storage-Ship: LNG is unloaded from an LNG ship, then stored in a tank at the terminal. It can be loaded a few days later by another LNG ship. Customers: Customers reserve berthing rights in advance, these can be both long term and short term contracts. Revenue recognition: revenue of these berthing rights is recognized over time based on the reserved capacity, independently of whether the slots are used or not. For some additional services, such as storage, revenue is recognized over time as well, in accordance with IFRS 15.35(a). For other additional services, such as regasification, revenue is recognized at a point in time. | \n\n Standard (regulated) LNG Terminalling Agreement, mostly combined with a separate standard regulated LNG Service Agreement for ancillary services such as storage and sending out capacity, etc. Tariffs for (un)loading are expressed in \u20ac/berthing right for the capacity reservations. For storage and for regasification and sending out services, tariffs are expressed in \u20ac/MWh/day. \n Regulated standard Transshipment Service Agreement. Tariffs are expressed in \u20ac/berthing right for the transshipment services. For additional storage services, the tariff is expressed in \u20ac/MWh/day. | \n
Note 2.13.Tax
Current tax is determined in accordance with local tax regulations and calculated on the income of the parent entity, subsidiaries and joint operations.
Deferred tax liabilities and assets reflect, respectively, the future taxable and deductible temporary differences between the book value and the tax base of assets and liabilities.
As of the financial year started 1 January 2024, Publigas, including its stake in Fluxys SA and its Belgian and foreign subsidiaries, is subject to the new law referred to as the \u201cPillar Two\u201d (Law introducing a minimum tax for multinational companies and large domestic groups) Law of 19 December 2023. This Law is generally in line with Council Directive (EU) 2022/2523 of 14 December 2022.
The law aims to guarantee a global minimum effective tax rate for Belgian multinational and large-scale groups.The law includes a set of rules that should incur a 15% minimum effective tax rate for the Publigas Group, as it is a multinational group of companies with consolidated revenue exceeding 750 million euros for at least two of the past four financial years.
The Publigas group aims to correctly comply with this new legislation, both in Belgium and in the other countries in which the group is present. The group\u2019s focus is on the application of the \u2018Transitional CbCR Safe Harbour\u2019 rules. Based on an analysis of historical data, the Publigas group expects to be able to apply these rules in most of the jurisdictions in which the group operates. For the purposes of the Pillar-Two rules under the GloBE model, Publigaz SC (Belgian legal entity) has been identified as the ultimate parent entity of the group as a whole and Fluxys Belgium as an entity that forms part of the ultimate parent entity (and specifically as a partially-owned parent entity).
Fluxys Belgium has applied the exception relating to the recognition and disclosure of deferred tax assets and liabilities associated with Pillar Two income taxes. The Publigas Group can reasonably be expected to be able to make use of the transitional rules of exemption from Country-by-Country Reporting for all the jurisdictions in which Fluxys Belgium operates and consequently, no additional taxation is expected for Fluxys Belgium.
Note 2.13.Tax
Current tax is determined in accordance with local tax regulations and calculated on the income of the parent entity, subsidiaries and joint operations.
Deferred tax liabilities and assets reflect, respectively, the future taxable and deductible temporary differences between the book value and the tax base of assets and liabilities.
As of the financial year started 1 January 2024, Publigas, including its stake in Fluxys SA and its Belgian and foreign subsidiaries, is subject to the new law referred to as the \u201cPillar Two\u201d (Law introducing a minimum tax for multinational companies and large domestic groups) Law of 19 December 2023. This Law is generally in line with Council Directive (EU) 2022/2523 of 14 December 2022.
The law aims to guarantee a global minimum effective tax rate for Belgian multinational and large-scale groups.The law includes a set of rules that should incur a 15% minimum effective tax rate for the Publigas Group, as it is a multinational group of companies with consolidated revenue exceeding 750 million euros for at least two of the past four financial years.
The Publigas group aims to correctly comply with this new legislation, both in Belgium and in the other countries in which the group is present. The group\u2019s focus is on the application of the \u2018Transitional CbCR Safe Harbour\u2019 rules. Based on an analysis of historical data, the Publigas group expects to be able to apply these rules in most of the jurisdictions in which the group operates. For the purposes of the Pillar-Two rules under the GloBE model, Publigaz SC (Belgian legal entity) has been identified as the ultimate parent entity of the group as a whole and Fluxys Belgium as an entity that forms part of the ultimate parent entity (and specifically as a partially-owned parent entity).
Fluxys Belgium has applied the exception relating to the recognition and disclosure of deferred tax assets and liabilities associated with Pillar Two income taxes. The Publigas Group can reasonably be expected to be able to make use of the transitional rules of exemption from Country-by-Country Reporting for all the jurisdictions in which Fluxys Belgium operates and consequently, no additional taxation is expected for Fluxys Belgium.
Note 4.5.Income taxes
Taxes can be broken down as follows:
| \n Income taxes | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n Notes | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Current tax | \n\n 4.5.1 | \n\n -36\u00a0517 | \n\n -34\u00a0639 | \n\n -1\u00a0878 | \n
| \n Deferred tax | \n\n 4.5.2 | \n\n 10\u00a0187 | \n\n 9\u00a0065 | \n\n 1\u00a0122 | \n
| \n Total | \n\n 4.5.3 | \n\n -26\u00a0330 | \n\n -25\u00a0574 | \n\n -756 | \n
Income tax expenses increased slightly, by \u20ac756 thousand year on year. This change can essentially be explained by the following factors:
\u2022a decrease in earnings before tax;
\u2022a downward revision of the deduction for revenues from innovation (\u20ac4,421 thousand estimated in 2025 compared to \u20ac10,201 thousand in 2024).
\u2022a positive effect on deferred taxes resulting in particular from a downward revision of the tax rate applicable in Luxembourg.
Income tax includes both current and deferred taxes, which are detailed separately below.
| \n 4.5.1. Current tax | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n \n | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Income taxes on the result of the current period | \n\n \n | \n\n -37\u00a0624 | \n\n -37\u00a0410 | \n\n -214 | \n
| \n Adjustments to previous years\u2019 current taxes | \n\n \n | \n\n 1\u00a0107 | \n\n 2\u00a0771 | \n\n -1\u00a0664 | \n
| \n Total | \n\n \n | \n\n -36\u00a0517 | \n\n -34\u00a0639 | \n\n -1\u00a0878 | \n
Current tax increased by \u20ac1,878 thousand in 2025.
| \n 4.5.2. Deferred tax | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n \n | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Relating to origination or reversal of temporary differences | \n\n \n | \n\n 8\u00a0426 | \n\n 9\u00a0065 | \n\n -639 | \n
| \n Differences arising from the valuation of property, plant and equipment | \n\n \n | \n\n 8\u00a0908 | \n\n 9\u00a0283 | \n\n -375 | \n
| \n Changes in provisions | \n\n \n | \n\n -448 | \n\n -490 | \n\n 42 | \n
| \n Other changes | \n\n \n | \n\n -34 | \n\n 272 | \n\n -306 | \n
| \n Relating to tax rate changes or to new taxes | \n\n \n | \n\n 1\u00a0761 | \n\n 0 | \n\n 1\u00a0761 | \n
| \n Relating to changes in accounting policies and errors | \n\n \n | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Relating to changes in fiscal status of entity or shareholders | \n\n \n | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Total | \n\n \n | \n\n 10\u00a0187 | \n\n 9\u00a0065 | \n\n 1\u00a0122 | \n
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
Deferred tax is primarily influenced by the difference between the book value and the tax base of property, plant and equipment.
The recurring deferred tax asset is stable compared to 2024. The downward revision of the tax rate in Luxembourg will generate a non-recurring deferred tax asset in 2025.
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
|---|---|---|---|---|
| \n 4.5.3 Reconciliation of expected income tax rate and effective average income tax rate | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
| \n \n | \n\n \n | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Expected income tax based on applicable tax rate \u2013 Financial year | \n\n \n | \n\n -25\u00a0307 | \n\n -26\u00a0909 | \n\n 1\u00a0602 | \n
| \n Earnings before tax | \n\n \n | \n\n 101\u00a0227 | \n\n 107\u00a0635 | \n\n -6\u00a0408 | \n
| \n Applicable tax rate | \n\n \n | \n\n 25.00% | \n\n 25.00% | \n\n \n | \n
| \n Justifications for the transition to the Average Effective Tax Rate | \n\n \n | \n\n -2\u00a0130 | \n\n -1\u00a0472 | \n\n -658 | \n
| \n Income tax rate differences between jurisdictions | \n\n \n | \n\n 55 | \n\n 9 | \n\n 46 | \n
| \n Changes in tax rates | \n\n \n | \n\n 1\u00a0879 | \n\n 0 | \n\n 1\u00a0879 | \n
| \n Tax-exempt income | \n\n \n | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Non-deductible expenses | \n\n \n | \n\n -1\u00a0613 | \n\n -1\u00a0600 | \n\n -13 | \n
| \n Taxable dividend income | \n\n \n | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Deductible notional interest cost | \n\n \n | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Other | \n\n \n | \n\n -2\u00a0451 | \n\n 119 | \n\n -2\u00a0570 | \n
| \n Income tax as per the average effective tax rate \u2013 Financial year | \n\n \n | \n\n -27\u00a0437 | \n\n -28\u00a0382 | \n\n 944 | \n
| \n Earnings before tax | \n\n \n | \n\n 101\u00a0227 | \n\n 107\u00a0635 | \n\n -6\u00a0408 | \n
| \n Average effective tax rate | \n\n \n | \n\n 27.10% | \n\n 26.37% | \n\n \n | \n
| \n Taxes on tax-exempt reserves | \n\n \n | \n\n 0 | \n\n 38 | \n\n -38 | \n
| \n Adjustments to previous years\u2019 current taxes (1) | \n\n \n | \n\n 1\u00a0107 | \n\n 2\u00a0770 | \n\n -1\u00a0663 | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
The average effective tax rate for 2025 totalled 27.10% compared to 26.37% the previous year.
Note 5.15.Deferred tax assets and liabilities
| \n Deferred tax liabilities accounted on the balance sheet | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n \n | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Valuation of assets | \n\n \n | \n\n 77\u00a0522 | \n\n 86\u00a0442 | \n\n -8\u00a0920 | \n
| \n Accrued income | \n\n \n | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Fair value of financial instruments | \n\n \n | \n\n 1\u00a0653 | \n\n 1\u00a0606 | \n\n 47 | \n
| \n Provisions for employee benefits or provisions not accounted for under IFRS | \n\n \n | \n\n 37\u00a0533 | \n\n 36\u00a0094 | \n\n 1\u00a0439 | \n
| \n Other normative differences | \n\n \n | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Total | \n\n \n | \n\n 116\u00a0708 | \n\n 124\u00a0142 | \n\n -7\u00a0434 | \n
Deferred tax assets and liabilities are offset within each taxable entity. They are all fully recognised.
Deferred tax is primarily influenced by the difference between the book value and the tax base of property, plant and equipment and intangible assets. This difference arises firstly from the accounting in the opening balance sheet of property, plant and equipment at their fair value corresponding to their deemed cost and, secondly, from the accounting at fair value of the assets and liabilities arising from the SEGEO and Distrigas & C\u00b0 business combinations in 2008.
Provisions made in accordance with IAS 19 (Employee benefits) and provisions recognised under local GAAP but not recognised under IFRS are another major source of deferred tax.
| \n Movement for the period | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|
| \n \n | \n\n \n | \n\n \n | \n\n Deferred tax | \n
| \n As at 31-12-2024 | \n\n \n | \n\n \n | \n\n 124\u00a0142 | \n
| \n Deferred tax expenses \u2013 Profit & loss account | \n\n \n | \n\n \n | \n\n -10\u00a0187 | \n
| \n Deferred tax expenses \u2013 other comprehensive income | \n\n \n | \n\n \n | \n\n 2\u00a0753 | \n
| \n As at 31-12-2025 | \n\n \n | \n\n \n | \n\n 116\u00a0708 | \n
Deferred tax liabilities and assets reflect, respectively, the future taxable and deductible temporary differences between the book value and the tax base of assets and liabilities.
As of the financial year started 1 January 2024, Publigas, including its stake in Fluxys SA and its Belgian and foreign subsidiaries, is subject to the new law referred to as the \u201cPillar Two\u201d (Law introducing a minimum tax for multinational companies and large domestic groups) Law of 19 December 2023. This Law is generally in line with Council Directive (EU) 2022/2523 of 14 December 2022.
The law aims to guarantee a global minimum effective tax rate for Belgian multinational and large-scale groups.The law includes a set of rules that should incur a 15% minimum effective tax rate for the Publigas Group, as it is a multinational group of companies with consolidated revenue exceeding 750 million euros for at least two of the past four financial years.
The Publigas group aims to correctly comply with this new legislation, both in Belgium and in the other countries in which the group is present. The group\u2019s focus is on the application of the \u2018Transitional CbCR Safe Harbour\u2019 rules. Based on an analysis of historical data, the Publigas group expects to be able to apply these rules in most of the jurisdictions in which the group operates. For the purposes of the Pillar-Two rules under the GloBE model, Publigaz SC (Belgian legal entity) has been identified as the ultimate parent entity of the group as a whole and Fluxys Belgium as an entity that forms part of the ultimate parent entity (and specifically as a partially-owned parent entity).
Fluxys Belgium has applied the exception relating to the recognition and disclosure of deferred tax assets and liabilities associated with Pillar Two income taxes. The Publigas Group can reasonably be expected to be able to make use of the transitional rules of exemption from Country-by-Country Reporting for all the jurisdictions in which Fluxys Belgium operates and consequently, no additional taxation is expected for Fluxys Belgium.
Deferred tax liabilities and assets reflect, respectively, the future taxable and deductible temporary differences between the book value and the tax base of assets and liabilities.
As of the financial year started 1 January 2024, Publigas, including its stake in Fluxys SA and its Belgian and foreign subsidiaries, is subject to the new law referred to as the \u201cPillar Two\u201d (Law introducing a minimum tax for multinational companies and large domestic groups) Law of 19 December 2023. This Law is generally in line with Council Directive (EU) 2022/2523 of 14 December 2022.
The law aims to guarantee a global minimum effective tax rate for Belgian multinational and large-scale groups.The law includes a set of rules that should incur a 15% minimum effective tax rate for the Publigas Group, as it is a multinational group of companies with consolidated revenue exceeding 750 million euros for at least two of the past four financial years.
The Publigas group aims to correctly comply with this new legislation, both in Belgium and in the other countries in which the group is present. The group\u2019s focus is on the application of the \u2018Transitional CbCR Safe Harbour\u2019 rules. Based on an analysis of historical data, the Publigas group expects to be able to apply these rules in most of the jurisdictions in which the group operates. For the purposes of the Pillar-Two rules under the GloBE model, Publigaz SC (Belgian legal entity) has been identified as the ultimate parent entity of the group as a whole and Fluxys Belgium as an entity that forms part of the ultimate parent entity (and specifically as a partially-owned parent entity).
Fluxys Belgium has applied the exception relating to the recognition and disclosure of deferred tax assets and liabilities associated with Pillar Two income taxes. The Publigas Group can reasonably be expected to be able to make use of the transitional rules of exemption from Country-by-Country Reporting for all the jurisdictions in which Fluxys Belgium operates and consequently, no additional taxation is expected for Fluxys Belgium.
Note 5.15.Deferred tax assets and liabilities
| \n Deferred tax liabilities accounted on the balance sheet | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n \n | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Valuation of assets | \n\n \n | \n\n 77\u00a0522 | \n\n 86\u00a0442 | \n\n -8\u00a0920 | \n
| \n Accrued income | \n\n \n | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Fair value of financial instruments | \n\n \n | \n\n 1\u00a0653 | \n\n 1\u00a0606 | \n\n 47 | \n
| \n Provisions for employee benefits or provisions not accounted for under IFRS | \n\n \n | \n\n 37\u00a0533 | \n\n 36\u00a0094 | \n\n 1\u00a0439 | \n
| \n Other normative differences | \n\n \n | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Total | \n\n \n | \n\n 116\u00a0708 | \n\n 124\u00a0142 | \n\n -7\u00a0434 | \n
Deferred tax assets and liabilities are offset within each taxable entity. They are all fully recognised.
Deferred tax is primarily influenced by the difference between the book value and the tax base of property, plant and equipment and intangible assets. This difference arises firstly from the accounting in the opening balance sheet of property, plant and equipment at their fair value corresponding to their deemed cost and, secondly, from the accounting at fair value of the assets and liabilities arising from the SEGEO and Distrigas & C\u00b0 business combinations in 2008.
Provisions made in accordance with IAS 19 (Employee benefits) and provisions recognised under local GAAP but not recognised under IFRS are another major source of deferred tax.
| \n Movement for the period | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|
| \n \n | \n\n \n | \n\n \n | \n\n Deferred tax | \n
| \n As at 31-12-2024 | \n\n \n | \n\n \n | \n\n 124\u00a0142 | \n
| \n Deferred tax expenses \u2013 Profit & loss account | \n\n \n | \n\n \n | \n\n -10\u00a0187 | \n
| \n Deferred tax expenses \u2013 other comprehensive income | \n\n \n | \n\n \n | \n\n 2\u00a0753 | \n
| \n As at 31-12-2025 | \n\n \n | \n\n \n | \n\n 116\u00a0708 | \n
Note 4.Income statement and operating segments
The Fluxys Belgium group carries out activities in the following operating segments: transmission, storage, LNG terminalling activities in Belgium and other activities.
The segment information is based on a classification into these operating segments.
Transmission activities comprise all operations subject to the Gas Act related to transmission of gas and hydrogen in Belgium.
Storage activities comprise all operations subject to the Gas Act related to storage of gasat Loenhout in Belgium.
Terminalling activities comprise all activities subject to the Gas Act related to the LNG terminal at Zeebrugge in Belgium.
The segment 'other activities' comprises other services rendered by Fluxys Belgium and its subsidiaries such as participating in the IZT and ZPT terminals in Belgium, as well as work for third parties. On the balance sheet date, the CO2 activities also form part of this category.
The Fluxys Belgium group operates mainly in Belgium and does not therefore publish information by geographical sector.
The Chief Operating Decision Maker (CODM) is the CEO.
Transactions between operating segments mainly relate to capacity reservations by one segment subject to the Gas Act with another. These transactions are charged at the same regulatory tariffs as for external clients.
| \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 Segment information as at 31-12-2025 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
| \n \n | \n\n \n | \n\n Transmission | \n\n Storage | \n\n Terminalling | \n\n Other | \n\n Elimination between segments | \n\n Total | \n
| \n Sales and services | \n\n \n | \n\n 441\u00a0407 | \n\n 37\u00a0477 | \n\n 156\u00a0503 | \n\n 27\u00a0405 | \n\n -12\u00a0339 | \n\n 650\u00a0453 | \n
| \n Sales and services to external customers | \n\n \n | \n\n 341\u00a0196 | \n\n 31\u00a0848 | \n\n 184\u00a0117 | \n\n 26\u00a0447 | \n\n 0 | \n\n 583\u00a0608 | \n
| \n Transactions with other sectors | \n\n \n | \n\n 1\u00a0000 | \n\n 8\u00a0867 | \n\n 1\u00a0514 | \n\n 958 | \n\n -12\u00a0339 | \n\n 0 | \n
| \n Changes in regulatory liabilities | \n\n \n | \n\n 99\u00a0211 | \n\n -3\u00a0238 | \n\n -29\u00a0128 | \n\n 0 | \n\n 0 | \n\n 66\u00a0845 | \n
| \n Sales of gas related to balancing operations and operational needs | \n\n \n | \n\n 76\u00a0427 | \n\n 3\u00a0184 | \n\n 38\u00a0957 | \n\n 0 | \n\n 0 | \n\n 118\u00a0568 | \n
| \n Sales | \n\n \n | \n\n 120\u00a0160 | \n\n 4\u00a0344 | \n\n 68\u00a0838 | \n\n 0 | \n\n 0 | \n\n 193\u00a0342 | \n
| \n Changes in regulatory liabilities | \n\n \n | \n\n -43\u00a0733 | \n\n -1\u00a0160 | \n\n -29\u00a0881 | \n\n 0 | \n\n 0 | \n\n -74\u00a0774 | \n
| \n Other operating income | \n\n \n | \n\n 7\u00a0039 | \n\n 221 | \n\n 3\u00a0806 | \n\n 7\u00a0734 | \n\n -1\u00a0600 | \n\n 17\u00a0200 | \n
| \n Consumables, merchandise and supplies used | \n\n \n | \n\n -567 | \n\n -10 | \n\n -32 | \n\n -8\u00a0364 | \n\n 0 | \n\n -8\u00a0973 | \n
| \n Purchase of gas related to balancing of operations and operational needs | \n\n \n | \n\n -76\u00a0431 | \n\n -3\u00a0075 | \n\n -26\u00a0853 | \n\n -6 | \n\n 0 | \n\n -106\u00a0365 | \n
| \n Miscellaneous goods and services | \n\n \n | \n\n -139\u00a0749 | \n\n -9\u00a0764 | \n\n -47\u00a0259 | \n\n -9\u00a0540 | \n\n 13\u00a0848 | \n\n -192\u00a0464 | \n
| \n Employee expenses | \n\n \n | \n\n -103\u00a0177 | \n\n -8\u00a0869 | \n\n -29\u00a0342 | \n\n -10\u00a0302 | \n\n 90 | \n\n -151\u00a0600 | \n
| \n Other operating expenses | \n\n \n | \n\n -4\u00a0857 | \n\n -691 | \n\n -1\u00a0116 | \n\n -44 | \n\n 0 | \n\n -6\u00a0708 | \n
| \n Depreciation | \n\n \n | \n\n -115\u00a0074 | \n\n -8\u00a0467 | \n\n -56\u00a0262 | \n\n -5\u00a0091 | \n\n 0 | \n\n -184\u00a0894 | \n
| \n Provisions | \n\n \n | \n\n -149 | \n\n -139 | \n\n 77 | \n\n 47 | \n\n 1 | \n\n -163 | \n
| \n Impairment losses | \n\n \n | \n\n -886 | \n\n 93 | \n\n -316 | \n\n -29 | \n\n 0 | \n\n -1\u00a0138 | \n
| \n Operating profit/loss | \n\n \n | \n\n 83\u00a0983 | \n\n 9\u00a0960 | \n\n 38\u00a0163 | \n\n 1\u00a0810 | \n\n 0 | \n\n 133\u00a0916 | \n
| \n Change in the fair value of financial instruments | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n 1\u00a0153 | \n\n \n | \n\n 1\u00a0153 | \n
| \n Financial income | \n\n \n | \n\n 15\u00a0143 | \n\n 1\u00a0583 | \n\n 7\u00a0054 | \n\n 2\u00a0233 | \n\n \n | \n\n 26\u00a0013 | \n
| \n Finance costs | \n\n \n | \n\n -35\u00a0885 | \n\n -3\u00a0763 | \n\n -15\u00a0660 | \n\n -4\u00a0547 | \n\n \n | \n\n -59\u00a0855 | \n
| \n Earnings before tax | \n\n \n | \n\n 63\u00a0241 | \n\n 7\u00a0780 | \n\n 29\u00a0557 | \n\n 649 | \n\n 0 | \n\n 101\u00a0227 | \n
| \n Income tax expenses | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n -26\u00a0330 | \n
| \n Net profit/loss for the period | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n 74\u00a0897 | \n
| \n Investments in property, plant and equipment for the period | \n\n \n | \n\n 214\u00a0913 | \n\n 11\u00a0446 | \n\n 4\u00a0086 | \n\n 31\u00a0306 | \n\n \n | \n\n 261\u00a0751 | \n
Revenue from sales and services in 2025 totalled \u20ac650,453 thousand compared to \u20ac608,789 thousand in 2024, representing an increase of \u20ac41,664 thousand.
Transmission, storage and terminalling services in Belgium are subject to the Gas Act. Revenue from these services aims to ensure an authorised return on capital invested and to cover permitted depreciation and the operating expenses related to these services, while integrating the efficiency efforts to be realised by the network operator. Their accounting treatment remains identical to that of the 2024 balance sheet date.
Revenue from regulated activities2 totalled \u20ac623,048 thousand (representing 95.8% of the total), up \u20ac41,138 thousand as compared with 2024.
The increase in revenue from transmission activity in 2025 can be explained by a slight rise in capacity sales and an increased use of reserves arising from regulatory obligations.
Revenue from storage decreased slightly but is compensated by a lower regulatory liability charge.
Terminalling has seen an increase in sales, which leads to a higher regulatory liability charge.
Sales and purchases of gas to cover the operational balancing and operating needs are up compared with 2024. However, any gains and losses from these transactions are neutralised by the changes in regulatory liabilities, in accordance with the regulatory framework.
Following the resolution of a dispute with the Flemish region, a reversal of a provision is included in the balance sheet in 2024, in the \u2018terminalling\u2019 section.
In 2025, write-downs were accounted for, in order to align the average price of gas in stock to the market price.
Finance costs decreased to \u20ac59,855 thousand in 2025 compared to \u20ac72,038 in 2024. A decrease in interest rates results in lower financial income on cash investments and cash flow.
Income tax expenses are up \u20ac756 thousand, even though pre-tax earnings were down. The deduction for innovation revenue is down compared to 2024. This tax advantage is, however, fully incorporated into the regulated tariffs.
Net profit for 2025 totalled \u20ac74,897 thousand compared to \u20ac82,061 thousand in 2024, down \u20ac7,164 thousand. This change can primarily be explained by the expenditure for the hydrogen and CO2 business, for which the regulatory framework is currently being developed. The latent asset will become a regulated asset once the regulatory framework is set out, and will have a positive impact on results.
| \n Segment information as at 31-12-2024 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|---|---|---|
| \n \n | \n\n \n | \n\n Transmission | \n\n Storage | \n\n Terminalling | \n\n Other | \n\n Elimination between segments | \n\n Total | \n
| \n Sales and services | \n\n \n | \n\n 417\u00a0031 | \n\n 35\u00a0129 | \n\n 142\u00a0349 | \n\n 26\u00a0879 | \n\n -12\u00a0599 | \n\n 608\u00a0789 | \n
| \n Sales and services to external customers | \n\n \n | \n\n 340\u00a0578 | \n\n 33\u00a0556 | \n\n 172\u00a0714 | \n\n 25\u00a0227 | \n\n 0 | \n\n 572\u00a0075 | \n
| \n Transactions with other sectors | \n\n \n | \n\n 983 | \n\n 8\u00a0466 | \n\n 1\u00a0498 | \n\n 1\u00a0652 | \n\n -12\u00a0599 | \n\n 0 | \n
| \n Changes in regulatory liabilities | \n\n \n | \n\n 75\u00a0470 | \n\n -6\u00a0893 | \n\n -31\u00a0863 | \n\n 0 | \n\n 0 | \n\n 36\u00a0714 | \n
| \n Sales of gas related to balancing operations and operational needs | \n\n \n | \n\n 63\u00a0499 | \n\n 2\u00a0062 | \n\n 18\u00a0591 | \n\n 0 | \n\n 0 | \n\n 84\u00a0152 | \n
| \n Sales | \n\n \n | \n\n 93\u00a0960 | \n\n 2\u00a0297 | \n\n 35\u00a0683 | \n\n 0 | \n\n 0 | \n\n 131\u00a0940 | \n
| \n Changes in regulatory liabilities | \n\n \n | \n\n -30\u00a0461 | \n\n -235 | \n\n -17\u00a0092 | \n\n 0 | \n\n 0 | \n\n -47\u00a0788 | \n
| \n Other operating income | \n\n \n | \n\n 6\u00a0463 | \n\n 188 | \n\n 4\u00a0872 | \n\n 15\u00a0217 | \n\n -6\u00a0249 | \n\n 20\u00a0491 | \n
| \n Consumables, merchandise and supplies used | \n\n \n | \n\n -1\u00a0130 | \n\n -2 | \n\n -40 | \n\n -11\u00a0840 | \n\n 0 | \n\n -13\u00a0012 | \n
| \n Purchase of gas related to balancing of operations and operational needs | \n\n \n | \n\n -63\u00a0508 | \n\n -1\u00a0639 | \n\n -6\u00a0488 | \n\n 0 | \n\n 0 | \n\n -71\u00a0635 | \n
| \n Miscellaneous goods and services | \n\n \n | \n\n -142\u00a0316 | \n\n -8\u00a0878 | \n\n -40\u00a0706 | \n\n -5\u00a0915 | \n\n 18\u00a0781 | \n\n -179\u00a0034 | \n
| \n Employee expenses | \n\n \n | \n\n -98\u00a0432 | \n\n -8\u00a0186 | \n\n -26\u00a0086 | \n\n -9\u00a0240 | \n\n 67 | \n\n -141\u00a0877 | \n
| \n Other operating expenses | \n\n \n | \n\n -4\u00a0415 | \n\n -569 | \n\n -545 | \n\n -62 | \n\n 0 | \n\n -5\u00a0591 | \n
| \n Depreciation | \n\n \n | \n\n -111\u00a0885 | \n\n -8\u00a0178 | \n\n -54\u00a0082 | \n\n -3\u00a0388 | \n\n 0 | \n\n -177\u00a0533 | \n
| \n Provisions | \n\n \n | \n\n -38 | \n\n 138 | \n\n 2\u00a0780 | \n\n 78 | \n\n 0 | \n\n 2\u00a0958 | \n
| \n Impairment losses | \n\n \n | \n\n 6\u00a0165 | \n\n -39 | \n\n 187 | \n\n -90 | \n\n 0 | \n\n 6\u00a0223 | \n
| \n Operating profit/loss | \n\n \n | \n\n 71\u00a0434 | \n\n 10\u00a0026 | \n\n 40\u00a0832 | \n\n 11\u00a0639 | \n\n 0 | \n\n 133\u00a0931 | \n
| \n Change in the fair value of financial instruments | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n -66 | \n\n \n | \n\n -66 | \n
| \n Financial income | \n\n \n | \n\n 29\u00a0069 | \n\n 3\u00a0079 | \n\n 7\u00a0054 | \n\n 6\u00a0606 | \n\n \n | \n\n 45\u00a0808 | \n
| \n Finance costs | \n\n \n | \n\n -44\u00a0940 | \n\n -4\u00a0761 | \n\n -17\u00a0500 | \n\n -4\u00a0837 | \n\n \n | \n\n -72\u00a0038 | \n
| \n Earnings before tax | \n\n \n | \n\n 55\u00a0563 | \n\n 8\u00a0344 | \n\n 30\u00a0386 | \n\n 13\u00a0342 | \n\n 0 | \n\n 107\u00a0635 | \n
| \n Income tax expenses | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n -25\u00a0574 | \n
| \n Net profit/loss for the period | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n 82\u00a0061 | \n
| \n Investments in property, plant and equipment for the period | \n\n \n | \n\n 81\u00a0718 | \n\n 3\u00a0560 | \n\n 4\u00a0576 | \n\n 2\u00a0268 | \n\n \n | \n\n 92\u00a0122 | \n
2After eliminating transactions with other sectors and non-regulated activity
| \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 Segment information as at 31-12-2025 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
| \n \n | \n\n \n | \n\n Transmission | \n\n Storage | \n\n Terminalling | \n\n Other | \n\n Elimination between segments | \n\n Total | \n
| \n Sales and services | \n\n \n | \n\n 441\u00a0407 | \n\n 37\u00a0477 | \n\n 156\u00a0503 | \n\n 27\u00a0405 | \n\n -12\u00a0339 | \n\n 650\u00a0453 | \n
| \n Sales and services to external customers | \n\n \n | \n\n 341\u00a0196 | \n\n 31\u00a0848 | \n\n 184\u00a0117 | \n\n 26\u00a0447 | \n\n 0 | \n\n 583\u00a0608 | \n
| \n Transactions with other sectors | \n\n \n | \n\n 1\u00a0000 | \n\n 8\u00a0867 | \n\n 1\u00a0514 | \n\n 958 | \n\n -12\u00a0339 | \n\n 0 | \n
| \n Changes in regulatory liabilities | \n\n \n | \n\n 99\u00a0211 | \n\n -3\u00a0238 | \n\n -29\u00a0128 | \n\n 0 | \n\n 0 | \n\n 66\u00a0845 | \n
| \n Sales of gas related to balancing operations and operational needs | \n\n \n | \n\n 76\u00a0427 | \n\n 3\u00a0184 | \n\n 38\u00a0957 | \n\n 0 | \n\n 0 | \n\n 118\u00a0568 | \n
| \n Sales | \n\n \n | \n\n 120\u00a0160 | \n\n 4\u00a0344 | \n\n 68\u00a0838 | \n\n 0 | \n\n 0 | \n\n 193\u00a0342 | \n
| \n Changes in regulatory liabilities | \n\n \n | \n\n -43\u00a0733 | \n\n -1\u00a0160 | \n\n -29\u00a0881 | \n\n 0 | \n\n 0 | \n\n -74\u00a0774 | \n
| \n Other operating income | \n\n \n | \n\n 7\u00a0039 | \n\n 221 | \n\n 3\u00a0806 | \n\n 7\u00a0734 | \n\n -1\u00a0600 | \n\n 17\u00a0200 | \n
| \n Consumables, merchandise and supplies used | \n\n \n | \n\n -567 | \n\n -10 | \n\n -32 | \n\n -8\u00a0364 | \n\n 0 | \n\n -8\u00a0973 | \n
| \n Purchase of gas related to balancing of operations and operational needs | \n\n \n | \n\n -76\u00a0431 | \n\n -3\u00a0075 | \n\n -26\u00a0853 | \n\n -6 | \n\n 0 | \n\n -106\u00a0365 | \n
| \n Miscellaneous goods and services | \n\n \n | \n\n -139\u00a0749 | \n\n -9\u00a0764 | \n\n -47\u00a0259 | \n\n -9\u00a0540 | \n\n 13\u00a0848 | \n\n -192\u00a0464 | \n
| \n Employee expenses | \n\n \n | \n\n -103\u00a0177 | \n\n -8\u00a0869 | \n\n -29\u00a0342 | \n\n -10\u00a0302 | \n\n 90 | \n\n -151\u00a0600 | \n
| \n Other operating expenses | \n\n \n | \n\n -4\u00a0857 | \n\n -691 | \n\n -1\u00a0116 | \n\n -44 | \n\n 0 | \n\n -6\u00a0708 | \n
| \n Depreciation | \n\n \n | \n\n -115\u00a0074 | \n\n -8\u00a0467 | \n\n -56\u00a0262 | \n\n -5\u00a0091 | \n\n 0 | \n\n -184\u00a0894 | \n
| \n Provisions | \n\n \n | \n\n -149 | \n\n -139 | \n\n 77 | \n\n 47 | \n\n 1 | \n\n -163 | \n
| \n Impairment losses | \n\n \n | \n\n -886 | \n\n 93 | \n\n -316 | \n\n -29 | \n\n 0 | \n\n -1\u00a0138 | \n
| \n Operating profit/loss | \n\n \n | \n\n 83\u00a0983 | \n\n 9\u00a0960 | \n\n 38\u00a0163 | \n\n 1\u00a0810 | \n\n 0 | \n\n 133\u00a0916 | \n
| \n Change in the fair value of financial instruments | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n 1\u00a0153 | \n\n \n | \n\n 1\u00a0153 | \n
| \n Financial income | \n\n \n | \n\n 15\u00a0143 | \n\n 1\u00a0583 | \n\n 7\u00a0054 | \n\n 2\u00a0233 | \n\n \n | \n\n 26\u00a0013 | \n
| \n Finance costs | \n\n \n | \n\n -35\u00a0885 | \n\n -3\u00a0763 | \n\n -15\u00a0660 | \n\n -4\u00a0547 | \n\n \n | \n\n -59\u00a0855 | \n
| \n Earnings before tax | \n\n \n | \n\n 63\u00a0241 | \n\n 7\u00a0780 | \n\n 29\u00a0557 | \n\n 649 | \n\n 0 | \n\n 101\u00a0227 | \n
| \n Income tax expenses | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n -26\u00a0330 | \n
| \n Net profit/loss for the period | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n 74\u00a0897 | \n
| \n Investments in property, plant and equipment for the period | \n\n \n | \n\n 214\u00a0913 | \n\n 11\u00a0446 | \n\n 4\u00a0086 | \n\n 31\u00a0306 | \n\n \n | \n\n 261\u00a0751 | \n
| \n Segment information as at 31-12-2024 | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|---|---|---|
| \n \n | \n\n \n | \n\n Transmission | \n\n Storage | \n\n Terminalling | \n\n Other | \n\n Elimination between segments | \n\n Total | \n
| \n Sales and services | \n\n \n | \n\n 417\u00a0031 | \n\n 35\u00a0129 | \n\n 142\u00a0349 | \n\n 26\u00a0879 | \n\n -12\u00a0599 | \n\n 608\u00a0789 | \n
| \n Sales and services to external customers | \n\n \n | \n\n 340\u00a0578 | \n\n 33\u00a0556 | \n\n 172\u00a0714 | \n\n 25\u00a0227 | \n\n 0 | \n\n 572\u00a0075 | \n
| \n Transactions with other sectors | \n\n \n | \n\n 983 | \n\n 8\u00a0466 | \n\n 1\u00a0498 | \n\n 1\u00a0652 | \n\n -12\u00a0599 | \n\n 0 | \n
| \n Changes in regulatory liabilities | \n\n \n | \n\n 75\u00a0470 | \n\n -6\u00a0893 | \n\n -31\u00a0863 | \n\n 0 | \n\n 0 | \n\n 36\u00a0714 | \n
| \n Sales of gas related to balancing operations and operational needs | \n\n \n | \n\n 63\u00a0499 | \n\n 2\u00a0062 | \n\n 18\u00a0591 | \n\n 0 | \n\n 0 | \n\n 84\u00a0152 | \n
| \n Sales | \n\n \n | \n\n 93\u00a0960 | \n\n 2\u00a0297 | \n\n 35\u00a0683 | \n\n 0 | \n\n 0 | \n\n 131\u00a0940 | \n
| \n Changes in regulatory liabilities | \n\n \n | \n\n -30\u00a0461 | \n\n -235 | \n\n -17\u00a0092 | \n\n 0 | \n\n 0 | \n\n -47\u00a0788 | \n
| \n Other operating income | \n\n \n | \n\n 6\u00a0463 | \n\n 188 | \n\n 4\u00a0872 | \n\n 15\u00a0217 | \n\n -6\u00a0249 | \n\n 20\u00a0491 | \n
| \n Consumables, merchandise and supplies used | \n\n \n | \n\n -1\u00a0130 | \n\n -2 | \n\n -40 | \n\n -11\u00a0840 | \n\n 0 | \n\n -13\u00a0012 | \n
| \n Purchase of gas related to balancing of operations and operational needs | \n\n \n | \n\n -63\u00a0508 | \n\n -1\u00a0639 | \n\n -6\u00a0488 | \n\n 0 | \n\n 0 | \n\n -71\u00a0635 | \n
| \n Miscellaneous goods and services | \n\n \n | \n\n -142\u00a0316 | \n\n -8\u00a0878 | \n\n -40\u00a0706 | \n\n -5\u00a0915 | \n\n 18\u00a0781 | \n\n -179\u00a0034 | \n
| \n Employee expenses | \n\n \n | \n\n -98\u00a0432 | \n\n -8\u00a0186 | \n\n -26\u00a0086 | \n\n -9\u00a0240 | \n\n 67 | \n\n -141\u00a0877 | \n
| \n Other operating expenses | \n\n \n | \n\n -4\u00a0415 | \n\n -569 | \n\n -545 | \n\n -62 | \n\n 0 | \n\n -5\u00a0591 | \n
| \n Depreciation | \n\n \n | \n\n -111\u00a0885 | \n\n -8\u00a0178 | \n\n -54\u00a0082 | \n\n -3\u00a0388 | \n\n 0 | \n\n -177\u00a0533 | \n
| \n Provisions | \n\n \n | \n\n -38 | \n\n 138 | \n\n 2\u00a0780 | \n\n 78 | \n\n 0 | \n\n 2\u00a0958 | \n
| \n Impairment losses | \n\n \n | \n\n 6\u00a0165 | \n\n -39 | \n\n 187 | \n\n -90 | \n\n 0 | \n\n 6\u00a0223 | \n
| \n Operating profit/loss | \n\n \n | \n\n 71\u00a0434 | \n\n 10\u00a0026 | \n\n 40\u00a0832 | \n\n 11\u00a0639 | \n\n 0 | \n\n 133\u00a0931 | \n
| \n Change in the fair value of financial instruments | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n -66 | \n\n \n | \n\n -66 | \n
| \n Financial income | \n\n \n | \n\n 29\u00a0069 | \n\n 3\u00a0079 | \n\n 7\u00a0054 | \n\n 6\u00a0606 | \n\n \n | \n\n 45\u00a0808 | \n
| \n Finance costs | \n\n \n | \n\n -44\u00a0940 | \n\n -4\u00a0761 | \n\n -17\u00a0500 | \n\n -4\u00a0837 | \n\n \n | \n\n -72\u00a0038 | \n
| \n Earnings before tax | \n\n \n | \n\n 55\u00a0563 | \n\n 8\u00a0344 | \n\n 30\u00a0386 | \n\n 13\u00a0342 | \n\n 0 | \n\n 107\u00a0635 | \n
| \n Income tax expenses | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n -25\u00a0574 | \n
| \n Net profit/loss for the period | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n 82\u00a0061 | \n
| \n Investments in property, plant and equipment for the period | \n\n \n | \n\n 81\u00a0718 | \n\n 3\u00a0560 | \n\n 4\u00a0576 | \n\n 2\u00a0268 | \n\n \n | \n\n 92\u00a0122 | \n
Note 4.6.Net profit/loss for the period
| \n Net profit/loss for the period | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n \n | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Non-controlling interests | \n\n \n | \n\n -1\u00a0870 | \n\n -852 | \n\n -1\u00a0018 | \n
| \n Group share | \n\n \n | \n\n 76\u00a0767 | \n\n 82\u00a0913 | \n\n -6\u00a0146 | \n
| \n Total net profit/loss for the period | \n\n \n | \n\n 74\u00a0897 | \n\n 82\u00a0061 | \n\n -7\u00a0164 | \n
Net profit for the financial year totalled \u20ac74,897 thousand, down \u20ac7,164 thousand year on year.
Note 4.1.Operating revenue
Breakdown of operating revenue by business segment:
| \n Sales and services | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n Notes | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Transmission in Belgium | \n\n 4.1.1 | \n\n 440\u00a0407 | \n\n 416\u00a0048 | \n\n 24\u00a0359 | \n
| \n Storage in Belgium | \n\n 4.1.1 | \n\n 28\u00a0610 | \n\n 26\u00a0663 | \n\n 1\u00a0947 | \n
| \n Terminalling in Belgium | \n\n 4.1.1 | \n\n 154\u00a0989 | \n\n 140\u00a0851 | \n\n 14\u00a0138 | \n
| \n Other operating revenue | \n\n 4.1.2 | \n\n 26\u00a0447 | \n\n 25\u00a0227 | \n\n 1\u00a0220 | \n
| \n Total | \n\n \n | \n\n 650\u00a0453 | \n\n 608\u00a0789 | \n\n 41\u00a0664 | \n
Operating revenues for the 2025 financial year amount to k\u20ac 650,453, representing an increase of k\u20ac 41,664 compared to the previous financial year.
4.1.1.Transmission, storage and terminalling services in Belgium are subject to the Gas Act.
Revenue from these services aims to ensure an authorized return on capital invested and to cover the operating expenses related to these services, while integrating the productivity efforts to be accomplished by the network operator, as well as permitted depreciation.
The bulk of the increase in sales and regulated services relates to transmission services (\u20ac24,359 thousand). For this activity, costs increased in 2025 compared with 2024.
Storage income invoiced is down in 2025 compared to the exceptional levels in 2024. However, this decrease is offset by a lower regulatory liability charge, in accordance with the tariff proposal.
Terminalling revenue has seen an increase in the sale of spot slots, which has led to a higher allocation to regulatory liabilities. In addition, for this activity as well, costs have increased compared with 2024.
4.1.2.Other operating revenue
Other operating revenue relates mainly to work and services for third parties and the provision of facilities.
Note 4.2.Operating expenses
| \n Operating expenses excluding depreciation, impairment losses and provisions | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n Notes | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Consumables, merchandise and supplies used | \n\n 4.2.1 | \n\n -8\u00a0973 | \n\n -13\u00a0012 | \n\n 4\u00a0039 | \n
| \n Miscellaneous goods and services | \n\n 4.2.2 | \n\n -192\u00a0464 | \n\n -179\u00a0034 | \n\n -13\u00a0430 | \n
| \n Employee expenses | \n\n 4.2.3 | \n\n -151\u00a0600 | \n\n -141\u00a0877 | \n\n -9\u00a0723 | \n
| \n Other operating expenses | \n\n 4.2.4 | \n\n -6\u00a0708 | \n\n -5\u00a0591 | \n\n -1\u00a0117 | \n
| \n Total | \n\n \n | \n\n -359\u00a0745 | \n\n -339\u00a0514 | \n\n -20\u00a0231 | \n
4.2.1.Consumables, merchandise and supplies used
Consumables, merchandise and supplies used mainly include costs for transport material taken out of inventory for maintenance and repair projects as well as costs for work carried out on behalf of third parties.
4.2.2.Miscellaneous goods and services
Miscellaneous goods and services are mainly composed of:
| \n Miscellaneous goods and services | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n \n | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Purchase of equipment | \n\n \n | \n\n -9\u00a0122 | \n\n -8\u00a0312 | \n\n -810 | \n
| \n Rent and rental charges | \n\n \n | \n\n -10\u00a0782 | \n\n -10\u00a0457 | \n\n -325 | \n
| \n Maintenance and repair expenses | \n\n \n | \n\n -27\u00a0714 | \n\n -27\u00a0418 | \n\n -296 | \n
| \n Goods and services supplied to the group | \n\n \n | \n\n -16\u00a0884 | \n\n -14\u00a0176 | \n\n -2\u00a0708 | \n
| \n Third-party remuneration | \n\n \n | \n\n -64\u00a0141 | \n\n -56\u00a0172 | \n\n -7\u00a0969 | \n
| \n Royalties and contributions | \n\n \n | \n\n -47\u00a0306 | \n\n -47\u00a0101 | \n\n -205 | \n
| \n Non-personnel related insurance costs | \n\n \n | \n\n -7\u00a0773 | \n\n -7\u00a0573 | \n\n -200 | \n
| \n Other miscellaneous goods and services | \n\n \n | \n\n -8\u00a0742 | \n\n -7\u00a0825 | \n\n -917 | \n
| \n Total | \n\n \n | \n\n -192\u00a0464 | \n\n -179\u00a0034 | \n\n -13\u00a0430 | \n
The cost of miscellaneous goods and services increased between 2024 and 2025.
The increase in goods and services supplied to the group can primarily be explained by a higher cost of energy compared to 2024, following rising consumption.
The increase in third-party remuneration to the group and in royalties and contributions is mainly attributable to an increase in external consultancy, chiefly for hydrogen and CO2.
4.2.2.1.Statutory auditor remuneration
Other miscellaneous goods and services (see note 4.2.2.) are mostly made up of the remuneration paid by Fluxys Belgium SA and its consolidated subsidiaries to the statutory auditor. This remuneration is shown below.
| \n Statutory auditor remuneration | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n \n | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Audit tasks | \n\n \n | \n\n -346 | \n\n -401 | \n\n 55 | \n
| \n Other services (non-audit) | \n\n \n | \n\n -14 | \n\n -142 | \n\n 128 | \n
| \n Total remuneration | \n\n \n | \n\n -360 | \n\n -543 | \n\n 183 | \n
The total for the other (non-audit) services provided by the statutory auditor and professional associates thereof complies with Articles 3:64 and 65 of the Belgian Code of Companies and Associations and approved in advance by the Audit Committee.These entail, on the whole, ad hoc certifications and limited insurance certifications.
4.2.3.Employee expenses
Employee expenses have increased \u20ac9,723 thousand as compared with 2024, due to an increased headcount, and indexation. The average headcount of the Group is up, from 978 in 2024 to 1003 in 2025. Expressed in FTE (full-time equivalents), these figures convert to 944 in 2024 compared to 974 in 2025.
| \n \n | \n\n \n | \n\n Financial year | \n\n Preceding financial year | \n||
|---|---|---|---|---|---|
| \n \n | \n\n \n | \n\n Total number of staff | \n\n Total in FTE | \n\n Total number of staff | \n\n Total in FTE | \n
| \n Average number of employees | \n\n \n | \n\n 1\u00a0003 | \n\n 974.0 | \n\n 976 | \n\n 944.3 | \n
| \n Fluxys Belgium | \n\n \n | \n\n 946 | \n\n 918.5 | \n\n 924 | \n\n 894.7 | \n
| \n Executives | \n\n \n | \n\n 373 | \n\n 365.8 | \n\n 352 | \n\n 343.8 | \n
| \n Employees | \n\n \n | \n\n 573 | \n\n 552.8 | \n\n 572 | \n\n 550.9 | \n
| \n Fluxys LNG | \n\n \n | \n\n 53 | \n\n 51.5 | \n\n 50 | \n\n 48.6 | \n
| \n Executives | \n\n \n | \n\n 8 | \n\n 7.5 | \n\n 7 | \n\n 6.9 | \n
| \n Employees | \n\n \n | \n\n 45 | \n\n 44.0 | \n\n 43 | \n\n 41.7 | \n
| \n Flux Re | \n\n \n | \n\n 1 | \n\n 0.5 | \n\n 1 | \n\n 0.5 | \n
| \n Fluxys hydrogen | \n\n \n | \n\n 4 | \n\n 3.5 | \n\n 1 | \n\n 0.5 | \n
| \n Executives | \n\n \n | \n\n 4 | \n\n 3.5 | \n\n 1 | \n\n 0.5 | \n
| \n Employees | \n\n \n | \n\n 0 | \n\n 0.0 | \n\n 0 | \n\n 0.0 | \n
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Number of employees at the end of the financial year | \n\n \n | \n\n 1\u00a0018 | \n\n 993 | \n\n 982 | \n\n 953 | \n
| \n Fluxys Belgium | \n\n \n | \n\n 961 | \n\n 937 | \n\n 926 | \n\n 898.9 | \n
| \n Executives | \n\n \n | \n\n 385 | \n\n 379 | \n\n 360 | \n\n 352.6 | \n
| \n Employees | \n\n \n | \n\n 576 | \n\n 559 | \n\n 566 | \n\n 546.3 | \n
| \n Fluxys LNG | \n\n \n | \n\n 53 | \n\n 52 | \n\n 52 | \n\n 51.0 | \n
| \n Executives | \n\n \n | \n\n 7 | \n\n 7 | \n\n 8 | \n\n 8.0 | \n
| \n Employees | \n\n \n | \n\n 46 | \n\n 45 | \n\n 44 | \n\n 43.0 | \n
| \n Flux Re | \n\n \n | \n\n 1 | \n\n 1 | \n\n 1 | \n\n 0.5 | \n
| \n Fluxys hydrogen | \n\n \n | \n\n 3 | \n\n 3 | \n\n 3 | \n\n 3.0 | \n
| \n Executives | \n\n \n | \n\n 3 | \n\n 3 | \n\n 3 | \n\n 3.0 | \n
| \n Employees | \n\n \n | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0.0 | \n
4.2.4.Other operating expenses
Other operating expenses include property taxes, local taxes, and losses on disposals or retirements of property, plant and equipment.
4.2.5.Depreciation, impairment losses et provisions
| \n Depreciation, impairment losses et provisions | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n Notes | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Depreciation | \n\n 4.2.5.1 | \n\n -184\u00a0894 | \n\n -177\u00a0533 | \n\n -7\u00a0361 | \n
| \n Intangible assets | \n\n \n | \n\n -12\u00a0323 | \n\n -11\u00a0053 | \n\n -1\u00a0270 | \n
| \n Property, plant and equipment | \n\n \n | \n\n -165\u00a0677 | \n\n -160\u00a0376 | \n\n -5\u00a0301 | \n
| \n Right-of-use assets | \n\n \n | \n\n -6\u00a0894 | \n\n -6\u00a0104 | \n\n -790 | \n
| \n Provisions for risks and charges | \n\n 4.2.5.2 | \n\n -163 | \n\n 2\u00a0958 | \n\n -3\u00a0121 | \n
| \n Impairment losses | \n\n 4.2.5.3 | \n\n -1\u00a0138 | \n\n 6\u00a0223 | \n\n -7\u00a0361 | \n
| \n Intangible assets | \n\n \n | \n\n 93 | \n\n -39 | \n\n 132 | \n
| \n Inventories | \n\n \n | \n\n -2\u00a0440 | \n\n 6\u00a0352 | \n\n -8\u00a0792 | \n
| \n Trade receivables | \n\n \n | \n\n 1\u00a0209 | \n\n -90 | \n\n 1\u00a0299 | \n
| \n Total | \n\n \n | \n\n -186\u00a0195 | \n\n -168\u00a0352 | \n\n -17\u00a0843 | \n
4.2.5.1.Depreciation
Depreciation charges on property, plant and equipment over the period are up \u20ac5,301 thousand year on year, primarily due to the commissioning of the pipeline Desteldonk-Opwijk.
4.2.5.2.Provisions for risks and charges
In 2024, we cancelled a provision at the terminal following the resolution of a dispute with the Flemish region.
4.2.5.3.Impairment losses
New write-downs on inventory were accounted for in 2025 in order to align the average price of gas in stock to the market price. Following the same principle, reversals of write-downs were accounted for in 2024.
Note 4.1.Operating revenue
Breakdown of operating revenue by business segment:
| \n Sales and services | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n Notes | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Transmission in Belgium | \n\n 4.1.1 | \n\n 440\u00a0407 | \n\n 416\u00a0048 | \n\n 24\u00a0359 | \n
| \n Storage in Belgium | \n\n 4.1.1 | \n\n 28\u00a0610 | \n\n 26\u00a0663 | \n\n 1\u00a0947 | \n
| \n Terminalling in Belgium | \n\n 4.1.1 | \n\n 154\u00a0989 | \n\n 140\u00a0851 | \n\n 14\u00a0138 | \n
| \n Other operating revenue | \n\n 4.1.2 | \n\n 26\u00a0447 | \n\n 25\u00a0227 | \n\n 1\u00a0220 | \n
| \n Total | \n\n \n | \n\n 650\u00a0453 | \n\n 608\u00a0789 | \n\n 41\u00a0664 | \n
Operating revenues for the 2025 financial year amount to k\u20ac 650,453, representing an increase of k\u20ac 41,664 compared to the previous financial year.
4.1.1.Transmission, storage and terminalling services in Belgium are subject to the Gas Act.
Revenue from these services aims to ensure an authorized return on capital invested and to cover the operating expenses related to these services, while integrating the productivity efforts to be accomplished by the network operator, as well as permitted depreciation.
The bulk of the increase in sales and regulated services relates to transmission services (\u20ac24,359 thousand). For this activity, costs increased in 2025 compared with 2024.
Storage income invoiced is down in 2025 compared to the exceptional levels in 2024. However, this decrease is offset by a lower regulatory liability charge, in accordance with the tariff proposal.
Terminalling revenue has seen an increase in the sale of spot slots, which has led to a higher allocation to regulatory liabilities. In addition, for this activity as well, costs have increased compared with 2024.
4.1.2.Other operating revenue
Other operating revenue relates mainly to work and services for third parties and the provision of facilities.
Note 4.1.Operating revenue
Breakdown of operating revenue by business segment:
| \n Sales and services | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n Notes | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Transmission in Belgium | \n\n 4.1.1 | \n\n 440\u00a0407 | \n\n 416\u00a0048 | \n\n 24\u00a0359 | \n
| \n Storage in Belgium | \n\n 4.1.1 | \n\n 28\u00a0610 | \n\n 26\u00a0663 | \n\n 1\u00a0947 | \n
| \n Terminalling in Belgium | \n\n 4.1.1 | \n\n 154\u00a0989 | \n\n 140\u00a0851 | \n\n 14\u00a0138 | \n
| \n Other operating revenue | \n\n 4.1.2 | \n\n 26\u00a0447 | \n\n 25\u00a0227 | \n\n 1\u00a0220 | \n
| \n Total | \n\n \n | \n\n 650\u00a0453 | \n\n 608\u00a0789 | \n\n 41\u00a0664 | \n
Operating revenues for the 2025 financial year amount to k\u20ac 650,453, representing an increase of k\u20ac 41,664 compared to the previous financial year.
4.1.1.Transmission, storage and terminalling services in Belgium are subject to the Gas Act.
Revenue from these services aims to ensure an authorized return on capital invested and to cover the operating expenses related to these services, while integrating the productivity efforts to be accomplished by the network operator, as well as permitted depreciation.
The bulk of the increase in sales and regulated services relates to transmission services (\u20ac24,359 thousand). For this activity, costs increased in 2025 compared with 2024.
Storage income invoiced is down in 2025 compared to the exceptional levels in 2024. However, this decrease is offset by a lower regulatory liability charge, in accordance with the tariff proposal.
Terminalling revenue has seen an increase in the sale of spot slots, which has led to a higher allocation to regulatory liabilities. In addition, for this activity as well, costs have increased compared with 2024.
4.1.2.Other operating revenue
Other operating revenue relates mainly to work and services for third parties and the provision of facilities.
Note 4.2.Operating expenses
| \n Operating expenses excluding depreciation, impairment losses and provisions | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n Notes | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Consumables, merchandise and supplies used | \n\n 4.2.1 | \n\n -8\u00a0973 | \n\n -13\u00a0012 | \n\n 4\u00a0039 | \n
| \n Miscellaneous goods and services | \n\n 4.2.2 | \n\n -192\u00a0464 | \n\n -179\u00a0034 | \n\n -13\u00a0430 | \n
| \n Employee expenses | \n\n 4.2.3 | \n\n -151\u00a0600 | \n\n -141\u00a0877 | \n\n -9\u00a0723 | \n
| \n Other operating expenses | \n\n 4.2.4 | \n\n -6\u00a0708 | \n\n -5\u00a0591 | \n\n -1\u00a0117 | \n
| \n Total | \n\n \n | \n\n -359\u00a0745 | \n\n -339\u00a0514 | \n\n -20\u00a0231 | \n
4.2.1.Consumables, merchandise and supplies used
Consumables, merchandise and supplies used mainly include costs for transport material taken out of inventory for maintenance and repair projects as well as costs for work carried out on behalf of third parties.
4.2.2.Miscellaneous goods and services
Miscellaneous goods and services are mainly composed of:
| \n Miscellaneous goods and services | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n \n | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Purchase of equipment | \n\n \n | \n\n -9\u00a0122 | \n\n -8\u00a0312 | \n\n -810 | \n
| \n Rent and rental charges | \n\n \n | \n\n -10\u00a0782 | \n\n -10\u00a0457 | \n\n -325 | \n
| \n Maintenance and repair expenses | \n\n \n | \n\n -27\u00a0714 | \n\n -27\u00a0418 | \n\n -296 | \n
| \n Goods and services supplied to the group | \n\n \n | \n\n -16\u00a0884 | \n\n -14\u00a0176 | \n\n -2\u00a0708 | \n
| \n Third-party remuneration | \n\n \n | \n\n -64\u00a0141 | \n\n -56\u00a0172 | \n\n -7\u00a0969 | \n
| \n Royalties and contributions | \n\n \n | \n\n -47\u00a0306 | \n\n -47\u00a0101 | \n\n -205 | \n
| \n Non-personnel related insurance costs | \n\n \n | \n\n -7\u00a0773 | \n\n -7\u00a0573 | \n\n -200 | \n
| \n Other miscellaneous goods and services | \n\n \n | \n\n -8\u00a0742 | \n\n -7\u00a0825 | \n\n -917 | \n
| \n Total | \n\n \n | \n\n -192\u00a0464 | \n\n -179\u00a0034 | \n\n -13\u00a0430 | \n
The cost of miscellaneous goods and services increased between 2024 and 2025.
The increase in goods and services supplied to the group can primarily be explained by a higher cost of energy compared to 2024, following rising consumption.
The increase in third-party remuneration to the group and in royalties and contributions is mainly attributable to an increase in external consultancy, chiefly for hydrogen and CO2.
4.2.2.1.Statutory auditor remuneration
Other miscellaneous goods and services (see note 4.2.2.) are mostly made up of the remuneration paid by Fluxys Belgium SA and its consolidated subsidiaries to the statutory auditor. This remuneration is shown below.
| \n Statutory auditor remuneration | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n \n | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Audit tasks | \n\n \n | \n\n -346 | \n\n -401 | \n\n 55 | \n
| \n Other services (non-audit) | \n\n \n | \n\n -14 | \n\n -142 | \n\n 128 | \n
| \n Total remuneration | \n\n \n | \n\n -360 | \n\n -543 | \n\n 183 | \n
The total for the other (non-audit) services provided by the statutory auditor and professional associates thereof complies with Articles 3:64 and 65 of the Belgian Code of Companies and Associations and approved in advance by the Audit Committee.These entail, on the whole, ad hoc certifications and limited insurance certifications.
4.2.3.Employee expenses
Employee expenses have increased \u20ac9,723 thousand as compared with 2024, due to an increased headcount, and indexation. The average headcount of the Group is up, from 978 in 2024 to 1003 in 2025. Expressed in FTE (full-time equivalents), these figures convert to 944 in 2024 compared to 974 in 2025.
| \n \n | \n\n \n | \n\n Financial year | \n\n Preceding financial year | \n||
|---|---|---|---|---|---|
| \n \n | \n\n \n | \n\n Total number of staff | \n\n Total in FTE | \n\n Total number of staff | \n\n Total in FTE | \n
| \n Average number of employees | \n\n \n | \n\n 1\u00a0003 | \n\n 974.0 | \n\n 976 | \n\n 944.3 | \n
| \n Fluxys Belgium | \n\n \n | \n\n 946 | \n\n 918.5 | \n\n 924 | \n\n 894.7 | \n
| \n Executives | \n\n \n | \n\n 373 | \n\n 365.8 | \n\n 352 | \n\n 343.8 | \n
| \n Employees | \n\n \n | \n\n 573 | \n\n 552.8 | \n\n 572 | \n\n 550.9 | \n
| \n Fluxys LNG | \n\n \n | \n\n 53 | \n\n 51.5 | \n\n 50 | \n\n 48.6 | \n
| \n Executives | \n\n \n | \n\n 8 | \n\n 7.5 | \n\n 7 | \n\n 6.9 | \n
| \n Employees | \n\n \n | \n\n 45 | \n\n 44.0 | \n\n 43 | \n\n 41.7 | \n
| \n Flux Re | \n\n \n | \n\n 1 | \n\n 0.5 | \n\n 1 | \n\n 0.5 | \n
| \n Fluxys hydrogen | \n\n \n | \n\n 4 | \n\n 3.5 | \n\n 1 | \n\n 0.5 | \n
| \n Executives | \n\n \n | \n\n 4 | \n\n 3.5 | \n\n 1 | \n\n 0.5 | \n
| \n Employees | \n\n \n | \n\n 0 | \n\n 0.0 | \n\n 0 | \n\n 0.0 | \n
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Number of employees at the end of the financial year | \n\n \n | \n\n 1\u00a0018 | \n\n 993 | \n\n 982 | \n\n 953 | \n
| \n Fluxys Belgium | \n\n \n | \n\n 961 | \n\n 937 | \n\n 926 | \n\n 898.9 | \n
| \n Executives | \n\n \n | \n\n 385 | \n\n 379 | \n\n 360 | \n\n 352.6 | \n
| \n Employees | \n\n \n | \n\n 576 | \n\n 559 | \n\n 566 | \n\n 546.3 | \n
| \n Fluxys LNG | \n\n \n | \n\n 53 | \n\n 52 | \n\n 52 | \n\n 51.0 | \n
| \n Executives | \n\n \n | \n\n 7 | \n\n 7 | \n\n 8 | \n\n 8.0 | \n
| \n Employees | \n\n \n | \n\n 46 | \n\n 45 | \n\n 44 | \n\n 43.0 | \n
| \n Flux Re | \n\n \n | \n\n 1 | \n\n 1 | \n\n 1 | \n\n 0.5 | \n
| \n Fluxys hydrogen | \n\n \n | \n\n 3 | \n\n 3 | \n\n 3 | \n\n 3.0 | \n
| \n Executives | \n\n \n | \n\n 3 | \n\n 3 | \n\n 3 | \n\n 3.0 | \n
| \n Employees | \n\n \n | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0.0 | \n
4.2.4.Other operating expenses
Other operating expenses include property taxes, local taxes, and losses on disposals or retirements of property, plant and equipment.
4.2.5.Depreciation, impairment losses et provisions
| \n Depreciation, impairment losses et provisions | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n Notes | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Depreciation | \n\n 4.2.5.1 | \n\n -184\u00a0894 | \n\n -177\u00a0533 | \n\n -7\u00a0361 | \n
| \n Intangible assets | \n\n \n | \n\n -12\u00a0323 | \n\n -11\u00a0053 | \n\n -1\u00a0270 | \n
| \n Property, plant and equipment | \n\n \n | \n\n -165\u00a0677 | \n\n -160\u00a0376 | \n\n -5\u00a0301 | \n
| \n Right-of-use assets | \n\n \n | \n\n -6\u00a0894 | \n\n -6\u00a0104 | \n\n -790 | \n
| \n Provisions for risks and charges | \n\n 4.2.5.2 | \n\n -163 | \n\n 2\u00a0958 | \n\n -3\u00a0121 | \n
| \n Impairment losses | \n\n 4.2.5.3 | \n\n -1\u00a0138 | \n\n 6\u00a0223 | \n\n -7\u00a0361 | \n
| \n Intangible assets | \n\n \n | \n\n 93 | \n\n -39 | \n\n 132 | \n
| \n Inventories | \n\n \n | \n\n -2\u00a0440 | \n\n 6\u00a0352 | \n\n -8\u00a0792 | \n
| \n Trade receivables | \n\n \n | \n\n 1\u00a0209 | \n\n -90 | \n\n 1\u00a0299 | \n
| \n Total | \n\n \n | \n\n -186\u00a0195 | \n\n -168\u00a0352 | \n\n -17\u00a0843 | \n
4.2.5.1.Depreciation
Depreciation charges on property, plant and equipment over the period are up \u20ac5,301 thousand year on year, primarily due to the commissioning of the pipeline Desteldonk-Opwijk.
4.2.5.2.Provisions for risks and charges
In 2024, we cancelled a provision at the terminal following the resolution of a dispute with the Flemish region.
4.2.5.3.Impairment losses
New write-downs on inventory were accounted for in 2025 in order to align the average price of gas in stock to the market price. Following the same principle, reversals of write-downs were accounted for in 2024.
Note 4.2.Operating expenses
| \n Operating expenses excluding depreciation, impairment losses and provisions | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n Notes | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Consumables, merchandise and supplies used | \n\n 4.2.1 | \n\n -8\u00a0973 | \n\n -13\u00a0012 | \n\n 4\u00a0039 | \n
| \n Miscellaneous goods and services | \n\n 4.2.2 | \n\n -192\u00a0464 | \n\n -179\u00a0034 | \n\n -13\u00a0430 | \n
| \n Employee expenses | \n\n 4.2.3 | \n\n -151\u00a0600 | \n\n -141\u00a0877 | \n\n -9\u00a0723 | \n
| \n Other operating expenses | \n\n 4.2.4 | \n\n -6\u00a0708 | \n\n -5\u00a0591 | \n\n -1\u00a0117 | \n
| \n Total | \n\n \n | \n\n -359\u00a0745 | \n\n -339\u00a0514 | \n\n -20\u00a0231 | \n
4.2.1.Consumables, merchandise and supplies used
Consumables, merchandise and supplies used mainly include costs for transport material taken out of inventory for maintenance and repair projects as well as costs for work carried out on behalf of third parties.
4.2.2.Miscellaneous goods and services
Miscellaneous goods and services are mainly composed of:
| \n Miscellaneous goods and services | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n \n | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Purchase of equipment | \n\n \n | \n\n -9\u00a0122 | \n\n -8\u00a0312 | \n\n -810 | \n
| \n Rent and rental charges | \n\n \n | \n\n -10\u00a0782 | \n\n -10\u00a0457 | \n\n -325 | \n
| \n Maintenance and repair expenses | \n\n \n | \n\n -27\u00a0714 | \n\n -27\u00a0418 | \n\n -296 | \n
| \n Goods and services supplied to the group | \n\n \n | \n\n -16\u00a0884 | \n\n -14\u00a0176 | \n\n -2\u00a0708 | \n
| \n Third-party remuneration | \n\n \n | \n\n -64\u00a0141 | \n\n -56\u00a0172 | \n\n -7\u00a0969 | \n
| \n Royalties and contributions | \n\n \n | \n\n -47\u00a0306 | \n\n -47\u00a0101 | \n\n -205 | \n
| \n Non-personnel related insurance costs | \n\n \n | \n\n -7\u00a0773 | \n\n -7\u00a0573 | \n\n -200 | \n
| \n Other miscellaneous goods and services | \n\n \n | \n\n -8\u00a0742 | \n\n -7\u00a0825 | \n\n -917 | \n
| \n Total | \n\n \n | \n\n -192\u00a0464 | \n\n -179\u00a0034 | \n\n -13\u00a0430 | \n
The cost of miscellaneous goods and services increased between 2024 and 2025.
The increase in goods and services supplied to the group can primarily be explained by a higher cost of energy compared to 2024, following rising consumption.
The increase in third-party remuneration to the group and in royalties and contributions is mainly attributable to an increase in external consultancy, chiefly for hydrogen and CO2.
4.2.2.1.Statutory auditor remuneration
Other miscellaneous goods and services (see note 4.2.2.) are mostly made up of the remuneration paid by Fluxys Belgium SA and its consolidated subsidiaries to the statutory auditor. This remuneration is shown below.
| \n Statutory auditor remuneration | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n \n | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Audit tasks | \n\n \n | \n\n -346 | \n\n -401 | \n\n 55 | \n
| \n Other services (non-audit) | \n\n \n | \n\n -14 | \n\n -142 | \n\n 128 | \n
| \n Total remuneration | \n\n \n | \n\n -360 | \n\n -543 | \n\n 183 | \n
The total for the other (non-audit) services provided by the statutory auditor and professional associates thereof complies with Articles 3:64 and 65 of the Belgian Code of Companies and Associations and approved in advance by the Audit Committee.These entail, on the whole, ad hoc certifications and limited insurance certifications.
4.2.3.Employee expenses
Employee expenses have increased \u20ac9,723 thousand as compared with 2024, due to an increased headcount, and indexation. The average headcount of the Group is up, from 978 in 2024 to 1003 in 2025. Expressed in FTE (full-time equivalents), these figures convert to 944 in 2024 compared to 974 in 2025.
| \n \n | \n\n \n | \n\n Financial year | \n\n Preceding financial year | \n||
|---|---|---|---|---|---|
| \n \n | \n\n \n | \n\n Total number of staff | \n\n Total in FTE | \n\n Total number of staff | \n\n Total in FTE | \n
| \n Average number of employees | \n\n \n | \n\n 1\u00a0003 | \n\n 974.0 | \n\n 976 | \n\n 944.3 | \n
| \n Fluxys Belgium | \n\n \n | \n\n 946 | \n\n 918.5 | \n\n 924 | \n\n 894.7 | \n
| \n Executives | \n\n \n | \n\n 373 | \n\n 365.8 | \n\n 352 | \n\n 343.8 | \n
| \n Employees | \n\n \n | \n\n 573 | \n\n 552.8 | \n\n 572 | \n\n 550.9 | \n
| \n Fluxys LNG | \n\n \n | \n\n 53 | \n\n 51.5 | \n\n 50 | \n\n 48.6 | \n
| \n Executives | \n\n \n | \n\n 8 | \n\n 7.5 | \n\n 7 | \n\n 6.9 | \n
| \n Employees | \n\n \n | \n\n 45 | \n\n 44.0 | \n\n 43 | \n\n 41.7 | \n
| \n Flux Re | \n\n \n | \n\n 1 | \n\n 0.5 | \n\n 1 | \n\n 0.5 | \n
| \n Fluxys hydrogen | \n\n \n | \n\n 4 | \n\n 3.5 | \n\n 1 | \n\n 0.5 | \n
| \n Executives | \n\n \n | \n\n 4 | \n\n 3.5 | \n\n 1 | \n\n 0.5 | \n
| \n Employees | \n\n \n | \n\n 0 | \n\n 0.0 | \n\n 0 | \n\n 0.0 | \n
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Number of employees at the end of the financial year | \n\n \n | \n\n 1\u00a0018 | \n\n 993 | \n\n 982 | \n\n 953 | \n
| \n Fluxys Belgium | \n\n \n | \n\n 961 | \n\n 937 | \n\n 926 | \n\n 898.9 | \n
| \n Executives | \n\n \n | \n\n 385 | \n\n 379 | \n\n 360 | \n\n 352.6 | \n
| \n Employees | \n\n \n | \n\n 576 | \n\n 559 | \n\n 566 | \n\n 546.3 | \n
| \n Fluxys LNG | \n\n \n | \n\n 53 | \n\n 52 | \n\n 52 | \n\n 51.0 | \n
| \n Executives | \n\n \n | \n\n 7 | \n\n 7 | \n\n 8 | \n\n 8.0 | \n
| \n Employees | \n\n \n | \n\n 46 | \n\n 45 | \n\n 44 | \n\n 43.0 | \n
| \n Flux Re | \n\n \n | \n\n 1 | \n\n 1 | \n\n 1 | \n\n 0.5 | \n
| \n Fluxys hydrogen | \n\n \n | \n\n 3 | \n\n 3 | \n\n 3 | \n\n 3.0 | \n
| \n Executives | \n\n \n | \n\n 3 | \n\n 3 | \n\n 3 | \n\n 3.0 | \n
| \n Employees | \n\n \n | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0.0 | \n
4.2.4.Other operating expenses
Other operating expenses include property taxes, local taxes, and losses on disposals or retirements of property, plant and equipment.
4.2.5.Depreciation, impairment losses et provisions
| \n Depreciation, impairment losses et provisions | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n Notes | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Depreciation | \n\n 4.2.5.1 | \n\n -184\u00a0894 | \n\n -177\u00a0533 | \n\n -7\u00a0361 | \n
| \n Intangible assets | \n\n \n | \n\n -12\u00a0323 | \n\n -11\u00a0053 | \n\n -1\u00a0270 | \n
| \n Property, plant and equipment | \n\n \n | \n\n -165\u00a0677 | \n\n -160\u00a0376 | \n\n -5\u00a0301 | \n
| \n Right-of-use assets | \n\n \n | \n\n -6\u00a0894 | \n\n -6\u00a0104 | \n\n -790 | \n
| \n Provisions for risks and charges | \n\n 4.2.5.2 | \n\n -163 | \n\n 2\u00a0958 | \n\n -3\u00a0121 | \n
| \n Impairment losses | \n\n 4.2.5.3 | \n\n -1\u00a0138 | \n\n 6\u00a0223 | \n\n -7\u00a0361 | \n
| \n Intangible assets | \n\n \n | \n\n 93 | \n\n -39 | \n\n 132 | \n
| \n Inventories | \n\n \n | \n\n -2\u00a0440 | \n\n 6\u00a0352 | \n\n -8\u00a0792 | \n
| \n Trade receivables | \n\n \n | \n\n 1\u00a0209 | \n\n -90 | \n\n 1\u00a0299 | \n
| \n Total | \n\n \n | \n\n -186\u00a0195 | \n\n -168\u00a0352 | \n\n -17\u00a0843 | \n
4.2.5.1.Depreciation
Depreciation charges on property, plant and equipment over the period are up \u20ac5,301 thousand year on year, primarily due to the commissioning of the pipeline Desteldonk-Opwijk.
4.2.5.2.Provisions for risks and charges
In 2024, we cancelled a provision at the terminal following the resolution of a dispute with the Flemish region.
4.2.5.3.Impairment losses
New write-downs on inventory were accounted for in 2025 in order to align the average price of gas in stock to the market price. Following the same principle, reversals of write-downs were accounted for in 2024.
4.2.2.Miscellaneous goods and services
Miscellaneous goods and services are mainly composed of:
| \n Miscellaneous goods and services | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n \n | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Purchase of equipment | \n\n \n | \n\n -9\u00a0122 | \n\n -8\u00a0312 | \n\n -810 | \n
| \n Rent and rental charges | \n\n \n | \n\n -10\u00a0782 | \n\n -10\u00a0457 | \n\n -325 | \n
| \n Maintenance and repair expenses | \n\n \n | \n\n -27\u00a0714 | \n\n -27\u00a0418 | \n\n -296 | \n
| \n Goods and services supplied to the group | \n\n \n | \n\n -16\u00a0884 | \n\n -14\u00a0176 | \n\n -2\u00a0708 | \n
| \n Third-party remuneration | \n\n \n | \n\n -64\u00a0141 | \n\n -56\u00a0172 | \n\n -7\u00a0969 | \n
| \n Royalties and contributions | \n\n \n | \n\n -47\u00a0306 | \n\n -47\u00a0101 | \n\n -205 | \n
| \n Non-personnel related insurance costs | \n\n \n | \n\n -7\u00a0773 | \n\n -7\u00a0573 | \n\n -200 | \n
| \n Other miscellaneous goods and services | \n\n \n | \n\n -8\u00a0742 | \n\n -7\u00a0825 | \n\n -917 | \n
| \n Total | \n\n \n | \n\n -192\u00a0464 | \n\n -179\u00a0034 | \n\n -13\u00a0430 | \n
The cost of miscellaneous goods and services increased between 2024 and 2025.
The increase in goods and services supplied to the group can primarily be explained by a higher cost of energy compared to 2024, following rising consumption.
The increase in third-party remuneration to the group and in royalties and contributions is mainly attributable to an increase in external consultancy, chiefly for hydrogen and CO2.
4.2.2.1.Statutory auditor remuneration
Other miscellaneous goods and services (see note 4.2.2.) are mostly made up of the remuneration paid by Fluxys Belgium SA and its consolidated subsidiaries to the statutory auditor. This remuneration is shown below.
| \n Statutory auditor remuneration | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n \n | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Audit tasks | \n\n \n | \n\n -346 | \n\n -401 | \n\n 55 | \n
| \n Other services (non-audit) | \n\n \n | \n\n -14 | \n\n -142 | \n\n 128 | \n
| \n Total remuneration | \n\n \n | \n\n -360 | \n\n -543 | \n\n 183 | \n
The total for the other (non-audit) services provided by the statutory auditor and professional associates thereof complies with Articles 3:64 and 65 of the Belgian Code of Companies and Associations and approved in advance by the Audit Committee.These entail, on the whole, ad hoc certifications and limited insurance certifications.
4.2.3.Employee expenses
Employee expenses have increased \u20ac9,723 thousand as compared with 2024, due to an increased headcount, and indexation. The average headcount of the Group is up, from 978 in 2024 to 1003 in 2025. Expressed in FTE (full-time equivalents), these figures convert to 944 in 2024 compared to 974 in 2025.
| \n \n | \n\n \n | \n\n Financial year | \n\n Preceding financial year | \n||
|---|---|---|---|---|---|
| \n \n | \n\n \n | \n\n Total number of staff | \n\n Total in FTE | \n\n Total number of staff | \n\n Total in FTE | \n
| \n Average number of employees | \n\n \n | \n\n 1\u00a0003 | \n\n 974.0 | \n\n 976 | \n\n 944.3 | \n
| \n Fluxys Belgium | \n\n \n | \n\n 946 | \n\n 918.5 | \n\n 924 | \n\n 894.7 | \n
| \n Executives | \n\n \n | \n\n 373 | \n\n 365.8 | \n\n 352 | \n\n 343.8 | \n
| \n Employees | \n\n \n | \n\n 573 | \n\n 552.8 | \n\n 572 | \n\n 550.9 | \n
| \n Fluxys LNG | \n\n \n | \n\n 53 | \n\n 51.5 | \n\n 50 | \n\n 48.6 | \n
| \n Executives | \n\n \n | \n\n 8 | \n\n 7.5 | \n\n 7 | \n\n 6.9 | \n
| \n Employees | \n\n \n | \n\n 45 | \n\n 44.0 | \n\n 43 | \n\n 41.7 | \n
| \n Flux Re | \n\n \n | \n\n 1 | \n\n 0.5 | \n\n 1 | \n\n 0.5 | \n
| \n Fluxys hydrogen | \n\n \n | \n\n 4 | \n\n 3.5 | \n\n 1 | \n\n 0.5 | \n
| \n Executives | \n\n \n | \n\n 4 | \n\n 3.5 | \n\n 1 | \n\n 0.5 | \n
| \n Employees | \n\n \n | \n\n 0 | \n\n 0.0 | \n\n 0 | \n\n 0.0 | \n
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Number of employees at the end of the financial year | \n\n \n | \n\n 1\u00a0018 | \n\n 993 | \n\n 982 | \n\n 953 | \n
| \n Fluxys Belgium | \n\n \n | \n\n 961 | \n\n 937 | \n\n 926 | \n\n 898.9 | \n
| \n Executives | \n\n \n | \n\n 385 | \n\n 379 | \n\n 360 | \n\n 352.6 | \n
| \n Employees | \n\n \n | \n\n 576 | \n\n 559 | \n\n 566 | \n\n 546.3 | \n
| \n Fluxys LNG | \n\n \n | \n\n 53 | \n\n 52 | \n\n 52 | \n\n 51.0 | \n
| \n Executives | \n\n \n | \n\n 7 | \n\n 7 | \n\n 8 | \n\n 8.0 | \n
| \n Employees | \n\n \n | \n\n 46 | \n\n 45 | \n\n 44 | \n\n 43.0 | \n
| \n Flux Re | \n\n \n | \n\n 1 | \n\n 1 | \n\n 1 | \n\n 0.5 | \n
| \n Fluxys hydrogen | \n\n \n | \n\n 3 | \n\n 3 | \n\n 3 | \n\n 3.0 | \n
| \n Executives | \n\n \n | \n\n 3 | \n\n 3 | \n\n 3 | \n\n 3.0 | \n
| \n Employees | \n\n \n | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0.0 | \n
Note 4.3.Financial income
| \n Financial income | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n Notes | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Dividends from unconsolidated entities | \n\n \n | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Financial income from lease contracts | \n\n 4.3.1 | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Interest from short-term investments and cash equivalents | \n\n 4.3.2 | \n\n 20\u00a0911 | \n\n 42\u00a0174 | \n\n -21\u00a0263 | \n
| \n Other interest income | \n\n 4.3.2 | \n\n 4\u00a0927 | \n\n 3\u00a0278 | \n\n 1\u00a0649 | \n
| \n Unwinding of discounts on provisions | \n\n 4.4.2 | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Other financial income | \n\n \n | \n\n 174 | \n\n 356 | \n\n -182 | \n
| \n Total | \n\n \n | \n\n 26\u00a0012 | \n\n 45\u00a0808 | \n\n -19\u00a0796 | \n
4.3.1.Interest from short-term investments and cash equivalents
Interest on investments and cash equivalents mainly come from investments recognised at depreciated cost in accordance with IFRS 9. This interest is significantly down as compared with 2024, following the reduced cash position and the fall in interest rates. This has a limited impact on profit/loss in view of the regulatory framework.
Note 4.4.Finance costs
| \n Finance costs | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n Notes | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Borrowing interest costs | \n\n 4.4.1 | \n\n -56\u00a0616 | \n\n -69\u00a0311 | \n\n 12\u00a0695 | \n
| \n Unwinding of discounts on provisions | \n\n 4.4.2 | \n\n -1\u00a0560 | \n\n -1\u00a0233 | \n\n -327 | \n
| \n Interest charges on leasing contracts | \n\n \n | \n\n -1\u00a0196 | \n\n -927 | \n\n -269 | \n
| \n Other finance costs | \n\n \n | \n\n -483 | \n\n -567 | \n\n 84 | \n
| \n Total | \n\n \n | \n\n -59\u00a0855 | \n\n -72\u00a0038 | \n\n 12\u00a0183 | \n
4.4.1.Borrowing interest costs
Borrowing interest costs primarily include interest on the loans from the European Investment Bank and Fluxys, bonds, and regulatory liabilities. The decrease observed in 2025 can primarily be explained by the fall in interest rates. This has a limited impact on profit/loss in view of the regulatory framework.
4.4.2.Unwinding of discounts on provisions
This item almost exclusively concerns employee benefits that are recognised and valued in accordance with IAS 19 and includes, apart from the unwinding of discounts on provisions, returns from associated assets, and actuarial gains and losses recognised in profit/loss. The change is mainly linked to an increase in discount rates.
Note 4.3.Financial income
| \n Financial income | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n Notes | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Dividends from unconsolidated entities | \n\n \n | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Financial income from lease contracts | \n\n 4.3.1 | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Interest from short-term investments and cash equivalents | \n\n 4.3.2 | \n\n 20\u00a0911 | \n\n 42\u00a0174 | \n\n -21\u00a0263 | \n
| \n Other interest income | \n\n 4.3.2 | \n\n 4\u00a0927 | \n\n 3\u00a0278 | \n\n 1\u00a0649 | \n
| \n Unwinding of discounts on provisions | \n\n 4.4.2 | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Other financial income | \n\n \n | \n\n 174 | \n\n 356 | \n\n -182 | \n
| \n Total | \n\n \n | \n\n 26\u00a0012 | \n\n 45\u00a0808 | \n\n -19\u00a0796 | \n
4.3.1.Interest from short-term investments and cash equivalents
Interest on investments and cash equivalents mainly come from investments recognised at depreciated cost in accordance with IFRS 9. This interest is significantly down as compared with 2024, following the reduced cash position and the fall in interest rates. This has a limited impact on profit/loss in view of the regulatory framework.
Note 4.3.Financial income
| \n Financial income | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n Notes | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Dividends from unconsolidated entities | \n\n \n | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Financial income from lease contracts | \n\n 4.3.1 | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Interest from short-term investments and cash equivalents | \n\n 4.3.2 | \n\n 20\u00a0911 | \n\n 42\u00a0174 | \n\n -21\u00a0263 | \n
| \n Other interest income | \n\n 4.3.2 | \n\n 4\u00a0927 | \n\n 3\u00a0278 | \n\n 1\u00a0649 | \n
| \n Unwinding of discounts on provisions | \n\n 4.4.2 | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Other financial income | \n\n \n | \n\n 174 | \n\n 356 | \n\n -182 | \n
| \n Total | \n\n \n | \n\n 26\u00a0012 | \n\n 45\u00a0808 | \n\n -19\u00a0796 | \n
4.3.1.Interest from short-term investments and cash equivalents
Interest on investments and cash equivalents mainly come from investments recognised at depreciated cost in accordance with IFRS 9. This interest is significantly down as compared with 2024, following the reduced cash position and the fall in interest rates. This has a limited impact on profit/loss in view of the regulatory framework.
Note 4.4.Finance costs
| \n Finance costs | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n Notes | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Borrowing interest costs | \n\n 4.4.1 | \n\n -56\u00a0616 | \n\n -69\u00a0311 | \n\n 12\u00a0695 | \n
| \n Unwinding of discounts on provisions | \n\n 4.4.2 | \n\n -1\u00a0560 | \n\n -1\u00a0233 | \n\n -327 | \n
| \n Interest charges on leasing contracts | \n\n \n | \n\n -1\u00a0196 | \n\n -927 | \n\n -269 | \n
| \n Other finance costs | \n\n \n | \n\n -483 | \n\n -567 | \n\n 84 | \n
| \n Total | \n\n \n | \n\n -59\u00a0855 | \n\n -72\u00a0038 | \n\n 12\u00a0183 | \n
4.4.1.Borrowing interest costs
Borrowing interest costs primarily include interest on the loans from the European Investment Bank and Fluxys, bonds, and regulatory liabilities. The decrease observed in 2025 can primarily be explained by the fall in interest rates. This has a limited impact on profit/loss in view of the regulatory framework.
4.4.2.Unwinding of discounts on provisions
This item almost exclusively concerns employee benefits that are recognised and valued in accordance with IAS 19 and includes, apart from the unwinding of discounts on provisions, returns from associated assets, and actuarial gains and losses recognised in profit/loss. The change is mainly linked to an increase in discount rates.
Note 4.3.Financial income
| \n Financial income | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n Notes | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Dividends from unconsolidated entities | \n\n \n | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Financial income from lease contracts | \n\n 4.3.1 | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Interest from short-term investments and cash equivalents | \n\n 4.3.2 | \n\n 20\u00a0911 | \n\n 42\u00a0174 | \n\n -21\u00a0263 | \n
| \n Other interest income | \n\n 4.3.2 | \n\n 4\u00a0927 | \n\n 3\u00a0278 | \n\n 1\u00a0649 | \n
| \n Unwinding of discounts on provisions | \n\n 4.4.2 | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Other financial income | \n\n \n | \n\n 174 | \n\n 356 | \n\n -182 | \n
| \n Total | \n\n \n | \n\n 26\u00a0012 | \n\n 45\u00a0808 | \n\n -19\u00a0796 | \n
4.3.1.Interest from short-term investments and cash equivalents
Interest on investments and cash equivalents mainly come from investments recognised at depreciated cost in accordance with IFRS 9. This interest is significantly down as compared with 2024, following the reduced cash position and the fall in interest rates. This has a limited impact on profit/loss in view of the regulatory framework.
4.3.1.Interest from short-term investments and cash equivalents
Interest on investments and cash equivalents mainly come from investments recognised at depreciated cost in accordance with IFRS 9. This interest is significantly down as compared with 2024, following the reduced cash position and the fall in interest rates. This has a limited impact on profit/loss in view of the regulatory framework.
Note 4.4.Finance costs
| \n Finance costs | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n Notes | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Borrowing interest costs | \n\n 4.4.1 | \n\n -56\u00a0616 | \n\n -69\u00a0311 | \n\n 12\u00a0695 | \n
| \n Unwinding of discounts on provisions | \n\n 4.4.2 | \n\n -1\u00a0560 | \n\n -1\u00a0233 | \n\n -327 | \n
| \n Interest charges on leasing contracts | \n\n \n | \n\n -1\u00a0196 | \n\n -927 | \n\n -269 | \n
| \n Other finance costs | \n\n \n | \n\n -483 | \n\n -567 | \n\n 84 | \n
| \n Total | \n\n \n | \n\n -59\u00a0855 | \n\n -72\u00a0038 | \n\n 12\u00a0183 | \n
4.4.1.Borrowing interest costs
Borrowing interest costs primarily include interest on the loans from the European Investment Bank and Fluxys, bonds, and regulatory liabilities. The decrease observed in 2025 can primarily be explained by the fall in interest rates. This has a limited impact on profit/loss in view of the regulatory framework.
4.4.2.Unwinding of discounts on provisions
This item almost exclusively concerns employee benefits that are recognised and valued in accordance with IAS 19 and includes, apart from the unwinding of discounts on provisions, returns from associated assets, and actuarial gains and losses recognised in profit/loss. The change is mainly linked to an increase in discount rates.
Note 4.4.Finance costs
| \n Finance costs | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n Notes | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Borrowing interest costs | \n\n 4.4.1 | \n\n -56\u00a0616 | \n\n -69\u00a0311 | \n\n 12\u00a0695 | \n
| \n Unwinding of discounts on provisions | \n\n 4.4.2 | \n\n -1\u00a0560 | \n\n -1\u00a0233 | \n\n -327 | \n
| \n Interest charges on leasing contracts | \n\n \n | \n\n -1\u00a0196 | \n\n -927 | \n\n -269 | \n
| \n Other finance costs | \n\n \n | \n\n -483 | \n\n -567 | \n\n 84 | \n
| \n Total | \n\n \n | \n\n -59\u00a0855 | \n\n -72\u00a0038 | \n\n 12\u00a0183 | \n
4.4.1.Borrowing interest costs
Borrowing interest costs primarily include interest on the loans from the European Investment Bank and Fluxys, bonds, and regulatory liabilities. The decrease observed in 2025 can primarily be explained by the fall in interest rates. This has a limited impact on profit/loss in view of the regulatory framework.
4.4.2.Unwinding of discounts on provisions
This item almost exclusively concerns employee benefits that are recognised and valued in accordance with IAS 19 and includes, apart from the unwinding of discounts on provisions, returns from associated assets, and actuarial gains and losses recognised in profit/loss. The change is mainly linked to an increase in discount rates.
Note 4.6.Net profit/loss for the period
| \n Net profit/loss for the period | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n \n | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Non-controlling interests | \n\n \n | \n\n -1\u00a0870 | \n\n -852 | \n\n -1\u00a0018 | \n
| \n Group share | \n\n \n | \n\n 76\u00a0767 | \n\n 82\u00a0913 | \n\n -6\u00a0146 | \n
| \n Total net profit/loss for the period | \n\n \n | \n\n 74\u00a0897 | \n\n 82\u00a0061 | \n\n -7\u00a0164 | \n
Net profit for the financial year totalled \u20ac74,897 thousand, down \u20ac7,164 thousand year on year.
Note 4.7.Earnings per share
| \n (In thousands of \u20ac) | \n\n \n | \n\n 31-12-2025 | \n\n 31-12-2024 | \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 Net income from continuing operations attributable to the parent company\u2019s shareholders | \n\n \n | \n\n 74\u00a0897 | \n\n 82\u00a0061 | \n
| \n Net profit | \n\n \n | \n\n 74\u00a0897 | \n\n 82\u00a0061 | \n
| \n Impact of dilutive instruments | \n\n \n | \n\n 0 | \n\n 0 | \n
| \n Diluted net profit/loss from continuing operations attributable to the parent company\u2019s shareholders | \n\n \n | \n\n 74\u00a0897 | \n\n 82\u00a0061 | \n
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Net profit/loss from discontinued operations attributable to the parent company\u2019s shareholders | \n\n \n | \n\n 0 | \n\n 0 | \n
| \n Net profit | \n\n \n | \n\n 0 | \n\n 0 | \n
| \n Impact of dilutive instruments | \n\n \n | \n\n 0 | \n\n 0 | \n
| \n Diluted net profit/loss from discontinued operations attributable to the parent company\u2019s shareholders | \n\n \n | \n\n 0 | \n\n 0 | \n
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Net profit/loss attributable to the parent company\u2019s shareholders | \n\n \n | \n\n 74\u00a0897 | \n\n 82\u00a0061 | \n
| \n Net profit | \n\n \n | \n\n 74\u00a0897 | \n\n 82\u00a0061 | \n
| \n Impact of dilutive instruments | \n\n \n | \n\n 0 | \n\n 0 | \n
| \n Diluted net profit/loss attributable to the parent company\u2019s shareholders | \n\n \n | \n\n 74\u00a0897 | \n\n 82\u00a0061 | \n
| \n Denominator (in units) | \n\n \n | \n\n 31-12-2025 | \n\n 31-12-2024 | \n
|---|---|---|---|
| \n Average number of outstanding shares | \n\n \n | \n\n 70\u00a0263\u00a0501 | \n\n 70\u00a0263\u00a0501 | \n
| \n Impact of dilutive instruments | \n\n \n | \n\n 0 | \n\n 0 | \n
| \n Diluted average number of outstanding shares | \n\n \n | \n\n 70\u00a0263\u00a0501 | \n\n 70\u00a0263\u00a0501 | \n
| \n Earnings per share (in euros) | \n\n \n | \n\n 31-12-2025 | \n\n 31-12-2024 | \n
|---|---|---|---|
| \n Basic earnings per share from continuing operations attributable to the parent company\u2019s shareholders | \n\n \n | \n\n 1.0659 | \n\n 1.1679 | \n
| \n Diluted basic earnings per share from continuing operations attributable to the parent company\u2019s shareholders | \n\n \n | \n\n 1.0659 | \n\n 1.1679 | \n
| \n Basic earnings per share from discontinued operations attributable to the parent company\u2019s shareholders | \n\n \n | \n\n 0.0000 | \n\n 0.0000 | \n
| \n Diluted basic earnings per share from discontinued operations attributable to the parent company\u2019s shareholders | \n\n \n | \n\n 0.0000 | \n\n 0.0000 | \n
| \n Basic earnings per share attributable to the parent company\u2019s shareholders | \n\n \n | \n\n 1.0659 | \n\n 1.1679 | \n
| \n Diluted basic earnings per share attributable to the parent company\u2019s shareholders | \n\n \n | \n\n 1.0659 | \n\n 1.1679 | \n
Note 5.4.Other financial assets
| \n Other financial assets | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|
| \n \n | \n\n Notes | \n\n 31-12-2025 | \n\n 31-12-2024 | \n
| \n Shares at cost | \n\n \n | \n\n 24 | \n\n 24 | \n
| \n Amortised investment securities | \n\n 5.4.1 | \n\n 72\u00a0421 | \n\n 58\u00a0882 | \n
| \n Other amortised/depreciated investments | \n\n 5.4.1 | \n\n 25\u00a0039 | \n\n 47\u00a0065 | \n
| \n Financial instruments at fair value through profit or loss | \n\n \n | \n\n 4\u00a0741 | \n\n 2\u00a0912 | \n
| \n Other financial assets at cost | \n\n \n | \n\n 69 | \n\n 70 | \n
| \n Total | \n\n \n | \n\n 102\u00a0294 | \n\n 108\u00a0953 | \n
5.4.1.
These items include cash investments with a maturity longer than one year. Investment securities at amortised cost correspond to bonds, while other investments at amortised cost correspond mainly to term deposits. They are mainly from Flux Re of which the cash is destined to cover the risk of the entity in the scope of its reinsurance business. The maturity of these investments is between 2026 and 2036.
The assets held by Flux Re are significantly higher than the minimum capital requirements under Solvency II (\u20ac 19.3 million).
Note 6.Financial instruments
The Fluxys Belgium group is exposed to several financial risks ensuing from its underlying operations and its business financing operations. These financial risks consist of market risks (including currency risks, interest rate risks and price risks), credit risks and liquidity risks.
The group's administrative organisation, controlling and financial reports ensure that these risks are constantly monitored and managed.
The group uses derivative financial instruments to hedge its exposure to exchange and interest rate risks arising from its operating, financing and investment activities. The group does not engage in speculative transactions.
The Fluxys Belgium group's cash is managed as part of a general policy that cash surpluses are invested with Fluxys SA under cash pooling agreements.As a reminder, Fluxys SA centralises the management of the Fluxys group\u2019s cash funds and financing.
The objective of this policy is to optimise the group\u2019s cash positions.These transactions are entered into at market terms and conditions.
The group's financial policy stipulates that cash surpluses be maintained at first class financial institutions or invested in financial instruments issued by entities with a high credit rating or in financial instruments of issuers which are covered by a guarantee from a European Member State or whose share capital is predominantly controlled by state-owned entities.Cash surpluses are invested following a competitive bidding award, and in instruments that are sufficiently diversified to limit counterparty risk concentration.These investments are subject to constant monitoring and risk analysis on a case-by-case basis.
At 31-12-2025, current and non-current investments, cash and cash equivalents amounted to \u20ac955,407 thousand compared to \u20ac1,229,162 thousand at the end of 2024.
The group systematically assesses its counterparties' financial capacity and systematically monitors receivables.Group policy regarding counterparty risks requires that the group submit potential customers and suppliers to a detailed preliminary financial analysis (liquidity, solvency, profitability, reputation and risks).The group uses internal and external information sources, such as official analysis performed by rating agencies (Moody's, Standard & Poor's and Fitch). These rating agencies assess entities in relation to risk and award them a credit score (rating).The group also uses specialist services or databases containing general, financial and market information to complement its own evaluation of potential customers and suppliers.In addition, for most of its activities the group is allowed to contractually require guarantees (either bank guarantees or cash deposits) from counterparties.The group thereby reduces its exposure to credit risk both in terms of default and concentration of customers.
In view of the concentration risk it must be noted that three clients contribute 18%, 13% and 12% of the operating revenue.
The group's debt mainly consists of fixed interest rate loans maturing between 2026 and 2034, the balance of which (including lease obligations) as at 31-12-2025 represents \u20ac1,043,460 thousand compared to \u20ac1,081,621 thousand at the end of 2024.
In addition, the group's interest-bearing liabilities include other financing and liabilities to be used within the regulatory framework.
As further explained in Note 5.12, part of these bear interest at a 10-year OLO rate and the remainder at the average Euribor 1-year rate. The group does not incur any interest rate risks related to this.
Therefore, a sensitivity analysis is not representative for the risk inherent in these financial instruments. Consequently, the Fluxys Belgium group\u2019s exposure to interest rate risk is very limited.
Liquidity risk management is one of Fluxys Belgium group\u2019s main objectives.
The Fluxys Belgium group can call upon Fluxys SA in case of liquidity needs, under the cash pooling arrangements. As a reminder, Fluxys SA centralises the management of the Fluxys group\u2019s cash funds and financing, and has some unused, confirmed and renewable lines of credit.
The maturity of interest-bearing liabilities is reported in Note 5.11.
The group's main financial instruments consist of financial and trade receivables and payables, short-term investments, cash and cash equivalents.
The following table gives an overview of financial instruments at 31 December 2025:
| \n Summary of financial instruments at balance sheet date | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n 31-12-2025 | \n\n Categories | \n\n Book value | \n\n Fair value | \n\n Level | \n
| \n I. Non-current assets | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Other financial assets at amortised cost | \n\n A | \n\n 97\u00a0553 | \n\n 91\u00a0253 | \n\n 1 & 2 | \n
| \n Other financial assets at fair value through profit or loss | \n\n B | \n\n 4\u00a0741 | \n\n 4\u00a0741 | \n\n 2 | \n
| \n Financial lease receivables | \n\n A | \n\n 0 | \n\n 0 | \n\n 2 | \n
| \n Other receivables | \n\n A | \n\n 14\u00a0571 | \n\n 14\u00a0571 | \n\n 2 | \n
| \n II. Current assets | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Financial lease receivables | \n\n A | \n\n 0 | \n\n 0 | \n\n 2 | \n
| \n Trade and other receivables | \n\n A | \n\n 117\u00a0413 | \n\n 117\u00a0413 | \n\n 2 | \n
| \n Cash investments | \n\n A | \n\n 72\u00a0293 | \n\n 71\u00a0725 | \n\n 2 | \n
| \n Cash and cash equivalents | \n\n A | \n\n 785\u00a0654 | \n\n 785\u00a0655 | \n\n 2 | \n
| \n Total financial instruments \u2013 assets | \n\n \n | \n\n 1\u00a0092\u00a0225 | \n\n 1\u00a0085\u00a0358 | \n\n \n | \n
| \n I. Non-current liabilities | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Interest-bearing liabilities | \n\n A | \n\n 960\u00a0026 | \n\n 933\u00a0529 | \n\n 2 | \n
| \n Other financial assets | \n\n B | \n\n 4\u00a0741 | \n\n 4\u00a0741 | \n\n 2 | \n
| \n II. Current liabilities | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Interest-bearing liabilities | \n\n A | \n\n 53\u00a0074 | \n\n 53\u00a0074 | \n\n 2 | \n
| \n Trade and other payables | \n\n A | \n\n 102\u00a0567 | \n\n 102\u00a0567 | \n\n 2 | \n
| \n Total financial instruments - liabilities | \n\n \n | \n\n 1\u00a0120\u00a0409 | \n\n 1\u00a0093\u00a0911 | \n\n \n | \n
The categories correspond to the following financial instruments:
A.Financial assets or financial liabilities at depreciated cost.
B.Assets or liabilities at fair value through net profit or loss.
| \n Summary of financial instruments at balance sheet date | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n 31-12-2024 | \n\n Categories | \n\n Book value | \n\n Fair value | \n\n Level | \n
| \n I. Non-current assets | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Other financial assets at amortised cost | \n\n A | \n\n 106\u00a0041 | \n\n 99\u00a0952 | \n\n 1 & 2 | \n
| \n Other financial assets at fair value through profit or loss | \n\n B | \n\n 2\u00a0912 | \n\n 2\u00a0912 | \n\n 2 | \n
| \n Financial lease receivables | \n\n A | \n\n 0 | \n\n 0 | \n\n 2 | \n
| \n Other receivables | \n\n A | \n\n 18\u00a0691 | \n\n 18\u00a0691 | \n\n 2 | \n
| \n II. Current assets | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Financial lease receivables | \n\n A | \n\n 0 | \n\n 0 | \n\n 2 | \n
| \n Trade and other receivables | \n\n A | \n\n 93\u00a0521 | \n\n 93\u00a0521 | \n\n 2 | \n
| \n Cash investments | \n\n A | \n\n 31\u00a0672 | \n\n 31\u00a0648 | \n\n 2 | \n
| \n Cash and cash equivalents | \n\n A | \n\n 1\u00a0091\u00a0543 | \n\n 1\u00a0091\u00a0567 | \n\n 2 | \n
| \n Total financial instruments \u2013 assets | \n\n \n | \n\n 1\u00a0344\u00a0380 | \n\n 1\u00a0338\u00a0291 | \n\n \n | \n
| \n I. Non-current liabilities | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Interest-bearing liabilities | \n\n A | \n\n 1\u00a0002\u00a0963 | \n\n 964\u00a0858 | \n\n 2 | \n
| \n Other financial assets | \n\n B | \n\n 2\u00a0912 | \n\n 2\u00a0912 | \n\n 2 | \n
| \n II. Current liabilities | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Interest-bearing liabilities | \n\n A | \n\n 52\u00a0371 | \n\n 52\u00a0371 | \n\n 2 | \n
| \n Trade and other payables | \n\n A | \n\n 108\u00a0959 | \n\n 108\u00a0959 | \n\n 2 | \n
| \n Total financial instruments - liabilities | \n\n \n | \n\n 1\u00a0167\u00a0205 | \n\n 1\u00a0129\u00a0100 | \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 | \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 | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
All of the group's financial instruments fall within Levels 1 and 2 of the fair value hierarchy. Their fair value is measured on a recurring basis.
Level 1 of the fair value hierarchy includes short-term investments and cash equivalents whose fair value is based on quoted prices. They consist mainly of bonds.
Level 2 of the fair value hierarchy includes other financial assets and liabilities whose fair value is based on other inputs that are observable for the asset or liability, either directly or indirectly.
The techniques for measuring the fair value of Level 2 financial instruments are as follows:
\u2022The items \u2018Interest-bearing liabilities\u2019 include the fixed-rate bonds issued by Fluxys Belgium, whose fair value is determined based on active market rates, usually provided by financial institutions.
\u2022The fair value of other level-2 financial assets and liabilities remains close to the book value
-because they have a short-term maturity (such as trade receivables and payables).
-except for assets depreciated due to the increase in interest rates
Note 5.4.Other financial assets
| \n Other financial assets | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|
| \n \n | \n\n Notes | \n\n 31-12-2025 | \n\n 31-12-2024 | \n
| \n Shares at cost | \n\n \n | \n\n 24 | \n\n 24 | \n
| \n Amortised investment securities | \n\n 5.4.1 | \n\n 72\u00a0421 | \n\n 58\u00a0882 | \n
| \n Other amortised/depreciated investments | \n\n 5.4.1 | \n\n 25\u00a0039 | \n\n 47\u00a0065 | \n
| \n Financial instruments at fair value through profit or loss | \n\n \n | \n\n 4\u00a0741 | \n\n 2\u00a0912 | \n
| \n Other financial assets at cost | \n\n \n | \n\n 69 | \n\n 70 | \n
| \n Total | \n\n \n | \n\n 102\u00a0294 | \n\n 108\u00a0953 | \n
5.4.1.
These items include cash investments with a maturity longer than one year. Investment securities at amortised cost correspond to bonds, while other investments at amortised cost correspond mainly to term deposits. They are mainly from Flux Re of which the cash is destined to cover the risk of the entity in the scope of its reinsurance business. The maturity of these investments is between 2026 and 2036.
The assets held by Flux Re are significantly higher than the minimum capital requirements under Solvency II (\u20ac 19.3 million).
Note 5.7.Trade and other receivables
| \n Trade and other receivables | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n Notes | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Gross trade receivables | \n\n \n | \n\n 83\u00a0049 | \n\n 72\u00a0504 | \n\n 10\u00a0545 | \n
| \n Impairment losses | \n\n \n | \n\n -363 | \n\n -1\u00a0572 | \n\n 1\u00a0209 | \n
| \n Net trade receivables | \n\n 5.7.1 | \n\n 82\u00a0686 | \n\n 70\u00a0932 | \n\n 11\u00a0754 | \n
| \n Other receivables | \n\n 5.7.2 | \n\n 34\u00a0727 | \n\n 22\u00a0589 | \n\n 12\u00a0138 | \n
| \n Total | \n\n \n | \n\n 117\u00a0413 | \n\n 93\u00a0521 | \n\n 23\u00a0892 | \n
The increase in trade receivables is in line with the increase in sales and services to external customers.
Fluxys Belgium group reduces its exposure to credit risk, both in terms of default and concentration of risk, by requiring short payment terms from its customers (payment within one month), a strict policy for the follow-up of trade receivables, and a systematic evaluation of its counterparties' financial position. The write-downs based on credit losses expected and accounted for in trade and other receivables are of little material significance to the Fluxys Belgium group.
Trade receivables can be broken down as follows according to their ageing:
| \n Net trade receivables according to ageing | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n \n | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Receivables not past due | \n\n \n | \n\n 81\u00a0223 | \n\n 70\u00a0063 | \n\n 11\u00a0160 | \n
| \n Receivables < 3 months | \n\n \n | \n\n 574 | \n\n 470 | \n\n 104 | \n
| \n Receivables 3 - 6 months | \n\n \n | \n\n 40 | \n\n 20 | \n\n 20 | \n
| \n Receivables > 6 months | \n\n \n | \n\n 118 | \n\n 0 | \n\n 118 | \n
| \n Disputed or doubtful receivables that are not yet impaired | \n\n \n | \n\n 731 | \n\n 379 | \n\n 352 | \n
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Total | \n\n \n | \n\n 82\u00a0686 | \n\n 70\u00a0932 | \n\n 11\u00a0754 | \n
Disputed or doubtful receivables mainly concern grid users. Those deemed irrecoverable have been subject to impairment losses of 100%.
Other receivables primarily include joint venture receivables and VAT administration receivables.
Note 5.8.Short-term investments, cash and cash equivalents
Short-term investments are investments with a maturity of more than three months and maximum one year in bonds, commercial paper and bank deposits.
Cash and cash equivalents are mainly euro investments in commercial paper that have a maximum maturity of 11 months after the date of acquisition, deposits made with Fluxys SA (cash pooling), term deposits at credit institutions, current account bank balances and cash in hand.
| \n Short-term investments, cash and cash equivalents | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|
| \n \n | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Cash investments | \n\n 72\u00a0293 | \n\n 31\u00a0672 | \n\n 40\u00a0621 | \n
| \n Cash and cash equivalents | \n\n 785\u00a0654 | \n\n 1\u00a0091\u00a0543 | \n\n -305\u00a0889 | \n
| \n Cash equivalents and cash pooling | \n\n 764\u00a0098 | \n\n 1\u00a0040\u00a0611 | \n\n -276\u00a0513 | \n
| \n Short-term deposits | \n\n 7\u00a0093 | \n\n 20\u00a0036 | \n\n -12\u00a0943 | \n
| \n Bank balances | \n\n 14\u00a0451 | \n\n 30\u00a0883 | \n\n -16\u00a0432 | \n
| \n Cash in hand | \n\n 12 | \n\n 13 | \n\n -1 | \n
| \n Total | \n\n 857\u00a0947 | \n\n 1\u00a0123\u00a0215 | \n\n -265\u00a0268 | \n
In 2025, the average rate of return on short-term investments, cash and cash equivalents was 1.67%. The credit losses expected and accounted for in investments, cash and cash equivalents are of little material significance to the Fluxys Belgium group.
Note 5.4.Other financial assets
| \n Other financial assets | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|
| \n \n | \n\n Notes | \n\n 31-12-2025 | \n\n 31-12-2024 | \n
| \n Shares at cost | \n\n \n | \n\n 24 | \n\n 24 | \n
| \n Amortised investment securities | \n\n 5.4.1 | \n\n 72\u00a0421 | \n\n 58\u00a0882 | \n
| \n Other amortised/depreciated investments | \n\n 5.4.1 | \n\n 25\u00a0039 | \n\n 47\u00a0065 | \n
| \n Financial instruments at fair value through profit or loss | \n\n \n | \n\n 4\u00a0741 | \n\n 2\u00a0912 | \n
| \n Other financial assets at cost | \n\n \n | \n\n 69 | \n\n 70 | \n
| \n Total | \n\n \n | \n\n 102\u00a0294 | \n\n 108\u00a0953 | \n
5.4.1.
These items include cash investments with a maturity longer than one year. Investment securities at amortised cost correspond to bonds, while other investments at amortised cost correspond mainly to term deposits. They are mainly from Flux Re of which the cash is destined to cover the risk of the entity in the scope of its reinsurance business. The maturity of these investments is between 2026 and 2036.
The assets held by Flux Re are significantly higher than the minimum capital requirements under Solvency II (\u20ac 19.3 million).
Note 5.5.Other non-current assets
| \n Other non-current assets | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n Notes | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Plan asset surpluses \u2018IAS 19 Employee benefits\u2019 | \n\n 5.14 | \n\n 22\u00a0939 | \n\n 16\u00a0756 | \n\n 6\u00a0183 | \n
| \n Total | \n\n \n | \n\n 22\u00a0939 | \n\n 16\u00a0756 | \n\n 6\u00a0183 | \n
The value of surplus plan assets in the provision for employee benefits increased in 2025, in particular because of the expected returns.
Note 5.4.Other financial assets
| \n Other financial assets | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|
| \n \n | \n\n Notes | \n\n 31-12-2025 | \n\n 31-12-2024 | \n
| \n Shares at cost | \n\n \n | \n\n 24 | \n\n 24 | \n
| \n Amortised investment securities | \n\n 5.4.1 | \n\n 72\u00a0421 | \n\n 58\u00a0882 | \n
| \n Other amortised/depreciated investments | \n\n 5.4.1 | \n\n 25\u00a0039 | \n\n 47\u00a0065 | \n
| \n Financial instruments at fair value through profit or loss | \n\n \n | \n\n 4\u00a0741 | \n\n 2\u00a0912 | \n
| \n Other financial assets at cost | \n\n \n | \n\n 69 | \n\n 70 | \n
| \n Total | \n\n \n | \n\n 102\u00a0294 | \n\n 108\u00a0953 | \n
5.4.1.
These items include cash investments with a maturity longer than one year. Investment securities at amortised cost correspond to bonds, while other investments at amortised cost correspond mainly to term deposits. They are mainly from Flux Re of which the cash is destined to cover the risk of the entity in the scope of its reinsurance business. The maturity of these investments is between 2026 and 2036.
The assets held by Flux Re are significantly higher than the minimum capital requirements under Solvency II (\u20ac 19.3 million).
Note 5.4.Other financial assets
| \n Other financial assets | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|
| \n \n | \n\n Notes | \n\n 31-12-2025 | \n\n 31-12-2024 | \n
| \n Shares at cost | \n\n \n | \n\n 24 | \n\n 24 | \n
| \n Amortised investment securities | \n\n 5.4.1 | \n\n 72\u00a0421 | \n\n 58\u00a0882 | \n
| \n Other amortised/depreciated investments | \n\n 5.4.1 | \n\n 25\u00a0039 | \n\n 47\u00a0065 | \n
| \n Financial instruments at fair value through profit or loss | \n\n \n | \n\n 4\u00a0741 | \n\n 2\u00a0912 | \n
| \n Other financial assets at cost | \n\n \n | \n\n 69 | \n\n 70 | \n
| \n Total | \n\n \n | \n\n 102\u00a0294 | \n\n 108\u00a0953 | \n
5.4.1.
These items include cash investments with a maturity longer than one year. Investment securities at amortised cost correspond to bonds, while other investments at amortised cost correspond mainly to term deposits. They are mainly from Flux Re of which the cash is destined to cover the risk of the entity in the scope of its reinsurance business. The maturity of these investments is between 2026 and 2036.
The assets held by Flux Re are significantly higher than the minimum capital requirements under Solvency II (\u20ac 19.3 million).
Note 5.5.Other non-current assets
| \n Other non-current assets | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n Notes | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Plan asset surpluses \u2018IAS 19 Employee benefits\u2019 | \n\n 5.14 | \n\n 22\u00a0939 | \n\n 16\u00a0756 | \n\n 6\u00a0183 | \n
| \n Total | \n\n \n | \n\n 22\u00a0939 | \n\n 16\u00a0756 | \n\n 6\u00a0183 | \n
The value of surplus plan assets in the provision for employee benefits increased in 2025, in particular because of the expected returns.
Note 5.9.Other current assets
| \n Other current assets | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n Notes | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Accrued income | \n\n \n | \n\n 2\u00a0432 | \n\n 3\u00a0163 | \n\n -731 | \n
| \n Prepaid expenses | \n\n \n | \n\n 35\u00a0424 | \n\n 20\u00a0669 | \n\n 14\u00a0755 | \n
| \n Other current assets | \n\n 5.9.1 | \n\n 2\u00a0550 | \n\n 1\u00a0862 | \n\n 688 | \n
| \n Total | \n\n \n | \n\n 40\u00a0406 | \n\n 25\u00a0694 | \n\n 14\u00a0712 | \n
Other current assets mainly comprise prepaid expenses amounting to \u20ac35,424 thousand (insurance, fees, rent, etc.) as well as various items of accrued income.
5.9.1.
Other current assets include the short-term share of the plan asset surpluses compared with the actuarial debt relating to the group's pension liabilities (see Notes 5.5 and 5.14).
Note 5.8.Short-term investments, cash and cash equivalents
Short-term investments are investments with a maturity of more than three months and maximum one year in bonds, commercial paper and bank deposits.
Cash and cash equivalents are mainly euro investments in commercial paper that have a maximum maturity of 11 months after the date of acquisition, deposits made with Fluxys SA (cash pooling), term deposits at credit institutions, current account bank balances and cash in hand.
| \n Short-term investments, cash and cash equivalents | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|
| \n \n | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Cash investments | \n\n 72\u00a0293 | \n\n 31\u00a0672 | \n\n 40\u00a0621 | \n
| \n Cash and cash equivalents | \n\n 785\u00a0654 | \n\n 1\u00a0091\u00a0543 | \n\n -305\u00a0889 | \n
| \n Cash equivalents and cash pooling | \n\n 764\u00a0098 | \n\n 1\u00a0040\u00a0611 | \n\n -276\u00a0513 | \n
| \n Short-term deposits | \n\n 7\u00a0093 | \n\n 20\u00a0036 | \n\n -12\u00a0943 | \n
| \n Bank balances | \n\n 14\u00a0451 | \n\n 30\u00a0883 | \n\n -16\u00a0432 | \n
| \n Cash in hand | \n\n 12 | \n\n 13 | \n\n -1 | \n
| \n Total | \n\n 857\u00a0947 | \n\n 1\u00a0123\u00a0215 | \n\n -265\u00a0268 | \n
In 2025, the average rate of return on short-term investments, cash and cash equivalents was 1.67%. The credit losses expected and accounted for in investments, cash and cash equivalents are of little material significance to the Fluxys Belgium group.
Note 5.9.Other current assets
| \n Other current assets | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n Notes | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Accrued income | \n\n \n | \n\n 2\u00a0432 | \n\n 3\u00a0163 | \n\n -731 | \n
| \n Prepaid expenses | \n\n \n | \n\n 35\u00a0424 | \n\n 20\u00a0669 | \n\n 14\u00a0755 | \n
| \n Other current assets | \n\n 5.9.1 | \n\n 2\u00a0550 | \n\n 1\u00a0862 | \n\n 688 | \n
| \n Total | \n\n \n | \n\n 40\u00a0406 | \n\n 25\u00a0694 | \n\n 14\u00a0712 | \n
Other current assets mainly comprise prepaid expenses amounting to \u20ac35,424 thousand (insurance, fees, rent, etc.) as well as various items of accrued income.
5.9.1.
Other current assets include the short-term share of the plan asset surpluses compared with the actuarial debt relating to the group's pension liabilities (see Notes 5.5 and 5.14).
Note 5.9.Other current assets
| \n Other current assets | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n Notes | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Accrued income | \n\n \n | \n\n 2\u00a0432 | \n\n 3\u00a0163 | \n\n -731 | \n
| \n Prepaid expenses | \n\n \n | \n\n 35\u00a0424 | \n\n 20\u00a0669 | \n\n 14\u00a0755 | \n
| \n Other current assets | \n\n 5.9.1 | \n\n 2\u00a0550 | \n\n 1\u00a0862 | \n\n 688 | \n
| \n Total | \n\n \n | \n\n 40\u00a0406 | \n\n 25\u00a0694 | \n\n 14\u00a0712 | \n
Other current assets mainly comprise prepaid expenses amounting to \u20ac35,424 thousand (insurance, fees, rent, etc.) as well as various items of accrued income.
5.9.1.
Other current assets include the short-term share of the plan asset surpluses compared with the actuarial debt relating to the group's pension liabilities (see Notes 5.5 and 5.14).
Note 5.10.Equity
On 31-12-2025, equity amounted to \u20ac592,792 thousand. The \u20ac11,021 thousand decrease since the previous year comes essentially from dividends distributed in 2025 (\u20ac98,369 thousand), a decrease partially offset by the overall result for the period (\u20ac83,193 thousand).
| \n Note on parent entity shareholding | \n|||
|---|---|---|---|
| \n \n | \n\n Ordinary Shares | \n\n Preferential shares | \n\n Total | \n
| \n I.Movements in number of shares | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 1.Number of shares, opening balance | \n\n 70,263,501 | \n\n 0 | \n\n 70,263,501 | \n
| \n 2.Number of shares issued | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 3.Number of ordinary shares cancelled or reduced (-) | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 4.Number of ordinary shares cancelled or reduced (-) | \n\n \n | \n\n \n | \n\n \n | \n
| \n 5.Other increase (/ decrease) | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 6.Number of shares, closing balance | \n\n 70,263,501 | \n\n 0 | \n\n 70,263,501 | \n
| \n Note on parent entity shareholding | \n|||
|---|---|---|---|
| \n II.Other information | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 1.Face value of shares | \n\n No face value mentioned | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2.Number of shares owned by the company | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n 3.Interim dividends during the financial year | \n\n \n | \n\n \u00a0 | \n\n \u00a0 | \n
The share capital of Fluxys Belgium SA is represented by 70,263,501 shares with no face value, divided into two categories, in addition to the specific share.
Shares in category B are and remain registered. They are held by long-term shareholders.
Category D shares are registered or dematerialised and are mainly held by the general public.
The Belgian State owns share no. 1, which does not belong to any of the above categories and shall be referred to hereinafter as the 'specific share'. In accordance with the Fluxys Belgium articles of association, this 'specific share' carries specific rights. These specific rights remain attached to this share in addition to the common rights attached to the ordinary shares of Fluxys Belgium (former Distrigas), as long as this share is owned by the Belgian State, as established in Articles 3 to 5 of the Royal Decree of 16 June 1994. These specific rights are exercised by the Federal Minister responsible for energy. In addition to these specific rights this 'specific share' also entitles to receive 100 times the dividend or any other distribution by the entity to its shareholders, than the ones attached to the category B or D shares.
Note 5.10.Equity
On 31-12-2025, equity amounted to \u20ac592,792 thousand. The \u20ac11,021 thousand decrease since the previous year comes essentially from dividends distributed in 2025 (\u20ac98,369 thousand), a decrease partially offset by the overall result for the period (\u20ac83,193 thousand).
| \n Note on parent entity shareholding | \n|||
|---|---|---|---|
| \n \n | \n\n Ordinary Shares | \n\n Preferential shares | \n\n Total | \n
| \n I.Movements in number of shares | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 1.Number of shares, opening balance | \n\n 70,263,501 | \n\n 0 | \n\n 70,263,501 | \n
| \n 2.Number of shares issued | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 3.Number of ordinary shares cancelled or reduced (-) | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 4.Number of ordinary shares cancelled or reduced (-) | \n\n \n | \n\n \n | \n\n \n | \n
| \n 5.Other increase (/ decrease) | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 6.Number of shares, closing balance | \n\n 70,263,501 | \n\n 0 | \n\n 70,263,501 | \n
| \n Note on parent entity shareholding | \n|||
|---|---|---|---|
| \n II.Other information | \n\n \u00a0 | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 1.Face value of shares | \n\n No face value mentioned | \n\n \u00a0 | \n\n \u00a0 | \n
| \n 2.Number of shares owned by the company | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n 3.Interim dividends during the financial year | \n\n \n | \n\n \u00a0 | \n\n \u00a0 | \n
The share capital of Fluxys Belgium SA is represented by 70,263,501 shares with no face value, divided into two categories, in addition to the specific share.
Shares in category B are and remain registered. They are held by long-term shareholders.
Category D shares are registered or dematerialised and are mainly held by the general public.
The Belgian State owns share no. 1, which does not belong to any of the above categories and shall be referred to hereinafter as the 'specific share'. In accordance with the Fluxys Belgium articles of association, this 'specific share' carries specific rights. These specific rights remain attached to this share in addition to the common rights attached to the ordinary shares of Fluxys Belgium (former Distrigas), as long as this share is owned by the Belgian State, as established in Articles 3 to 5 of the Royal Decree of 16 June 1994. These specific rights are exercised by the Federal Minister responsible for energy. In addition to these specific rights this 'specific share' also entitles to receive 100 times the dividend or any other distribution by the entity to its shareholders, than the ones attached to the category B or D shares.
Note 5.12.Regulatory liabilities
| \n Regulatory liabilities | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n Note | \n\n 31-12-2025 | \n\n 31-12-2024 | \n\n Change | \n
| \n Other borrowings (long-term) | \n\n \n | \n\n 658\u00a0490 | \n\n 858\u00a0922 | \n\n -200\u00a0432 | \n
| \n Other borrowings (short-term) | \n\n \n | \n\n 167\u00a0549 | \n\n 161\u00a0347 | \n\n 6\u00a0202 | \n
| \n Total of other borrowings (A) | \n\n 5.12.1 | \n\n 826\u00a0039 | \n\n 1\u00a0020\u00a0269 | \n\n -194\u00a0230 | \n
| \n Other borrowings (long-term) | \n\n \n | \n\n 373\u00a0130 | \n\n 260\u00a0167 | \n\n 112\u00a0963 | \n
| \n Other borrowings (short-term) | \n\n \n | \n\n 51\u00a0509 | \n\n 9\u00a0521 | \n\n 41\u00a0988 | \n
| \n Total of other debts (B) | \n\n 5.12.2 | \n\n 424\u00a0639 | \n\n 269\u00a0688 | \n\n 154\u00a0951 | \n
| \n Total of regulatory liabilities (A+B=C) | \n\n \n | \n\n 1\u00a0250\u00a0678 | \n\n 1\u00a0289\u00a0957 | \n\n -39\u00a0279 | \n
| \n Presentation in the balance sheet: | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Non-current regulatory liabilities | \n\n \n | \n\n 1\u00a0031\u00a0620 | \n\n 1\u00a0119\u00a0089 | \n\n -87\u00a0469 | \n
| \n Other current regulatory liabilities | \n\n \n | \n\n 219\u00a0058 | \n\n 170\u00a0868 | \n\n 48\u00a0190 | \n
| \n Total of regulatory liabilities (C) | \n\n \n | \n\n 1\u00a0250\u00a0678 | \n\n 1\u00a0289\u00a0957 | \n\n -39\u00a0279 | \n
5.12.1.
'Other financing' corresponds to the specific allocations of regulatory liabilities that are at the group\u2019s disposal to finance specific investments, notably for the second jetty at Zeebrugge, and for the cost associated with the conversion of part of the gas transmission network.Part of these amounts bears interest at a 10-year OLO rate and the remainder at the average 1-year Euribor rate. Auction premiums of EUR 26.3 million were realised in 2025 and recorded under \u2018Other financing\u2019. This presentation is justified by the different regulatory treatment applied to auction premiums in accordance with the European network code.
5.12.2.
The other regulatory liabilities included in \u2018other liabilities\u2019 include the differences between the regulated tariffs invoiced and the regulated tariffs acquired. These amounts bear interest at the average Euribor 1-year rate.
The regulatory liabilities are reconciled with the segment reporting and the statement of cash flows as follows:
| \n Changes in regulatory liabilities | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n Long term + short term | \n\n \n | \n\n Other financing (A) | \n\n Other debts (B) | \n\n Total | \n
| \n Opening balance as at 01.01.2025 | \n\n \n | \n\n 1\u00a0020\u00a0269 | \n\n 269\u00a0688 | \n\n 1\u00a0289\u00a0957 | \n
| \n Use | \n\n \n | \n\n -214\u00a0885 | \n\n -5\u00a0321 | \n\n -220\u00a0206 | \n
| \n Additions | \n\n \n | \n\n 31\u00a0136 | \n\n 122\u00a0692 | \n\n 153\u00a0828 | \n
| \n Interest | \n\n \n | \n\n 20\u00a0464 | \n\n 6\u00a0635 | \n\n 27\u00a0099 | \n
| \n Transfer | \n\n \n | \n\n -30\u00a0945 | \n\n 30\u00a0945 | \n\n 0 | \n
| \n Closing balance as at 31-12-2025 | \n\n \n | \n\n 826\u00a0039 | \n\n 424\u00a0639 | \n\n 1\u00a0250\u00a0678 | \n
The sum of use and additions amounts to -\u20ac66,378 thousand. The difference compared to the movement shown in the segment information corresponds to the amount used for investments.
This net increase in regulatory liabilities corresponds with the change in regulatory liabilities included in item 1.2.5. of the cash flow table.
The \u20ac27,099 thousand interest charge on regulatory liabilities was accounted for in the finance costs.
Note 5.14.Provisions for employee benefits
In Belgium collective agreements regulate the rights of entity employees in the electricity and gas industries.
These agreements cover 'salary scale' personnel recruited before 1 June 2002 and management personnel recruited before 1 May 1999 allowing affiliates to benefit from a capital calculated based on a formula that takes account of their final annual salary and the number of years of service when they leave or retire. These are called \u2018defined benefit pension plans\u2019.
Obligations under these defined contribution pension plans are funded through a number of pension funds for the electricity and gas industries and through insurance companies.
Employees and employers contribute to these pension plans. The employer\u2019s contribution is determined annually on the basis of an actuarial report. This is to ensure that the minimum legal funding requirements have been met and that the long-term funding of the benefits is assured.
The group is exposed, in connection with its defined benefit pension plans, to risks related to actuarial assumptions concerning investments, interest rates, life expectancy and salary development.
The present value of defined benefit obligations is determined using a Discount rate based on high-quality bonds.
The assumptions concerning salary increases, inflation, personnel movements and expected average retirement age are defined based on historic entity statistics. The mortality tables used are those published by the IABE (Institute of Actuaries in Belgium).
At 2025 year-end, the defined benefit pension plans have surplus plan assets of \u20ac25,488 thousand (2024: \u20ac18,618 thousand) compared with the actuarial liability on estimated liabilities of the group. The amount was therefore transferred to the assets in the balance sheet under 'Other non-current assets' (Note 5.5) and 'Other current assets\u2019 (Note 5.9.1).
The financing policy was amended in 2018 to ensure that surpluses are recovered over the duration of the pension plans. In addition, transfers between different pension plans are possible.
In Belgium, \u2018Salary scale\u2019 personnel recruited after 1 June 2002 and management staff recruited after 1 May 1999 as well as the members of the management benefit from defined contribution pension plans.
The pension plans are financed by contributions from employees and employers, the latter corresponding to a multiple of the contributions from employees. Obligations under these defined contribution pension plans are funded through a number of pension funds for the electricity and gas industries and through insurance companies.
The assets of the pension funds are allocated among the various categories of the following risks:
\u2022Low risk: bonds in the euro zone and/or high-quality bonds.
\u2022Medium risk: risk diversification between bonds, convertible bonds, real estate and equity instruments.
\u2022High risk: equity instruments. Real-estate etc.
\u2022Dynamic Asset Allocation: rapid adjustment of the portfolio structure in case specific events in order to limit losses in periods of stress.
Belgian law requires that the employer guarantees a minimum return for defined contribution, which varies based on the market rates.
Specifications relating to minimum returns guaranteed by the employer:
\u2022For contributions paid up until 31-12-2015, the minimum return of 3.25% for employer contributions and 3.75% for employee contributions applies up to that date.
\u2022For contributions paid since 01-01-2025, the minimum guaranteed return went from 1.75% to 2.5%.
\u2022The accounting method used by the group to value these \u2018defined contribution pension plans, with a guaranteed minimum return\u2019, is identical to the method used for \u2018defined benefit plans\u2019 (see Note 2.11).
For certain defined contribution schemes, the contributions increase depending on the seniority in the Group (referred to as \u2018backloaded\u2019). For these schemes, the contributions are distributed uniformly over time.
Defined contribution plans expose the employer to the risk of a minimum return on pension fund assets that do not offer a sufficient guaranteed return.
Fluxys Belgium group also has early pension schemes, other post-employment benefits such as reimbursement of medical expenses and price subsidies, as well as other long-term benefits (seniority payments). Not all of these benefits are funded.
| \n In thousands of \u20ac | \n\n Pensions * | \n\n Other** | \n||
|---|---|---|---|---|
| \n \n | \n\n 2025 | \n\n 2024 | \n\n 2025 | \n\n 2024 | \n
| \n Present value of funded obligations | \n\n -215\u00a0650 | \n\n -214\u00a0252 | \n\n -30\u00a0447 | \n\n -34\u00a0070 | \n
| \n Fair value of plan assets | \n\n 231\u00a0639 | \n\n 221\u00a0453 | \n\n 0 | \n\n 0 | \n
| \n Funded status of plans | \n\n 15\u00a0989 | \n\n 7\u00a0201 | \n\n -30\u00a0447 | \n\n -34\u00a0070 | \n
| \n Effect of the asset ceiling*** | \n\n -4\u00a0112 | \n\n -3\u00a0586 | \n\n 0 | \n\n 0 | \n
| \n Other | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Net employee benefit liability | \n\n 11\u00a0877 | \n\n 3\u00a0615 | \n\n -30\u00a0447 | \n\n -34\u00a0070 | \n
| \n Of which assets | \n\n 25\u00a0489 | \n\n 18\u00a0618 | \n\n 0 | \n\n 0 | \n
| \n Of which liabilities | \n\n -13\u00a0612 | \n\n -15\u00a0002 | \n\n -30\u00a0447 | \n\n -34\u00a0070 | \n
* Pensions also include non-prefinanced early-retirement obligations.They also include, since 2018, contributions paid to cover pension schemes with a profile that takes into account seniority.
** The item \u2018Other\u2019 includes seniority bonuses paid over the course of the career as well as other post-employment benefits (reimbursement of medical expenses and price subsidies (discounted energy prices)).
*** Applicable to a limited number of plans for which surplus plan assets cannot be transferred to other plans.
Movements in the present value of obligations
| \n In thousands of \u20ac | \n\n Pensions * | \n\n Other** | \n||
|---|---|---|---|---|
| \n \n | \n\n 2025 | \n\n 2024 | \n\n 2025 | \n\n 2024 | \n
| \n At the start of the period | \n\n -214\u00a0252 | \n\n -206\u00a0978 | \n\n -34\u00a0070 | \n\n -35\u00a0643 | \n
| \n Service costs | \n\n -9\u00a0134 | \n\n -8\u00a0168 | \n\n -756 | \n\n -772 | \n
| \n Early retirement costs | \n\n -125 | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Financial loss (-) / profit (+) | \n\n -6\u00a0747 | \n\n -7\u00a0673 | \n\n -1\u00a0060 | \n\n -1\u00a0080 | \n
| \n Participants\u2019 contributions | \n\n -973 | \n\n -969 | \n\n 0 | \n\n 0 | \n
| \n Change in demographic assumptions | \n\n 779 | \n\n 783 | \n\n 470 | \n\n 537 | \n
| \n Change in financial assumptions | \n\n 4\u00a0013 | \n\n 584 | \n\n 3\u00a0288 | \n\n 285 | \n
| \n Change from experience adjustments | \n\n -1\u00a0255 | \n\n -158 | \n\n -1 | \n\n 870 | \n
| \n Past service costs | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Benefits paid | \n\n 11\u00a0966 | \n\n 8\u00a0327 | \n\n 1\u00a0669 | \n\n 1\u00a0733 | \n
| \n Other | \n\n 78 | \n\n 0 | \n\n 13 | \n\n 0 | \n
| \n At the end of the period | \n\n -215\u00a0650 | \n\n -214\u00a0252 | \n\n -30\u00a0447 | \n\n -34\u00a0070 | \n
| \n In thousands of \u20ac | \n\n Pensions * | \n\n Other** | \n||
|---|---|---|---|---|
| \n \n | \n\n 2025 | \n\n 2024 | \n\n 2025 | \n\n 2024 | \n
| \n At the start of the period | \n\n 221\u00a0453 | \n\n 205\u00a0500 | \n\n 0 | \n\n 0 | \n
| \n Interest income | \n\n 6\u00a0498 | \n\n 6\u00a0314 | \n\n 0 | \n\n 0 | \n
| \n Return on plan assets (excluding net interest income) | \n\n 7\u00a0147 | \n\n 9\u00a0439 | \n\n 0 | \n\n 0 | \n
| \n Employer\u2019s contributions | \n\n 10\u00a0085 | \n\n 9\u00a0670 | \n\n 1\u00a0669 | \n\n 1\u00a0733 | \n
| \n Participants\u2019 contributions | \n\n 973 | \n\n 969 | \n\n 0 | \n\n 0 | \n
| \n Benefits paid | \n\n -11\u00a0966 | \n\n -8\u00a0327 | \n\n -1\u00a0669 | \n\n -1\u00a0733 | \n
| \n Change in financial assumptions | \n\n -2\u00a0471 | \n\n -2\u00a0112 | \n\n 0 | \n\n 0 | \n
| \n Other | \n\n -80 | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n At the end of the period | \n\n 231\u00a0639 | \n\n 221\u00a0453 | \n\n 0 | \n\n 0 | \n
| \n Actual return on plan assets | \n\n 13\u00a0645 | \n\n 15\u00a0753 | \n\n 0 | \n\n 0 | \n
| \n In thousands of \u20ac | \n\n Pensions * | \n\n Other** | \n||
|---|---|---|---|---|
| \n \n | \n\n 2025 | \n\n 2024 | \n\n 2025 | \n\n 2024 | \n
| \n Cost | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Service costs | \n\n -9\u00a0134 | \n\n -8\u00a0168 | \n\n -756 | \n\n -772 | \n
| \n Early retirement costs | \n\n -125 | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Past service costs | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Actuarial gains/(losses) on other long-term benefits | \n\n 428 | \n\n 1\u00a0192 | \n\n 0 | \n\n 0 | \n
| \n Net interest on net liabilities/(assets) | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Interest expense on obligations | \n\n -6\u00a0748 | \n\n -7\u00a0672 | \n\n -1\u00a0060 | \n\n -1\u00a0080 | \n
| \n Interest income on plan assets | \n\n 6\u00a0500 | \n\n 6\u00a0315 | \n\n 0 | \n\n 0 | \n
| \n Cost transferred to the income statement | \n\n -9\u00a0079 | \n\n -8\u00a0333 | \n\n -1\u00a0816 | \n\n -1\u00a0852 | \n
| \n In thousands of \u20ac | \n\n Pensions * | \n\n Other** | \n||
|---|---|---|---|---|
| \n \n | \n\n 2025 | \n\n 2024 | \n\n 2025 | \n\n 2024 | \n
| \n Change in demographic assumptions | \n\n 486 | \n\n 660 | \n\n 554 | \n\n 424 | \n
| \n Change in financial assumptions | \n\n 4\u00a0139 | \n\n -60 | \n\n 2\u00a0952 | \n\n -121 | \n
| \n Change from experience adjustments | \n\n -501 | \n\n -500 | \n\n -713 | \n\n 766 | \n
| \n Effect of the asset ceiling | \n\n -413 | \n\n -1\u00a0121 | \n\n 0 | \n\n 0 | \n
| \n Return on plan assets (excluding net interest income) | \n\n 4\u00a0335 | \n\n 7\u00a0756 | \n\n 211 | \n\n 122 | \n
| \n Actuarial losses (gains) recognised in other comprehensive income | \n\n 8\u00a0046 | \n\n 6\u00a0735 | \n\n 3\u00a0003 | \n\n 1\u00a0190 | \n
| \n In thousands of \u20ac | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Active plan participants | \n\n -197\u00a0559 | \n\n -199\u00a0310 | \n
| \n Non-active participants with deferred benefits | \n\n -29\u00a0471 | \n\n -26\u00a0809 | \n
| \n Retirees and beneficiaries | \n\n -19\u00a0067 | \n\n -22\u00a0203 | \n
| \n Total | \n\n -246\u00a0097 | \n\n -248\u00a0322 | \n
| \n In thousands of \u20ac | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Retirement and death benefits | \n\n -215\u00a0650 | \n\n -214\u00a0252 | \n
| \n Other post-employment benefits (medical expenses and tariff reductions) | \n\n -23\u00a0141 | \n\n -26\u00a0122 | \n
| \n Seniority bonuses | \n\n -7\u00a0306 | \n\n -7\u00a0948 | \n
| \n Total | \n\n -246\u00a0097 | \n\n -248\u00a0322 | \n
| \n \n | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Discount rate between 10 to 12 years | \n\n 3.53% | \n\n 2.99% | \n
| \n Discount rate between 13 to 19 years | \n\n 4.07% | \n\n 3.23% | \n
| \n Discount rate over 19 years | \n\n 4.11% | \n\n 3.26% | \n
| \n Expected average salary increase | \n\n 2.24% | \n\n 2.24% | \n
| \n Expected inflation | \n\n 2.00% | \n\n 2.00% | \n
| \n Expected increase in health expenses * | \n\n 3.00% | \n\n 3.00% | \n
| \n Expected increase of tariff advantages | \n\n 2.00% | \n\n 2.00% | \n
| \n Average assumed retirement age | \n\n 63(BAR) / 65(CAD) | \n\n 63(BAR) / 65(CAD) | \n
| \n Mortality tables | \n\n Prospective IABE | \n\n Prospective IABE | \n
| \n Life expectancy in years: | \n\n \n | \n\n \n | \n
| \n \u2022For a person aged 65 at the balance sheet date: | \n\n \n | \n\n \n | \n
| \n - Male | \n\n 21 | \n\n 21 | \n
| \n - Female | \n\n 24 | \n\n 24 | \n
| \n For a person aged 65 in 20 years: | \n\n \n | \n\n \n | \n
| \n - Male | \n\n 23 | \n\n 23 | \n
| \n - Female | \n\n 26 | \n\n 26 | \n
| \n \n | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Listed investments | \n\n 92.07% | \n\n 92.24% | \n
| \n Shares - eurozone | \n\n 9.16% | \n\n 12.05% | \n
| \n Shares - outside eurozone | \n\n 13.26% | \n\n 13.10% | \n
| \n Government bonds - eurozone | \n\n 14.66% | \n\n 5.06% | \n
| \n Other bonds - eurozone | \n\n 22.82% | \n\n 33.09% | \n
| \n Other bonds - outside eurozone | \n\n 32.17% | \n\n 28.93% | \n
| \n Non-listed investments | \n\n 7.93% | \n\n 7.76% | \n
| \n Insurance contracts | \n\n 0.00% | \n\n 0.00% | \n
| \n Real estate | \n\n 0.00% | \n\n 1.82% | \n
| \n Cash and cash equivalents | \n\n 5.83% | \n\n 0.25% | \n
| \n Other | \n\n 2.11% | \n\n 5.70% | \n
| \n Total (in %) | \n\n 100.00% | \n\n 100.00% | \n
| \n Total (In thousands of \u20ac) | \n\n 231\u00a0639 | \n\n 221\u00a0453 | \n
| \n Impact on obligation | \n\n In thousands of \u20ac | \n
|---|---|
| \n \n | \n\n Increase (-) / Decrease (+) | \n
| \n Increase in discount rate (0.25%) | \n\n 3\u00a0683 | \n
| \n Average salary increase - excluding inflation (0.1%) | \n\n -1\u00a0362 | \n
| \n Increase in inflation rate (0.25%) | \n\n -3\u00a0319 | \n
| \n Increase in healthcare benefits (0.01%) | \n\n -26 | \n
| \n Increase in tariff benefits (0.5%) | \n\n -837 | \n
| \n Increase in life expectancy of retirees (1 year) | \n\n -778 | \n
| \n \n | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Average weighted duration of defined benefit obligations | \n\n 7 | \n\n 7 | \n
| \n Average weighted duration of other post-employment obligations | \n\n 15 | \n\n 16 | \n
| \n \n | \n\n In thousands of \u20ac | \n
|---|---|
| \n Expected contribution for 2026 (for all pension and other obligations, listed above) | \n\n 12\u00a0117 | \n
The contributions to be paid are based on the payroll of the population concerned.
Note 6.Financial instruments
The Fluxys Belgium group is exposed to several financial risks ensuing from its underlying operations and its business financing operations. These financial risks consist of market risks (including currency risks, interest rate risks and price risks), credit risks and liquidity risks.
The group's administrative organisation, controlling and financial reports ensure that these risks are constantly monitored and managed.
The group uses derivative financial instruments to hedge its exposure to exchange and interest rate risks arising from its operating, financing and investment activities. The group does not engage in speculative transactions.
The Fluxys Belgium group's cash is managed as part of a general policy that cash surpluses are invested with Fluxys SA under cash pooling agreements.As a reminder, Fluxys SA centralises the management of the Fluxys group\u2019s cash funds and financing.
The objective of this policy is to optimise the group\u2019s cash positions.These transactions are entered into at market terms and conditions.
The group's financial policy stipulates that cash surpluses be maintained at first class financial institutions or invested in financial instruments issued by entities with a high credit rating or in financial instruments of issuers which are covered by a guarantee from a European Member State or whose share capital is predominantly controlled by state-owned entities.Cash surpluses are invested following a competitive bidding award, and in instruments that are sufficiently diversified to limit counterparty risk concentration.These investments are subject to constant monitoring and risk analysis on a case-by-case basis.
At 31-12-2025, current and non-current investments, cash and cash equivalents amounted to \u20ac955,407 thousand compared to \u20ac1,229,162 thousand at the end of 2024.
The group systematically assesses its counterparties' financial capacity and systematically monitors receivables.Group policy regarding counterparty risks requires that the group submit potential customers and suppliers to a detailed preliminary financial analysis (liquidity, solvency, profitability, reputation and risks).The group uses internal and external information sources, such as official analysis performed by rating agencies (Moody's, Standard & Poor's and Fitch). These rating agencies assess entities in relation to risk and award them a credit score (rating).The group also uses specialist services or databases containing general, financial and market information to complement its own evaluation of potential customers and suppliers.In addition, for most of its activities the group is allowed to contractually require guarantees (either bank guarantees or cash deposits) from counterparties.The group thereby reduces its exposure to credit risk both in terms of default and concentration of customers.
In view of the concentration risk it must be noted that three clients contribute 18%, 13% and 12% of the operating revenue.
The group's debt mainly consists of fixed interest rate loans maturing between 2026 and 2034, the balance of which (including lease obligations) as at 31-12-2025 represents \u20ac1,043,460 thousand compared to \u20ac1,081,621 thousand at the end of 2024.
In addition, the group's interest-bearing liabilities include other financing and liabilities to be used within the regulatory framework.
As further explained in Note 5.12, part of these bear interest at a 10-year OLO rate and the remainder at the average Euribor 1-year rate. The group does not incur any interest rate risks related to this.
Therefore, a sensitivity analysis is not representative for the risk inherent in these financial instruments. Consequently, the Fluxys Belgium group\u2019s exposure to interest rate risk is very limited.
Liquidity risk management is one of Fluxys Belgium group\u2019s main objectives.
The Fluxys Belgium group can call upon Fluxys SA in case of liquidity needs, under the cash pooling arrangements. As a reminder, Fluxys SA centralises the management of the Fluxys group\u2019s cash funds and financing, and has some unused, confirmed and renewable lines of credit.
The maturity of interest-bearing liabilities is reported in Note 5.11.
The Fluxys Belgium group's cash is managed as part of a general policy that cash surpluses are invested with Fluxys SA under cash pooling agreements.As a reminder, Fluxys SA centralises the management of the Fluxys group\u2019s cash funds and financing.
The objective of this policy is to optimise the group\u2019s cash positions.These transactions are entered into at market terms and conditions.
The group's financial policy stipulates that cash surpluses be maintained at first class financial institutions or invested in financial instruments issued by entities with a high credit rating or in financial instruments of issuers which are covered by a guarantee from a European Member State or whose share capital is predominantly controlled by state-owned entities.Cash surpluses are invested following a competitive bidding award, and in instruments that are sufficiently diversified to limit counterparty risk concentration.These investments are subject to constant monitoring and risk analysis on a case-by-case basis.
At 31-12-2025, current and non-current investments, cash and cash equivalents amounted to \u20ac955,407 thousand compared to \u20ac1,229,162 thousand at the end of 2024.
The group's debt mainly consists of fixed interest rate loans maturing between 2026 and 2034, the balance of which (including lease obligations) as at 31-12-2025 represents \u20ac1,043,460 thousand compared to \u20ac1,081,621 thousand at the end of 2024.
In addition, the group's interest-bearing liabilities include other financing and liabilities to be used within the regulatory framework.
As further explained in Note 5.12, part of these bear interest at a 10-year OLO rate and the remainder at the average Euribor 1-year rate. The group does not incur any interest rate risks related to this.
Therefore, a sensitivity analysis is not representative for the risk inherent in these financial instruments. Consequently, the Fluxys Belgium group\u2019s exposure to interest rate risk is very limited.
Liquidity risk management is one of Fluxys Belgium group\u2019s main objectives.
The Fluxys Belgium group can call upon Fluxys SA in case of liquidity needs, under the cash pooling arrangements. As a reminder, Fluxys SA centralises the management of the Fluxys group\u2019s cash funds and financing, and has some unused, confirmed and renewable lines of credit.
The maturity of interest-bearing liabilities is reported in Note 5.11.
The group's main financial instruments consist of financial and trade receivables and payables, short-term investments, cash and cash equivalents.
The following table gives an overview of financial instruments at 31 December 2025:
| \n Summary of financial instruments at balance sheet date | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n 31-12-2025 | \n\n Categories | \n\n Book value | \n\n Fair value | \n\n Level | \n
| \n I. Non-current assets | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Other financial assets at amortised cost | \n\n A | \n\n 97\u00a0553 | \n\n 91\u00a0253 | \n\n 1 & 2 | \n
| \n Other financial assets at fair value through profit or loss | \n\n B | \n\n 4\u00a0741 | \n\n 4\u00a0741 | \n\n 2 | \n
| \n Financial lease receivables | \n\n A | \n\n 0 | \n\n 0 | \n\n 2 | \n
| \n Other receivables | \n\n A | \n\n 14\u00a0571 | \n\n 14\u00a0571 | \n\n 2 | \n
| \n II. Current assets | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Financial lease receivables | \n\n A | \n\n 0 | \n\n 0 | \n\n 2 | \n
| \n Trade and other receivables | \n\n A | \n\n 117\u00a0413 | \n\n 117\u00a0413 | \n\n 2 | \n
| \n Cash investments | \n\n A | \n\n 72\u00a0293 | \n\n 71\u00a0725 | \n\n 2 | \n
| \n Cash and cash equivalents | \n\n A | \n\n 785\u00a0654 | \n\n 785\u00a0655 | \n\n 2 | \n
| \n Total financial instruments \u2013 assets | \n\n \n | \n\n 1\u00a0092\u00a0225 | \n\n 1\u00a0085\u00a0358 | \n\n \n | \n
| \n I. Non-current liabilities | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Interest-bearing liabilities | \n\n A | \n\n 960\u00a0026 | \n\n 933\u00a0529 | \n\n 2 | \n
| \n Other financial assets | \n\n B | \n\n 4\u00a0741 | \n\n 4\u00a0741 | \n\n 2 | \n
| \n II. Current liabilities | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Interest-bearing liabilities | \n\n A | \n\n 53\u00a0074 | \n\n 53\u00a0074 | \n\n 2 | \n
| \n Trade and other payables | \n\n A | \n\n 102\u00a0567 | \n\n 102\u00a0567 | \n\n 2 | \n
| \n Total financial instruments - liabilities | \n\n \n | \n\n 1\u00a0120\u00a0409 | \n\n 1\u00a0093\u00a0911 | \n\n \n | \n
The categories correspond to the following financial instruments:
A.Financial assets or financial liabilities at depreciated cost.
B.Assets or liabilities at fair value through net profit or loss.
| \n Summary of financial instruments at balance sheet date | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n 31-12-2024 | \n\n Categories | \n\n Book value | \n\n Fair value | \n\n Level | \n
| \n I. Non-current assets | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Other financial assets at amortised cost | \n\n A | \n\n 106\u00a0041 | \n\n 99\u00a0952 | \n\n 1 & 2 | \n
| \n Other financial assets at fair value through profit or loss | \n\n B | \n\n 2\u00a0912 | \n\n 2\u00a0912 | \n\n 2 | \n
| \n Financial lease receivables | \n\n A | \n\n 0 | \n\n 0 | \n\n 2 | \n
| \n Other receivables | \n\n A | \n\n 18\u00a0691 | \n\n 18\u00a0691 | \n\n 2 | \n
| \n II. Current assets | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Financial lease receivables | \n\n A | \n\n 0 | \n\n 0 | \n\n 2 | \n
| \n Trade and other receivables | \n\n A | \n\n 93\u00a0521 | \n\n 93\u00a0521 | \n\n 2 | \n
| \n Cash investments | \n\n A | \n\n 31\u00a0672 | \n\n 31\u00a0648 | \n\n 2 | \n
| \n Cash and cash equivalents | \n\n A | \n\n 1\u00a0091\u00a0543 | \n\n 1\u00a0091\u00a0567 | \n\n 2 | \n
| \n Total financial instruments \u2013 assets | \n\n \n | \n\n 1\u00a0344\u00a0380 | \n\n 1\u00a0338\u00a0291 | \n\n \n | \n
| \n I. Non-current liabilities | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Interest-bearing liabilities | \n\n A | \n\n 1\u00a0002\u00a0963 | \n\n 964\u00a0858 | \n\n 2 | \n
| \n Other financial assets | \n\n B | \n\n 2\u00a0912 | \n\n 2\u00a0912 | \n\n 2 | \n
| \n II. Current liabilities | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Interest-bearing liabilities | \n\n A | \n\n 52\u00a0371 | \n\n 52\u00a0371 | \n\n 2 | \n
| \n Trade and other payables | \n\n A | \n\n 108\u00a0959 | \n\n 108\u00a0959 | \n\n 2 | \n
| \n Total financial instruments - liabilities | \n\n \n | \n\n 1\u00a0167\u00a0205 | \n\n 1\u00a0129\u00a0100 | \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 | \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 | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
All of the group's financial instruments fall within Levels 1 and 2 of the fair value hierarchy. Their fair value is measured on a recurring basis.
Level 1 of the fair value hierarchy includes short-term investments and cash equivalents whose fair value is based on quoted prices. They consist mainly of bonds.
Level 2 of the fair value hierarchy includes other financial assets and liabilities whose fair value is based on other inputs that are observable for the asset or liability, either directly or indirectly.
The techniques for measuring the fair value of Level 2 financial instruments are as follows:
\u2022The items \u2018Interest-bearing liabilities\u2019 include the fixed-rate bonds issued by Fluxys Belgium, whose fair value is determined based on active market rates, usually provided by financial institutions.
\u2022The fair value of other level-2 financial assets and liabilities remains close to the book value
-because they have a short-term maturity (such as trade receivables and payables).
-except for assets depreciated due to the increase in interest rates
The group's main financial instruments consist of financial and trade receivables and payables, short-term investments, cash and cash equivalents.
The following table gives an overview of financial instruments at 31 December 2025:
| \n Summary of financial instruments at balance sheet date | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n 31-12-2025 | \n\n Categories | \n\n Book value | \n\n Fair value | \n\n Level | \n
| \n I. Non-current assets | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Other financial assets at amortised cost | \n\n A | \n\n 97\u00a0553 | \n\n 91\u00a0253 | \n\n 1 & 2 | \n
| \n Other financial assets at fair value through profit or loss | \n\n B | \n\n 4\u00a0741 | \n\n 4\u00a0741 | \n\n 2 | \n
| \n Financial lease receivables | \n\n A | \n\n 0 | \n\n 0 | \n\n 2 | \n
| \n Other receivables | \n\n A | \n\n 14\u00a0571 | \n\n 14\u00a0571 | \n\n 2 | \n
| \n II. Current assets | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Financial lease receivables | \n\n A | \n\n 0 | \n\n 0 | \n\n 2 | \n
| \n Trade and other receivables | \n\n A | \n\n 117\u00a0413 | \n\n 117\u00a0413 | \n\n 2 | \n
| \n Cash investments | \n\n A | \n\n 72\u00a0293 | \n\n 71\u00a0725 | \n\n 2 | \n
| \n Cash and cash equivalents | \n\n A | \n\n 785\u00a0654 | \n\n 785\u00a0655 | \n\n 2 | \n
| \n Total financial instruments \u2013 assets | \n\n \n | \n\n 1\u00a0092\u00a0225 | \n\n 1\u00a0085\u00a0358 | \n\n \n | \n
| \n I. Non-current liabilities | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Interest-bearing liabilities | \n\n A | \n\n 960\u00a0026 | \n\n 933\u00a0529 | \n\n 2 | \n
| \n Other financial assets | \n\n B | \n\n 4\u00a0741 | \n\n 4\u00a0741 | \n\n 2 | \n
| \n II. Current liabilities | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Interest-bearing liabilities | \n\n A | \n\n 53\u00a0074 | \n\n 53\u00a0074 | \n\n 2 | \n
| \n Trade and other payables | \n\n A | \n\n 102\u00a0567 | \n\n 102\u00a0567 | \n\n 2 | \n
| \n Total financial instruments - liabilities | \n\n \n | \n\n 1\u00a0120\u00a0409 | \n\n 1\u00a0093\u00a0911 | \n\n \n | \n
The categories correspond to the following financial instruments:
A.Financial assets or financial liabilities at depreciated cost.
B.Assets or liabilities at fair value through net profit or loss.
| \n Summary of financial instruments at balance sheet date | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n 31-12-2024 | \n\n Categories | \n\n Book value | \n\n Fair value | \n\n Level | \n
| \n I. Non-current assets | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Other financial assets at amortised cost | \n\n A | \n\n 106\u00a0041 | \n\n 99\u00a0952 | \n\n 1 & 2 | \n
| \n Other financial assets at fair value through profit or loss | \n\n B | \n\n 2\u00a0912 | \n\n 2\u00a0912 | \n\n 2 | \n
| \n Financial lease receivables | \n\n A | \n\n 0 | \n\n 0 | \n\n 2 | \n
| \n Other receivables | \n\n A | \n\n 18\u00a0691 | \n\n 18\u00a0691 | \n\n 2 | \n
| \n II. Current assets | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Financial lease receivables | \n\n A | \n\n 0 | \n\n 0 | \n\n 2 | \n
| \n Trade and other receivables | \n\n A | \n\n 93\u00a0521 | \n\n 93\u00a0521 | \n\n 2 | \n
| \n Cash investments | \n\n A | \n\n 31\u00a0672 | \n\n 31\u00a0648 | \n\n 2 | \n
| \n Cash and cash equivalents | \n\n A | \n\n 1\u00a0091\u00a0543 | \n\n 1\u00a0091\u00a0567 | \n\n 2 | \n
| \n Total financial instruments \u2013 assets | \n\n \n | \n\n 1\u00a0344\u00a0380 | \n\n 1\u00a0338\u00a0291 | \n\n \n | \n
| \n I. Non-current liabilities | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Interest-bearing liabilities | \n\n A | \n\n 1\u00a0002\u00a0963 | \n\n 964\u00a0858 | \n\n 2 | \n
| \n Other financial assets | \n\n B | \n\n 2\u00a0912 | \n\n 2\u00a0912 | \n\n 2 | \n
| \n II. Current liabilities | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Interest-bearing liabilities | \n\n A | \n\n 52\u00a0371 | \n\n 52\u00a0371 | \n\n 2 | \n
| \n Trade and other payables | \n\n A | \n\n 108\u00a0959 | \n\n 108\u00a0959 | \n\n 2 | \n
| \n Total financial instruments - liabilities | \n\n \n | \n\n 1\u00a0167\u00a0205 | \n\n 1\u00a0129\u00a0100 | \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 | \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 | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
Note 7.Contingent assets and liabilities \u2013 rights and commitments of the group
Note 7.1.Litigation
A compensation claim for additional works was introduced by a supplier in the scope of the 'Open Rack Vaporiser' investment made by Fluxys LNG. The latter disputes this claim and an expert was appointed to assess the case. Taking into account the expert evaluation that took place, the invoices to be received have been accounted for about \u20ac1.400 thousand.
Other claims arising from the operation of our facilities are in progress but their potential impact is immaterial and/or the proceedings have been suspended.
Note 7.2.Assets and items held for third parties, in their name, but at the risk and for the benefit of entities included in the consolidation scope
In the ordinary course of business, the Fluxys Belgium group holds gas belonging to its customers at its storage sites in Loenhout, in the pipelines and in the tanks at the LNG terminal in Zeebrugge.
Note 7.3.Guarantees received
Bank securities for the benefit of the group comprise guarantees received from contractors in respect of construction contracts as well as bank guarantees received from customers. At 31 December 2025, the guarantees received amounted to \u20ac162,331 thousand. The expected credit losses on guarantees received are of little material significance to the Fluxys Belgium group.
Note 7.4.Guarantees provided by third parties on behalf of the entity
Rental guarantees in favour of the owners of assets located in Belgium and leased by the group amounted to \u20ac644 thousand as at 31-12-2025.
Other guarantees amounted to \u20ac258 thousand as at 31-12-2025.
Note 7.5.Commitments under terminalling service contracts
The Capacity Subscription Agreements (CSA) entered into with the terminal users of the Zeebrugge LNG terminal provide for 110 slots to be available per contractual year until 2023 and 88 mooring slots per contractual year until 2027.
In 2019, in addition to the aforementioned contracts, a new long-term contract was entered into with Qatar Petroleum (now Qatar Energy), a subsidiary of Qatar Terminal Limited (QTL), for the remaining unloading slots until 2039 with extension option until 2044.
Following an optimisation of short-term slot planning since 2022, and market demand for long-term capacity, Fluxys has offered 24 slots per year from April 2027 (pro rata) until 2044. Two shippers obtain 12 slots per year each for the entire duration (corresponding to 1 billion cubic metres per year).
As a consequence, the capacity of 134 slots is distributed to 3 different shippers up until 2044.
During the binding window of the Open Season held at the end of 2020 for additional regasification capacity at the Zeebrugge LNG terminal, the full 6 million tonnes per year offered (or close to 10.5 GWh/h) was subscribed to. On this basis, Fluxys LNG took the final investment decision in February 2021 to build the additional necessary infrastructure at the Zeebrugge LNG terminal. The additional regasification capacity will be provided in two steps:
\u2022as of early 2024, a total of 4.7 million tonnes have been supplied.
\u2022as of early 2025 (contractually subscribed to from January 2026), the full additional capacity of 6 million tonnes (8 billion cubic metres per year) was commissioned.
The sum of the capacities, slots and regasification, is now equivalent to a total regasification capacity of 19 billion cubic metres per year.
In 2019, along with the commissioning of the fifth tank at the Zeebrugge tanker terminal and of a second jetty, Fluxys offered a transshipment service relating to 214 berthing rights and 180,000 m\u00b3 of storage rights. This contract is for 20 years (2039) and was entered into with Yamal Trade (100% subsidiary of Yamal LNG).
Note 7.6.Other
Other commitments have been made and received by the Fluxys Belgium group, but their potential impact is immaterial.
Note 7.7.Latent regulatory assets
As part of the development of hydrogen and CO\u2082 transmission activity, the Fluxys Belgium group has incurred a series of expenses in 2025. Although the entities Fluxys hydrogen, Fluxys c-grid and Fluxys c-grid Antwerp are designated respectively as the operators of the future hydrogen and CO\u2082 network, as well as operator of the CO\u2082 transport network for the local cluster in the Antwerp port area, the regulatory framework has neither been defined nor approved as yet on the balance sheet date. However, it is expected that once the regulatory framework defined enters into play, the expenses in question will be recovered through the authorised revenue. As a consequence, the Fluxys Belgium group considers itself to have estimated latent regulatory assets of \u20ac12,700 thousand in Fluxys hydrogen, \u20ac2,900 thousand in Fluxys c-grid and \u20ac4,000 thousand in Fluxys c-grid Antwerp as at 31.12.2025.
Note 7.Contingent assets and liabilities \u2013 rights and commitments of the group
Note 7.1.Litigation
A compensation claim for additional works was introduced by a supplier in the scope of the 'Open Rack Vaporiser' investment made by Fluxys LNG. The latter disputes this claim and an expert was appointed to assess the case. Taking into account the expert evaluation that took place, the invoices to be received have been accounted for about \u20ac1.400 thousand.
Other claims arising from the operation of our facilities are in progress but their potential impact is immaterial and/or the proceedings have been suspended.
Note 7.2.Assets and items held for third parties, in their name, but at the risk and for the benefit of entities included in the consolidation scope
In the ordinary course of business, the Fluxys Belgium group holds gas belonging to its customers at its storage sites in Loenhout, in the pipelines and in the tanks at the LNG terminal in Zeebrugge.
Note 7.3.Guarantees received
Bank securities for the benefit of the group comprise guarantees received from contractors in respect of construction contracts as well as bank guarantees received from customers. At 31 December 2025, the guarantees received amounted to \u20ac162,331 thousand. The expected credit losses on guarantees received are of little material significance to the Fluxys Belgium group.
Note 7.4.Guarantees provided by third parties on behalf of the entity
Rental guarantees in favour of the owners of assets located in Belgium and leased by the group amounted to \u20ac644 thousand as at 31-12-2025.
Other guarantees amounted to \u20ac258 thousand as at 31-12-2025.
Note 7.5.Commitments under terminalling service contracts
The Capacity Subscription Agreements (CSA) entered into with the terminal users of the Zeebrugge LNG terminal provide for 110 slots to be available per contractual year until 2023 and 88 mooring slots per contractual year until 2027.
In 2019, in addition to the aforementioned contracts, a new long-term contract was entered into with Qatar Petroleum (now Qatar Energy), a subsidiary of Qatar Terminal Limited (QTL), for the remaining unloading slots until 2039 with extension option until 2044.
Following an optimisation of short-term slot planning since 2022, and market demand for long-term capacity, Fluxys has offered 24 slots per year from April 2027 (pro rata) until 2044. Two shippers obtain 12 slots per year each for the entire duration (corresponding to 1 billion cubic metres per year).
As a consequence, the capacity of 134 slots is distributed to 3 different shippers up until 2044.
During the binding window of the Open Season held at the end of 2020 for additional regasification capacity at the Zeebrugge LNG terminal, the full 6 million tonnes per year offered (or close to 10.5 GWh/h) was subscribed to. On this basis, Fluxys LNG took the final investment decision in February 2021 to build the additional necessary infrastructure at the Zeebrugge LNG terminal. The additional regasification capacity will be provided in two steps:
\u2022as of early 2024, a total of 4.7 million tonnes have been supplied.
\u2022as of early 2025 (contractually subscribed to from January 2026), the full additional capacity of 6 million tonnes (8 billion cubic metres per year) was commissioned.
The sum of the capacities, slots and regasification, is now equivalent to a total regasification capacity of 19 billion cubic metres per year.
In 2019, along with the commissioning of the fifth tank at the Zeebrugge tanker terminal and of a second jetty, Fluxys offered a transshipment service relating to 214 berthing rights and 180,000 m\u00b3 of storage rights. This contract is for 20 years (2039) and was entered into with Yamal Trade (100% subsidiary of Yamal LNG).
Note 7.6.Other
Other commitments have been made and received by the Fluxys Belgium group, but their potential impact is immaterial.
Note 7.7.Latent regulatory assets
As part of the development of hydrogen and CO\u2082 transmission activity, the Fluxys Belgium group has incurred a series of expenses in 2025. Although the entities Fluxys hydrogen, Fluxys c-grid and Fluxys c-grid Antwerp are designated respectively as the operators of the future hydrogen and CO\u2082 network, as well as operator of the CO\u2082 transport network for the local cluster in the Antwerp port area, the regulatory framework has neither been defined nor approved as yet on the balance sheet date. However, it is expected that once the regulatory framework defined enters into play, the expenses in question will be recovered through the authorised revenue. As a consequence, the Fluxys Belgium group considers itself to have estimated latent regulatory assets of \u20ac12,700 thousand in Fluxys hydrogen, \u20ac2,900 thousand in Fluxys c-grid and \u20ac4,000 thousand in Fluxys c-grid Antwerp as at 31.12.2025.
Note 7.1.Litigation
A compensation claim for additional works was introduced by a supplier in the scope of the 'Open Rack Vaporiser' investment made by Fluxys LNG. The latter disputes this claim and an expert was appointed to assess the case. Taking into account the expert evaluation that took place, the invoices to be received have been accounted for about \u20ac1.400 thousand.
Other claims arising from the operation of our facilities are in progress but their potential impact is immaterial and/or the proceedings have been suspended.
Note 7.2.Assets and items held for third parties, in their name, but at the risk and for the benefit of entities included in the consolidation scope
In the ordinary course of business, the Fluxys Belgium group holds gas belonging to its customers at its storage sites in Loenhout, in the pipelines and in the tanks at the LNG terminal in Zeebrugge.
Note 7.3.Guarantees received
Bank securities for the benefit of the group comprise guarantees received from contractors in respect of construction contracts as well as bank guarantees received from customers. At 31 December 2025, the guarantees received amounted to \u20ac162,331 thousand. The expected credit losses on guarantees received are of little material significance to the Fluxys Belgium group.
Note 7.4.Guarantees provided by third parties on behalf of the entity
Rental guarantees in favour of the owners of assets located in Belgium and leased by the group amounted to \u20ac644 thousand as at 31-12-2025.
Other guarantees amounted to \u20ac258 thousand as at 31-12-2025.
Note 7.5.Commitments under terminalling service contracts
The Capacity Subscription Agreements (CSA) entered into with the terminal users of the Zeebrugge LNG terminal provide for 110 slots to be available per contractual year until 2023 and 88 mooring slots per contractual year until 2027.
In 2019, in addition to the aforementioned contracts, a new long-term contract was entered into with Qatar Petroleum (now Qatar Energy), a subsidiary of Qatar Terminal Limited (QTL), for the remaining unloading slots until 2039 with extension option until 2044.
Following an optimisation of short-term slot planning since 2022, and market demand for long-term capacity, Fluxys has offered 24 slots per year from April 2027 (pro rata) until 2044. Two shippers obtain 12 slots per year each for the entire duration (corresponding to 1 billion cubic metres per year).
As a consequence, the capacity of 134 slots is distributed to 3 different shippers up until 2044.
During the binding window of the Open Season held at the end of 2020 for additional regasification capacity at the Zeebrugge LNG terminal, the full 6 million tonnes per year offered (or close to 10.5 GWh/h) was subscribed to. On this basis, Fluxys LNG took the final investment decision in February 2021 to build the additional necessary infrastructure at the Zeebrugge LNG terminal. The additional regasification capacity will be provided in two steps:
\u2022as of early 2024, a total of 4.7 million tonnes have been supplied.
\u2022as of early 2025 (contractually subscribed to from January 2026), the full additional capacity of 6 million tonnes (8 billion cubic metres per year) was commissioned.
The sum of the capacities, slots and regasification, is now equivalent to a total regasification capacity of 19 billion cubic metres per year.
In 2019, along with the commissioning of the fifth tank at the Zeebrugge tanker terminal and of a second jetty, Fluxys offered a transshipment service relating to 214 berthing rights and 180,000 m\u00b3 of storage rights. This contract is for 20 years (2039) and was entered into with Yamal Trade (100% subsidiary of Yamal LNG).
Note 7.6.Other
Other commitments have been made and received by the Fluxys Belgium group, but their potential impact is immaterial.
Note 8.Related parties
Fluxys Belgium and its subsidiaries are controlled by Fluxys, which is itself controlled by Publigas.
The consolidated financial statements include transactions performed by Fluxys Belgium and its subsidiaries in the normal course of their activities with unconsolidated related companies or associates. These transactions take place under market conditions and mainly involve transactions realised with Fluxys SA and Fluxys Europe (admin services, IT and housing services and the management of cash funds and financing), Interconnector (inspection and repair services), IZT (facilities operation and maintenance services), Dunkerque LNG (IT development and other services), Gaz-Opale (terminalling services), Balansys (balancing operator), Fluxys TENP, FluxSwiss, Flux Re (reinsurance) and Fluxys Byte IT (IT services).
Other related parties in the following tables concern other entities of the Fluxys group, in which Fluxys Belgium does not hold a stake.
| \n Significant transactions with related parties as at 31-12-2025 | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n Parent company | \n\n Joint ventures | \n\n Other related parties | \n\n Total | \n
| \n I. Assets with related parties | \n\n 765\u00a0407 | \n\n 15\u00a0195 | \n\n 520 | \n\n 781\u00a0122 | \n
| \n 1. Other financial assets | \n\n 0 | \n\n 8\u00a0000 | \n\n 0 | \n\n 8\u00a0000 | \n
| \n Loans | \n\n 0 | \n\n 8\u00a0000 | \n\n 0 | \n\n 8\u00a0000 | \n
| \n 2. Finance lease receivables (current and non-current) | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n 3. Trade and other receivables | \n\n 0 | \n\n 7\u00a0000 | \n\n 520 | \n\n 7\u00a0520 | \n
| \n Clients | \n\n 0 | \n\n 7\u00a0000 | \n\n 520 | \n\n 7\u00a0520 | \n
| \n 4. Net variation in cash and cash equivalents | \n\n 764\u00a0097 | \n\n 0 | \n\n 0 | \n\n 764\u00a0097 | \n
| \n 5. Other current assets | \n\n 1\u00a0310 | \n\n 195 | \n\n 0 | \n\n 1\u00a0505 | \n
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n II. Liabilities with related parties | \n\n 145\u00a0551 | \n\n 0 | \n\n 1\u00a0064 | \n\n 146\u00a0615 | \n
| \n 1. Interest-bearing liabilities (current and non-current) | \n\n 145\u00a0331 | \n\n 0 | \n\n 0 | \n\n 145\u00a0331 | \n
| \n Other borrowings | \n\n 145\u00a0331 | \n\n 0 | \n\n 0 | \n\n 145\u00a0331 | \n
| \n 2. Trade and other payables | \n\n 219 | \n\n 0 | \n\n 434 | \n\n 653 | \n
| \n Suppliers | \n\n 140 | \n\n 0 | \n\n 416 | \n\n 555 | \n
| \n Other payables | \n\n 79 | \n\n 0 | \n\n 19 | \n\n 98 | \n
| \n 3. Other current liabilities | \n\n 2 | \n\n 0 | \n\n 630 | \n\n 631 | \n
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n III. Transactions with related parties | \n\n 16\u00a0177 | \n\n 2\u00a0474 | \n\n 14\u00a0789 | \n\n 33\u00a0441 | \n
| \n 1. Services rendered and goods delivered | \n\n 4\u00a0391 | \n\n 1\u00a0849 | \n\n 18\u00a0489 | \n\n 24\u00a0729 | \n
| \n 2. Services received ( - ) | \n\n -4\u00a0392 | \n\n 0 | \n\n -3\u00a0700 | \n\n -8\u00a0092 | \n
| \n 3. Financial profit/loss | \n\n 16\u00a0178 | \n\n 625 | \n\n 0 | \n\n 16\u00a0804 | \n
| \n 4. Directors' and senior executives' remuneration | \n\n 0 | \n\n 0 | \n\n 3\u00a0037 | \n\n 3\u00a0037 | \n
| \n of which short-term employee benefits | \n\n 0 | \n\n 0 | \n\n 2\u00a0621 | \n\n 2\u00a0621 | \n
| \n of which post-employment benefits | \n\n 0 | \n\n 0 | \n\n 416 | \n\n 416 | \n
| \n Significant transactions with related parties as at 31-12-2024 | \n\n \n | \n\n \n | \n\n \n | \n\n In thousands of \u20ac | \n
|---|---|---|---|---|
| \n \n | \n\n Parent company | \n\n Joint ventures | \n\n Other related parties | \n\n Total | \n
| \n I. Assets with related parties | \n\n 1\u00a0040\u00a0766 | \n\n 15\u00a0102 | \n\n 532 | \n\n 1\u00a0056\u00a0400 | \n
| \n 1. Other financial assets | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n Loans | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n 2. Finance lease receivables (current and non-current) | \n\n 0 | \n\n 0 | \n\n 0 | \n\n 0 | \n
| \n 3. Trade and other receivables | \n\n 156 | \n\n 15\u00a0000 | \n\n 532 | \n\n 15\u00a0688 | \n
| \n Clients | \n\n 156 | \n\n 15\u00a0000 | \n\n 532 | \n\n 15\u00a0688 | \n
| \n 4. Net variation in cash and cash equivalents | \n\n 1\u00a0040\u00a0610 | \n\n 0 | \n\n 0 | \n\n 1\u00a0040\u00a0610 | \n
| \n 5. Other current assets | \n\n 0 | \n\n 102 | \n\n 0 | \n\n 102 | \n
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n II. Liabilities with related parties | \n\n 164\u00a0796 | \n\n 0 | \n\n 1\u00a0510 | \n\n 166\u00a0306 | \n
| \n 1. Interest-bearing liabilities (current and non-current) | \n\n 163\u00a0733 | \n\n 0 | \n\n 0 | \n\n 163\u00a0733 | \n
| \n Other borrowings | \n\n 163\u00a0733 | \n\n 0 | \n\n 0 | \n\n 163\u00a0733 | \n
| \n 2. Trade and other payables | \n\n 1\u00a0054 | \n\n 0 | \n\n 853 | \n\n 1\u00a0907 | \n
| \n Suppliers | \n\n 960 | \n\n 0 | \n\n 835 | \n\n 1\u00a0795 | \n
| \n Other payables | \n\n 94 | \n\n 0 | \n\n 18 | \n\n 112 | \n
| \n 3. Other current liabilities | \n\n 9 | \n\n 0 | \n\n 657 | \n\n 666 | \n
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n III. Transactions with related parties | \n\n 34\u00a0307 | \n\n 2\u00a0587 | \n\n 17\u00a0408 | \n\n 54\u00a0302 | \n
| \n 1. Services rendered and goods delivered | \n\n 3\u00a0534 | \n\n 2\u00a0022 | \n\n 19\u00a0061 | \n\n 24\u00a0617 | \n
| \n 2. Services received ( - ) | \n\n -2\u00a0951 | \n\n 0 | \n\n -1\u00a0653 | \n\n -4\u00a0604 | \n
| \n 3. Financial profit/loss | \n\n 33\u00a0724 | \n\n 565 | \n\n 0 | \n\n 34\u00a0289 | \n
| \n 4. Directors' and senior executives' remuneration | \n\n 0 | \n\n 0 | \n\n 2\u00a0629 | \n\n 2\u00a0629 | \n
| \n of which short-term employee benefits | \n\n 0 | \n\n 0 | \n\n 2\u00a0260 | \n\n 2\u00a0260 | \n
| \n of which post-employment benefits | \n\n 0 | \n\n 0 | \n\n 369 | \n\n 369 | \n
Note 9.Directors\u2019 remuneration
Pursuant to Article 10 of the Articles of Association, the Board of Directors of Fluxys Belgium SA comprises at least three and no more than 24 non-executive directors. Furthermore, the 'special share' grants to the Minister the right to appoint two representatives of the federal government in the Board of Directors. Currently, two representatives of the federal government attend the meetings of the Board of Directors.
The ordinary general meeting has decided to set the remuneration of the directors and government representatives to a maximum of \u20ac360,000 (value 01-01-2007), to be allocated by the Board of Directors amongst its members, and to grant an attendance fee of \u20ac350 per meeting (in person) or \u20ac175 (online) of the Board of Directors and the advisory committees.
Pursuant to Article 15 of the Articles of Association of Fluxys Belgium, the Board of Directors is authorised to pay a special remuneration to directors who carry out special duties for the entity. The Board also has the right to reimburse travel expenses and costs incurred by the members of the Board of Directors.
The Fluxys Belgium group has not granted any loans to directors; in addition, the directors have not entered into unusual or abnormal transactions with the group. No shares or share options have been granted to the directors.
For further information, the reader should refer to the Corporate Governance Declaration in the directors' report and to Note 8 'Related parties' for the breakdown of remuneration by category.
Note 9.Directors\u2019 remuneration
Pursuant to Article 10 of the Articles of Association, the Board of Directors of Fluxys Belgium SA comprises at least three and no more than 24 non-executive directors. Furthermore, the 'special share' grants to the Minister the right to appoint two representatives of the federal government in the Board of Directors. Currently, two representatives of the federal government attend the meetings of the Board of Directors.
The ordinary general meeting has decided to set the remuneration of the directors and government representatives to a maximum of \u20ac360,000 (value 01-01-2007), to be allocated by the Board of Directors amongst its members, and to grant an attendance fee of \u20ac350 per meeting (in person) or \u20ac175 (online) of the Board of Directors and the advisory committees.
Pursuant to Article 15 of the Articles of Association of Fluxys Belgium, the Board of Directors is authorised to pay a special remuneration to directors who carry out special duties for the entity. The Board also has the right to reimburse travel expenses and costs incurred by the members of the Board of Directors.
The Fluxys Belgium group has not granted any loans to directors; in addition, the directors have not entered into unusual or abnormal transactions with the group. No shares or share options have been granted to the directors.
For further information, the reader should refer to the Corporate Governance Declaration in the directors' report and to Note 8 'Related parties' for the breakdown of remuneration by category.