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"-10785000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfChangesInEquity_Label_00119": { "value": "-15754000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfChangesInEquity_Label_00120": { "value": "-15754000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00125": { "value": "-26539000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00126": { "value": "-26539000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfChangesInEquity_Label_00138": { "value": "1884000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfChangesInEquity_Label_00139": { "value": "1884000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfChangesInEquity_Label_00248": { "value": "149000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfChangesInEquity_Label_00249": { "value": "149000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00441": { "value": "131721000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00442": { "value": "13172000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00443": { "value": "519583000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00444": { "value": "664476000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00271": { "value": "Notes to the consolidated financial statements
Note 1: Segment Information
Consolidated statement of comprehensive income for the year ended 31 December 2024
\n \n
in thousand EUR
Orange
Interco
Belgium
31.12.2024
Belgium
Luxembourg
elimination
Group
Retail service revenues
1 551 263
49 511
1 600 774
Convergent service revenues
611 113
611 113
Mobile only service revenues
562 574
40 283
602 857
Fixed only service revenues
326 824
9 129
335 953
IT & Integration service revenues
50 752
99
50 851
Equipment sales
183 306
14 335
197 641
Wholesale revenues
155 058
13 270
-
3 879
164 449
Other revenues
43 936
-13 057
30 879
Total revenues
1 933 563
77 116
-16 936
1 993 743
Direct costs
-643 370
-33 937
16 936
-660 371
Labour costs
-242 557
-8 946
-251 503
Indirect costs, of which
-513 056
-18 703
-531 759
Operational taxes and fees
-31 006
-1 839
-32 845
Depreciation of right-of-use of leased assets
-57 511
-3 728
-61 239
Restructuring, integration & acquisition costs
-19 421
-19 421
Depreciation, amortization of other intangible assets and property, plant and equipment
-400 122
-11 376
-411 498
Impairment of goodwill
Impairment of fixed assets
-783
-783
Share of profits (losses) of associates
438
438
Operating Profit (EBIT)
114 692
4 154
118 846
Net financial income (expense)
-114 197
-364
-114 561
Profit (loss) before taxation (PBT)
495
3 790
4 285
Tax income / (expense)
12 512
355
12 867
Net profit (loss) of the period
13 007
4 145
17 152
Reconciliation from EBITDAaL to net profit (loss) for the period for the year
ended 31 December 2024
\n \n
in thousand EUR
Orange
Interco
Belgium
31.12.2024
Belgium
Luxembourg
elimination
Group
EBITDAaL
528 778
15 530
544 308
Share of profits (losses) of associates
438
438
Impairment of goodwill
Impairment of fixed assets
-783
-783
Depreciation, amortization of other intangible assets and property, plant and
equipment
-400 122
-11 376
-411 498
Restructuring, integration & acquisition costs
-19 421
-19 421
Finance lease costs
5 802
5 802
Operating profit (EBIT)
114 692
4 154
118 846
Financial result
-114 197
-364
-114 561
Profit (loss) before taxation (PBT)
495
3 790
4 285
Tax income / (expense)
12 512
355
12 867
Net profit (loss) for the period
13 007
4 145
17 152
\n
\n
Consolidated statement of comprehensive income for the year ended 31 December 2023
\n\n \n
in thousand EUR
Orange
Interco
Belgium
31.12.2023
Belgium
Luxembourg
elimination
Group
Retail service revenues
1 307 665
47 471
1 355 136
Convergent service revenues
455 979
455 979
Mobile only service revenues
583 426
38 883
622 309
Fixed only service revenues
224 846
8 291
233 137
IT & Integration service revenues
43 414
297
43 711
Equipment sales
161 886
14 624
176 510
Wholesale revenues
181 360
14 688
-5 173
190 875
Other revenues
40 359
-13 400
26 959
Total revenues
1 691 270
76 783
-18 573
1 749 480
Direct costs
-624 060
-34 018
18 573
-639 505
Labour costs
-207 083
-8 504
-215 587
Indirect costs, of which
-418 577
-18 907
-437 484
Operational taxes and fees
-25 025
-1 843
-26 868
Depreciation of right-of-use of leased assets
-55 305
-4 190
-59 495
Restructuring, integration & acquisition costs
-43 792
-11
-43 803
Depreciation, amortization of other intangible assets and property, plant and equipment
-323 254
-10 031
-333 285
Impairment of goodwill
0
Impairment of fixed assets
-1 420
-1 420
Share of profits (losses) of associates
406
406
Operating Profit (EBIT)
73 490
5 312
78 802
Net financial income (expense)
-80 467
-499
-80 966
Profit (loss) before taxation (PBT)
-6 976
4 813
-2 163
Tax expense
-7 059
-1 563
-8 622
Net profit (loss) for the period
-14 035
3 250
-10 785
\n
Reconciliation from EBITDAaL to net profit (loss) for the period for the year ended 31
\n
December 2023
\n\n \n
in thousand EUR
Orange
Interco
Belgium
31.12.2023
Belgium
Luxembourg
elimination
Group
EBITDAaL
435 987
15 354
451 341
Share of profits (losses) of associates
406
406
Impairment of goodwill
Impairment of fixed assets
-1 420
-1 420
Depreciation, amortization of other intangible assets and property, plant and
equipment
-323 254
-10 031
-333 285
Restructuring, integration & acquisition costs
-43 792
-11
-43 803
Finance lease costs
5 564
5 564
Operating profit (EBIT)
73 490
5 312
78 802
Financial result
-80 467
-499
-80 966
Profit (loss) before taxation (PBT)
-6 976
4 813
-2 163
Tax expense
-7 059
-1 563
-8 622
Net profit (loss) for the period
-14 035
3 250
-10 785
Consolidated statement of financial position for the year ended 31 December 2024
\n \n
in thousand EUR
Orange
Interco
Belgium
31.12.2024
Belgium
Luxembourg
elimination
Group
Goodwill
700 315
50 864
751 179
Other intangible assets
831 863
30 024
861 887
Property, plant and equipment
1 790 237
13 633
1 803 870
Rights-of-use of leased assets
168 478
3 913
172 391
Interests in associates and joint ventures
7 029
7 029
Non-current assets included in the calculation of the net financial debt
1 678
1 678
Other
9 051
879
9 930
Total non-current assets
3 508 650
99 313
3 607 963
Inventories
33 486
1 276
34 762
Trade receivables
198 921
23 395
-1 545
220 771
Prepaid expenses
17 994
808
18 802
Current assets included in the calculation of the net financial debt
45 858
12 590
58 448
Other
137 757
1 895
-4 106
135 546
Total current assets
434 016
39 964
-5 651
468 329
Total assets
3 942 665
139 277
-5 651
4 076 290
Total equity
959 254
959 254
Non-current employee benefits
3 171
3 171
Non-current fixed assets payable
129 803
8 939
138 742
Non-current financial liabilities included in the calculation of the net financial debt
2 050 966
3 247
2 054 213
Other
143 094
5 139
148 233
Total non-current liabilities
2 327 034
17 325
2 344 359
Current fixed assets payable
54 962
4 511
59 473
Trade payables
267 769
19 846
-1 545
286 070
Current employee benefits
62 200
1 028
63 228
Deferred income
787
787
Current liabilities included in the calculation of the net financial debt
105 386
3 635
-2 986
106 035
Others
253 476
4 730
-1 120
257 086
Total current liabilities
744 579
33 750
-5 651
772 678
Total equities and liabilities
3 071 613
51 075
953 603
4 076 290
Consolidated statement of financial position for the year ended 31 December 2023
\n \n
in thousand EUR
Orange
Interco
Belgium
31.12.2023
Belgium
Luxembourg
elimination
Group
Goodwill
700 315
50 864
751 179
Other intangible assets
879 222
27 986
907 208
Property, plant and equipment
1 772 219
15 250
1 787 469
Rights-of-use of leased assets
193 170
7 641
200 811
Interests in associates and joint ventures
6 556
6 556
Non-current assets included in the calculation of the net financial debt
1 371
1 371
Non-current derivatives assets
476
225
701
Other
7 659
359
8 018
Total non-current assets
3 560 512
102 100
3 662 612
Inventories
50 091
1 333
51 424
Trade receivables
193 080
26 561
-1 704
217 937
Prepaid expenses
23 688
569
24 257
Current assets included in the calculation of the net financial debt
35 929
12 299
48 228
Other
126 956
1 979
-7 977
120 958
Total current assets
429 743
42 741
-9 681
462 803
Total assets
3 990 255
144 841
-9 681
4 125 414
Total equity
664 476
664 476
Non-current employee benefits
3 170
3 170
Non-current fixed assets payable
135 769
9 045
144 814
Non-current financial liabilities included in the calculation of the net financial debt
2 082 935
6 341
2 089 276
Other
151 342
4 836
156 178
Total non-current liabilities
2 373 216
20 222
2 393 438
Current fixed assets payable
71 173
6 187
77 360
Trade payables
264 193
20 747
-1 704
283 236
Current employee benefits
57 098
1 399
58 497
Deferred income
339
339
Current liabilities included in the calculation of the net financial debt
395 839
8 147
-6 857
397 129
Other
247 977
4 082
-1 120
250 939
Total current liabilities
1 036 619
40 562
-9 681
1 067 500
Total equity and liabilities
3 409 835
60 784
654 795
4 125 414
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00272": { "value": "Note 2: Description of business and basis of preparation of the consolidated
financial statements
Description of business
Orange Belgium S.A
. is a public limited company (the company\u2019s ultimate majority shareholder is Orange S.A.) and one of the main
actors on the telecommunications market in Belgium and Luxembourg. Orange Belgium is listed on the Brussels Stock Exchange
(OBEL). As a convergent actor, the company provides mobile telecommunication, internet and TV services to residential clients, as
well as innovative mobile and fixed line services to businesses and large corporates. Orange Belgium also acts as a wholesale
operator, providing its partners with access to its infrastructure and service capacities. Orange Belgium\u2019s high-performance mobile
network supports 2G, 3G, 4G, 4G+ and 5G technology and is the subject of on-going investments.
Orange Communications Luxembourg S.A.
, incorporated under the laws of Luxembourg, was acquired as of 2 July 2007 by
Orange Belgium S.A. The purchase concerned 90% of the shares of Orange Communications Luxembourg S.A. The remaining 10%
of shares were acquired on 12 November 2008. The results of Orange Communications Luxembourg S.A. are fully consolidated by
the company since 2 July 2007.
Smart Services Network S.A
. (SSN) is a Belgian company that distributes telecommunication and energy services including those
of Orange Belgium and Luminus. SSN\u2019s route to market is based on the principle of multi-level marketing. SSN\u2019s network consists
of more than 1,000 independent consultants.
Smart Services Network S.A.
, incorporated under the laws of Belgium, was created as of 30 September 2014. Orange Belgium
S.A. contributed in cash for 999,900 euros equivalent to 9,999 shares out of the 10,000 shares issued by the company. Atlas Services
Belgium S.A. contributed in cash for 100 euros equivalent to 1 share. This one share has been sold by Atlas Services Belgium S.A.
to Orange Belgium S.A. during the accounting year 2020.
In 2016, Orange Belgium S.A. contributed in cash to the capital increase of Smart Services Network S.A. for 700,000 euros,
equivalent to 7,000 shares.
On 25 March 2022, the carried forwarded losses have been integrated in the capital of the company for an amount of 1,041,610.41
\n
euros and a capital increase of 341,610.41 euros has been funded. After these transactions, the capital of the company amounts to
\n
1,000,000.00 euros.
\n
IRISnet S.C.R.L
. is a company constituted in July 2012 in collaboration with the Brussels authorities in order to take over the
\n
activities performed by the temporary association Irisnet and is responsible for the operation of the Irisnet 2 optical fiber network
\n
and for the provision of fixed telephony, data transmission services (internet, e-mail) and other network-related services (video-
\n
conferencing, video surveillance, etc.).
\n
The take-over of the activities took place on 1 November 2012. In this new legal structure, Orange Belgium S.A. contributed in cash
\n
for 3,450,000 euros equivalent to 345,000 shares out of the 1,225,000 shares issued by the company.
\n
Walcom Business Solutions S.A.
, incorporated under the laws of Belgium, was created as of 13 July 2017. Walcom Business
\n
Solutions S.A. specializes in the sales of telecommunication products and services for the professional market. Orange Belgium S.A.
\n
contributed in cash for 60,885 euros equivalent to 99 shares of the 100 shares issued by Walcom Business Solutions S.A.
\n
Walcom S.A. contributed in cash for 615 euros equivalent to 1 share. The results of Walcom Business Solutions S.A. are fully
\n
consolidated by the company since 13 July 2017. As a result of the dissolution and liquidation of Walcom S.A. during the accounting
\n
year 2020 all shares are held now by Orange Belgium S.A.
\n
A&S Partners S.A.,
also an existing Orange Belgium agent, provides telecommunications services to B2B customers within the
\n
Brussels region via a dedicated sales team of 35 professionals under the name of AS Mobility. A&S Partners S.A., incorporated
\n
under the laws of Belgium, was acquired as of 30 September 2017 by Orange Belgium S.A. The purchase concerned 100% of the
\n
620 shares of A&S Partners S.A. The results of A&S Partners S.A. are fully consolidated by the company since 1 October 2017.
\n
BKM N.V.
is a nationwide ICT integrator and a pioneer in cloud UCC solutions. It has a solid track-record in the SME and CMA
\n
markets in Belgium. BKM N.V. has 220 specialist staff who work in four areas of expertise: Unified Communications & Collaboration
\n
(UCC) solutions; IT & security solutions; Document & Visual solutions; and Connectivity solutions. BKM N.V. is 100% shareholder of
\n
CC@PS B.V. BKM merged with Orange Belgium S.A. on 1 March 2024, with legal effect as of 1 January 2024.
\n
MWingz S.R.L
. is a joint operation between Orange Belgium S.A. and Proximus S.A., each owning 50% of the company that will
\n
manage the unilateral and shared mobile radio access network of both shareholders. In 2019 both companies decided to build a
\n
shared mobile radio access network with the objective to meet customers\u2019 increasing demand for mobile network quality and deeper
\n
indoor coverage. The agreement will also allow a faster and more comprehensive 5G roll-out in Belgium. While sharing the common
\n
part of their mobile radio access networks, both companies will continue to have full control over their own core network and
\n
spectrum assets ensuring differentiated services. MWingz S.R.L. is incorporated under the laws of Belgium and was created on 6
\n
December 2019. Orange Belgium S.A. contributed in cash for 1 euro equivalent to 1 share out of the 2 shares issued by the Company.
\n
Proximus S.A. contributed in cash for 1 euro equivalent to 1 share. In April 2020, Orange Belgium participated in the capital increase
\n
of MWingz S.R.L. for 1,599,999 million euros. Orange Belgium holds 50% of the shares of MWingz S.R.L. This company started
\n
operational activities as from 1 April 2020.
\n
On 29 June 2016, Orange Belgium S.A. subscribed in the capital of
Belgian Mobile ID S.A
. (for 6.28% or 1,745,853.92 euros), with
\n
four banks and the two other mobile telecom operators of the country, to collaborate on the establishment of a mobile identification
\n
system for both private and professional users. With this mobile solution, Belgian Mobile ID S.A. wants to make it easier for anyone
\n
with a mobile phone and a bank account or an eID to digitally log in, confirm transactions and even sign documents. In April 2018,
\n
Orange Belgium S.A. further contributed in cash to the capital increase of Belgian Mobile ID S.A. for 1,846,294.43 euros (or 6.28%
\n
of the total shares).
\n
In April 2019, Orange Belgium S.A. led the series B funding of
CommuniThings S.A
. through a \u20ac1.3m investment (for a stake of
\n
10.45%). Orange Belgium S.A. invested directly into one of its Orange-Fab scale-ups, CommuniThings, and embarks on a
\n
commercial partnership to market state-of-the-art smart parking solutions. Orange Belgium S.A., Finance.Brussels S.A. and Essex
\n
Innovation invested in total \u20ac3 million. In line with Orange\u2019s support of IoT solutions over its IoT networks, the investment will be
\n
combined with a long-term partnership to commercialize CommuniThings\u2019 smart parking solutions across Belgium. In addition, the
\n
investment will serve CommuniThings\u2019 global expansion efforts as it spearheads the roll-out of its platform over IoT networks. In
\n
2020, Orange Belgium participated in an additional capital increase of CommuniThings through a 0.35 million euros investment. In
\n
April 2021, Orange Belgium participated again in the capital increase of CommuniThings through a 0.35 million euros investment.
\n
Orange Belgium S.A. holds, directly or indirectly (e.g. through other subsidiaries), less than 20% of the voting power of Belgian
\n
Mobile ID S.A. and CommuniThings S.A. and as such, it is presumed that Orange Belgium S.A. does not have significant influence.
\n
Moreover, generating surplus value is not the main purpose of the investment in Belgian Mobile ID S.A. and CommuniThings S.A.
\n
VOO Holding S.A.
was a holding company set up on 22 May 2023, owned by Orange Belgium S.A. (75% minus 1 share) and Nethys
\n
S.A. (25% plus 1 share). On 2 May 2024, Nethys S.A. exchanged its stake into VOO Holdings S.A. for shares into Orange Belgium
\n
S.A. Following this transaction, Orange Belgium now fully owned this holding company and on 28 June 2024 the entity merged into
\n
Orange Belgium S.A.
VOO S.A.
is a telecommunication operator organized and created under the laws of Belgium, with the following purposes:
development and maintenance of optical fiber network, provision of all services to customers, design-creation and production of
any audiovisual goods or services. On 2 June 2023, VOO Holding S.A. acquired VOO S.A and its 100% subsidiaries.
WBCC S.A.
is VOO\u2019s subsidiary, organized and created under the laws of Belgium. Main purposes: providing customers several
telephone services, as assistance or help; providing also marketing and telemarketing services. The company was acquired by the
Orange Group on 2 June 2023 through the VOO acquisition.
BeTV S.A.
is VOO\u2019s subsidiary organized and created under the laws of Belgium, with the following purposes: television broadcast
service intended for the public, by ensuring the programming, production, promotion, exploitation of these broadcasts. The
exploitation concerns both the direct or indirect exploitation of the right to access the service, the marketing, publication or other,
of the broadcast time, the exploitation of all derived rights or even any production or publishing operation. The company was
acquired by the Orange Belgium Group on 2 June 2023 through the VOO acquisition.
ACM S.A.
was organized and created under the laws of Belgium, owned by VOO and Brut\u00e9l\u00e9. The purpose of ACM was the
management of infrastructure and equipment relating to the interconnection and interoperability of cable distribution networks, and
the establishment and management of technical equipment necessary for interconnection. The Company joined the Orange Belgium
Group through the VOO acquisition as of 2 June 2023. As of 1 January 2024, ACM S.A. merged with VOO S.A. and seized to exist
legally.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00270": { "value": "Orange Belgium S.A. is a public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00262": { "value": "Orange Belgium S.A. ", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00265": { "value": "Orange Belgium S.A. ", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00268": { "value": "Orange S.A.", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00263": { "value": "Belgium", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00269": { "value": "Belgium", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00266": { "value": "Belgium", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00267": { "value": "the company provides mobile telecommunication, internet and TV services to residential clients, as well as innovative mobile and fixed line services to businesses and large corporates.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00273": { "value": "Scope of consolidation
The parent company and the subsidiaries listed below are included in the scope of consolidation as at 31.12.2024. Except when
indicated below, there have been no changes in ownership percentage since 31.12.2023
FULL CONSOLIDATION
Orange Belgium S.A.
Parent company, incorporated under Belgian law
Limited company with publicly traded shares Avenue du Bourget 3
B - 1140 Brussels
Belgium
Company identification number: BE 0456 810 810
Orange Communications Luxembourg S.A.
100% of the shares held by Orange Belgium S.A.
8, rue des M\u00e9rovingiens
L - 8070 Bertrange
Luxembourg
Company identification number: LU 19749504
Smart Services Network S.A.
100% of the shares held by Orange Belgium S.A.
Avenue du Bourget 3
B - 1140 Brussels
Belgium
Company identification number: BE 0563 470 723
Walcom Business Solutions S.A.
100% of the shares held by Orange Belgium S.A.
Avenue du Bourget 3
B - 1140 Brussels
Belgium
Company identification number: BE 0678 686 036
A3Com S.A. (till 30 June 2023)
100% of the shares held by Orange Belgium S.A.
Rue Am\u00e9ricaine 61-65
1050 Ixelles
Belgium
Company identification number: BE 0471 336 856
A&S Partners S.A.
100% of the shares held by Orange Belgium S.A.
Rue Am\u00e9ricaine 61-65
1050 Ixelles
\n
Belgium
\n
Company identification number: BE 0885 920 794
\n
BKM N.V. (till 1 March 2024)
\n
100% of the shares held by Orange Belgium S.A.
\n
(since 1 July 2022)
\n
Herkenrodesingel 37 A
\n
B - 3500 Hasselt Belgium
\n
Company identification number: BE 0453 298 222
\n
CC@PS B.V. (till 31 October 2023)
\n
100% of the shares held by BKM N.V.
\n
Ommegang Zuid 20
\n
B \u2013 8840 Westrozebeke
\n
Belgium
\n
Company identification number: BE 0867 295 509
\n
VOO Holding S.A. (as of 22 May 2023 till 28 June 2024)
\n
100% of the shares held by Orange Belgium S.A. since 2 May 2024 (before 75% + 1 share)
\n
Rue Louvrex 95
\n
B \u2013 4000 Li\u00e8ge
\n
Belgium
\n
Company identification number: BE 0801 965 613
\n
VOO S.A. (as of 2 June 2023)
\n
100% of the shares held by VOO Holding S.A.
\n
Rue Louvrex 95
\n
B \u2013 4000 Li\u00e8ge
\n
Belgium
\n
Company identification number: BE 0696 668 549
\n
BeTV S.A. (as of 2 June 2023)
\n
100% of the shares held by VOO S.A.
\n
Avenue du Bourget 3
\n
B - 1140 Brussels
\n
Belgium
\n
Company identification number: BE 0435 115 967
\n
Applications Cable Multimedia (A.C.M.) S.A. (as of 2 June 2023 till 1 January 2024)
\n
100% of the shares held by VOO S.A.
\n
Rue Louvrex 95
\n
B \u2013 4000 Li\u00e8ge
\n
Belgium
\n
Company identification number: BE 0460 608 557
\n
WALLONIE BRUXELLES CONTACT CENTER (as of 2 June 2023)
\n
100% of the shares held by VOO S.A.
\n
Rue Louvrex 95
\n
B \u2013 4000 Li\u00e8ge
\n
Belgium
\n
Company identification number: BE 0807 319 518
\n
PROPORTIONAL CONSOLIDATION
\n
MWINGZ S.R.L.
\n
50% of the shares held by Orange Belgium S.A.
\n
Simon Bolivarlaan 34
\n
B - 1000 Brussel
\n
Belgium
\n
Company identification number: BE 0738 987 372
EQUITY METHOD
IRISnet S.C.R.L.
28.16% of the shares held by Orange Belgium S.A.
Accounted for by equity method
Avenue des Arts 21
B - 1000 Brussels
Belgium
Company identification number: BE 0847 220 467
There are no significant restrictions on the assets and liabilities of the subsidiaries included in the scope of consolidation.
Subsidiaries are fully or proportionally (Mwingz S.R.L.) consolidated from the date of acquisition, being the date on which the Group
obtains control, and continue to be consolidated until the date such control ceases.
Date of authorization for issue of the financial statements
On 19 March 2025, the Board of Directors of Orange Belgium S.A. reviewed the 2024 consolidated financial statements and
authorized them for issue.Note 16: Significant changes to the consolidation scope
During 2024, the purchase price allocation exercise in relation to the VOO acquisition has been finalised. No significant changes
were done to the fair value of the identifiable net assets reported as at 31 December 2023. The final goodwill after allocation amounts
to 684.1 million euros, same as per 31 December 2023.
At the date of the closing of the VOO acquisition, Nethys had 25% plus one share in the newly created VOO Holding S.A. In addition,
Nethys had a put option to convert its stake into cash or Orange Belgium S.A. shares during the two years following the acquisition,
valued at 279 million euros as at 31 December 2023 and impacting the current financial liabilities and non-controlling interest. The
fair value of this put option was reassessed at each closing (level 3 valuation).
On 2 May 2024, the shareholders\u2019 meeting of Orange Belgium S.A. approved the contribution in kind by Nethys S.A. of its 25% (+ 1
share) stake in VOO Holding SA (\u201cVOO Holding\u201d) to the capital of the company in exchange for newly issued shares of the Company.
Following the capital increase, Nethys holds a total of 7,467,448 shares in the Company, representing 11.08% of the share capital.
VOO Holding S.A., now a 100% subsidiary of Orange Belgium S.A., was merged into the Company as of 28 June 2024 with
accounting effect as of 1 January 2024.
Total acquisition-related costs incurred for the VOO acquisition during 2024 amounted to 2.0 million euros (37.1 million euros during
2023).", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00264": { "value": "Orange Belgium S.A.Avenue du Bourget 3 B - 1140 Brussels Belgium", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00274": { "value": "Orange Communications Luxembourg S.A.
100% of the shares held by Orange Belgium S.A.
8, rue des M\u00e9rovingiens
L - 8070 Bertrange
Luxembourg
Company identification number: LU 19749504
Smart Services Network S.A.
100% of the shares held by Orange Belgium S.A.
Avenue du Bourget 3
B - 1140 Brussels
Belgium
Company identification number: BE 0563 470 723
Walcom Business Solutions S.A.
100% of the shares held by Orange Belgium S.A.
Avenue du Bourget 3
B - 1140 Brussels
Belgium
Company identification number: BE 0678 686 036
A3Com S.A. (till 30 June 2023)
100% of the shares held by Orange Belgium S.A.
Rue Am\u00e9ricaine 61-65
1050 Ixelles
Belgium
Company identification number: BE 0471 336 856
A&S Partners S.A.
100% of the shares held by Orange Belgium S.A.
Rue Am\u00e9ricaine 61-65
\n
1050 Ixelles
\n
Belgium
\n
Company identification number: BE 0885 920 794
\n
BKM N.V. (till 1 March 2024)
\n
100% of the shares held by Orange Belgium S.A.
\n
(since 1 July 2022)
\n
Herkenrodesingel 37 A
\n
B - 3500 Hasselt Belgium
\n
Company identification number: BE 0453 298 222
\n
CC@PS B.V. (till 31 October 2023)
\n
100% of the shares held by BKM N.V.
\n
Ommegang Zuid 20
\n
B \u2013 8840 Westrozebeke
\n
Belgium
\n
Company identification number: BE 0867 295 509
\n
VOO Holding S.A. (as of 22 May 2023 till 28 June 2024)
\n
100% of the shares held by Orange Belgium S.A. since 2 May 2024 (before 75% + 1 share)
\n
Rue Louvrex 95
\n
B \u2013 4000 Li\u00e8ge
\n
Belgium
\n
Company identification number: BE 0801 965 613
\n
VOO S.A. (as of 2 June 2023)
\n
100% of the shares held by VOO Holding S.A.
\n
Rue Louvrex 95
\n
B \u2013 4000 Li\u00e8ge
\n
Belgium
\n
Company identification number: BE 0696 668 549
\n
BeTV S.A. (as of 2 June 2023)
\n
100% of the shares held by VOO S.A.
\n
Avenue du Bourget 3
\n
B - 1140 Brussels
\n
Belgium
\n
Company identification number: BE 0435 115 967
\n
Applications Cable Multimedia (A.C.M.) S.A. (as of 2 June 2023 till 1 January 2024)
\n
100% of the shares held by VOO S.A.
\n
Rue Louvrex 95
\n
B \u2013 4000 Li\u00e8ge
\n
Belgium
\n
Company identification number: BE 0460 608 557
\n
WALLONIE BRUXELLES CONTACT CENTER (as of 2 June 2023)
\n
100% of the shares held by VOO S.A.
\n
Rue Louvrex 95
\n
B \u2013 4000 Li\u00e8ge
\n
Belgium
\n
Company identification number: BE 0807 319 518
\n
PROPORTIONAL CONSOLIDATION
\n
MWINGZ S.R.L.
\n
50% of the shares held by Orange Belgium S.A.
\n
Simon Bolivarlaan 34
\n
B - 1000 Brussel
\n
Belgium
\n
Company identification number: BE 0738 987 372
EQUITY METHOD
IRISnet S.C.R.L.
28.16% of the shares held by Orange Belgium S.A.
Accounted for by equity method
Avenue des Arts 21
B - 1000 Brussels
Belgium
Company identification number: BE 0847 220 467
There are no significant restrictions on the assets and liabilities of the subsidiaries included in the scope of consolidation.
Subsidiaries are fully or proportionally (Mwingz S.R.L.) consolidated from the date of acquisition, being the date on which the Group
obtains control, and continue to be consolidated until the date such control ceases.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00275": { "value": "Date of authorization for issue of the financial statements
On 19 March 2025, the Board of Directors of Orange Belgium S.A. reviewed the 2024 consolidated financial statements and
authorized them for issue.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00276": { "value": "Basis of preparation
The consolidated financial statements are presented in thousands of euros except when otherwise indicated. The Group's functional
and presentation currency is the Euro. Each entity within the Group applies this functional currency for its financial statements.
All amounts have been rounded to the nearest thousand, unless otherwise indicated.
Statement of compliance
The consolidated financial statements of Orange Belgium S.A. and all its subsidiaries have been prepared in accordance with the
International Financial Reporting Standards (IFRS), as adopted by the European Union, and with the legal and regulatory
requirements applicable in Belgium.
The principles applied to prepare financial data relating to the 2024 financial year are based on:
-
all the standards and interpretations endorsed by the European Union compulsory as of 1 January 2024;
-
the recognition and measurement alternatives allowed by the IFRS:
\n \n
Standard
Alternative used
IAS 1
Accretion expense on operating liabilities (employee benefits,
Classification as financial expenses
environmental liabilities)
IAS 2
Inventories
Measurement of inventories determined by the weighted average unit cost
method
IAS 7
Interest paid and received dividends
Classification as net operating cash flows
IAS 16
Property, Plant and Equipment
Measurement at amortized historical cost
IAS 38
Intangible Assets
Measurement at amortized historical cost
IFRS 3
Non-controlling interests
At the acquisition date, measurement either at fair value or according to the
portion of the identifiable net assets of the acquired entity
In the absence of any accounting standard or interpretation, management uses its judgment to define and apply an accounting
policy that will result in relevant and reliable information, such that the financial statements:
-
fairly present the Group\u2019s financial position, financial performance and cash flows;
-
reflect the economic substance of transactions;
-
are neutral;
-
are prepared on a prudent basis; and
-
are complete in all material respects.
Changes to accounting policies are described below and in note 16 \u201cSignificant accounting policies\u201d.
Changes in accounting policy and disclosures
The accounting policies and methods of computation adopted in the preparation of the consolidated financial statements have
remained unchanged compared to those followed in the preparation of the consolidated financial statements for the year ended 31
December 2023.
EBITDAaL and eCapex remained the key performance indicators.
These operating performance indicators are used by the Group:
-
to manage and assess its operating and segment results; and
-
to implement its investment and resource allocation strategy.
The Group\u2019s management believes that the presentation of these indicators is relevant as it provides readers with the same
management indicators as those used internally.
EBITDAaL
corresponds to operating income before depreciation and amortization of fixed assets, effects resulting from business
combinations, reclassification of cumulative translation adjustment from liquidated entities, impairment of goodwill and fixed assets,
share of profits (losses) of associates and joint ventures, and after interests on debts related to financed assets and on lease liabilities,
adjusted for:
-
significant litigation;
-
specific labour expenses;
-
fixed assets, investments, and businesses portfolio review;
-
restructuring program costs;
-
acquisition and integration costs;
-
and, where appropriate, other specific elements.
The measurement indicator allows for the effects of certain specific factors to be isolated, irrespective of their recurrence and the
type of income and expense, when they are linked to:
-
significant litigation
:
Significant litigation expenses correspond to risk reassessments regarding various litigations. Associated procedures are based on
third-party decisions (regulatory authority, court, etc.) and occurring over a different period to the activities at the source of the
litigation. By their very nature, costs are difficult to predict in terms of their source, amount and period;
-
fixed assets
,
investments and businesses portfolio review
:
The Group constantly reviews its fixed assets, investments, and businesses portfolio: as part of this review, decisions to dispose of
or to sell assets are implemented, which by their very nature have an impact on the period during which they occur;
-
restructuring program costs
:
The adjustment of Group activities in line with changes in the business environment may also incur other types of transformation
costs. They include restructuring costs. These actions may have a negative effect on the period during which they are announced
and implemented. For illustrative purposes, and not limited to, this could include some of the transformation plans approved by the
internal governance bodies;
-
acquisition and integration costs
:
The Group also incurs costs which are directly linked to the acquisition and integration of entities. These are primarily legal and
advisory fees, registration fees and earn-outs;
-
where applicable, other specific elements that are systematically specified in relation to income and/or expenses
.
EBITDAaL is not a financial aggregate as defined by IFRS and is not comparable to similarly titled indicators used by other groups.
It is provided as additional information only and should not be considered as a substitute for operating income or cash flow provided
by operating activities.
eCapex
relate to acquisitions of property, plant and equipment and intangible assets excluding telecommunications licenses and
financed assets minus the price of disposal of fixed assets. They are used internally as an indicator to allocate resources. eCapex
are not a financial aggregate defined by IFRS and may not be comparable to similarly-titled indicators used by other companies.
The Group uses organic cash flow from telecom activities as an operating performance measure for telecom activities as a whole.
Organic cash flow from telecom activities corresponds to net cash provided by operating activities minus (i) lease liabilities
repayments and debts related to financed assets repayments, (ii) purchases and sales of property, plant and equipment and
intangible assets net of the change in fixed assets payables, (iii) excluding effect of telecommunications licenses paid and excluding
effect of significant litigations paid (and received). Organic cash-flow from telecom activities is not a financial aggregate defined by
IFRS and may not be comparable to similarly-titled indicators used by other companies.
New standards and interpretations applicable for the annual period beginning or after 1 January 2024
Despite their limited impact on Group operations, the following new amendments to IFRS have also been considered in the
preparation of the annual consolidated financial statements:
-
Amendments to IAS 7 and IFRS 7: Supplier finance
These amendments require disclosures to enhance the transparency of supplier finance arrangements and their effects on an entity\u2019s
liabilities, cash flows and exposure to liquidity risk. The disclosure requirements are the IASB\u2019s response to investors\u2019 concerns that
some companies\u2019 supplier finance arrangements are not sufficiently visible, hindering investors\u2019 analysis. The effective date of this
amendment is 1 January 2024.
-
IAS 1 Amendment: Classification of liabilities as current or non-current
The amendment to the standard clarifies the current requirements of IAS 1 on the classification of liabilities in an entity's balance
sheet. This amendment does not have a material effect on the Group's statement of financial position. The effective date of this
amendment is 1 January 2024.
-
IFRS 16 Amendment: Leases - Leaseback liability
The amendment introduces a conceptual novelty that requires variable rents to be taken into account when determining the lease
liability arising from a sale and leaseback transaction. Subsequent changes in variable rents will not lead to the recognition of a gain
or loss on the right of use, as the changes will only impact the lease liability and the income statement for the difference between
the reduction in lease liability and the actual lease payments to be made. The number of transactions resulting in a sale and leaseback
remains limited in the Group and generally do not include a significant variable rent component. As such, the Group did not
experience a significant impact following the implementation. The provisions of this amendment are applicable from 1 January 2024.
These amendments did not have any impact on the Consolidated Financial Statements of Orange Belgium Group on 31 December
2024.
Standards, amendments to standards and interpretations with mandatory application after 31 December 2024 and not
applied early.
-
Amendment IAS 21: Lack of Exchangeability
An entity is impacted by the amendments when it has a transaction or an operation in a foreign currency that is not exchangeable
into another currency at a measurement date for a specified purpose. A currency is exchangeable when there is an ability to obtain
the other currency (with a normal administrative delay), and the transaction would take place through a market or exchange
mechanism that creates enforceable rights and obligations. The effective date of this amendment is 1 January 2025.
-
Amendments to IFRS 7 and IFRS 9:
This standard clarifies that financial assets and financial liabilities are recognized and derecognized at settlement date except for
regular way purchases or sales of financial assets and financial liabilities meeting conditions for new exception. The new exception
permits companies to elect to derecognize certain financial liabilities settled via electronic payment systems earlier than the
settlement date.
They also provide guidelines to assess contractual cash flow characteristics of financial assets, which apply to all contingent cash
flows, including those arising from environmental, social, and governance (ESG)-linked features. Additionally, these amendments
introduce new disclosure requirements and update others. The effective date of this amendment is 1 January 2026.
-
Amendments to IFRS 1, IFRS 7, IFRS9, IFRS 10 and IAS 7: Annual improvements to IFRS Accounting Standards Volume 11
(effective date 1 January 2026).
-
IFRS 18: Presentation and Disclosure in Financial Statements
This standard replaces IAS 1. The changes, which mostly affect the income statement, include the requirement to classify income
and expenses into three new categories \u2013 operating, investing and financing \u2013 and present subtotals for operating profit or loss and
profit or loss before financing and income taxes. Further, operating expenses are presented directly on the face of the income
statement \u2013 classified either by nature (e.g. employee compensation), by function (e.g. cost of sales) or using a mixed presentation.
Expenses presented by function require more detailed disclosures about their nature.
IFRS 18 also provides enhanced guidance for aggregation and disaggregation of information in the financial statements, introduces
new disclosure requirements for management-defined performance measures (MPMs) and eliminates classification options for
interest and dividends in the statement of cash flows. The effective date of this amendment is 1 January 2027.
Basis of preparation
In order to avoid differences in the information published by the Orange Belgium Group and its majority shareholder Orange S.A.,
the Orange Belgium Group applies a reporting format and reporting standards that are similar to the ones used by Orange S.A.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00277": { "value": "Statement of compliance
The consolidated financial statements of Orange Belgium S.A. and all its subsidiaries have been prepared in accordance with the
International Financial Reporting Standards (IFRS), as adopted by the European Union, and with the legal and regulatory
requirements applicable in Belgium.
The principles applied to prepare financial data relating to the 2024 financial year are based on:
-
all the standards and interpretations endorsed by the European Union compulsory as of 1 January 2024;
-
the recognition and measurement alternatives allowed by the IFRS:
\n \n
Standard
Alternative used
IAS 1
Accretion expense on operating liabilities (employee benefits,
Classification as financial expenses
environmental liabilities)
IAS 2
Inventories
Measurement of inventories determined by the weighted average unit cost
method
IAS 7
Interest paid and received dividends
Classification as net operating cash flows
IAS 16
Property, Plant and Equipment
Measurement at amortized historical cost
IAS 38
Intangible Assets
Measurement at amortized historical cost
IFRS 3
Non-controlling interests
At the acquisition date, measurement either at fair value or according to the
portion of the identifiable net assets of the acquired entity
In the absence of any accounting standard or interpretation, management uses its judgment to define and apply an accounting
policy that will result in relevant and reliable information, such that the financial statements:
-
fairly present the Group\u2019s financial position, financial performance and cash flows;
-
reflect the economic substance of transactions;
-
are neutral;
-
are prepared on a prudent basis; and
-
are complete in all material respects.
Changes to accounting policies are described below and in note 16 \u201cSignificant accounting policies\u201d.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00278": { "value": "Changes in accounting policy and disclosures
The accounting policies and methods of computation adopted in the preparation of the consolidated financial statements have
remained unchanged compared to those followed in the preparation of the consolidated financial statements for the year ended 31
December 2023.
EBITDAaL and eCapex remained the key performance indicators.
These operating performance indicators are used by the Group:
-
to manage and assess its operating and segment results; and
-
to implement its investment and resource allocation strategy.
The Group\u2019s management believes that the presentation of these indicators is relevant as it provides readers with the same
management indicators as those used internally.
EBITDAaL
corresponds to operating income before depreciation and amortization of fixed assets, effects resulting from business
combinations, reclassification of cumulative translation adjustment from liquidated entities, impairment of goodwill and fixed assets,
share of profits (losses) of associates and joint ventures, and after interests on debts related to financed assets and on lease liabilities,
adjusted for:
-
significant litigation;
-
specific labour expenses;
-
fixed assets, investments, and businesses portfolio review;
-
restructuring program costs;
-
acquisition and integration costs;
-
and, where appropriate, other specific elements.
The measurement indicator allows for the effects of certain specific factors to be isolated, irrespective of their recurrence and the
type of income and expense, when they are linked to:
-
significant litigation
:
Significant litigation expenses correspond to risk reassessments regarding various litigations. Associated procedures are based on
third-party decisions (regulatory authority, court, etc.) and occurring over a different period to the activities at the source of the
litigation. By their very nature, costs are difficult to predict in terms of their source, amount and period;
-
fixed assets
,
investments and businesses portfolio review
:
The Group constantly reviews its fixed assets, investments, and businesses portfolio: as part of this review, decisions to dispose of
or to sell assets are implemented, which by their very nature have an impact on the period during which they occur;
-
restructuring program costs
:
The adjustment of Group activities in line with changes in the business environment may also incur other types of transformation
costs. They include restructuring costs. These actions may have a negative effect on the period during which they are announced
and implemented. For illustrative purposes, and not limited to, this could include some of the transformation plans approved by the
internal governance bodies;
-
acquisition and integration costs
:
The Group also incurs costs which are directly linked to the acquisition and integration of entities. These are primarily legal and
advisory fees, registration fees and earn-outs;
-
where applicable, other specific elements that are systematically specified in relation to income and/or expenses
.
EBITDAaL is not a financial aggregate as defined by IFRS and is not comparable to similarly titled indicators used by other groups.
It is provided as additional information only and should not be considered as a substitute for operating income or cash flow provided
by operating activities.
eCapex
relate to acquisitions of property, plant and equipment and intangible assets excluding telecommunications licenses and
financed assets minus the price of disposal of fixed assets. They are used internally as an indicator to allocate resources. eCapex
are not a financial aggregate defined by IFRS and may not be comparable to similarly-titled indicators used by other companies.
The Group uses organic cash flow from telecom activities as an operating performance measure for telecom activities as a whole.
Organic cash flow from telecom activities corresponds to net cash provided by operating activities minus (i) lease liabilities
repayments and debts related to financed assets repayments, (ii) purchases and sales of property, plant and equipment and
intangible assets net of the change in fixed assets payables, (iii) excluding effect of telecommunications licenses paid and excluding
effect of significant litigations paid (and received). Organic cash-flow from telecom activities is not a financial aggregate defined by
IFRS and may not be comparable to similarly-titled indicators used by other companies.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00279": { "value": "New standards and interpretations applicable for the annual period beginning or after 1 January 2024
Despite their limited impact on Group operations, the following new amendments to IFRS have also been considered in the
preparation of the annual consolidated financial statements:
-
Amendments to IAS 7 and IFRS 7: Supplier finance
These amendments require disclosures to enhance the transparency of supplier finance arrangements and their effects on an entity\u2019s
liabilities, cash flows and exposure to liquidity risk. The disclosure requirements are the IASB\u2019s response to investors\u2019 concerns that
some companies\u2019 supplier finance arrangements are not sufficiently visible, hindering investors\u2019 analysis. The effective date of this
amendment is 1 January 2024.
-
IAS 1 Amendment: Classification of liabilities as current or non-current
The amendment to the standard clarifies the current requirements of IAS 1 on the classification of liabilities in an entity's balance
sheet. This amendment does not have a material effect on the Group's statement of financial position. The effective date of this
amendment is 1 January 2024.
-
IFRS 16 Amendment: Leases - Leaseback liability
The amendment introduces a conceptual novelty that requires variable rents to be taken into account when determining the lease
liability arising from a sale and leaseback transaction. Subsequent changes in variable rents will not lead to the recognition of a gain
or loss on the right of use, as the changes will only impact the lease liability and the income statement for the difference between
the reduction in lease liability and the actual lease payments to be made. The number of transactions resulting in a sale and leaseback
remains limited in the Group and generally do not include a significant variable rent component. As such, the Group did not
experience a significant impact following the implementation. The provisions of this amendment are applicable from 1 January 2024.
These amendments did not have any impact on the Consolidated Financial Statements of Orange Belgium Group on 31 December
2024.", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00280": { "value": "Standards, amendments to standards and interpretations with mandatory application after 31 December 2024 and not
applied early.
-
Amendment IAS 21: Lack of Exchangeability
An entity is impacted by the amendments when it has a transaction or an operation in a foreign currency that is not exchangeable
into another currency at a measurement date for a specified purpose. A currency is exchangeable when there is an ability to obtain
the other currency (with a normal administrative delay), and the transaction would take place through a market or exchange
mechanism that creates enforceable rights and obligations. The effective date of this amendment is 1 January 2025.
-
Amendments to IFRS 7 and IFRS 9:
This standard clarifies that financial assets and financial liabilities are recognized and derecognized at settlement date except for
regular way purchases or sales of financial assets and financial liabilities meeting conditions for new exception. The new exception
permits companies to elect to derecognize certain financial liabilities settled via electronic payment systems earlier than the
settlement date.
They also provide guidelines to assess contractual cash flow characteristics of financial assets, which apply to all contingent cash
flows, including those arising from environmental, social, and governance (ESG)-linked features. Additionally, these amendments
introduce new disclosure requirements and update others. The effective date of this amendment is 1 January 2026.
-
Amendments to IFRS 1, IFRS 7, IFRS9, IFRS 10 and IAS 7: Annual improvements to IFRS Accounting Standards Volume 11
(effective date 1 January 2026).
-
IFRS 18: Presentation and Disclosure in Financial Statements
This standard replaces IAS 1. The changes, which mostly affect the income statement, include the requirement to classify income
and expenses into three new categories \u2013 operating, investing and financing \u2013 and present subtotals for operating profit or loss and
profit or loss before financing and income taxes. Further, operating expenses are presented directly on the face of the income
statement \u2013 classified either by nature (e.g. employee compensation), by function (e.g. cost of sales) or using a mixed presentation.
Expenses presented by function require more detailed disclosures about their nature.
IFRS 18 also provides enhanced guidance for aggregation and disaggregation of information in the financial statements, introduces
new disclosure requirements for management-defined performance measures (MPMs) and eliminates classification options for
interest and dividends in the statement of cash flows. The effective date of this amendment is 1 January 2027.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00281": { "value": "Uses of estimates and judgements
The preparation of the Group's financial statements in compliance with IFRS requires management to make certain judgments,
estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes.
Judgments in applying accounting policies
The following are the critical judgements, apart from those involving estimations (which are presented separately below), that the
directors have made in the process of applying the group\u2019s accounting policies and that have the most significant effect on the
amounts recognised in financial statements.
Significant judgments with regard to the application of IFRS 15 \u2013 Revenue from contracts with customers
Significant judgment is required in the following areas:
a.
Determination of the transaction price \u2013 more specifically the handset price in bundled offers:
The issue of the handset sales price at Orange Belgium S.A. is only applicable for bundled offers (equipment + service). For all other
offers, the performance obligation is directly related to the specific sale price. Orange Belgium S.A. excluded the evaluation method
based on market prices (IFRS 15.77) for the determination of the sales price of equipment in subsidized offers and more specifically
the standalone selling price. The standalone selling price could indeed \u2013according to IFRS 15- be considered as \u201cthe market price\u201d.
However, for Orange Belgium S.A. the standalone selling prices are impossible to identify as
-
Extremely varying: at any given time, the same standalone equipment can be sold at different prices. The sales strategy of our
shops, the type of distribution channel, \u2026 are examples of circumstances that vary the sale price from one shop to another at
a certain time.
-
Volatility: Orange observes that the prices of certain handsets equipment do vary quickly, even within one month.
Therefore, Orange Belgium S.A. decided that the upfront method plus the smart data option multiplied by the enforceable duration
of the contract, which is 24 months, was the most relevant calculation for the price per equipment.
b.
Determination of the duration of the contract in order to allocate the transaction price to the different performance
obligations:
The definition of the duration of a contract is only relevant for the subsidized bundled offers, the only contracts for which a revenue
relocation between the performance obligations is necessary. The period of which both parties\u2019 rights and obligations are
enforceable never exceeds the nominal period in the contract. This is because, excluding modifications in the contract, enforceability
of rights and obligations is a matter of law. Hence, the enforceable period cannot extend beyond the nominal period. On the other
hand, enforceability of rights and obligations shall take into consideration business practices according to which one of the parties
dismisses the other party of its obligation. For Orange, this is typically the case when the Group authorizes or encourages early
renewals.
Early renewals are renewals before the end of the contract (contract duration mainly 24 months). Orange Belgium's strategy is no
longer to encourage or give the possibility to customers to renew their contract without penalty before the end of the contractual
period which is mainly 24 months. The enforceable deadline was set at 24 months. Consequently, if a customer terminates or renews
their contract before the 24 months, except for rare exceptions, they will receive an invoice for prematurely ending the contract.
c.
Identification of performance obligations:
A contract as per IFRS15 is made of rights and obligations between the parties. The rights take the form of promises for Orange
Belgium to transfer goods and/or services to a customer.
Distinct goods and services
There are two criteria to determine whether goods and/or services are distinct:
-
The customer can benefit from the goods or services on its own or together with resources that are readily available.
-
The entity\u2019s promise to transfer the good or service is separately identifiable from other promises in the contract.
It is clear that the mobile equipment (handset) is distinct from the access service. Those two elements therefore qualify as distinct
performance obligations within the contract.
The access service, which is made of voice, data and sms also includes distinct performance obligations. However, given that those
promises are over the same period of time (right) and paid together (obligation), there is no need to consider that they are distinct.
Significant judgments with regard to the application of IFRS 16 \u2013 Leases
Significant judgement is required in the determination of non-cancellable lease term and the assessment of the exercise or not of
termination, extension and purchase options.
Critical estimates and assumptions
Estimates made at each reporting date reflect conditions that existed at those dates (e.g. market prices, interest rates and foreign
exchange rates). Although these estimates are based on management's best knowledge of current events and actions that Orange
Belgium may undertake, actual results may differ from those estimates.
Impairment of non-financial assets
The impairment test for the goodwill in relation to Belgium is based on a value in use calculation using a discounted cash flow model.
The cash flows are derived from the financial projections for the next five years and do not include restructuring activities that the
Group is not yet committed to or significant future investments that will enhance the asset base of the cash generating unit being
tested. The recoverable amount is most sensitive to the discount rate used for the discounted cash flow model as well as the
EBITDAaL used for extrapolation purposes.
The key assumptions used to determine the recoverable amount for the different cash generating units are further explained in
Note 5.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00293": { "value": "Note 3: Sales, trade receivables, other current and non-current assetsOther assets \n \n
in thousand EUR
31.12.2024
31.12.2023
Advances and downpayments
509
5 602
Security deposits paid
2 383
1 217
Other
5 204
9 359
Total other assets
8 096
16 178
o/w other non-current assets
2 383
1 217
o/w other current assets
5 713
14 961
Other assets contain essentially receivables for recharged costs & other amounts receivable. The decrease can be explained by
decrease in the current other assets in Orange Belgium (-6.7 million euros) following lower prepaid suppliers.Prepaid expenses
in thousand EUR
31.12.2024
31.12.2023
Prepaid supplies and services
18 802
23 897
Prepaid spectrum fees
360
Total Prepaid expenses
18 802
24 257
The prepaid supplies and services decreased by 5.5 million euros compared to 2023. The prepaid expenses of VOO (17.5 million
euros) consist for the most part out of prepaid broadcasting. The main driver in the decreased prepaid expenses of VOO are the
lower prepaid expenses related to the Jupiler Pro League.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00288": { "value": "Note 3: Sales, trade receivables, other current and non-current assetsOther assets \n \n
in thousand EUR
31.12.2024
31.12.2023
Advances and downpayments
509
5 602
Security deposits paid
2 383
1 217
Other
5 204
9 359
Total other assets
8 096
16 178
o/w other non-current assets
2 383
1 217
o/w other current assets
5 713
14 961
Other assets contain essentially receivables for recharged costs & other amounts receivable. The decrease can be explained by
decrease in the current other assets in Orange Belgium (-6.7 million euros) following lower prepaid suppliers.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00287": { "value": "Note 3: Sales, trade receivables, other current and non-current assetsOther assets \n \n
in thousand EUR
31.12.2024
31.12.2023
Advances and downpayments
509
5 602
Security deposits paid
2 383
1 217
Other
5 204
9 359
Total other assets
8 096
16 178
o/w other non-current assets
2 383
1 217
o/w other current assets
5 713
14 961
Other assets contain essentially receivables for recharged costs & other amounts receivable. The decrease can be explained by
decrease in the current other assets in Orange Belgium (-6.7 million euros) following lower prepaid suppliers.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00286": { "value": "Note 3: Sales, trade receivables, other current and non-current assetsOther assets \n \n
in thousand EUR
31.12.2024
31.12.2023
Advances and downpayments
509
5 602
Security deposits paid
2 383
1 217
Other
5 204
9 359
Total other assets
8 096
16 178
o/w other non-current assets
2 383
1 217
o/w other current assets
5 713
14 961
Other assets contain essentially receivables for recharged costs & other amounts receivable. The decrease can be explained by
decrease in the current other assets in Orange Belgium (-6.7 million euros) following lower prepaid suppliers.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00285": { "value": "Note 3: Sales, trade receivables, other current and non-current assetsChange in Provision for Trade receivables \n \n
in thousand EUR
31.12.2024
31.12.2023
Allowances on trade receivables - Opening balance
-147 771
-33 206
Net addition with impact on income statement
-11 571
2 164
Losses on trade receivables
59 839
7 242
Change in scope of consolidation
-123 971
Allowances on trade receivables - Closing balance
-99 503
-147 771
For terms and conditions relating to related parties receivables, refer to Note 12.
Trade receivables are non-interest bearing and are generally paid via direct debits (62% of service revenues are collected by direct
debit in Orange Belgium S.A. and Orange Luxembourg / 55.9% at VOO S.A.). Trade receivables which are not paid via direct debits
bear mainly a payment term of 10 days after invoice receipt for consumers and 30 days for companies.
The Group is not dependent on any major customers, none representing more than 10% of the company\u2019s consolidated revenues.
The customer risk is spread over more than 3.7 million customers.
Total Trade receivables amounted to 220.8 million euros at the end of 2024, compared with 217.9 million euros at the end of 2023,
which represents a slight increase of 1.3%.
Allowance for doubtful debtors \u2013 closing balance at year end 2024 \u2013 decreased to 99.5 million euros from 147.8 million euros. This
decrease of 48.3 million is essentially driven by cleanup of older balances in VOO without any net impact on the profit & loss
statement (49.2 million euros on both the allowance and the gross receivable.
Impairment of trade receivables is based on three methods:
-
A collective statistical method: this is based on historical losses and leads to a separate impairment rate for each aging balance
category. This analysis is performed over a homogenous group of receivables with similar credit characteristics because they
belong to a customer category (mass-market, small offices and home offices);
-
A stand-alone method: the assessment of impairment probability and its amount are based on a set of relevant qualitative
factors (ageing of late payment, other balances with the counterparty, rating from independent agencies, \u2026). This method is
used for carriers and operators (national and international), local, regional and national authorities; and
-
A provisioning method based on anticipated loss: IFRS 9 requires recognition of expected losses on receivables immediately
upon recognition of the financial instruments. In addition to the pre-existing provisioning system, the Group applies a simplified
approach of anticipated impairment at the time the asset is recognized. The percentage applied depends on the maximum
revenue non-recoverability rate.
The costs related to bad debts decreased to a loss of 11.6 million euros in 2024 (compared to a gain of 2.2 million euros in 2023).
The numbers of 2023 were impacted by aligning the VOO SA bad debt.
Since 2017, Orange Belgium S.A. entered into a factoring program with Belfius Commercial Finance. The eligible trade receivables
were related to the top 400 B2B Airtime debtors (factored receivables around 1.4 million euros as at 31 December 2024, same as
per year-end 2023).", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00283": { "value": "Note 3: Sales, trade receivables, other current and non-current assetsTrade receivables
in
thousand
EUR
\n \n
31.12.2024
31.12.2023
Trade receivables - Gross value
320 274
365 708
Allowance for doubtful debtors
-99 503
-147 771
Total trade receivables
220 771
217 937
Ageing Balance
\n \n
in
thousand
EUR
31.12.2024
31.12.2023
Not past due
177 542
174 657
Less than 180 days
28 883
33 968
Between 180 days and 360 days
7 792
7 856
More than 360 days
6 554
1 456
Total trade receivables
220 771
217 937
in thousand EUR
31.12.2024
31.12.2023
Net trade receivables, depreciated according to their age
43 229
43 239
Net trade receivables, depreciated according to other criteria
0
0
Net trade receivables past due
43 229
43 239
Net trade receivables not past due
177 542
174 698
Net trade receivables
220 771
217 937
o/w short-term trade receivables
220 771
217 937
o/w long-term trade receivables
Change in Provision for Trade receivables
\n \n
in thousand EUR
31.12.2024
31.12.2023
Allowances on trade receivables - Opening balance
-147 771
-33 206
Net addition with impact on income statement
-11 571
2 164
Losses on trade receivables
59 839
7 242
Change in scope of consolidation
-123 971
Allowances on trade receivables - Closing balance
-99 503
-147 771
For terms and conditions relating to related parties receivables, refer to Note 12.
Trade receivables are non-interest bearing and are generally paid via direct debits (62% of service revenues are collected by direct
debit in Orange Belgium S.A. and Orange Luxembourg / 55.9% at VOO S.A.). Trade receivables which are not paid via direct debits
bear mainly a payment term of 10 days after invoice receipt for consumers and 30 days for companies.
The Group is not dependent on any major customers, none representing more than 10% of the company\u2019s consolidated revenues.
The customer risk is spread over more than 3.7 million customers.
Total Trade receivables amounted to 220.8 million euros at the end of 2024, compared with 217.9 million euros at the end of 2023,
which represents a slight increase of 1.3%.
Allowance for doubtful debtors \u2013 closing balance at year end 2024 \u2013 decreased to 99.5 million euros from 147.8 million euros. This
decrease of 48.3 million is essentially driven by cleanup of older balances in VOO without any net impact on the profit & loss
statement (49.2 million euros on both the allowance and the gross receivable.
Impairment of trade receivables is based on three methods:
-
A collective statistical method: this is based on historical losses and leads to a separate impairment rate for each aging balance
category. This analysis is performed over a homogenous group of receivables with similar credit characteristics because they
belong to a customer category (mass-market, small offices and home offices);
-
A stand-alone method: the assessment of impairment probability and its amount are based on a set of relevant qualitative
factors (ageing of late payment, other balances with the counterparty, rating from independent agencies, \u2026). This method is
used for carriers and operators (national and international), local, regional and national authorities; and
-
A provisioning method based on anticipated loss: IFRS 9 requires recognition of expected losses on receivables immediately
upon recognition of the financial instruments. In addition to the pre-existing provisioning system, the Group applies a simplified
approach of anticipated impairment at the time the asset is recognized. The percentage applied depends on the maximum
revenue non-recoverability rate.
The costs related to bad debts decreased to a loss of 11.6 million euros in 2024 (compared to a gain of 2.2 million euros in 2023).
The numbers of 2023 were impacted by aligning the VOO SA bad debt.
Since 2017, Orange Belgium S.A. entered into a factoring program with Belfius Commercial Finance. The eligible trade receivables
were related to the top 400 B2B Airtime debtors (factored receivables around 1.4 million euros as at 31 December 2024, same as
per year-end 2023).", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00282": { "value": "Note 3: Sales, trade receivables, other current and non-current assets\n \n
in
thousand
EUR
31.12.2024
31.12.2023
Belgium
1 933 563
1 691 270
Retail service revenues
1 551 263
1 307 665
Convergent service revenues
611 113
455 979
Mobile only service revenues
562 574
583 426
Fixed only service revenues
326 824
224 846
IT & Integration service revenues
50 752
43 414
Equipment sales
183 306
161 886
Wholesale revenues
155 058
181 360
Other revenues
43 936
40 359
Luxembourg
77 116
76 783
Retail service revenues
49 511
47 471
Convergent service revenues
0
Mobile only service revenues
40 283
38 883
Fixed only service revenues
9 129
8 291
IT & Integration service revenues
99
297
Equipment sales
14 335
14 624
Wholesale revenues
13 270
14 688
Other revenues
0
Inter-segment eliminations
-16 936
-18 573
Total
1 993 743
1 749 480
Orange Belgium\u2019s total consolidated turnover amounted to 1,993.7 million euros in 2024, compared to 1,749.5 million euros in 2023,
an increase of 14.0% year-on-year.
The Belgian retail service revenues (i.e. mobile-only services, fixed-only services, convergent services and IT & Integration services)
increased 18.6% year-on-year: from 1,307.6 million euros in 2023 to 1,555.3 million euros in 2024. This is the result of a solid
commercial performance over the year supported by a convergent strategy, the success of promotions and device deals, reaching
3.5m subscribers (+4.4% yoy) including full year revenue of the VOO acquisition. This increase has mainly been driven by higher
convergent service revenues (34.0%) and higher fixed only service revenues (45.4%) as a result of higher cable revenues due to an
increasing customer base. The wholesale revenues declined by 14.5% year-on-year, impacted by the regulatory effect on 'voice'
and a decrease in SMS volume (-11.9 million euros)
Equipment sales increased 13.2% year-on-year and the increase in other revenues by 8.9%.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00284": { "value": "Note 3: Sales, trade receivables, other current and non-current assetsChange in Provision for Trade receivables \n \n
in thousand EUR
31.12.2024
31.12.2023
Allowances on trade receivables - Opening balance
-147 771
-33 206
Net addition with impact on income statement
-11 571
2 164
Losses on trade receivables
59 839
7 242
Change in scope of consolidation
-123 971
Allowances on trade receivables - Closing balance
-99 503
-147 771
For terms and conditions relating to related parties receivables, refer to Note 12.
Trade receivables are non-interest bearing and are generally paid via direct debits (62% of service revenues are collected by direct
debit in Orange Belgium S.A. and Orange Luxembourg / 55.9% at VOO S.A.). Trade receivables which are not paid via direct debits
bear mainly a payment term of 10 days after invoice receipt for consumers and 30 days for companies.
The Group is not dependent on any major customers, none representing more than 10% of the company\u2019s consolidated revenues.
The customer risk is spread over more than 3.7 million customers.
Total Trade receivables amounted to 220.8 million euros at the end of 2024, compared with 217.9 million euros at the end of 2023,
which represents a slight increase of 1.3%.
Allowance for doubtful debtors \u2013 closing balance at year end 2024 \u2013 decreased to 99.5 million euros from 147.8 million euros. This
decrease of 48.3 million is essentially driven by cleanup of older balances in VOO without any net impact on the profit & loss
statement (49.2 million euros on both the allowance and the gross receivable.
Impairment of trade receivables is based on three methods:
-
A collective statistical method: this is based on historical losses and leads to a separate impairment rate for each aging balance
category. This analysis is performed over a homogenous group of receivables with similar credit characteristics because they
belong to a customer category (mass-market, small offices and home offices);
-
A stand-alone method: the assessment of impairment probability and its amount are based on a set of relevant qualitative
factors (ageing of late payment, other balances with the counterparty, rating from independent agencies, \u2026). This method is
used for carriers and operators (national and international), local, regional and national authorities; and
-
A provisioning method based on anticipated loss: IFRS 9 requires recognition of expected losses on receivables immediately
upon recognition of the financial instruments. In addition to the pre-existing provisioning system, the Group applies a simplified
approach of anticipated impairment at the time the asset is recognized. The percentage applied depends on the maximum
revenue non-recoverability rate.
The costs related to bad debts decreased to a loss of 11.6 million euros in 2024 (compared to a gain of 2.2 million euros in 2023).
The numbers of 2023 were impacted by aligning the VOO SA bad debt.
Since 2017, Orange Belgium S.A. entered into a factoring program with Belfius Commercial Finance. The eligible trade receivables
were related to the top 400 B2B Airtime debtors (factored receivables around 1.4 million euros as at 31 December 2024, same as
per year-end 2023).Goodwill
Goodwill originates from the following historical transactions:
\n \n
in thousand EUR
31.12.2024
31.12.2023
Acquisition
Accumulated
Net carrying
Acquisition
Accumulated
Net carrying
Value
impairment
amount
Value
impairment
amount
losses
losses
Acquisition of Orange Communications
Luxembourg S.A. (2007 \u2013 2008)
68 729
-17 865
50 864
68 729
-17 865
50 864
Acquisition of VOO SA (2023 \u2013 2024)
684 138
684 138
684 138
684 138
Other goodwill
53 547
-37 370
16 177
53 547
-37 370
16 177
Total goodwill
806 414
-55 235
751 179
806 414
-55 235
751 179
An impairment test on goodwill is performed at least at the end of each financial year (or more frequently if there are indications that goodwill might be impaired) to assess whether its carrying amount does or does not exceed its recoverable amount.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00289": { "value": "Note 4: Expenses, payables, prepaid and inventory
Direct costs
\n \n
in thousand EUR
31.12.2024
31.12.2023
Purchase of material
-233 975
-213 942
Other direct costs
-414 825
-427 727
Impairment loss on trade and other receivables, including contract assets
-11 571
2 164
Total direct costs
-660 371
-639 505
The direct costs in 2024 increased by 3.3% year-on-year explained by the VOO acquisition.
Purchase of material
The costs related to the purchase of material increased by 9.4% year-on-year and amount to 234.0 million euros in 2024 mainly
explained by the VOO acquisition and by higher equipment unit costs (high end handsets).
Other direct costs
The other direct costs, mainly consisting of interconnection costs, commissions, content and connectivity costs decreased by 3.0%
year-on-year explained by the VOO acquisition.
Interconnection costs
Interconnect expenses decreased by 41.0 million euros to 145.8 million euros mainly at VOO. International and national roaming
cost decreased by 17.0 million euros, primarily due to VOO acquisition and a decline in voice traffic. SMS interconnect costs
decreased by 16.6 million euros due to lower traffic. Voice interconnect costs decreased by 7.4 million euros largely due to the
continued effect of new regulation applicable since July 2021, which reduced Mobile and Fixed Termination Rates.
Commissions
Commission expenses decreased by 1.6 million euros in 2024 to 27.2 million euros, mainly due to the integration of partners.
Content costs
Orange Belgium\u2019s television content strategy is primarily based on developing partnerships with rights holders and service
publishers. Orange Belgium is mainly focused on its role of aggregating and distributing content to offer improved services to its
customers. The costs regarding television content amount to 116.2 million euros in 2024 compared to 80.6 million euros in 2023,
resulting from the customer base increase and following the VOO acquisition.
Connectivity
Connectivity costs decreased by 9.7 million euros in 2024 to 105.5 million euros. This is the result of VOO acquisition fully offset by
the increase in wholesale access fees related to the convergent Love offer and the continuous growth of our customer base.
Others
Other direct costs increased by 17.6 million euros in 2024 to reach 31.8m million euros, mainly due to an increase in bad debts,
which grew by \u20ac13.9 million in 2024. 2023 was positively impacted by wholesale settlement following the VOO acquisition.
Prepaid expenses
in thousand EUR
31.12.2024
31.12.2023
Prepaid supplies and services
18 802
23 897
Prepaid spectrum fees
360
Total Prepaid expenses
18 802
24 257
The prepaid supplies and services decreased by 5.5 million euros compared to 2023. The prepaid expenses of VOO (17.5 million
euros) consist for the most part out of prepaid broadcasting. The main driver in the decreased prepaid expenses of VOO are the
lower prepaid expenses related to the Jupiler Pro League.
Inventories
in thousand EUR
31.12.2024
31.12.2023
Gross inventories
36 773
56 745
Depreciation
-2 011
-5 321
Total Inventories
34 762
51 424
Inventories - Cost recognized as an expense during the period
-229 186
-210 801
The decrease in Gross inventories of 20.0 million euros is mainly due to a policy alignment in VOO in accounting for network material,
which is now accounted for in tangible fixed assets (impact of 19 million on the figures of 31 December 2023). The inventory consists
essentially of handsets.
The reserve for obsolete and slow-moving items decreased by 3.3 million euros to 2.0 million euros due to the policy alignment of
VOO S.A. with Orange Belgium\u2019.
Trade payables and other current liabilities
in thousand EUR
31.12.2024
31.12.2023
Trade payables
286 070
283 236
Salaries and termination pay
2 165
3 477
Performance and profit sharing bonus, pensions
24 400
18 786
Social security contributions
5 122
6 098
Holiday pay
31 128
29 858
Other
414
279
Current employee benefits
63 228
58 497
Current restructuring provisions
5 872
3 381
Other current liabilities
10 970
18 076
Current tax payables
17 859
20 858
Deferred income
787
339
Trade payables
are non-interest bearing and are generally settled on 30 to 60-day terms. The trade payables increased by 2.8
million euros or by 1.0% compared to 2023, mainly related to the trade payable of VOO (+5.3 million euros) and WBCC (+1.5 million
euros), partially offset by a decrease in the trade payable of Orange Belgium S.A. (-3.4 million euros).
Current employee benefits
increased by 4.7 million euros in 2024 and is mainly due to Orange Belgium S.A. (+ 5.3 million euros).
Since 2024, bonusses are only paid out annually versus bi-annually in prior years.
Other current liabilities
are made of provisions for litigation and down payments received from customer. In 2023, this balance
contained also VOO\u2019s operating subsidies received but not used yet at year end (8.4 million euros). As at year-end 2024, these
subsidies are now included in property, plant and equipment.
Pension obligations
With respect to the Belgian defined contribution and cash balance pension plans and considering the law on supplementary
pensions, the legal minimum rates of return are to be guaranteed by the employer as follows (Orange Belgium S.A. and subsidiaries):
-
For the contributions paid until end December 2015, the applicable legal rates of return (3.25% and 3.75% respectively on the
employer and employee contributions) continue to apply until the retirement date of the participants;
-
For the contributions paid as from 1 January 2016, a new variable minimum return is defined based on the average of Belgian
government bond (OLO) yields, subject to a minimum of 1.75% and a maximum of 3.75%. In view of the low rates of the OLO
in the last years, the legal minimum return applicable was 1.75%;
-
For the contributions that will be paid as from 1 January 2025, the new legal minimum rate of return has been defined to 2.50%.
In view of these legal minimum rates of return to be guaranteed by the employer, those Belgian defined contribution plans embed
defined benefit features and therefore qualify as Defined Benefit plans under IAS 19.
To reflect the obligations linked to these defined contribution pension plans, Orange Belgium performed a complete actuarial
computation under the PUC method. The actuarial valuation covers the entirety of the pension plan scope at Orange Belgium and
its subsidiaries. The pension plans are financed externally through group insurance contracts of which some are foreseeing
contractual interest rates granted by the insurance companies and others are investing the premiums paid directly in financial
instruments/assets. The actuary performed projections according to the methodology prescribed by the accounting standard under
certain assumptions. The results have been reflected in the below table.
Orange Belgium and its subsidiaries has as well in place a post-employment medical plan and a seniority plan which are valued and
reflected in the balance sheet of the company. Both plans are unfunded.
Please find below a reconciliation of the opening to the closing balance of the net defined benefit asset:
Movement in net defined benefit (asset) liability
\n \n
in thousand EUR
Defined benefit
Fair value of
Effect of asset
Net defined
obligation
plan assets
ceiling
(asset) liability
Balance at 1 January 2024
162 408
-164 259
4 836
2 985
Included in profit or loss
Current employer service cost
8 997
8 997
Past Service cost (credit)
Interest cost (income)
5 705
-5 928
182
-41
Actuarial loss (gain) recognized in the P&L
Total
Included in OCI
Effect of changes in financial assumptions
Effect of changes in demographic assumptions
Effect of experience adjustments / Return on plan assets
excluding interest income
-1 815
-5 722
-7 537
Changes in asset ceiling/onerous liability (excluding
interest income)
-377
-377
Other
Contributions paid by the employer
7 786
-7 786
-7 786
Contributions paid by the participants
1 146
-1 146
0
Benefits paid, taxes, risk premiums and administrative
costs
- 5 689 -7 790
6 578 7 724
-66 889
Total
Balance at 31 December 2024
175 630
-177 117
4 641
3 154
\n \n
in thousand EUR
Defined benefit
Fair value of
Effect of asset
Net defined
obligation
plan assets
ceiling
(asset) liability
Balance at 1 January 2023 Orange Belgium
129 939
-133 428
-3 489
Balance at 1 June 2023 VOO
17 519
-16 994
525
Remeasurements at 1 June 2024 VOO : Changes in asset
ceiling/onerous liability (excluding interest income)
2 017
2 017
Included in profit or loss
Current employer service cost
6 796
6 796
Past Service credit
Interest cost (income)
5 751
-6 010
83
-176
Total
Included in OCI
Actuarial loss (gain)
Return on plan assets excluding interest income
-5 586
-5 586
Effect of changes in financial assumptions and
experience adjustments
5 832
5 832
Remeasurements : Changes in asset ceiling/onerous
liability (excluding interest income)
2 736
2 736
Total
Other
Contributions paid by the employer
-6 305
-6 305
Benefits paid
-3 429
4 064
635
Total
Balance at 31 December 2023
162 408
-164 259
4 836
2 985
The contributions paid during 2024 for those plans amounted to 7.8 million euros paid by the employer and 1.1 million euros paid
by the employees.
The plan assets of Orange Belgium S.A as of 31 December 2024 consisted of 166 million euros in total, being the sum of the
individual insurance reserves and the collective financing funds, while the ones of VOO and subsidiaries amount to 25.4 million
euros.
The current restructuring provisions slightly increased to 5.9 million euros in 2024.
The current tax payables
are related to the tax calculation of the current year. The decrease is essentially due to Orange Belgium\u2019s
tax loss position as at year-end 2024 (decrease of 2.6 million euros).
Labour costs (excluding termination benefits)
Labour costs increased by 16.7% to 251.5 million euros in 2024, compared to 215.6 million euros a year ago. This increase has
been mainly driven by VOO acquisition and by inflation.
Indirect costs, net of other indirect income
\n \n
in thousand EUR
31.12.2024
31.12.2023
Commercial expenses
-57 218
-50 495
Other IT and network expenses
-201 034
-174 080
Property expenses
-24 201
-18 434
General expenses
-147 913
-110 267
Other indirect income
35 742
45 675
Other indirect costs
-75 896
-70 390
Depreciation of right-of-use of leased assets
-61 239
-59 495
Total indirect costs, net of indirect income
-531 759
-437 484
of which operational taxes and fees
-32 845
-26 868
The indirect costs increased 21.5% year-on-year to 531.8 million euros in 2024 compared to 437.5 million euros in 2023 mainly
explained by VOO acquisition and by inflation.
The commercial expenses increase by 6.7 million euros in 2024 mainly due to VOO acquisition. Other IT and network expenses
increased by 27.0m year-on-year following VOO acquisition and by inflation on costs.
Property expenses increased by 5.8m year-on-year following VOO acquisition, by inflation impact partially offset by efficiencies
costs.
General expenses which include, amongst others, (i) outsourced labor and professional services, (ii) outsourced call center costs
and (iii) facility-related expenses, increased by 37.6m year-on-year mainly explained by VOO acquisition.
Other indirect income decreased by 9.9m year-on-year due to mapping change related to the integration of BKM at the beginning
of 2024. This reclassification had a corresponding impact on other indirect costs, which increased by 5.5m year-on-year.
Depreciation of right-of-use-assets increased by 1.7m year-on-year mainly explained by inflation and by more dismantled sites.
Other restructuring costs
In 2024 Orange Belgium booked restructuring costs for 19.4 million euros out of which 0.6 million euros are costs related to
acquisition and integration.
In 2023 Orange Belgium booked restructuring, integration & acquisition costs for 43.8 million euros out of which 37.1 million euros
are costs related to acquisition and integration of VOO S.A. and its subsidiaries.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00291": { "value": "Direct costs \n \n
in thousand EUR
31.12.2024
31.12.2023
Purchase of material
-233 975
-213 942
Other direct costs
-414 825
-427 727
Impairment loss on trade and other receivables, including contract assets
-11 571
2 164
Total direct costs
-660 371
-639 505
The direct costs in 2024 increased by 3.3% year-on-year explained by the VOO acquisition. Other direct costs
The other direct costs, mainly consisting of interconnection costs, commissions, content and connectivity costs decreased by 3.0%
year-on-year explained by the VOO acquisition.
Interconnection costs
Interconnect expenses decreased by 41.0 million euros to 145.8 million euros mainly at VOO. International and national roaming
cost decreased by 17.0 million euros, primarily due to VOO acquisition and a decline in voice traffic. SMS interconnect costs
decreased by 16.6 million euros due to lower traffic. Voice interconnect costs decreased by 7.4 million euros largely due to the
continued effect of new regulation applicable since July 2021, which reduced Mobile and Fixed Termination Rates.
Commissions
Commission expenses decreased by 1.6 million euros in 2024 to 27.2 million euros, mainly due to the integration of partners.
Content costs
Orange Belgium\u2019s television content strategy is primarily based on developing partnerships with rights holders and service
publishers. Orange Belgium is mainly focused on its role of aggregating and distributing content to offer improved services to its
customers. The costs regarding television content amount to 116.2 million euros in 2024 compared to 80.6 million euros in 2023,
resulting from the customer base increase and following the VOO acquisition.
Connectivity
Connectivity costs decreased by 9.7 million euros in 2024 to 105.5 million euros. This is the result of VOO acquisition fully offset by
the increase in wholesale access fees related to the convergent Love offer and the continuous growth of our customer base.
Others
Other direct costs increased by 17.6 million euros in 2024 to reach 31.8m million euros, mainly due to an increase in bad debts,
which grew by \u20ac13.9 million in 2024. 2023 was positively impacted by wholesale settlement following the VOO acquisition.Indirect costs, net of other indirect income \n \n
in thousand EUR
31.12.2024
31.12.2023
Commercial expenses
-57 218
-50 495
Other IT and network expenses
-201 034
-174 080
Property expenses
-24 201
-18 434
General expenses
-147 913
-110 267
Other indirect income
35 742
45 675
Other indirect costs
-75 896
-70 390
Depreciation of right-of-use of leased assets
-61 239
-59 495
Total indirect costs, net of indirect income
-531 759
-437 484
of which operational taxes and fees
-32 845
-26 868
The indirect costs increased 21.5% year-on-year to 531.8 million euros in 2024 compared to 437.5 million euros in 2023 mainly
explained by VOO acquisition and by inflation.
The commercial expenses increase by 6.7 million euros in 2024 mainly due to VOO acquisition. Other IT and network expenses
increased by 27.0m year-on-year following VOO acquisition and by inflation on costs.
Property expenses increased by 5.8m year-on-year following VOO acquisition, by inflation impact partially offset by efficiencies
costs.
General expenses which include, amongst others, (i) outsourced labor and professional services, (ii) outsourced call center costs
and (iii) facility-related expenses, increased by 37.6m year-on-year mainly explained by VOO acquisition.
Other indirect income decreased by 9.9m year-on-year due to mapping change related to the integration of BKM at the beginning
of 2024. This reclassification had a corresponding impact on other indirect costs, which increased by 5.5m year-on-year.
Depreciation of right-of-use-assets increased by 1.7m year-on-year mainly explained by inflation and by more dismantled sites.
Other restructuring costs
In 2024 Orange Belgium booked restructuring costs for 19.4 million euros out of which 0.6 million euros are costs related to
acquisition and integration.
In 2023 Orange Belgium booked restructuring, integration & acquisition costs for 43.8 million euros out of which 37.1 million euros
are costs related to acquisition and integration of VOO S.A. and its subsidiaries.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00290": { "value": "Direct costs \n \n
in thousand EUR
31.12.2024
31.12.2023
Purchase of material
-233 975
-213 942
Other direct costs
-414 825
-427 727
Impairment loss on trade and other receivables, including contract assets
-11 571
2 164
Total direct costs
-660 371
-639 505
The direct costs in 2024 increased by 3.3% year-on-year explained by the VOO acquisition.
Purchase of material
The costs related to the purchase of material increased by 9.4% year-on-year and amount to 234.0 million euros in 2024 mainly
explained by the VOO acquisition and by higher equipment unit costs (high end handsets).", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00292": { "value": "Commissions Commission expenses decreased by 1.6 million euros in 2024 to 27.2 million euros, mainly due to the integration of partners.", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00294": { "value": "Inventories
in thousand EUR
31.12.2024
31.12.2023
Gross inventories
36 773
56 745
Depreciation
-2 011
-5 321
Total Inventories
34 762
51 424
Inventories - Cost recognized as an expense during the period
-229 186
-210 801
The decrease in Gross inventories of 20.0 million euros is mainly due to a policy alignment in VOO in accounting for network material,
which is now accounted for in tangible fixed assets (impact of 19 million on the figures of 31 December 2023). The inventory consists
essentially of handsets.
The reserve for obsolete and slow-moving items decreased by 3.3 million euros to 2.0 million euros due to the policy alignment of
VOO S.A. with Orange Belgium\u2019.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00310": { "value": "Trade payables and other current liabilities
in thousand EUR
31.12.2024
31.12.2023
Trade payables
286 070
283 236
Salaries and termination pay
2 165
3 477
Performance and profit sharing bonus, pensions
24 400
18 786
Social security contributions
5 122
6 098
Holiday pay
31 128
29 858
Other
414
279
Current employee benefits
63 228
58 497
Current restructuring provisions
5 872
3 381
Other current liabilities
10 970
18 076
Current tax payables
17 859
20 858
Deferred income
787
339
The current tax payables
are related to the tax calculation of the current year. The decrease is essentially due to Orange Belgium\u2019s
tax loss position as at year-end 2024 (decrease of 2.6 million euros).Note 7: Taxes and levies
Income tax in profit and loss statement
\n \n
in thousand EUR
31.12.2024
31.12.2023
Current tax income / (expense)
3 352
-797
Deferred tax income / (expense) arising to the origination and reversal of temporary differences
9 515
-7 825
Total tax income / (expenses)
12 867
-8 622
Relationship between tax expense and accounting profit
\n \n
in thousand EUR
31.12.2024
31.12.2023
Earnings (Loss) before income tax
4 285
-2 163
Group income tax rate
25
25
Theoretical income tax
-1 071
541
Effect of difference between local standard rate and Group rate (*)
8
-105
Effect of permanent differences and other reconciling items (**)
-2 117
-7 396
Effect of tax (without base) affecting current tax (***)
15 439
7 303
Effect of tax (without base) affecting deferred tax
608
-8 964
Income tax
12 867
-8 622
Effective tax rate
-300.3%
-398.6%
* local rate (Orange Communications Luxembourg S.A.= 27.19%) and Group rate (25.00%)
** consisting of permanent difference like disallowed expenses, other reconciling items like other non-taxable income and the effect of application of R&D tax-
related incentives
*** adjustment on prior years
Tax income amounted to 12.9 million euros in 2024 compared to a tax expense of 8.6 million euros in 2023. The effective tax rate
came out at -300.3%, which is an increase compared to the effective tax rate of -398.6% in 2023.
The theoretical amount of tax expense amounts to 1.1 million euros while in 2023 there was an income in the amount of 0.5 million
euros (given the loss before income tax due to high interest expense on the financing of the VOO acquisition).
In 2024, the other non-deductible expenses had a negative impact, partly offset by other non-taxable income and other permanent
differences resulting in a net impact of -2.1 million euros versus a net impact of 7.4 million euros in 2023. Permanent differences
resulted when an item of income and/or expense is treated differently for book and tax purposes and the different treatment does
not reverse in a subsequent year or result in a basis difference (for example: disallowed expenses, effect on tax gain/loss on disposal
of investments, asset retirement obligation, amongst others). The swing is mainly the consequence of the increase in disallowed
expenses (-7.7 million euros vs. -3.0 million euros), other non-taxable income consisting of newly constituted deferred tax assets
associated to unused tax losses carried forward (3.8 million euros) and dividends (0.6 million euros) (see **).
A positive impact on the taxable year 2023 was recorded in 2024 for an amount of 6.1 million euros in relation to the Innovation
Income Deduction and the Investment Deduction on environmentally friendly R&D and energy-saving investments respectively. In
addition, the tax calculation book year 2024 already pre-empts a 6.5 million euros positive impact in relation to the above-mentioned
R&D tax incentives related to the year 2024.
Tax position in the statement of financial position
Movements in current tax balances
\n \n
in thousand EUR
31.12.2024
31.12.2023
Net current tax payable - opening balance
16 191
13 045
Cash tax payments
-4 189
-11 724
Current income tax (income) / expense
-3 352
797
Changes in consolidation scope, reclassification and translation adjustments
-1
14 073
Net current tax payable - closing balance
8 650
16 191
Cash tax payments in 2024 consist mainly of 6.0 million euros of prepayments for 2023 and corporate income tax refunds for 2021
and 2022 of 2 million euros. The change in scope in 2023 relates to the VOO acquisition.
Movements in deferred tax balances
Deferred taxes are calculated on temporary differences between the carrying amount of assets and liabilities in the consolidated
financial statements and their tax basis and on tax losses carryforward.
\n \n
in thousand EUR
31.12.2024
31.12.2023
Net deferred taxes - opening balance
-58 723
-6 810
Change in income statement
9 515
-7 825
Change in other comprehensive income
1 636
4 825
Changes in consolidation scope, reclassification and translation adjustments
-2
-48 914
Net deferred taxes - closing balance
-47 574
-58 723
The deferred taxes can be broken down as follows:
\n \n
in thousand EUR
31.12.2024
31.12.2023
Assets
Liabilities
Income
Assets
Liabilities
Income
statement
statement
Fixed assets
0
86 138
1 537
87 675
6 326
Tax losses carryforward
47 388
0
23 588
23 800
-1 713
Other temporary differences
65 925
74 749
-16 749
84 713
78 422
-12 438
Deferred taxes
113 313
160 887
8 376
108 513
166 097
-7 825
Unrecognized deferred taxes assets
1 139
-1 139
Netting
-105 766
-105 766
-100 573
-100 573
Total
7 547
55 121
9 515
6 801
65 524
-7 825
Deferred taxes essentially relate to PPA adjustments on tangible and intangible fixed assets, tax losses carried forward, IFRS 15 (in
other net liability of 26.7 million euros), IFRS 16 (in other for 46.2 million euros in assets and 44.3 million euros in liabilities), pension
obligations (in other for 8.8 million in assets), asset retirement obligations (in other for 2.0 million euros in assets and 0.4 million in
liabilities). The deferred taxes related to tax losses carried forward increased significantly (+ 23.6 million euros) due to the completed
upstream merger between Orange Belgium S.A. and VOO Holding S.A. and due to R&D investment deduction tax credits in excess
to be reported on subsequent taxable periods. Deferred taxes for 23.6 million euros have been recognized, including for entities
(VOO S.A. for 8.5 million euros , BETV S.A. for 0.2 million euros and Orange Communications Luxembourg S.A. for 0.5 million euros)
that have incurred a net loss in 2024.
Current operating taxes and levies payables
The operating taxes and levies payables amounted to 151.2 million euros in 2024 and consist of VAT payables 40.3 million euros,
100.7 million euros taxes charged to pylons and masts -plus default interests calculated at the legal rate, 8.8 million euros of
provisions for contingencies and 1.4 million other taxes payable. The increase versus year-end 2023 of 17.6 million euros is caused
by an increase in pylon taxes payable (16.7 million euros).
Operational taxes: pylon
\n
Pylon taxes payable as at 31 December 2024 amount to 100.7 million euros. Versus year-end 2023 these taxes increased by 16.7
\n
million euros or by 19.8%. Pylon taxes payable are included in the caption \u201cOperating taxes and levies payable\u201d on the balance
\n
sheet.
\n
Since 1997, certain municipalities and four provinces have adopted local taxes, on an annual basis, on pylons, masts or antennas
\n
erected within their boundaries. Orange Belgium continues to file fiscal objections against tax assessment notices received
\n
concerning these local taxes on pylons, masts or antennas. These taxes are currently being contested before the Civil Courts (Courts
\n
of First Instance - Tax Chamber and Courts of Appeal).
\n
Walloon protocol agreement 2016-2019:
\n
On 22 December 2016 the three mobile operators and the Walloon government have concluded an agreement in principle on the
\n
issue of taxing mobile infrastructure in the Walloon region for the period 2016-2019 and agreed to settle the dispute on the Walloon
\n
regional taxes for 2014.
\n
Orange Belgium engaged itself to pay an amount of 16.1 million euros over 4 years (i.e. 2016-2019) and to invest an incremental
\n
amount of 20 million euros in telecom infrastructure in the Walloon region in the period 2016-2019.
\n
In turn, the Walloon Region undertook to no longer levy taxes on telecom infrastructure and to implement a legislative, regulatory
\n
and administrative framework designed to facilitate the deployment of this infrastructure. Also, the Walloon Region would discourage
\n
taxation by municipalities and provinces on telecom infrastructure.
\n
In 2018 and 2019 several Walloon municipalities and provinces had levied taxes on telecom infrastructure.
\n
The operators were entitled to deduct such local taxes levied in 2016-2019 by Walloon municipalities or provinces from the 2019
\n
settlement and investment amounts.
\n
The last instalment of the amount due by Orange Belgium on the basis of the 2016-2019 protocol agreement (4.5 million euros),
\n
from which local taxes levied in 2016-2019 could be deducted, has not yet been paid.
\n
In December 2022 Orange Belgium had been contacted by the Walloon Region about the outstanding amount to be paid. Orange
\n
Belgium had informed the Walloon Region that, after deduction of the local taxes levied in 2016-2019 on Orange Belgium, the
\n
outstanding amount still to be paid was to 0.4 million euros. Orange Belgium has not received an answer from the Walloon Region.
\n
Walloon protocol agreement 2021-2022:
\n
The mobile operators had concluded a protocol agreement with the Walloon government for the period 2021-2022. This agreement
\n
stipulated that the mobile operators would pay a contribution to a governmental budget fund to be set up by the Walloon government
\n
to support the digitalization of the Walloon region, and more specifically local initiatives of Walloon municipalities or provinces.
\n
Amount of the operator\u2019s contribution: 5 million euros (35,73% to be paid by Orange Belgium). The mobile operators would also do
\n
additional network investments for a total amount of 11 million euros (35,73% for Orange Belgium). This agreement would ensure a
\n
financially stable environment by reducing the proliferation of local taxes.
\n
An amount of 0.5 million euros has been paid in December 2021 to the Walloon region. This was the first tranche of 0.9 million euros
\n
from which the taxes received from local authorities for 2021 have been deducted.
\n
After deduction of the local taxes levied for 2021 and 2022 to the second tranche of 0.4 million euros of the protocol agreement, no
\n
contribution was due any more to the Walloon region in December 2022.
\n
The contribution to be paid to the Walloon region in February 2023 was determined by the end of January 2023, considering all local
\n
taxes 2021 and 2022 levied and/or known by that date. According to this analysis, the amount of local taxes exceeded the amount
\n
due to the Walloon Region on 15 February 2023 and could be deducted. Consequently, there was no contribution to be paid to the
\n
Walloon Region by 15 February 2023.
\n
Walloon protocol agreement 2023-2026:
\n
On 6 June 2024, the Walloon Government and the mobile operators Proximus, Telenet, Orange Belgium and Insky signed an
\n
agreement concerning the tax on pylons in the Walloon Region for the period 2023-2026, extension possible for 2027 subject to
\n
approval of all parties.
\n
The mobile operators commit to pay as a sector for 2023 2.5 million euros, and for the years 2024, 2025, 2026 an amount of 6 million
\n
euros per year to the Walloon Region. Local taxes, which municipalities and provinces levy during these years, are deductible up to
\n
certain annual limits. The key to determine which part of these annual amounts is due per operator is defined each year based on
\n
the number of pylons and masts owned and the coverage of each operator in the Walloon territory. For 2023 the percentage for
\n
Orange Belgium amounts to 37,24%; for 2024 34,74%.
\n
Between 1 January 2023 and 31 December 2026, Orange Belgium will invest an additional amount of 15 million euros in the telecom
\n
infrastructure in the Walloon Region.
An agreement exists to not impose Walloon Regional taxes on the telecom infrastructure during the period 2023-2026. Also,
municipalities and provinces will be discouraged by the Walloon Region to levy local taxes on telecom infrastructure.
Given the uncertainties surrounding the lawfulness and amount of the pylon taxes and considering inter alia that this tax is not fully
payable at the beginning of each fiscal year and actually not paid, the Groupe continues to account for this as a risk in accordance
with IAS 37 (Provisions & contingent liabilities). However, the full year risk is estimated and recognized both as a liability and charge
at the beginning of each year. Interest charges related to the non-payment of this tax continue being recorded monthly.
The provision for pylon tax is reassessed every quarter using prudent best estimate assumptions based on the evolution of the
regional tax framework, of the different court cases and of the new tax bills received. The management revises these estimates if
the underlying circumstances evolve or in light of new information or experience. Consequently, estimates made at 31 December
2024, may subsequently be changed. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00300": { "value": "Trade payables and other current liabilities
in thousand EUR
31.12.2024
31.12.2023
Trade payables
286 070
283 236
Salaries and termination pay
2 165
3 477
Performance and profit sharing bonus, pensions
24 400
18 786
Social security contributions
5 122
6 098
Holiday pay
31 128
29 858
Other
414
279
Current employee benefits
63 228
58 497
Current restructuring provisions
5 872
3 381
Other current liabilities
10 970
18 076
Current tax payables
17 859
20 858
Deferred income
787
339
Current employee benefits
increased by 4.7 million euros in 2024 and is mainly due to Orange Belgium S.A. (+ 5.3 million euros).
Since 2024, bonusses are only paid out annually versus bi-annually in prior years.Pension obligations
With respect to the Belgian defined contribution and cash balance pension plans and considering the law on supplementary
pensions, the legal minimum rates of return are to be guaranteed by the employer as follows (Orange Belgium S.A. and subsidiaries):
-
For the contributions paid until end December 2015, the applicable legal rates of return (3.25% and 3.75% respectively on the
employer and employee contributions) continue to apply until the retirement date of the participants;
-
For the contributions paid as from 1 January 2016, a new variable minimum return is defined based on the average of Belgian
government bond (OLO) yields, subject to a minimum of 1.75% and a maximum of 3.75%. In view of the low rates of the OLO
in the last years, the legal minimum return applicable was 1.75%;
-
For the contributions that will be paid as from 1 January 2025, the new legal minimum rate of return has been defined to 2.50%.
In view of these legal minimum rates of return to be guaranteed by the employer, those Belgian defined contribution plans embed
defined benefit features and therefore qualify as Defined Benefit plans under IAS 19.
To reflect the obligations linked to these defined contribution pension plans, Orange Belgium performed a complete actuarial
computation under the PUC method. The actuarial valuation covers the entirety of the pension plan scope at Orange Belgium and
its subsidiaries. The pension plans are financed externally through group insurance contracts of which some are foreseeing
contractual interest rates granted by the insurance companies and others are investing the premiums paid directly in financial
instruments/assets. The actuary performed projections according to the methodology prescribed by the accounting standard under
certain assumptions. The results have been reflected in the below table.
Orange Belgium and its subsidiaries has as well in place a post-employment medical plan and a seniority plan which are valued and
reflected in the balance sheet of the company. Both plans are unfunded.
Please find below a reconciliation of the opening to the closing balance of the net defined benefit asset:
Movement in net defined benefit (asset) liability
\n \n
in thousand EUR
Defined benefit
Fair value of
Effect of asset
Net defined
obligation
plan assets
ceiling
(asset) liability
Balance at 1 January 2024
162 408
-164 259
4 836
2 985
Included in profit or loss
Current employer service cost
8 997
8 997
Past Service cost (credit)
Interest cost (income)
5 705
-5 928
182
-41
Actuarial loss (gain) recognized in the P&L
Total
Included in OCI
Effect of changes in financial assumptions
Effect of changes in demographic assumptions
Effect of experience adjustments / Return on plan assets
excluding interest income
-1 815
-5 722
-7 537
Changes in asset ceiling/onerous liability (excluding
interest income)
-377
-377
Other
Contributions paid by the employer
7 786
-7 786
-7 786
Contributions paid by the participants
1 146
-1 146
0
Benefits paid, taxes, risk premiums and administrative
costs
- 5 689 -7 790
6 578 7 724
-66 889
Total
Balance at 31 December 2024
175 630
-177 117
4 641
3 154
\n \n
in thousand EUR
Defined benefit
Fair value of
Effect of asset
Net defined
obligation
plan assets
ceiling
(asset) liability
Balance at 1 January 2023 Orange Belgium
129 939
-133 428
-3 489
Balance at 1 June 2023 VOO
17 519
-16 994
525
Remeasurements at 1 June 2024 VOO : Changes in asset
ceiling/onerous liability (excluding interest income)
2 017
2 017
Included in profit or loss
Current employer service cost
6 796
6 796
Past Service credit
Interest cost (income)
5 751
-6 010
83
-176
Total
Included in OCI
Actuarial loss (gain)
Return on plan assets excluding interest income
-5 586
-5 586
Effect of changes in financial assumptions and
experience adjustments
5 832
5 832
Remeasurements : Changes in asset ceiling/onerous
liability (excluding interest income)
2 736
2 736
Total
Other
Contributions paid by the employer
-6 305
-6 305
Benefits paid
-3 429
4 064
635
Total
Balance at 31 December 2023
162 408
-164 259
4 836
2 985
The contributions paid during 2024 for those plans amounted to 7.8 million euros paid by the employer and 1.1 million euros paid
by the employees.
The plan assets of Orange Belgium S.A as of 31 December 2024 consisted of 166 million euros in total, being the sum of the
individual insurance reserves and the collective financing funds, while the ones of VOO and subsidiaries amount to 25.4 million
euros.
The current restructuring provisions slightly increased to 5.9 million euros in 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00299": { "value": "Trade payables and other current liabilities
in thousand EUR
31.12.2024
31.12.2023
Trade payables
286 070
283 236
Salaries and termination pay
2 165
3 477
Performance and profit sharing bonus, pensions
24 400
18 786
Social security contributions
5 122
6 098
Holiday pay
31 128
29 858
Other
414
279
Current employee benefits
63 228
58 497
Current restructuring provisions
5 872
3 381
Other current liabilities
10 970
18 076
Current tax payables
17 859
20 858
Deferred income
787
339
Labour costs (excluding termination benefits)
Labour costs increased by 16.7% to 251.5 million euros in 2024, compared to 215.6 million euros a year ago. This increase has
been mainly driven by VOO acquisition and by inflation.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00298": { "value": "Trade payables and other current liabilities
in thousand EUR
31.12.2024
31.12.2023
Trade payables
286 070
283 236
Salaries and termination pay
2 165
3 477
Performance and profit sharing bonus, pensions
24 400
18 786
Social security contributions
5 122
6 098
Holiday pay
31 128
29 858
Other
414
279
Current employee benefits
63 228
58 497
Current restructuring provisions
5 872
3 381
Other current liabilities
10 970
18 076
Current tax payables
17 859
20 858
Deferred income
787
339
Note 12: (Non)-current provisions \n \n
in thousand EUR
Consolidation
31.12.2023
Additions
Utilisations
Reversal
scope
Other effect
31.12.2024
Provisions for dismantling
61 951
-5 602
3 425
59 774
Provisions for litigations
3 051
2 211
-564
-465
100
4 333
Total provisions
65 102
2 211
-6 166
-465
3 425
64 107
\n \n
in thousand EUR
Consolidation
31.12.2022
Additions
Utilisations
Reversal
scope
Other effect
31.12.2023
Provisions for dismantling
64 890
-4 805
1 850
16
61 951
Provisions for litigations
2 562
2 228
-1 535
-1 091
987
-100
3 051
Total provisions
67 452
2 228
-6 340
-1 091
2 837
16
65 102
Provisions for dismantling consist of current (5.6 million euros) and non-current provisions (54.2 million euros) (see also Note 5 \u2013
Other intangible assets).
Provisions for litigations are recorded in other (non)-current liabilities.
Outstanding litigation
Orange Belgium is engaged in various judicial procedures whereby third-party individuals or entities are claiming repair of damages
they claim to have incurred. Each litigation is assessed on an individual basis in order to assess as to whether it is more likely than
not that an outflow of resources will be necessary to settle the litigation and ensures that the assumptions to quantify the provisions
are valid.
Outstanding claims are built up during the previous years and it can be reasonably assumed that they will be subject to a Court
decision or solved by means of a settlement agreement within the coming years.
Network sites dismantling provision
See Note 5 \u2013 Other intangible assets and property, plant and equipment.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00296": { "value": "Trade payables and other current liabilities
in thousand EUR
31.12.2024
31.12.2023
Trade payables
286 070
283 236
Salaries and termination pay
2 165
3 477
Performance and profit sharing bonus, pensions
24 400
18 786
Social security contributions
5 122
6 098
Holiday pay
31 128
29 858
Other
414
279
Current employee benefits
63 228
58 497
Current restructuring provisions
5 872
3 381
Other current liabilities
10 970
18 076
Current tax payables
17 859
20 858
Deferred income
787
339
Other current liabilities
are made of provisions for litigation and down payments received from customer. In 2023, this balance
contained also VOO\u2019s operating subsidies received but not used yet at year end (8.4 million euros). As at year-end 2024, these
subsidies are now included in property, plant and equipment.Note 6: Other intangible assets and property, plant and equipmentCurrent fixed assets payable
Current fixed assets payable are non-interest bearing that are generally settled on 30 to 60 days term and are related to Property,
Plant and Equipment investments. The balance decreased compared to last year (59.5 million euros in 2024, compared to 77.4
million euros a year ago) mainly due to the decrease in Orange Belgium S.A. (-15.6 million euros) mainly due to a higher level of
payments made in the period prior to year-end.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00295": { "value": "Trade payables and other current liabilities
in thousand EUR
31.12.2024
31.12.2023
Trade payables
286 070
283 236
Salaries and termination pay
2 165
3 477
Performance and profit sharing bonus, pensions
24 400
18 786
Social security contributions
5 122
6 098
Holiday pay
31 128
29 858
Other
414
279
Current employee benefits
63 228
58 497
Current restructuring provisions
5 872
3 381
Other current liabilities
10 970
18 076
Current tax payables
17 859
20 858
Deferred income
787
339
Trade payables
are non-interest bearing and are generally settled on 30 to 60-day terms. The trade payables increased by 2.8
million euros or by 1.0% compared to 2023, mainly related to the trade payable of VOO (+5.3 million euros) and WBCC (+1.5 million
euros), partially offset by a decrease in the trade payable of Orange Belgium S.A. (-3.4 million euros).", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00301": { "value": "Indirect costs, net of other indirect income \n \n
in thousand EUR
31.12.2024
31.12.2023
Commercial expenses
-57 218
-50 495
Other IT and network expenses
-201 034
-174 080
Property expenses
-24 201
-18 434
General expenses
-147 913
-110 267
Other indirect income
35 742
45 675
Other indirect costs
-75 896
-70 390
Depreciation of right-of-use of leased assets
-61 239
-59 495
Total indirect costs, net of indirect income
-531 759
-437 484
of which operational taxes and fees
-32 845
-26 868
The indirect costs increased 21.5% year-on-year to 531.8 million euros in 2024 compared to 437.5 million euros in 2023 mainly
explained by VOO acquisition and by inflation.
The commercial expenses increase by 6.7 million euros in 2024 mainly due to VOO acquisition. Other IT and network expenses
increased by 27.0m year-on-year following VOO acquisition and by inflation on costs.
Property expenses increased by 5.8m year-on-year following VOO acquisition, by inflation impact partially offset by efficiencies
costs.
General expenses which include, amongst others, (i) outsourced labor and professional services, (ii) outsourced call center costs
and (iii) facility-related expenses, increased by 37.6m year-on-year mainly explained by VOO acquisition.
Other indirect income decreased by 9.9m year-on-year due to mapping change related to the integration of BKM at the beginning
of 2024. This reclassification had a corresponding impact on other indirect costs, which increased by 5.5m year-on-year.
Depreciation of right-of-use-assets increased by 1.7m year-on-year mainly explained by inflation and by more dismantled sites.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00302": { "value": "Indirect costs, net of other indirect income \n \n
in thousand EUR
31.12.2024
31.12.2023
Commercial expenses
-57 218
-50 495
Other IT and network expenses
-201 034
-174 080
Property expenses
-24 201
-18 434
General expenses
-147 913
-110 267
Other indirect income
35 742
45 675
Other indirect costs
-75 896
-70 390
Depreciation of right-of-use of leased assets
-61 239
-59 495
Total indirect costs, net of indirect income
-531 759
-437 484
of which operational taxes and fees
-32 845
-26 868
The indirect costs increased 21.5% year-on-year to 531.8 million euros in 2024 compared to 437.5 million euros in 2023 mainly
explained by VOO acquisition and by inflation.
The commercial expenses increase by 6.7 million euros in 2024 mainly due to VOO acquisition. Other IT and network expenses
increased by 27.0m year-on-year following VOO acquisition and by inflation on costs.
Property expenses increased by 5.8m year-on-year following VOO acquisition, by inflation impact partially offset by efficiencies
costs.
General expenses which include, amongst others, (i) outsourced labor and professional services, (ii) outsourced call center costs
and (iii) facility-related expenses, increased by 37.6m year-on-year mainly explained by VOO acquisition.
Other indirect income decreased by 9.9m year-on-year due to mapping change related to the integration of BKM at the beginning
of 2024. This reclassification had a corresponding impact on other indirect costs, which increased by 5.5m year-on-year.
Depreciation of right-of-use-assets increased by 1.7m year-on-year mainly explained by inflation and by more dismantled sites.
Other restructuring costs
In 2024 Orange Belgium booked restructuring costs for 19.4 million euros out of which 0.6 million euros are costs related to
acquisition and integration.
In 2023 Orange Belgium booked restructuring, integration & acquisition costs for 43.8 million euros out of which 37.1 million euros
are costs related to acquisition and integration of VOO S.A. and its subsidiaries.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00303": { "value": "Indirect costs, net of other indirect income \n \n
in thousand EUR
31.12.2024
31.12.2023
Commercial expenses
-57 218
-50 495
Other IT and network expenses
-201 034
-174 080
Property expenses
-24 201
-18 434
General expenses
-147 913
-110 267
Other indirect income
35 742
45 675
Other indirect costs
-75 896
-70 390
Depreciation of right-of-use of leased assets
-61 239
-59 495
Total indirect costs, net of indirect income
-531 759
-437 484
of which operational taxes and fees
-32 845
-26 868
The indirect costs increased 21.5% year-on-year to 531.8 million euros in 2024 compared to 437.5 million euros in 2023 mainly
explained by VOO acquisition and by inflation.
The commercial expenses increase by 6.7 million euros in 2024 mainly due to VOO acquisition. Other IT and network expenses
increased by 27.0m year-on-year following VOO acquisition and by inflation on costs.
Property expenses increased by 5.8m year-on-year following VOO acquisition, by inflation impact partially offset by efficiencies
costs.
General expenses which include, amongst others, (i) outsourced labor and professional services, (ii) outsourced call center costs
and (iii) facility-related expenses, increased by 37.6m year-on-year mainly explained by VOO acquisition.
Other indirect income decreased by 9.9m year-on-year due to mapping change related to the integration of BKM at the beginning
of 2024. This reclassification had a corresponding impact on other indirect costs, which increased by 5.5m year-on-year.
Depreciation of right-of-use-assets increased by 1.7m year-on-year mainly explained by inflation and by more dismantled sites.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00304": { "value": "Indirect costs, net of other indirect income \n \n
in thousand EUR
31.12.2024
31.12.2023
Commercial expenses
-57 218
-50 495
Other IT and network expenses
-201 034
-174 080
Property expenses
-24 201
-18 434
General expenses
-147 913
-110 267
Other indirect income
35 742
45 675
Other indirect costs
-75 896
-70 390
Depreciation of right-of-use of leased assets
-61 239
-59 495
Total indirect costs, net of indirect income
-531 759
-437 484
of which operational taxes and fees
-32 845
-26 868
The indirect costs increased 21.5% year-on-year to 531.8 million euros in 2024 compared to 437.5 million euros in 2023 mainly
explained by VOO acquisition and by inflation.
The commercial expenses increase by 6.7 million euros in 2024 mainly due to VOO acquisition. Other IT and network expenses
increased by 27.0m year-on-year following VOO acquisition and by inflation on costs.
Property expenses increased by 5.8m year-on-year following VOO acquisition, by inflation impact partially offset by efficiencies
costs.
General expenses which include, amongst others, (i) outsourced labor and professional services, (ii) outsourced call center costs
and (iii) facility-related expenses, increased by 37.6m year-on-year mainly explained by VOO acquisition.
Other indirect income decreased by 9.9m year-on-year due to mapping change related to the integration of BKM at the beginning
of 2024. This reclassification had a corresponding impact on other indirect costs, which increased by 5.5m year-on-year.
Depreciation of right-of-use-assets increased by 1.7m year-on-year mainly explained by inflation and by more dismantled sites.Depreciation and amortization
The depreciation and amortization charge (including impairment of fixed assets) for the year was 411.5 million euros, up by 78.2
million euros compared to 2023. The increase versus prior year-end can mainly be attributed to full year of VOO S.A. depreciation
and amortization (impact of 60.5 million euros) combined with higher level of investments (8.4 million euros) and accelerated
depreciation due to dismantling of sites (7.2 million euros) at Orange Belgium S.A.\u2019 side (total of 16.4 million euros impact versus
2023).
Accelerated depreciations of fixed assets
The changes in useful life on intangible assets and property, plant and equipment recognized during the year were determined on
an asset-by-asset basis in order to consider technology and IT evolution. Obsolescence, dismantling or losses are also considered
in this exercise.
During 2024, the change in useful life and/or recognized impairment charges on property, plant and equipment totals 17.1 million
euros (compared with 11.2 million euros in 2023) and shown as expense on the line \u201cDepreciation and amortization\u201d and \u201cimpairment
of fixed assets\u201d in the statement of comprehensive income.
Impact can be split as such:
-
8.6 million euros for the project RAN sharing with Proximus including Sites dismantling & RAN material radio swapped from
Huawei to Nokia
-
5.3 million euros network other than RAN
-
1.3 million euros RAN
-
0.8 million euros IT Software
-
0.3 million euros Sleeping stock concerning our Network material in our DHL warehouse
-
0.8 million euros Other type of retirement
Other intangible assets
\n \n
in thousand EUR
31.12.2024
31.12.2023
Net book value of other intangible assets in the opening balance
907 208
784 626
Acquisitions of other intangible assets
78 588
63 852
Additions through business combinations
0
166 419
Depreciation and amortization
-123 402
-107 467
Impairment
-506
-29
Reclassifications and other items
-1
-193
Net book value of other intangible assets in the closing balance
861 887
907 208
Acquisition of other intangible assets are mainly software licenses (71.5 million euros). The additions via the VOO acquisition in 2023
related for the most part to acquired customer relationships (110 million euros), brand name (14 million euros) and licenses for the
remainder.
\n \n
in thousand EUR
31.12.2024
Gross value
Accumulated depreciation
Accumulated
Net book value
and amortization
impairment
Telecommunication licences
696 393
-148 650
547 743
Brand
20 072
-5 044
-4 172
10 856
Subscriber bases
143 539
-31 316
112 223
Software
887 625
-724 015
163 610
Other intangible assets
134 328
-106 873
27 455
Total
1 881 956
-1 015 898
-4 172
861 887
\n \n
in thousand EUR
31.12.2023
Gross value
Accumulated depreciation
Accumulated
Net book value
and amortization
impairment
Telecommunication licences
696 393
-110 929
0
585 464
Brand
20 072
-1 864
-4 172
14 036
Subscriber bases
143 539
-23 020
0
120 519
Software
903 587
-739 960
0
163 627
Other intangible assets
133 717
-110 158
0
23 559
Total
1 897 308
-985 928
-4 172
907 208
Telecommunication and other licenses held by Orange Belgium Group:
\n \n
Type of licence
Acquisition cost
Net book value
Net book value
Useful life
Remaining
Start
In thousand EUR
end 2024 In
end 2023 In
in months
months
depreciation
thousand EUR
thousand EUR
period
Ended Jun-
4G
20 020
4 372
6 196
2027
29
Jun-16
800 MHz
120 000
53 920
59 977
238
107
Feb-14
IBPT autorisation 3 G
2 158
0
0
4
0
Sep-22
IBPT autorisation 2 G
4 193
0
0
4
0
Sep-22
IBPT autorisation 5 G 3600 Mhz
55 308
48 000
51 131
212
184
Sep-22
IBPT autorisation 5 G 700 Mhz
122 860
108 521
114 664
240
212
Sep-22
Spectrum RD 800 Mhz
17 542
13 157
14 619
144
108
Jan-22
Spectrum RD 2600 Mhz
5 897
2 680
3 753
78
30
Jan-22
Spectrum RD 700 Mhz
23 398
20 666
21 836
240
212
Sep-22
Spectrum RD 3600 Mhz
11 386
9 881
10 526
212
184
Sep-22
License 900/1800/2100 Mhz
214 198
192 779
203 488
240
216
Jan-23
License 1400 Mhz
89 135
82 431
86 888
240
222
Jul-23
OLU UMTS 2100 Mhz (4 G)
1 735
0
0
192
112
May-17
OLU 5G 700 Mhz + 3600 Mhz
13 504
10 506
11 515
180
127
Aug-20
\n \n
BKM PPA - unused perpetual
licences Voxx - Telepo
1 058
830
872
300
247
Aug-19
Total
702 392
547 743
585 466
0
0
Telecommunication licenses
acquired by Orange Belgium S.A. during 2022 (no acquisitions in 2023 and in 2024).
The related auctions took place during 2022 as follows:
-
On 14 January 2022, the BIPT published the call for candidates for the auction on the allocation of new 5G spectrum (700 MHz,
1400 MHz, 3600 MHz) and the renewal of the existing 2G and 3G spectrum (900MHz, 1800 MHz, 2100MHz).
-
New spectrum allocations: 700, 3600 and 1400 MHz.
The auctions for the core 5G frequency bands ended on 20 June 2022. Orange obtained 2x10 MHz in the 700 MHz frequency band
and 100 MHz in the 3.6 GHz frequency band, for a total of 178 million euros. The commencement date was 1 September 2022 for
a period of 20 years for 700 MHz and until May 2040 for the 3.6 GHz band.
On 20 July 2022 the supplemental auction to allocate 90 MHz of spectrum in the 1400 MHz frequency band for a 20-year term
ended. Orange obtained 30Mhz for a price of 70 million euros. The spectrum was finally allocated on 16 November 2022 with a
commencement date on 1 July 2023. The Company determined that the rights acquired under the 2022 auction procedures, that
became available for use as of 1 July 2023, meet the definition and recognition criteria of intangible assets under IAS 38 Intangible
Assets as per 31 December 2022. Amortization started accordingly to the availability for use as of 1 July 2023.
-
Renewal of existing spectrum attributions: 900, 1800 and 2100 MHz.
Concerning the licenses in the 900 MHz, 1800 MHz and 2100 MHz bands, which expired in March 2021, the BIPT granted successive
temporary rights of use in these bands for a period of six months. The last decision of 13 September 2022 granted temporary rights
until the end of 2022.
In the auction, that ended June 20, 2022, Orange Belgium obtained 2 X 10 MHz in the 900 MHz band, 2 X 15 MHz in the 1800 MHz
band, and 2 X 15 MHz in the 2100 MHz band.
The spectrum was finally allocated on 16 November 2022 with a commencement date on 1 January 2023. The Company determined
that the rights acquired under the 2022 auction procedures, that only became available for use as of 1 July 2023, meet the definition
and recognition criteria of intangible assets under IAS 38 Intangible Assets as per 31 December 2022. Amortization has started
accordingly to the availability for use on 1 January 2023.
Licenses acquired or granted have been capitalized as such:
-
One off amount paid or to pay at commencement
-
Net present value of the yearly fixed amounts of spectrum fees to be paid over the license period. A corresponding liability has
been recorded in current and non-current fixed assets payable. The net present value corresponds to the discounted value of
the fixed amounts of spectrum fee payable over the license period at the discount rate prevailing at the moment of the
calculation for the maturity of the debt. As from the booking of the debt, unwinding based on the original discount rate is
recorded in financial expenses and annual payments are applied against the debt itself.
Internally generated intangible assets
include software development costs generated by the Group staff.
The useful lives of intangible assets applied in 2024 remain comparable to those used in 2023.
Investments related to original software acquisition may be fully amortized as well but upgrades of these software, still in use, are
not fully amortized. The same applies to the original site\u2019s research costs.
Intangible assets are not subject to title restriction or pledges as security for liabilities.
Property, plant and equipment
\n \n
in thousand EUR
31.12.2024
31.12.2023
Net book value of property, plant and equipment in the opening balance
1 787 469
644 600
Acquisitions of property, plant and equipment
289 927
240 243
Additions through business combinations
1 132 132
Depreciation and amortization
-288 096
-225 818
Impairment
-277
-1 391
Reclassifications and other items
14 847
-2 297
Net book value of property, plant and equipment in the closing balance
1 803 870
1 787 469
The acquisitions of 2024 relate to investments into the network (228.8 million euros) and into terminals & setup boxes (60.4 million
euros). The acquisitions through the VOO acquisition in 2023 essentially relate to the VOO network.
\n \n
in thousand EUR
31.12.2024
Gross value
Accumulated depreciation
Net book value
and amortization
Land and buildings
177 731
-100 004
77 727
Networks and terminals
4 420 900
-2 757 795
1 663 105
IT equipment
211 591
-175 429
36 162
Other property, plant and equipment
51 222
-24 346
26 876
Total
4 861 444
-3 057 574
1 803 870
\n \n
in thousand EUR
31.12.2023
Gross value
Accumulated depreciation
Net book value
and amortization
Land and buildings
204 693
-128 319
76 374
Networks and terminals
4 631 389
-2 961 088
1 670 301
IT equipment
236 064
-202 906
33 159
Other property, plant and equipment
48 558
-40 923
7 636
Total
5 120 704
-3 333 235
1 787 469
Note 15: Lease agreements
In the course of its activities, the Group regularly enters into leases as a lessee. The leases concern the following asset categories:
-
Land and buildings
-
Network and terminals
-
Other
Lease liabilities
As of 31 December 2024, lease liabilities amount to 180.1 million euros, including non-current lease liabilities of 150.4 million euros
and current lease liabilities of 29.7 million euros.
\u00a0 \u00a0
in thousand EUR
\u00a0
2024
2023
Lease liabilities \u2013 in the opening balance
204 769
262 069
Increase with counterpart in right-of-use
29 461
23 635
Changes in the scope of consolidation
\u00a0
29 385
Decrease in liabilities following rental payments
-57 003
-56 520
Impact of changes in assessments
2 846
-53 800
Translation adjustment
\u00a0
0
Lease liabilities \u2013 in the closing balance
180 073
204 769
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
O/w non-current lease liabilities
150 351
155 164
O/w current lease liabilities
29 723
49 605
\n
The decrease in the lease liability and in the right of use assets balances comes from the re-assessment of the ending dates of the
contracts and the normal additions and payments following new contracts. The scope change in 2023 related to the VOO acquisition.
The following table details the undiscounted future cash flows of lease liabilities:
in thousand EUR
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December 2024
2025
2026
2027
2028
2029
2030 and beyond
Undiscounted lease liabilities
193 601
41 953
32 549
26 137
18 809
11 011
63 142
\n
Right-of-use assets
in thousand EUR
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
31.12.2024
Gross value
Accumulated depreciation
Accumulated impairment
Net book value
Land and buildings
340 238
-191 704
\u00a0
148 534
Networks and terminals
2 884
-2 053
\u00a0
831
IT equipment
0
0
\u00a0
0
Other right-of-use
43 817
-20 792
\u00a0
23 025
Total right-of-use assets
386 939
-214 549
\u00a0
172 390
\n
in thousand EUR
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
31.12.2023
Gross value
Accumulated depreciation
Accumulated impairment
Net book value
Land and buildings
346 321
-166 149
\u00a0
180 172
Networks and terminals
7 008
-5 640
\u00a0
1 368
IT equipment
3
0
\u00a0 \u00a0
Other right-of-use
35 841
-16 551
\u00a0
19 721
Total right-of-use assets
389 173
-188 340
\u00a0
200 811
\n
in thousand EUR
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
Net book value of right-of-use assets -in the opening balance
200 811
260 331
Increase (new right-of-use assets)
29 989
24 418
Impact of changes in the scope of consolidation
\u00a0
29 357
Depreciation
-60 982
-58 780
Impact of changes in the assessments
2 573
-54 515
Net book value of right-of-use assets -in the closing balance
172 391
200 811
\n
The total expenses relating to short-term leases or low cost items for which the recognition exemption is applied is very limited in
both years presented.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00306": { "value": "Note 5: Goodwill
Goodwill
Goodwill originates from the following historical transactions:
\n \n
in thousand EUR
31.12.2024
31.12.2023
Acquisition
Accumulated
Net carrying
Acquisition
Accumulated
Net carrying
Value
impairment
amount
Value
impairment
amount
losses
losses
Acquisition of Orange Communications
Luxembourg S.A. (2007 \u2013 2008)
68 729
-17 865
50 864
68 729
-17 865
50 864
Acquisition of VOO SA (2023 \u2013 2024)
684 138
684 138
684 138
684 138
Other goodwill
53 547
-37 370
16 177
53 547
-37 370
16 177
Total goodwill
806 414
-55 235
751 179
806 414
-55 235
751 179
The acquisition of Orange Communications Luxembourg S.A. was completed in two phases. 90% of the shares were acquired on 2
July 2007. The remaining 10% were acquired on 12 November 2008.
The acquisition of 75% of VOO S.A and its 100% subsidiaries was completed in June 2023.The remaining 25% was acquired in
May 2024, when Nethys exercised its put option on the shares in VOO Holding SA it held, in exchange for shares in Orange Belgium
(see note 10).
Other goodwill includes goodwill resulting from past acquisitions of Mobistar Affiliate S.A. (completed in 2001, goodwill of 10,6
million EUR \u2013 no change compared to 2023), A&S Partners S.A. (completed in 2017, goodwill of 4,8 million EUR \u2013 no change
compared to 2023) and Mobistar Enterprise Services S.A. (completed in 2011, goodwill of 0,8 million EUR \u2013 no change compared
to 2023).
An impairment test on goodwill is performed at least at the end of each financial year (or more frequently if there are indications that
goodwill might be impaired) to assess whether its carrying amount does or does not exceed its recoverable amount.
To this purpose, the carrying amount of goodwill has been allocated to the cash generating units (CGU\u2019s) as follows:
\n \n
in thousand EUR
31.12.2024
31.12.2023
Net carrying
Net carrying
amount
amount
Goodwill CGU allocation
Belgium \u2013 VOO
684 138
Belgium - Other
16 177
Belgium
700 315
Luxembourg
50 864
50 864
The allocation to CGU\u2019s in 2024 is different than in 2023. The continued integration during 2024 of VOO\u2019s activities into the activities
\n
of Orange Belgium makes that the goodwill linked to VOO is no longer considered separately for purpose of the goodwill impairment
\n
testing.
\n
The recoverable amount of each cash-generating unit is determined based on a value in use calculation which uses discounted cash
\n
flow projections based on the 5-year business plan approved by the appropriate governance structure. Discount rates represent the
\n
current market assessment of the risks specific to the CGU, taking into consideration the time value of money and individual risks
\n
of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on the
\n
specific circumstances of the Group and its operating segments and is derived from its weighted average cost of capital (WACC).
\n
The WACC takes into account both debt and equity. The cost of equity is derived from the expected return on investment by the
\n
Group\u2019s investors. The cost of debt is based on the interest-bearing borrowings the Group is obliged to service. Segment-specific
\n
risk is incorporated by applying individual beta factors. The beta factors are evaluated annually based on publicly available market
\n
data.
\n
Belgium
\n
The recoverable amount of the \u2018Belgium\u2019 segment as a cash-generating unit is determined based on a value in use calculation which
\n
uses cash flow projections based on the 5-year business plan approved by the directors.
\n
The pre-tax discount rate applied to cash flow projections is 8.97% per annum (2023: 9.33% per annum) and cash flows beyond
\n
the five-year period are extrapolated using a 0.75% growth rate (2023: 0.75%). Post-tax discount rates were 6.73% per annum
\n
(2023: 7.0%).
\n
The key assumptions used by management in setting the business plan for the initial five-year period were as follows:
\n
-
key revenue assumptions, which reflect market level, penetration rate of the offerings and market share, positioning of the
\n
competition\u2019s offerings and their potential impact on market price levels and their transposition to the Group\u2019s offerings bases,
\n
regulatory authority decisions on pricing of services to customers and on access and pricing of inter-operator services,
\n
technology migration of networks, competition authorities\u2019 decisions in terms of concentration or regulation of adjacent sectors
\n
such as cable;
\n
-
key cost assumptions, on the level of marketing expenses required to renew product lines and keep up with competition, the
\n
ability to adjust costs to potential changes in revenues or the effects of natural attrition and committed employee departure
\n
plans;
\n
-
key assumptions on the level of capital expenditure, which may be affected by the roll-out of new technologies, by decisions
\n
of regulatory authorities relating to licenses and spectrum allocation, mobile network coverage, sharing of network elements or
\n
obligations to open up networks to competitors.
\n
The business plan foresees a progressive increase of adjusted EBITDAaL over the period as the result of (i) a continuous top line
\n
growth coming mainly driven by the growth of wholesales revenue through the utilisation of the HFC network in the south, but
\n
tempered by the arrival of a fourth entrant on the Belgian market (ii) costs managed through the stabilisation of the direct margin
\n
and the management of indirect costs (iii) increase of eCapex following the implementation of the 5G deployment in the first years
\n
and new FTTH deployments in the later years of the plan. More precisely, the management ambitions a turnaround over this 5-year
\n
period (2025-2030) with a 1.2% and 4.6 % compounded annual growth rate (CAGR) of revenues and adjusted EBITDA respectively,
\n
while capital expenses are expected to increase by 1.4%.
\n
In 2023, the CAGR over the projected 5 year period of revenues and adjusted EBITDA for the VOO CGU amounted to 3.8% and
\n
14.0%, respectively, with capital expensed amounting to 26.5%
\n
It was concluded that the value in use exceeds the carrying amount and that no impairment was required to be recorded. This was
\n
also the conclusion in 2023.
\n
Sensitivity of recoverable amounts
\n
A sensitivity analysis on those parameters was performed, using a perpetuity growth rate varying from 0.25% to 0.75% and a post-
\n
tax discount rate varying from 6.7% to 7.7%.
\n
While no reasonably possible change in perpetuity growth rate leads to an impairment conclusion, the sensitivities demonstrate that
\n
the carrying amount of the related net assets no longer exceed the recoverable amount of this CGU in the following scenarios:
\n
-
The discount rate becomes higher than 7,25%; or
\n
-
The EBITDAaL margin in the terminal value is more than 2 percent points less than the target EBITDAaL margin.
Luxembourg
The recoverable amount of the \u2018\u2019Luxembourg\u2019 segment as a cash-generating unit is determined based on a value in use calculation
which uses cash flow projections based on the 5-year business plan approved by the Strategic Committee.
The pre-tax discount rate applied to cash flow projections is 7.27 % per annum (2023: 8.12% per annum) and cash flows beyond
the five-year period are extrapolated using a 1.25% growth rate (2023: 1.25%). Post-tax discount rate were 5.76% per annum (2023:
6.25%).
The key assumptions used by management in setting the business plan for the initial five-year period were as follows:
-
key revenue assumptions, which reflect market level, penetration rate of the offerings and market share, positioning of the
competition\u2019s offerings and their potential impact on market price levels and their transposition to the Group\u2019s offerings bases,
regulatory authority decisions on pricing of services to customers and on access and pricing of inter-operator services,
technology migration of networks, competition authorities\u2019 decisions in terms of concentration or regulation of adjacent sectors
such as fiber;
-
key cost assumptions, on the level of marketing expenses required to renew product lines and keep up with competition, the
ability to adjust costs to potential changes in revenues or the effects of natural attrition and committed employee departure
plans;
-
key assumptions on the level of capital expenditure, which may be affected by the roll-out of new technologies, by decisions
of regulatory authorities relating to licenses and spectrum allocation, mobile network coverage, sharing of network elements or
obligations to open up networks to competitors.
The management of Orange Communications Luxembourg foresees a progressive increase of adjusted EBITDA over the period as
the result of (i) a continuous top line growth coming both from an increase in market share (mainly on broadband) and churn
reduction, and (ii) the increase in the direct margin mainly linked to the broadband network deployment which overcompensate the
increase of indirect costs related to automatic index, mainly on salaries and property costs. More precisely, the management
ambitions a turnaround over this 5-year period with a 3.70% (compared to 1.80 % last year) and 7.90 % (compared to 1.50 % last
year) compounded annual growth rate (CAGR) of revenues and adjusted EBITDA respectively, while capital expenses are expected
to decrease by 6.40% (compared to an increase of 1.20% last year).
It was concluded that the value in use exceed the carrying amount and that no impairment was required to be recorded.
Sensitivity of recoverable amounts
A sensitivity analysis on those parameters was performed, using a perpetual growth rate varying from 0.75% to 1.25% and a post-
tax discount rate varying from 5.76% to 7.25%. An additional sensitivity analysis was performed on the EBITDAaL margin in the
terminal value.
The directors believe that such reasonably possible change in these key assumptions on which the recoverable amount of
\u2018Luxembourg\u2019 is based would not cause the carrying amount of the related net assets to exceed the aggregate recoverable amount
of this CGU.Other intangible assets \n \n
in thousand EUR
31.12.2024
31.12.2023
Net book value of other intangible assets in the opening balance
907 208
784 626
Acquisitions of other intangible assets
78 588
63 852
Additions through business combinations
0
166 419
Depreciation and amortization
-123 402
-107 467
Impairment
-506
-29
Reclassifications and other items
-1
-193
Net book value of other intangible assets in the closing balance
861 887
907 208
Acquisition of other intangible assets are mainly software licenses (71.5 million euros). The additions via the VOO acquisition in 2023
related for the most part to acquired customer relationships (110 million euros), brand name (14 million euros) and licenses for the
remainder.
\n \n
in thousand EUR
31.12.2024
Gross value
Accumulated depreciation
Accumulated
Net book value
and amortization
impairment
Telecommunication licences
696 393
-148 650
547 743
Brand
20 072
-5 044
-4 172
10 856
Subscriber bases
143 539
-31 316
112 223
Software
887 625
-724 015
163 610
Other intangible assets
134 328
-106 873
27 455
Total
1 881 956
-1 015 898
-4 172
861 887
\n \n
in thousand EUR
31.12.2023
Gross value
Accumulated depreciation
Accumulated
Net book value
and amortization
impairment
Telecommunication licences
696 393
-110 929
0
585 464
Brand
20 072
-1 864
-4 172
14 036
Subscriber bases
143 539
-23 020
0
120 519
Software
903 587
-739 960
0
163 627
Other intangible assets
133 717
-110 158
0
23 559
Total
1 897 308
-985 928
-4 172
907 208
Telecommunication and other licenses held by Orange Belgium Group:
\n \n
Type of licence
Acquisition cost
Net book value
Net book value
Useful life
Remaining
Start
In thousand EUR
end 2024 In
end 2023 In
in months
months
depreciation
thousand EUR
thousand EUR
period
Ended Jun-
4G
20 020
4 372
6 196
2027
29
Jun-16
800 MHz
120 000
53 920
59 977
238
107
Feb-14
IBPT autorisation 3 G
2 158
0
0
4
0
Sep-22
IBPT autorisation 2 G
4 193
0
0
4
0
Sep-22
IBPT autorisation 5 G 3600 Mhz
55 308
48 000
51 131
212
184
Sep-22
IBPT autorisation 5 G 700 Mhz
122 860
108 521
114 664
240
212
Sep-22
Spectrum RD 800 Mhz
17 542
13 157
14 619
144
108
Jan-22
Spectrum RD 2600 Mhz
5 897
2 680
3 753
78
30
Jan-22
Spectrum RD 700 Mhz
23 398
20 666
21 836
240
212
Sep-22
Spectrum RD 3600 Mhz
11 386
9 881
10 526
212
184
Sep-22
License 900/1800/2100 Mhz
214 198
192 779
203 488
240
216
Jan-23
License 1400 Mhz
89 135
82 431
86 888
240
222
Jul-23
OLU UMTS 2100 Mhz (4 G)
1 735
0
0
192
112
May-17
OLU 5G 700 Mhz + 3600 Mhz
13 504
10 506
11 515
180
127
Aug-20
\n \n
BKM PPA - unused perpetual
licences Voxx - Telepo
1 058
830
872
300
247
Aug-19
Total
702 392
547 743
585 466
0
0
Telecommunication licenses
acquired by Orange Belgium S.A. during 2022 (no acquisitions in 2023 and in 2024).
The related auctions took place during 2022 as follows:
-
On 14 January 2022, the BIPT published the call for candidates for the auction on the allocation of new 5G spectrum (700 MHz,
1400 MHz, 3600 MHz) and the renewal of the existing 2G and 3G spectrum (900MHz, 1800 MHz, 2100MHz).
-
New spectrum allocations: 700, 3600 and 1400 MHz.
The auctions for the core 5G frequency bands ended on 20 June 2022. Orange obtained 2x10 MHz in the 700 MHz frequency band
and 100 MHz in the 3.6 GHz frequency band, for a total of 178 million euros. The commencement date was 1 September 2022 for
a period of 20 years for 700 MHz and until May 2040 for the 3.6 GHz band.
On 20 July 2022 the supplemental auction to allocate 90 MHz of spectrum in the 1400 MHz frequency band for a 20-year term
ended. Orange obtained 30Mhz for a price of 70 million euros. The spectrum was finally allocated on 16 November 2022 with a
commencement date on 1 July 2023. The Company determined that the rights acquired under the 2022 auction procedures, that
became available for use as of 1 July 2023, meet the definition and recognition criteria of intangible assets under IAS 38 Intangible
Assets as per 31 December 2022. Amortization started accordingly to the availability for use as of 1 July 2023.
-
Renewal of existing spectrum attributions: 900, 1800 and 2100 MHz.
Concerning the licenses in the 900 MHz, 1800 MHz and 2100 MHz bands, which expired in March 2021, the BIPT granted successive
temporary rights of use in these bands for a period of six months. The last decision of 13 September 2022 granted temporary rights
until the end of 2022.
In the auction, that ended June 20, 2022, Orange Belgium obtained 2 X 10 MHz in the 900 MHz band, 2 X 15 MHz in the 1800 MHz
band, and 2 X 15 MHz in the 2100 MHz band.
The spectrum was finally allocated on 16 November 2022 with a commencement date on 1 January 2023. The Company determined
that the rights acquired under the 2022 auction procedures, that only became available for use as of 1 July 2023, meet the definition
and recognition criteria of intangible assets under IAS 38 Intangible Assets as per 31 December 2022. Amortization has started
accordingly to the availability for use on 1 January 2023.
Licenses acquired or granted have been capitalized as such:
-
One off amount paid or to pay at commencement
-
Net present value of the yearly fixed amounts of spectrum fees to be paid over the license period. A corresponding liability has
been recorded in current and non-current fixed assets payable. The net present value corresponds to the discounted value of
the fixed amounts of spectrum fee payable over the license period at the discount rate prevailing at the moment of the
calculation for the maturity of the debt. As from the booking of the debt, unwinding based on the original discount rate is
recorded in financial expenses and annual payments are applied against the debt itself.
Internally generated intangible assets
include software development costs generated by the Group staff.
The useful lives of intangible assets applied in 2024 remain comparable to those used in 2023.
Investments related to original software acquisition may be fully amortized as well but upgrades of these software, still in use, are
not fully amortized. The same applies to the original site\u2019s research costs.
Intangible assets are not subject to title restriction or pledges as security for liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00305": { "value": "Note 5: Goodwill
Goodwill
Goodwill originates from the following historical transactions:
\n \n
in thousand EUR
31.12.2024
31.12.2023
Acquisition
Accumulated
Net carrying
Acquisition
Accumulated
Net carrying
Value
impairment
amount
Value
impairment
amount
losses
losses
Acquisition of Orange Communications
Luxembourg S.A. (2007 \u2013 2008)
68 729
-17 865
50 864
68 729
-17 865
50 864
Acquisition of VOO SA (2023 \u2013 2024)
684 138
684 138
684 138
684 138
Other goodwill
53 547
-37 370
16 177
53 547
-37 370
16 177
Total goodwill
806 414
-55 235
751 179
806 414
-55 235
751 179
The acquisition of Orange Communications Luxembourg S.A. was completed in two phases. 90% of the shares were acquired on 2
July 2007. The remaining 10% were acquired on 12 November 2008.
The acquisition of 75% of VOO S.A and its 100% subsidiaries was completed in June 2023.The remaining 25% was acquired in
May 2024, when Nethys exercised its put option on the shares in VOO Holding SA it held, in exchange for shares in Orange Belgium
(see note 10).
Other goodwill includes goodwill resulting from past acquisitions of Mobistar Affiliate S.A. (completed in 2001, goodwill of 10,6
million EUR \u2013 no change compared to 2023), A&S Partners S.A. (completed in 2017, goodwill of 4,8 million EUR \u2013 no change
compared to 2023) and Mobistar Enterprise Services S.A. (completed in 2011, goodwill of 0,8 million EUR \u2013 no change compared
to 2023).
An impairment test on goodwill is performed at least at the end of each financial year (or more frequently if there are indications that
goodwill might be impaired) to assess whether its carrying amount does or does not exceed its recoverable amount.
To this purpose, the carrying amount of goodwill has been allocated to the cash generating units (CGU\u2019s) as follows:
\n \n
in thousand EUR
31.12.2024
31.12.2023
Net carrying
Net carrying
amount
amount
Goodwill CGU allocation
Belgium \u2013 VOO
684 138
Belgium - Other
16 177
Belgium
700 315
Luxembourg
50 864
50 864
\n
The allocation to CGU\u2019s in 2024 is different than in 2023. The continued integration during 2024 of VOO\u2019s activities into the activities
\n
of Orange Belgium makes that the goodwill linked to VOO is no longer considered separately for purpose of the goodwill impairment
\n
testing.
\n
The recoverable amount of each cash-generating unit is determined based on a value in use calculation which uses discounted cash
\n
flow projections based on the 5-year business plan approved by the appropriate governance structure. Discount rates represent the
\n
current market assessment of the risks specific to the CGU, taking into consideration the time value of money and individual risks
\n
of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on the
\n
specific circumstances of the Group and its operating segments and is derived from its weighted average cost of capital (WACC).
\n
The WACC takes into account both debt and equity. The cost of equity is derived from the expected return on investment by the
\n
Group\u2019s investors. The cost of debt is based on the interest-bearing borrowings the Group is obliged to service. Segment-specific
\n
risk is incorporated by applying individual beta factors. The beta factors are evaluated annually based on publicly available market
\n
data.
\n
Belgium
\n
The recoverable amount of the \u2018Belgium\u2019 segment as a cash-generating unit is determined based on a value in use calculation which
\n
uses cash flow projections based on the 5-year business plan approved by the directors.
\n
The pre-tax discount rate applied to cash flow projections is 8.97% per annum (2023: 9.33% per annum) and cash flows beyond
\n
the five-year period are extrapolated using a 0.75% growth rate (2023: 0.75%). Post-tax discount rates were 6.73% per annum
\n
(2023: 7.0%).
\n
The key assumptions used by management in setting the business plan for the initial five-year period were as follows:
\n
-
key revenue assumptions, which reflect market level, penetration rate of the offerings and market share, positioning of the
\n
competition\u2019s offerings and their potential impact on market price levels and their transposition to the Group\u2019s offerings bases,
\n
regulatory authority decisions on pricing of services to customers and on access and pricing of inter-operator services,
\n
technology migration of networks, competition authorities\u2019 decisions in terms of concentration or regulation of adjacent sectors
\n
such as cable;
\n
-
key cost assumptions, on the level of marketing expenses required to renew product lines and keep up with competition, the
\n
ability to adjust costs to potential changes in revenues or the effects of natural attrition and committed employee departure
\n
plans;
\n
-
key assumptions on the level of capital expenditure, which may be affected by the roll-out of new technologies, by decisions
\n
of regulatory authorities relating to licenses and spectrum allocation, mobile network coverage, sharing of network elements or
\n
obligations to open up networks to competitors.
\n
The business plan foresees a progressive increase of adjusted EBITDAaL over the period as the result of (i) a continuous top line
\n
growth coming mainly driven by the growth of wholesales revenue through the utilisation of the HFC network in the south, but
\n
tempered by the arrival of a fourth entrant on the Belgian market (ii) costs managed through the stabilisation of the direct margin
\n
and the management of indirect costs (iii) increase of eCapex following the implementation of the 5G deployment in the first years
\n
and new FTTH deployments in the later years of the plan. More precisely, the management ambitions a turnaround over this 5-year
\n
period (2025-2030) with a 1.2% and 4.6 % compounded annual growth rate (CAGR) of revenues and adjusted EBITDA respectively,
\n
while capital expenses are expected to increase by 1.4%.
\n
In 2023, the CAGR over the projected 5 year period of revenues and adjusted EBITDA for the VOO CGU amounted to 3.8% and
\n
14.0%, respectively, with capital expensed amounting to 26.5%
\n
It was concluded that the value in use exceeds the carrying amount and that no impairment was required to be recorded. This was
\n
also the conclusion in 2023.
\n
Sensitivity of recoverable amounts
\n
A sensitivity analysis on those parameters was performed, using a perpetuity growth rate varying from 0.25% to 0.75% and a post-
\n
tax discount rate varying from 6.7% to 7.7%.
\n
While no reasonably possible change in perpetuity growth rate leads to an impairment conclusion, the sensitivities demonstrate that
\n
the carrying amount of the related net assets no longer exceed the recoverable amount of this CGU in the following scenarios:
\n
-
The discount rate becomes higher than 7,25%; or
\n
-
The EBITDAaL margin in the terminal value is more than 2 percent points less than the target EBITDAaL margin.
Luxembourg
The recoverable amount of the \u2018\u2019Luxembourg\u2019 segment as a cash-generating unit is determined based on a value in use calculation
which uses cash flow projections based on the 5-year business plan approved by the Strategic Committee.
The pre-tax discount rate applied to cash flow projections is 7.27 % per annum (2023: 8.12% per annum) and cash flows beyond
the five-year period are extrapolated using a 1.25% growth rate (2023: 1.25%). Post-tax discount rate were 5.76% per annum (2023:
6.25%).
The key assumptions used by management in setting the business plan for the initial five-year period were as follows:
-
key revenue assumptions, which reflect market level, penetration rate of the offerings and market share, positioning of the
competition\u2019s offerings and their potential impact on market price levels and their transposition to the Group\u2019s offerings bases,
regulatory authority decisions on pricing of services to customers and on access and pricing of inter-operator services,
technology migration of networks, competition authorities\u2019 decisions in terms of concentration or regulation of adjacent sectors
such as fiber;
-
key cost assumptions, on the level of marketing expenses required to renew product lines and keep up with competition, the
ability to adjust costs to potential changes in revenues or the effects of natural attrition and committed employee departure
plans;
-
key assumptions on the level of capital expenditure, which may be affected by the roll-out of new technologies, by decisions
of regulatory authorities relating to licenses and spectrum allocation, mobile network coverage, sharing of network elements or
obligations to open up networks to competitors.
The management of Orange Communications Luxembourg foresees a progressive increase of adjusted EBITDA over the period as
the result of (i) a continuous top line growth coming both from an increase in market share (mainly on broadband) and churn
reduction, and (ii) the increase in the direct margin mainly linked to the broadband network deployment which overcompensate the
increase of indirect costs related to automatic index, mainly on salaries and property costs. More precisely, the management
ambitions a turnaround over this 5-year period with a 3.70% (compared to 1.80 % last year) and 7.90 % (compared to 1.50 % last
year) compounded annual growth rate (CAGR) of revenues and adjusted EBITDA respectively, while capital expenses are expected
to decrease by 6.40% (compared to an increase of 1.20% last year).
It was concluded that the value in use exceed the carrying amount and that no impairment was required to be recorded.
Sensitivity of recoverable amounts
A sensitivity analysis on those parameters was performed, using a perpetual growth rate varying from 0.75% to 1.25% and a post-
tax discount rate varying from 5.76% to 7.25%. An additional sensitivity analysis was performed on the EBITDAaL margin in the
terminal value.
The directors believe that such reasonably possible change in these key assumptions on which the recoverable amount of
\u2018Luxembourg\u2019 is based would not cause the carrying amount of the related net assets to exceed the aggregate recoverable amount
of this CGU.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00297": { "value": "Note 6: Other intangible assets and property, plant and equipmentNon-Current fixed assets payable
Non-current fixed assets payable correspond to the discounted value of the fixed amount to be paid over the lifetime of the
telecommunication license.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00307": { "value": "Other intangible assets \n \n
in thousand EUR
31.12.2024
31.12.2023
Net book value of other intangible assets in the opening balance
907 208
784 626
Acquisitions of other intangible assets
78 588
63 852
Additions through business combinations
0
166 419
Depreciation and amortization
-123 402
-107 467
Impairment
-506
-29
Reclassifications and other items
-1
-193
Net book value of other intangible assets in the closing balance
861 887
907 208
Acquisition of other intangible assets are mainly software licenses (71.5 million euros). The additions via the VOO acquisition in 2023
related for the most part to acquired customer relationships (110 million euros), brand name (14 million euros) and licenses for the
remainder.
\n \n
in thousand EUR
31.12.2024
Gross value
Accumulated depreciation
Accumulated
Net book value
and amortization
impairment
Telecommunication licences
696 393
-148 650
547 743
Brand
20 072
-5 044
-4 172
10 856
Subscriber bases
143 539
-31 316
112 223
Software
887 625
-724 015
163 610
Other intangible assets
134 328
-106 873
27 455
Total
1 881 956
-1 015 898
-4 172
861 887
\n \n
in thousand EUR
31.12.2023
Gross value
Accumulated depreciation
Accumulated
Net book value
and amortization
impairment
Telecommunication licences
696 393
-110 929
0
585 464
Brand
20 072
-1 864
-4 172
14 036
Subscriber bases
143 539
-23 020
0
120 519
Software
903 587
-739 960
0
163 627
Other intangible assets
133 717
-110 158
0
23 559
Total
1 897 308
-985 928
-4 172
907 208
Telecommunication and other licenses held by Orange Belgium Group:
\n \n
Type of licence
Acquisition cost
Net book value
Net book value
Useful life
Remaining
Start
In thousand EUR
end 2024 In
end 2023 In
in months
months
depreciation
thousand EUR
thousand EUR
period
Ended Jun-
4G
20 020
4 372
6 196
2027
29
Jun-16
800 MHz
120 000
53 920
59 977
238
107
Feb-14
IBPT autorisation 3 G
2 158
0
0
4
0
Sep-22
IBPT autorisation 2 G
4 193
0
0
4
0
Sep-22
IBPT autorisation 5 G 3600 Mhz
55 308
48 000
51 131
212
184
Sep-22
IBPT autorisation 5 G 700 Mhz
122 860
108 521
114 664
240
212
Sep-22
Spectrum RD 800 Mhz
17 542
13 157
14 619
144
108
Jan-22
Spectrum RD 2600 Mhz
5 897
2 680
3 753
78
30
Jan-22
Spectrum RD 700 Mhz
23 398
20 666
21 836
240
212
Sep-22
Spectrum RD 3600 Mhz
11 386
9 881
10 526
212
184
Sep-22
License 900/1800/2100 Mhz
214 198
192 779
203 488
240
216
Jan-23
License 1400 Mhz
89 135
82 431
86 888
240
222
Jul-23
OLU UMTS 2100 Mhz (4 G)
1 735
0
0
192
112
May-17
OLU 5G 700 Mhz + 3600 Mhz
13 504
10 506
11 515
180
127
Aug-20
\n \n
BKM PPA - unused perpetual
licences Voxx - Telepo
1 058
830
872
300
247
Aug-19
Total
702 392
547 743
585 466
0
0
Telecommunication licenses
acquired by Orange Belgium S.A. during 2022 (no acquisitions in 2023 and in 2024).
The related auctions took place during 2022 as follows:
-
On 14 January 2022, the BIPT published the call for candidates for the auction on the allocation of new 5G spectrum (700 MHz,
1400 MHz, 3600 MHz) and the renewal of the existing 2G and 3G spectrum (900MHz, 1800 MHz, 2100MHz).
-
New spectrum allocations: 700, 3600 and 1400 MHz.
The auctions for the core 5G frequency bands ended on 20 June 2022. Orange obtained 2x10 MHz in the 700 MHz frequency band
and 100 MHz in the 3.6 GHz frequency band, for a total of 178 million euros. The commencement date was 1 September 2022 for
a period of 20 years for 700 MHz and until May 2040 for the 3.6 GHz band.
On 20 July 2022 the supplemental auction to allocate 90 MHz of spectrum in the 1400 MHz frequency band for a 20-year term
ended. Orange obtained 30Mhz for a price of 70 million euros. The spectrum was finally allocated on 16 November 2022 with a
commencement date on 1 July 2023. The Company determined that the rights acquired under the 2022 auction procedures, that
became available for use as of 1 July 2023, meet the definition and recognition criteria of intangible assets under IAS 38 Intangible
Assets as per 31 December 2022. Amortization started accordingly to the availability for use as of 1 July 2023.
-
Renewal of existing spectrum attributions: 900, 1800 and 2100 MHz.
Concerning the licenses in the 900 MHz, 1800 MHz and 2100 MHz bands, which expired in March 2021, the BIPT granted successive
temporary rights of use in these bands for a period of six months. The last decision of 13 September 2022 granted temporary rights
until the end of 2022.
In the auction, that ended June 20, 2022, Orange Belgium obtained 2 X 10 MHz in the 900 MHz band, 2 X 15 MHz in the 1800 MHz
band, and 2 X 15 MHz in the 2100 MHz band.
The spectrum was finally allocated on 16 November 2022 with a commencement date on 1 January 2023. The Company determined
that the rights acquired under the 2022 auction procedures, that only became available for use as of 1 July 2023, meet the definition
and recognition criteria of intangible assets under IAS 38 Intangible Assets as per 31 December 2022. Amortization has started
accordingly to the availability for use on 1 January 2023.
Licenses acquired or granted have been capitalized as such:
-
One off amount paid or to pay at commencement
-
Net present value of the yearly fixed amounts of spectrum fees to be paid over the license period. A corresponding liability has
been recorded in current and non-current fixed assets payable. The net present value corresponds to the discounted value of
the fixed amounts of spectrum fee payable over the license period at the discount rate prevailing at the moment of the
calculation for the maturity of the debt. As from the booking of the debt, unwinding based on the original discount rate is
recorded in financial expenses and annual payments are applied against the debt itself.
Internally generated intangible assets
include software development costs generated by the Group staff.
The useful lives of intangible assets applied in 2024 remain comparable to those used in 2023.
Investments related to original software acquisition may be fully amortized as well but upgrades of these software, still in use, are
not fully amortized. The same applies to the original site\u2019s research costs.
Intangible assets are not subject to title restriction or pledges as security for liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00308": { "value": "Property, plant and equipment \n \n
in thousand EUR
31.12.2024
31.12.2023
Net book value of property, plant and equipment in the opening balance
1 787 469
644 600
Acquisitions of property, plant and equipment
289 927
240 243
Additions through business combinations
1 132 132
Depreciation and amortization
-288 096
-225 818
Impairment
-277
-1 391
Reclassifications and other items
14 847
-2 297
Net book value of property, plant and equipment in the closing balance
1 803 870
1 787 469
The acquisitions of 2024 relate to investments into the network (228.8 million euros) and into terminals & setup boxes (60.4 million
euros). The acquisitions through the VOO acquisition in 2023 essentially relate to the VOO network.
\n \n
in thousand EUR
31.12.2024
Gross value
Accumulated depreciation
Net book value
and amortization
Land and buildings
177 731
-100 004
77 727
Networks and terminals
4 420 900
-2 757 795
1 663 105
IT equipment
211 591
-175 429
36 162
Other property, plant and equipment
51 222
-24 346
26 876
Total
4 861 444
-3 057 574
1 803 870
\n \n
in thousand EUR
31.12.2023
Gross value
Accumulated depreciation
Net book value
and amortization
Land and buildings
204 693
-128 319
76 374
Networks and terminals
4 631 389
-2 961 088
1 670 301
IT equipment
236 064
-202 906
33 159
Other property, plant and equipment
48 558
-40 923
7 636
Total
5 120 704
-3 333 235
1 787 469
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00309": { "value": "Provision for dismantling \n \n
in thousand EUR
31.12.2024
31.12.2023
Provisions for dismantling in the opening balance
61 951
64 890
Discounting with impact on income statement
2 016
2 434
Utilizations without impact on income statement
-5 602
-4 805
Changes in provision with impact on assets
1 409
-2 418
Changes in consolidation scope and reclassifications
0
1 850
Provisions for dismantling in the closing balance
59 774
61 951
o/w non-current provisions
54 209
54 486
o/w current provisions
5 565
7 465
The key assumptions used to measure the network sites dismantling provision are as follows:
\n \n
31.12.2024
31.12.2023
Number of network sites, Orange Communications Luxembourg S.A. incl. (in units)
3 515
3 990
Average dismantling cost per network site (in thousand EUR)
11.1 till 2025 and 17.7 from
10.7 till 2025 and 16.4 from
2026
2026
Inflation rate
4.3% for 2025, 2.0% from 2026
6.4% for 2024, 2.7% from 2025
Discount rate
3.244 %
3.693 %
Although size and installation on site may slightly vary from site to site, the provision was calculated on an average dismantling cost
based on the actual costs incurred in the past for similar activities till 2024. For 2023 those costs were estimated at K EUR 10.7 till
end of 2025 and K EUR 16.4 as from 2026. During 2024 a refined typology of sites has been implemented refining the expected
dismantling costs per site\u2019s type leading to an average of 11,080 euros per sites for the sites dismantled till end of 2025. The value
per site amounts to 17,663 euros per site as from 2026. The increase of dismantling costs starting in 2026 is due to the cumulative
inflation over the year 2024 to 2025 and the mix of sites typologies that results into a higher average cost of dismantling.
For bigger sites, like MSC\u2019s (Mobile Switching Centre), the provision is calculated on the surface area of the sites rented and an
average dismantling cost per m\u00b2 based on past similar experience.
Although it is not feasible to estimate the timing of the cash outflows, all network sites are assumed to be dismantled in the future.
Since 2011, the duration of the rental contracts is capped at 15 years. The approach was maintained to evaluate the provision in
2024.
The dismantling provision decreased by 2.2 million euros. This is linked to the dismantling of network sites for 5.6 million euros
(reversal), offset by the alignment of the building price m\u00b2 of VOO for 1.1 million euros and to a combined effect of changes in average
dismantling cost per site, a decrease of expected inflation and a decrease of discount rate (total for 2.3 million euros).
Network sites dismantling provision is adjusted when there is sufficient objective evidence that future change in technology or in
legislation will have an impact on the amount of the provision.
Besides network, the dismantling provision also includes 8.4 million euros of accruals related to buildings, Mobile Switching Centers
(MSC\u2019s) and Point-of-Presence (POP\u2019s).Note 12: (Non)-current provisions \n \n
in thousand EUR
Consolidation
31.12.2023
Additions
Utilisations
Reversal
scope
Other effect
31.12.2024
Provisions for dismantling
61 951
-5 602
3 425
59 774
Provisions for litigations
3 051
2 211
-564
-465
100
4 333
Total provisions
65 102
2 211
-6 166
-465
3 425
64 107
\n \n
in thousand EUR
Consolidation
31.12.2022
Additions
Utilisations
Reversal
scope
Other effect
31.12.2023
Provisions for dismantling
64 890
-4 805
1 850
16
61 951
Provisions for litigations
2 562
2 228
-1 535
-1 091
987
-100
3 051
Total provisions
67 452
2 228
-6 340
-1 091
2 837
16
65 102
Provisions for dismantling consist of current (5.6 million euros) and non-current provisions (54.2 million euros) (see also Note 5 \u2013
Other intangible assets).
Provisions for litigations are recorded in other (non)-current liabilities.
Outstanding litigation
Orange Belgium is engaged in various judicial procedures whereby third-party individuals or entities are claiming repair of damages
they claim to have incurred. Each litigation is assessed on an individual basis in order to assess as to whether it is more likely than
not that an outflow of resources will be necessary to settle the litigation and ensures that the assumptions to quantify the provisions
are valid.
Outstanding claims are built up during the previous years and it can be reasonably assumed that they will be subject to a Court
decision or solved by means of a settlement agreement within the coming years.
Network sites dismantling provision
See Note 5 \u2013 Other intangible assets and property, plant and equipment.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00311": { "value": "Movements in deferred tax balances
Deferred taxes are calculated on temporary differences between the carrying amount of assets and liabilities in the consolidated
financial statements and their tax basis and on tax losses carryforward.
\n \n
in thousand EUR
31.12.2024
31.12.2023
Net deferred taxes - opening balance
-58 723
-6 810
Change in income statement
9 515
-7 825
Change in other comprehensive income
1 636
4 825
Changes in consolidation scope, reclassification and translation adjustments
-2
-48 914
Net deferred taxes - closing balance
-47 574
-58 723
The deferred taxes can be broken down as follows:
\n \n
in thousand EUR
31.12.2024
31.12.2023
Assets
Liabilities
Income
Assets
Liabilities
Income
statement
statement
Fixed assets
0
86 138
1 537
87 675
6 326
Tax losses carryforward
47 388
0
23 588
23 800
-1 713
Other temporary differences
65 925
74 749
-16 749
84 713
78 422
-12 438
Deferred taxes
113 313
160 887
8 376
108 513
166 097
-7 825
Unrecognized deferred taxes assets
1 139
-1 139
Netting
-105 766
-105 766
-100 573
-100 573
Total
7 547
55 121
9 515
6 801
65 524
-7 825
Deferred taxes essentially relate to PPA adjustments on tangible and intangible fixed assets, tax losses carried forward, IFRS 15 (in
other net liability of 26.7 million euros), IFRS 16 (in other for 46.2 million euros in assets and 44.3 million euros in liabilities), pension
obligations (in other for 8.8 million in assets), asset retirement obligations (in other for 2.0 million euros in assets and 0.4 million in
liabilities). The deferred taxes related to tax losses carried forward increased significantly (+ 23.6 million euros) due to the completed
upstream merger between Orange Belgium S.A. and VOO Holding S.A. and due to R&D investment deduction tax credits in excess
to be reported on subsequent taxable periods. Deferred taxes for 23.6 million euros have been recognized, including for entities
(VOO S.A. for 8.5 million euros , BETV S.A. for 0.2 million euros and Orange Communications Luxembourg S.A. for 0.5 million euros)
that have incurred a net loss in 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00312": { "value": "Current operating taxes and levies payables
The operating taxes and levies payables amounted to 151.2 million euros in 2024 and consist of VAT payables 40.3 million euros,
100.7 million euros taxes charged to pylons and masts -plus default interests calculated at the legal rate, 8.8 million euros of
provisions for contingencies and 1.4 million other taxes payable. The increase versus year-end 2023 of 17.6 million euros is caused
by an increase in pylon taxes payable (16.7 million euros).
\n
Operational taxes: pylon
\n
Pylon taxes payable as at 31 December 2024 amount to 100.7 million euros. Versus year-end 2023 these taxes increased by 16.7
\n
million euros or by 19.8%. Pylon taxes payable are included in the caption \u201cOperating taxes and levies payable\u201d on the balance
\n
sheet.
\n
Since 1997, certain municipalities and four provinces have adopted local taxes, on an annual basis, on pylons, masts or antennas
\n
erected within their boundaries. Orange Belgium continues to file fiscal objections against tax assessment notices received
\n
concerning these local taxes on pylons, masts or antennas. These taxes are currently being contested before the Civil Courts (Courts
\n
of First Instance - Tax Chamber and Courts of Appeal).
\n
Walloon protocol agreement 2016-2019:
\n
On 22 December 2016 the three mobile operators and the Walloon government have concluded an agreement in principle on the
\n
issue of taxing mobile infrastructure in the Walloon region for the period 2016-2019 and agreed to settle the dispute on the Walloon
\n
regional taxes for 2014.
\n
Orange Belgium engaged itself to pay an amount of 16.1 million euros over 4 years (i.e. 2016-2019) and to invest an incremental
\n
amount of 20 million euros in telecom infrastructure in the Walloon region in the period 2016-2019.
\n
In turn, the Walloon Region undertook to no longer levy taxes on telecom infrastructure and to implement a legislative, regulatory
\n
and administrative framework designed to facilitate the deployment of this infrastructure. Also, the Walloon Region would discourage
\n
taxation by municipalities and provinces on telecom infrastructure.
\n
In 2018 and 2019 several Walloon municipalities and provinces had levied taxes on telecom infrastructure.
\n
The operators were entitled to deduct such local taxes levied in 2016-2019 by Walloon municipalities or provinces from the 2019
\n
settlement and investment amounts.
\n
The last instalment of the amount due by Orange Belgium on the basis of the 2016-2019 protocol agreement (4.5 million euros),
\n
from which local taxes levied in 2016-2019 could be deducted, has not yet been paid.
\n
In December 2022 Orange Belgium had been contacted by the Walloon Region about the outstanding amount to be paid. Orange
\n
Belgium had informed the Walloon Region that, after deduction of the local taxes levied in 2016-2019 on Orange Belgium, the
\n
outstanding amount still to be paid was to 0.4 million euros. Orange Belgium has not received an answer from the Walloon Region.
\n
Walloon protocol agreement 2021-2022:
\n
The mobile operators had concluded a protocol agreement with the Walloon government for the period 2021-2022. This agreement
\n
stipulated that the mobile operators would pay a contribution to a governmental budget fund to be set up by the Walloon government
\n
to support the digitalization of the Walloon region, and more specifically local initiatives of Walloon municipalities or provinces.
\n
Amount of the operator\u2019s contribution: 5 million euros (35,73% to be paid by Orange Belgium). The mobile operators would also do
\n
additional network investments for a total amount of 11 million euros (35,73% for Orange Belgium). This agreement would ensure a
\n
financially stable environment by reducing the proliferation of local taxes.
\n
An amount of 0.5 million euros has been paid in December 2021 to the Walloon region. This was the first tranche of 0.9 million euros
\n
from which the taxes received from local authorities for 2021 have been deducted.
\n
After deduction of the local taxes levied for 2021 and 2022 to the second tranche of 0.4 million euros of the protocol agreement, no
\n
contribution was due any more to the Walloon region in December 2022.
\n
The contribution to be paid to the Walloon region in February 2023 was determined by the end of January 2023, considering all local
\n
taxes 2021 and 2022 levied and/or known by that date. According to this analysis, the amount of local taxes exceeded the amount
\n
due to the Walloon Region on 15 February 2023 and could be deducted. Consequently, there was no contribution to be paid to the
\n
Walloon Region by 15 February 2023.
\n
Walloon protocol agreement 2023-2026:
\n
On 6 June 2024, the Walloon Government and the mobile operators Proximus, Telenet, Orange Belgium and Insky signed an
\n
agreement concerning the tax on pylons in the Walloon Region for the period 2023-2026, extension possible for 2027 subject to
\n
approval of all parties.
\n
The mobile operators commit to pay as a sector for 2023 2.5 million euros, and for the years 2024, 2025, 2026 an amount of 6 million
\n
euros per year to the Walloon Region. Local taxes, which municipalities and provinces levy during these years, are deductible up to
\n
certain annual limits. The key to determine which part of these annual amounts is due per operator is defined each year based on
\n
the number of pylons and masts owned and the coverage of each operator in the Walloon territory. For 2023 the percentage for
\n
Orange Belgium amounts to 37,24%; for 2024 34,74%.
\n
Between 1 January 2023 and 31 December 2026, Orange Belgium will invest an additional amount of 15 million euros in the telecom
\n
infrastructure in the Walloon Region.
An agreement exists to not impose Walloon Regional taxes on the telecom infrastructure during the period 2023-2026. Also,
municipalities and provinces will be discouraged by the Walloon Region to levy local taxes on telecom infrastructure.
Given the uncertainties surrounding the lawfulness and amount of the pylon taxes and considering inter alia that this tax is not fully
payable at the beginning of each fiscal year and actually not paid, the Groupe continues to account for this as a risk in accordance
with IAS 37 (Provisions & contingent liabilities). However, the full year risk is estimated and recognized both as a liability and charge
at the beginning of each year. Interest charges related to the non-payment of this tax continue being recorded monthly.
The provision for pylon tax is reassessed every quarter using prudent best estimate assumptions based on the evolution of the
regional tax framework, of the different court cases and of the new tax bills received. The management revises these estimates if
the underlying circumstances evolve or in light of new information or experience. Consequently, estimates made at 31 December
2024, may subsequently be changed. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00314": { "value": "Note 8: Interests in associates
In July 2012, the Group participated in the constitution of IRISnet S.C.R.L. The activity of IRISnet S.C.R.L. started on 1 November
2012. The Group owns 28.16% of IRISnet S.C.R.L. equity. The Group is represented on the Board of Directors by 2 out of 10 seats.
This company is consolidated using the equity method. The net result of the year amounts to 438 thousand euros, resulting in a net
carrying amount as at 31 December 2024 of 7,029 thousand euros.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00313": { "value": "Note 8: Interests in associates
In July 2012, the Group participated in the constitution of IRISnet S.C.R.L. The activity of IRISnet S.C.R.L. started on 1 November
2012. The Group owns 28.16% of IRISnet S.C.R.L. equity. The Group is represented on the Board of Directors by 2 out of 10 seats.
This company is consolidated using the equity method. The net result of the year amounts to 438 thousand euros, resulting in a net
carrying amount as at 31 December 2024 of 7,029 thousand euros.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00315": { "value": "Note 9: Financial assets, liabilities and financial result
Financial result
\n \n
in thousand EUR
31.12.2024
31.12.2023
Financial Costs
-114 563
-80 966
Financial Income
2
0
Total Net Financial Costs
-114 561
-80 966
Net financial result decreased by 33.6 million euros to -114.6 million euros in 2024 essentially due to the full year impact of the
financing of the VOO acquisition via Atlas Services Belgium S.A..
Cash and cash equivalents, financial liabilities
\n \n
in thousand EUR
31.12.2024
31.12.2023
Cash and cash equivalents
Cash equivalents
-19
-37
Cash
-58 226
-47 680
Total cash and cash equivalents
-58 245
-47 717
Financial liabilities
Short-term borrowing with Orange SA entities
54 698
10 373
Third parties short-term borrowing
21 411
57 669
Put option Nethys SA
278 971
Third parties loans long term
40 997
81 048
Long-term borrowing with Orange SA entities
1 846 004
1 843 689
Total borrowings
1 963 110
2 271 750
Net debt (Financial liabilities - Cash and cash equivalents)
1 904 866
2 224 034
The net financial debt at the end of 2024 amounted to 1,904.9 million euros, a decrease of Orange Belgium\u2019s net financial debt
position by 319.2 million euros compared to 2,224.0 million euros of net financial debt at the end of December 2023. The decrease
is the combined effect of: (i) net increase in cash equivalents of 10.5 million euros, (ii) the exercise of the put option of 279.0 million
euros by Nethys to convert its stake into shares of Orange Belgium S.A., (iii) decrease of 20.0 million euros in long-term third-party
borrowings following the repayment of financing from previous VOO owner Nethys S.A., (iv) decrease of short-term third-party
borrowings following repayments of VOO S.A. bank loans compensated by increased intercompany short-term borrowing.
On top of the credit facility agreement with Orange S.A. for an amount of 60 million euros ensured until December 2024 (after which
150 million euros ensured until June 2026 - renewed in January 2025) and the loan with Atlas Services Belgium S.A. for an amount
of 120 million euros (maturity date June 2026), Orange Belgium S.A. entered in 2023 into a new financing agreement with Atlas
Services Belgium S.A. for an amount of 1,731.6 million euros in the context of the VOO acquisition (maturing in 2028).
\n
\n
Changes in financial liabilities whose cash flows are disclosed in financing activities in the cash flow statement (see 1.3) are presented
below:
\n \n
in thousand
EUR
31.12.2023
Cash Flows
Acquisition
31.12.2024
Short-term borrowing with Orange SA entities
10 373
44 325
54 698
Long-term borrowing with Orange SA entities
1 843 689
2 315
1 846 004
Put option Nethys SA
278 971
0
-278 971
0
Third party borrowing
138 717
-76 309
62 408
*In the cash flow statement, the 44.3 million euros are included in the headers \u201cIncrease (decrease) of bank overdrafts and short-term borrowings\u201d for an amount
of 47.8 million euros related to cash pool variation and -3.2 million euros in the headers \u201cOther net cash out / Interest paid
** Third party borrowings in the amount of -76.3 million euros is included for -40.9 million euros in Long-term debt redemptions and repayments
and -36.0 million euros in Increase / decrease in bank overdrafts and short-term borrowings.Interest-bearing loans and borrowings \n \n
in thousand EUR
Nominal amount
Nominal amount end
Interest rate
Maturity
31.12.2024
31.12.2023
end 2024
2023
Atlas Services Belgium
RCF (revolving credit
120 000
120 000
EURIBOR 3M +
10.03.2026
120 000
120 000
facility)
0.69
Atlas Services Belgium
1 671 190
1 671 190
EURIBOR
23.05.2028
1 671 190
1 671 190
CFA (credit facility
6M + 1.90
agreement)
Atlas Services Belgium
60 402
60 402
EURIBOR
02.08.2028
60 402
60 402
CFA (credit facility
6M + 1.90
agreement)
Nethys CFA (credit facility
20 000
EURIBOR
04.11.2030
20 000
agreement)
12M + 3.25
(repaid in full
07.05.2024)
Transactions costs on
long-term loan
-5 588
-7 949
Long-term loans BKM
802
7 738
5.48%
01.08.2036
726
46
Long-term loans VOO
164 717
167 254
1.06% -
31.07.2026 -
40 271
61 048
9.5%
31.12.2029
Total long-term loans
and borrowings
1 887 001
1 924 737
Cash-pool related credit
facility with Orange
60 000
60 000
ESTER + 0.11
on demand
46 310
583
Uncommitted credit lines
20 900
20 900
determined upon
on demand
with various banks
withdrawal
Short-term loans
2 150
EURIBOR -0.25
on demand
2 150
MWINGZ
Short-term loans BKM
ST within 1 year
31.12.2025
76
507
related to LT loan
Short-term loans VOO
ST within 1 year
31.12.2025
21 063
57 162
related to LT loan
Put option Nethys S.A.
278 971
Annual yield rate of
on demand
0
278 971
0.7%
Transactions costs on
short-term loan
6 510
9 790
Total short-term loans
and borrowings
76 109
347 013
Derivatives
As at 31 December 2024, the Group held hedging derivative financial instruments qualifying for hedge accounting.
In the framework of the provision of funding by Atlas Services Belgium SA for the acquisition of VOO and for the purposes of
spectrum purchase, Orange Belgium concluded in 2022 a financing agreement, to be used at VOO closing date, based on floating
interest rate. In view of the amount borrowed and the variability of the interest rate, Orange Belgium decided to deploy a hedge
strategy. To operationalize this strategy, Orange Belgium entered a framework agreement intended to allow for interest rates hedges
related to the credit facility agreement referred to above.
Orange Belgium proposed to use a hedging instrument to fix all or part of the effect of the variability of the 6-month rate. The
instrument chosen is the IRS (Interest Rate Swap). The main conditions of this IRS are interest to be received by Orange Belgium on
the basis of the 6-month EURIBOR rate and interest to be paid by Orange Belgium on the basis of the 5-year fixed rate. The
combination of the floating rate loan (paid by Orange Belgium), the floating rate IRS (received by Orange Belgium) and the fixed rate
IRS (paid by Orange Belgium), transforms the hedged portion of the floating 6-month rate loan into a 5-year fixed rate loan.
The combination of the floating rate loan (paid by Orange Belgium), the floating rate IRS (received by Orange Belgium) and the fixed
rate IRS (paid by Orange Belgium), transforms the floating rate loan into a 5-year fixed rate loan.
No major sources of hedge ineffectiveness have been identified.
Hedge derivative instruments open at the end of the year 2024 are:
\n \n
Start Date
End date
Option
Exercise price
Floating rate
Notional Amount
24/05/2023
24/05/2028
IRS
2.7778%
EURIBOR 6M
350 000 000
24/05/2023
24/05/2028
IRS
2.8640%
EURIBOR 6M
175 000 000
24/05/2023
24/05/2028
IRS
2.7660%
EURIBOR 6M
175 000 000
24/05/2023
24/05/2028
IRS
2.7010%
EURIBOR 6M
175 000 000
Hedge derivative instruments open at the end of the year 2023 are:
\n \n
Start Date
End date
Option
Exercise price
Floating rate
Notional Amount
24/05/2023
24/05/2028
IRS
2.7778%
EURIBOR 6M
350 000 000
24/05/2023
24/05/2028
IRS
2.8640%
EURIBOR 6M
175 000 000
24/05/2023
24/05/2028
IRS
2.7660%
EURIBOR 6M
175 000 000
24/05/2023
24/05/2028
IRS
2.7010%
EURIBOR 6M
175 000 000
Fair value of financial instruments
The carrying amount of cash and cash equivalents, trade receivables and other assets, trade payables and other payables is deemed
to represent their fair value considering the associated short-term maturity. Other non-current financial assets are measured at
amortized costs which are deemed to represent their fair value.
\n \n
Interest rate risk
in thousand EUR
31.12.2024
31.12.2023
Balance at 1 January - Cash flow hedge reserve
-6 658
7 818
Change in cash flow hedge reserve
Gain/loss recognized in other comprehensive income
-7 486
-19 301
of which gain/(loss) arising on changes in fair value of hedging instruments during the period
-17 700
-23 490
of which (gain)/loss reclassified to profit or loss - hedged item has affected profit or loss
10 214
4 189
Income tax related to gain/(loss) recognised in other comprehensive income
1 872
4 825
of which income gain/(losses) recognised in other comprehensive income during the period
4 426
5 872
of which income tax related to amounts reclassified to profit or loss
2 554
-1 047
Balance at 31 December - Cash flow hedge reserve
-12 272
-6 658
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00316": { "value": "Note 9: Financial assets, liabilities and financial result
Financial result
\n \n
in thousand EUR
31.12.2024
31.12.2023
Financial Costs
-114 563
-80 966
Financial Income
2
0
Total Net Financial Costs
-114 561
-80 966
Net financial result decreased by 33.6 million euros to -114.6 million euros in 2024 essentially due to the full year impact of the
financing of the VOO acquisition via Atlas Services Belgium S.A..
Cash and cash equivalents, financial liabilities
\n \n
in thousand EUR
31.12.2024
31.12.2023
Cash and cash equivalents
Cash equivalents
-19
-37
Cash
-58 226
-47 680
Total cash and cash equivalents
-58 245
-47 717
Financial liabilities
Short-term borrowing with Orange SA entities
54 698
10 373
Third parties short-term borrowing
21 411
57 669
Put option Nethys SA
278 971
Third parties loans long term
40 997
81 048
Long-term borrowing with Orange SA entities
1 846 004
1 843 689
Total borrowings
1 963 110
2 271 750
Net debt (Financial liabilities - Cash and cash equivalents)
1 904 866
2 224 034
The net financial debt at the end of 2024 amounted to 1,904.9 million euros, a decrease of Orange Belgium\u2019s net financial debt
position by 319.2 million euros compared to 2,224.0 million euros of net financial debt at the end of December 2023. The decrease
is the combined effect of: (i) net increase in cash equivalents of 10.5 million euros, (ii) the exercise of the put option of 279.0 million
euros by Nethys to convert its stake into shares of Orange Belgium S.A., (iii) decrease of 20.0 million euros in long-term third-party
borrowings following the repayment of financing from previous VOO owner Nethys S.A., (iv) decrease of short-term third-party
borrowings following repayments of VOO S.A. bank loans compensated by increased intercompany short-term borrowing.
On top of the credit facility agreement with Orange S.A. for an amount of 60 million euros ensured until December 2024 (after which
150 million euros ensured until June 2026 - renewed in January 2025) and the loan with Atlas Services Belgium S.A. for an amount
of 120 million euros (maturity date June 2026), Orange Belgium S.A. entered in 2023 into a new financing agreement with Atlas
Services Belgium S.A. for an amount of 1,731.6 million euros in the context of the VOO acquisition (maturing in 2028).
\n
\n
Changes in financial liabilities whose cash flows are disclosed in financing activities in the cash flow statement (see 1.3) are presented
below:
\n \n
in thousand
EUR
31.12.2023
Cash Flows
Acquisition
31.12.2024
Short-term borrowing with Orange SA entities
10 373
44 325
54 698
Long-term borrowing with Orange SA entities
1 843 689
2 315
1 846 004
Put option Nethys SA
278 971
0
-278 971
0
Third party borrowing
138 717
-76 309
62 408
*In the cash flow statement, the 44.3 million euros are included in the headers \u201cIncrease (decrease) of bank overdrafts and short-term borrowings\u201d for an amount
of 47.8 million euros related to cash pool variation and -3.2 million euros in the headers \u201cOther net cash out / Interest paid
** Third party borrowings in the amount of -76.3 million euros is included for -40.9 million euros in Long-term debt redemptions and repayments
and -36.0 million euros in Increase / decrease in bank overdrafts and short-term borrowings.
Financial risks
Liquidity risk
Orange Belgium\u2019s results and outlook could be affected if the terms of access to funding becomes difficult
Orange Belgium is mainly financed through long-term credit facilities granted by Orange Group entities and is thus not directly
exposed to adverse changes in market conditions. On top of the credit facility agreement with Orange SA for an amount of 60 million
euros ensured until December 2024 (after which 150 million euros ensured until June 2026 - renewed in January 2025) and the
refinanced loan with Atlas Services Belgium S.A. for an amount of 120 million euros (maturity date June 2026), Orange Belgium
entered in 2023 into a new financing agreement for an amount of 1,731.6 million euros in the context of the VOO acquisition and
spectrum purchase (with Atlas Services Belgium S.A. maturing in 2028). In addition, Orange Belgium could evoke other sources of
funding such as bank loans or bonds should financing limitations be imposed by the Orange Group. A large part of these facilities
has been used at the end of December 2023 to finance the VOO acquisition and the remaining payment of the spectrum licenses.
As of 31 December 2024, the Group had unused credit lines under the credit facility agreement with Orange SA for an amount of
13.7 million euros (59.8 million euros as of 31 December 2023). We refer to the following pages for the maturity analysis.
Interest rate risk
Orange Belgium\u2019s business activities could be adversely affected by interest rate fluctuations
In the framework of the provision of funding by Atlas Services Belgium SA for the acquisition of VOO and for the purposes of
spectrum purchase, Orange Belgium concluded in 2022 a financing agreement, to be used at VOO closing date, based on floating
interest rate. In view of the amount borrowed and the variability of the interest rate, Orange Belgium decided to deploy a hedge
strategy. To operationalize this strategy, Orange Belgium entered a framework agreement intended to allow for interest rates hedges
related to the credit facility agreement referred to above.
Orange Belgium proposed to use a hedging instrument to fix all or part of the effect of the variability of the 6-month rate. The
instrument chosen is the IRS (Interest Rate Swap). The main conditions of this IRS are interest to be received by Orange Belgium on
the basis of the 6-month EURIBOR rate and interest to be paid by Orange Belgium on the basis of the 5-year fixed rate. The
combination of the floating rate loan (paid by Orange Belgium), the floating rate IRS (received by Orange Belgium) and the fixed rate
IRS (paid by Orange Belgium), transforms the hedged portion of the floating 6-month rate loan into a 5-year fixed rate loan. Hedge
accounting is applied.
Credit rating risk
Downgrades of Orange Belgium\u2019s credit rating or rating outlook could increase its borrowing costs and/or limit its
financing capacity
Orange Belgium is mainly financed through long-term credit facilities granted by Orange Group entities until August 2028. The
current funding agreements do not foresee rating-based funding adjustments. However, rating downgrades could negatively impact
the trading terms that Orange Belgium receives from its suppliers, thus increasing the operational financing needs and overall funding
costs.
Counterparty risk on financial transactions
The insolvency or deterioration in the financial position of a bank or other institution with which Orange Belgium has a
financial agreement may have a material adverse effect on the company and its financial position
Orange Belgium does not have any derivative exposure with financial institutions but has an interest rate swap with Atlas Services
Belgium S.A.. In addition, the credit balances on its bank accounts are very limited given that it is operating a cash pooling structure
with automatic sweeping of excess funds to Orange S.A.
However, a default of one of its main banking partners would have a negative impact on its cash management operations. This risk
is mitigated by the fact that Orange Belgium\u2019s Treasury policy foresees working with at least three different banking partners with
an investment-grade rating.
Own credit risk
Customer payment defaults could adversely affect Orange Belgium\u2019s financial results and liquidity position
Orange Belgium\u2019s credit policy foresees that all customers who wish to trade on credit terms are subject to credit verification
procedures. If the risk is deemed not acceptable, payment terms are defined as prepayment or cash on delivery.
Orange considers that it has limited concentration in credit risk with respect to trade receivables due to its large and diverse customer
base (residential, professional, and large business customers) operating in numerous industries. In addition, the maximum value of
the counterparty risk on these financial assets is equal to their recognized net carrying value. An analysis of net trade receivables
past due is provided in Note 2.
The following percentages are used to cover the exposure on overdue: not overdue 1%, less than 60 days overdue 6.5%, between
60 & 90 days overdue 12.5%, between 90 & 120 days overdue 25%, between 120 & 360 days overdue 40%, between 360 days and
540 days overdue 75% and more than 540 days 100%.
For loans and other receivables, amounts past due but not provisioned are not material.
Foreign exchange risk
Exchange rate fluctuations could adversely affect Orange Belgium\u2019s financial results and liquidity position
Given the mainly local nature of its business Orange Belgium is not exposed to significant foreign currency risk.
General risk management framework
A comprehensive, consistent and integrated risk management approach is in place to capitalize on synergies between Audit, Control
and Risk functions at all levels of the organization. This approach is intended to provide reasonable assurance that operating and
strategic targets are met, that current laws and regulations are complied with, and that the financial information is reliable.
The most important components of the risk management framework are discussed in detail in section 2 of the Corporate Governance
Statement.
Interest-bearing loans and borrowings
\n \n
in thousand EUR
Nominal amount
Nominal amount end
Interest rate
Maturity
31.12.2024
31.12.2023
end 2024
2023
Atlas Services Belgium
RCF (revolving credit
120 000
120 000
EURIBOR 3M +
10.03.2026
120 000
120 000
facility)
0.69
Atlas Services Belgium
1 671 190
1 671 190
EURIBOR
23.05.2028
1 671 190
1 671 190
CFA (credit facility
6M + 1.90
agreement)
Atlas Services Belgium
60 402
60 402
EURIBOR
02.08.2028
60 402
60 402
CFA (credit facility
6M + 1.90
agreement)
Nethys CFA (credit facility
20 000
EURIBOR
04.11.2030
20 000
agreement)
12M + 3.25
(repaid in full
07.05.2024)
Transactions costs on
long-term loan
-5 588
-7 949
Long-term loans BKM
802
7 738
5.48%
01.08.2036
726
46
Long-term loans VOO
164 717
167 254
1.06% -
31.07.2026 -
40 271
61 048
9.5%
31.12.2029
Total long-term loans
and borrowings
1 887 001
1 924 737
Cash-pool related credit
facility with Orange
60 000
60 000
ESTER + 0.11
on demand
46 310
583
Uncommitted credit lines
20 900
20 900
determined upon
on demand
with various banks
withdrawal
Short-term loans
2 150
EURIBOR -0.25
on demand
2 150
MWINGZ
Short-term loans BKM
ST within 1 year
31.12.2025
76
507
related to LT loan
Short-term loans VOO
ST within 1 year
31.12.2025
21 063
57 162
related to LT loan
Put option Nethys S.A.
278 971
Annual yield rate of
on demand
0
278 971
0.7%
Transactions costs on
short-term loan
6 510
9 790
Total short-term loans
and borrowings
76 109
347 013
Derivatives
As at 31 December 2024, the Group held hedging derivative financial instruments qualifying for hedge accounting.
In the framework of the provision of funding by Atlas Services Belgium SA for the acquisition of VOO and for the purposes of
spectrum purchase, Orange Belgium concluded in 2022 a financing agreement, to be used at VOO closing date, based on floating
interest rate. In view of the amount borrowed and the variability of the interest rate, Orange Belgium decided to deploy a hedge
strategy. To operationalize this strategy, Orange Belgium entered a framework agreement intended to allow for interest rates hedges
related to the credit facility agreement referred to above.
Orange Belgium proposed to use a hedging instrument to fix all or part of the effect of the variability of the 6-month rate. The
instrument chosen is the IRS (Interest Rate Swap). The main conditions of this IRS are interest to be received by Orange Belgium on
the basis of the 6-month EURIBOR rate and interest to be paid by Orange Belgium on the basis of the 5-year fixed rate. The
combination of the floating rate loan (paid by Orange Belgium), the floating rate IRS (received by Orange Belgium) and the fixed rate
IRS (paid by Orange Belgium), transforms the hedged portion of the floating 6-month rate loan into a 5-year fixed rate loan.
The combination of the floating rate loan (paid by Orange Belgium), the floating rate IRS (received by Orange Belgium) and the fixed
rate IRS (paid by Orange Belgium), transforms the floating rate loan into a 5-year fixed rate loan.
No major sources of hedge ineffectiveness have been identified.
Hedge derivative instruments open at the end of the year 2024 are:
\n \n
Start Date
End date
Option
Exercise price
Floating rate
Notional Amount
24/05/2023
24/05/2028
IRS
2.7778%
EURIBOR 6M
350 000 000
24/05/2023
24/05/2028
IRS
2.8640%
EURIBOR 6M
175 000 000
24/05/2023
24/05/2028
IRS
2.7660%
EURIBOR 6M
175 000 000
24/05/2023
24/05/2028
IRS
2.7010%
EURIBOR 6M
175 000 000
Hedge derivative instruments open at the end of the year 2023 are:
\n \n
Start Date
End date
Option
Exercise price
Floating rate
Notional Amount
24/05/2023
24/05/2028
IRS
2.7778%
EURIBOR 6M
350 000 000
24/05/2023
24/05/2028
IRS
2.8640%
EURIBOR 6M
175 000 000
24/05/2023
24/05/2028
IRS
2.7660%
EURIBOR 6M
175 000 000
24/05/2023
24/05/2028
IRS
2.7010%
EURIBOR 6M
175 000 000
Fair value of financial instruments
The carrying amount of cash and cash equivalents, trade receivables and other assets, trade payables and other payables is deemed
to represent their fair value considering the associated short-term maturity. Other non-current financial assets are measured at
amortized costs which are deemed to represent their fair value.
\n \n
Interest rate risk
in thousand EUR
31.12.2024
31.12.2023
Balance at 1 January - Cash flow hedge reserve
-6 658
7 818
Change in cash flow hedge reserve
Gain/loss recognized in other comprehensive income
-7 486
-19 301
of which gain/(loss) arising on changes in fair value of hedging instruments during the period
-17 700
-23 490
of which (gain)/loss reclassified to profit or loss - hedged item has affected profit or loss
10 214
4 189
Income tax related to gain/(loss) recognised in other comprehensive income
1 872
4 825
of which income gain/(losses) recognised in other comprehensive income during the period
4 426
5 872
of which income tax related to amounts reclassified to profit or loss
2 554
-1 047
Balance at 31 December - Cash flow hedge reserve
-12 272
-6 658
Maturity
The following are the remaining contractual maturities of financial assets and liabilities at the reporting date. The amounts are gross
and undiscounted. They exclude the impact of netting agreements and considered contractual interest payments where appropriate.
\n \n
in thousand EUR
Year ended December 2024
Amount
Within 1 year
Within 2-5 years
More than 5 years
Financial assets
Non-current financial assets
1 678
1 678
Non-current derivatives assets
Trade receivables
220 771
220 771
Current financial assets
2 125
2 125
Current derivatives assets
203
203
Cash and cash equivalents
58 245
58 245
Financial liabilities
Non-current financial liabilities
2 177 172
84 311
2 092 359
502
Non-current derivatives liabilities
16 861
16 861
Current financial liabilities
76 109
76 109
Current derivatives liabilities
203
203
Trade payables
286 070
286 070
\n \n
in thousand EUR
Year ended December 2023
Amount
Within 1 year
Within 2-5 years
More than 5 years
Financial assets
Non-current financial assets
1 371
1 371
Non-current derivatives assets
Trade receivables
217 937
217 937
Current financial assets
3
3
Current derivatives assets
511
511
Cash and cash equivalents
47 717
47 717
Financial liabilities
Non-current financial liabilities
2 419 095
110 884
2 288 211
20 000
Non-current derivatives liabilities
9 375
9 375
Current financial liabilities
347 013
347 013
Current derivatives liabilities
511
511
Trade payables
283 236
283 236
Sensitivity
As indicated above, the main risk area related to external variable elements is the cost of borrowing. Considering an average long-
term debt of 1,851.6 million euros in 2024 (of which 875 million euros is covered by the IRS described above), a 1% variation of the
floating rate would have 9.9 million euros impact on the financing costs of the non-hedged portion of the long-term debt. Considering
an average long-term debt of 1,871.6 million euros in 2023 (of which 875 million euros is covered by the IRS described above), a
1% variation of the floating rate would have 10.1 million euros impact on the financing costs of the non-hedged portion of the long-
term debt.
Non-current derivatives liabilities
Non-current derivatives liabilities amount to 16.9 million euros and correspond to the fair value of financial derivatives instruments
set in place in the context of the interests hedging strategy.
Fair value of financial assets and liabilities
The table below is presented according to IFRS 9:
\n \n
in thousand EUR
Classification under
Estimated
Level 1 and
31.12.2024
IFRS 9
*
Book value
fair value
cash
Level 2
Level 3
Trade receivables
AC
220 771
220 771
220 771
Financial assets
3 803
3 803
3 803
Equity securities
FVR
1 678
1 678
1 678
Financial assets at amortized cost
AC
2 125
2 125
2 125
Cash and cash equivalents
58 245
58 245
58 245
Cash
AC
58 226
58 226
58 226
Cash equivalents
AC
19
19
19
Trade payables
AC
286 070
286 070
286 070
Financial debts
AC
1 963 110
1 912 043
1 912 043
Derivatives (net amount)
**
16 861
16 327
16 327
* AC\u201d stands for \u201camortized cost\u201d, \u201cFVR\u201d stands for \u201cfair value through profit or loss\u201d
**IFRS 9 classification for derivatives instruments depends on their hedging qualification (the derivatives qualified as cash flow hedging instruments)
\n \n
in thousand EUR
Classification under
Estimated
Level 1 and
31.12.2023
IFRS 9
*
Book value
fair value
cash
Level 2
Level 3
Trade receivables
AC
217 937
217 937
217 937
Financial assets
1 374
1 374
1 374
Equity securities
FVR
1 371
1 371
1 371
Financial assets at amortized cost
AC
3
3
3
Cash and cash equivalents
47 717
47 717
47 717
Cash
AC
47 680
47 680
47 680
Cash equivalents
AC
37
37
37
Trade payables
AC
283 236
283 236
283 236
Financial debts
AC
2 271 750
2 202 095
2 202 095
Derivatives (net amount)
**
9 375
9 002
9 002
*\u201cAC\u201d stands for \u201camortized cost\u201d, \u201cFVR\u201d stands for \u201cfair value through profit or loss\u201d
**IFRS 9 classification for derivatives instruments depends on their hedging qualification (the derivatives qualified as cash flow hedging instruments)
The financial assets and liabilities measured at fair value in the statement of financial position have been classified based on three
hierarchy levels:
-
level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the
measurement date;
-
level 2: inputs that are observable for the asset or liability, either directly or indirectly;
-
level 3: unobservable inputs for the asset or liability.
The fair value of investment securities uses a valuation technique determined according to the most appropriate financial criteria in
each case (comparable transactions, multiples for comparable companies, shareholders\u2019 agreement, discounted present value of
future cash flows).
For financial assets at amortized cost, the Group considers that the carrying amount of cash and trade receivables provide a
reasonable approximation of fair value, due to the high liquidity of these elements.
For financial liabilities at amortized cost, the fair value of financial liabilities is determined using the present value of estimated future
cash flows, discounted using rates observed by the Group at the end of the period.
The Group considers the carrying value of trade payables to be a reasonable approximation of fair value, due to the high liquidity.
The fair value of derivatives is determined using the present value of estimated future cash flows, discounted using the interest rates
observed by the Group at the end of the period.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00319": { "value": "Financial result \n \n
in thousand EUR
31.12.2024
31.12.2023
Financial Costs
-114 563
-80 966
Financial Income
2
0
Total Net Financial Costs
-114 561
-80 966
Net financial result decreased by 33.6 million euros to -114.6 million euros in 2024 essentially due to the full year impact of the
financing of the VOO acquisition via Atlas Services Belgium S.A..Interest-bearing loans and borrowings \n \n
in thousand EUR
Nominal amount
Nominal amount end
Interest rate
Maturity
31.12.2024
31.12.2023
end 2024
2023
Atlas Services Belgium
RCF (revolving credit
120 000
120 000
EURIBOR 3M +
10.03.2026
120 000
120 000
facility)
0.69
Atlas Services Belgium
1 671 190
1 671 190
EURIBOR
23.05.2028
1 671 190
1 671 190
CFA (credit facility
6M + 1.90
agreement)
Atlas Services Belgium
60 402
60 402
EURIBOR
02.08.2028
60 402
60 402
CFA (credit facility
6M + 1.90
agreement)
Nethys CFA (credit facility
20 000
EURIBOR
04.11.2030
20 000
agreement)
12M + 3.25
(repaid in full
07.05.2024)
Transactions costs on
long-term loan
-5 588
-7 949
Long-term loans BKM
802
7 738
5.48%
01.08.2036
726
46
Long-term loans VOO
164 717
167 254
1.06% -
31.07.2026 -
40 271
61 048
9.5%
31.12.2029
Total long-term loans
and borrowings
1 887 001
1 924 737
Cash-pool related credit
facility with Orange
60 000
60 000
ESTER + 0.11
on demand
46 310
583
Uncommitted credit lines
20 900
20 900
determined upon
on demand
with various banks
withdrawal
Short-term loans
2 150
EURIBOR -0.25
on demand
2 150
MWINGZ
Short-term loans BKM
ST within 1 year
31.12.2025
76
507
related to LT loan
Short-term loans VOO
ST within 1 year
31.12.2025
21 063
57 162
related to LT loan
Put option Nethys S.A.
278 971
Annual yield rate of
on demand
0
278 971
0.7%
Transactions costs on
short-term loan
6 510
9 790
Total short-term loans
and borrowings
76 109
347 013
Derivatives
As at 31 December 2024, the Group held hedging derivative financial instruments qualifying for hedge accounting.
In the framework of the provision of funding by Atlas Services Belgium SA for the acquisition of VOO and for the purposes of
spectrum purchase, Orange Belgium concluded in 2022 a financing agreement, to be used at VOO closing date, based on floating
interest rate. In view of the amount borrowed and the variability of the interest rate, Orange Belgium decided to deploy a hedge
strategy. To operationalize this strategy, Orange Belgium entered a framework agreement intended to allow for interest rates hedges
related to the credit facility agreement referred to above.
Orange Belgium proposed to use a hedging instrument to fix all or part of the effect of the variability of the 6-month rate. The
instrument chosen is the IRS (Interest Rate Swap). The main conditions of this IRS are interest to be received by Orange Belgium on
the basis of the 6-month EURIBOR rate and interest to be paid by Orange Belgium on the basis of the 5-year fixed rate. The
combination of the floating rate loan (paid by Orange Belgium), the floating rate IRS (received by Orange Belgium) and the fixed rate
IRS (paid by Orange Belgium), transforms the hedged portion of the floating 6-month rate loan into a 5-year fixed rate loan.
The combination of the floating rate loan (paid by Orange Belgium), the floating rate IRS (received by Orange Belgium) and the fixed
rate IRS (paid by Orange Belgium), transforms the floating rate loan into a 5-year fixed rate loan.
No major sources of hedge ineffectiveness have been identified.
Hedge derivative instruments open at the end of the year 2024 are:
\n \n
Start Date
End date
Option
Exercise price
Floating rate
Notional Amount
24/05/2023
24/05/2028
IRS
2.7778%
EURIBOR 6M
350 000 000
24/05/2023
24/05/2028
IRS
2.8640%
EURIBOR 6M
175 000 000
24/05/2023
24/05/2028
IRS
2.7660%
EURIBOR 6M
175 000 000
24/05/2023
24/05/2028
IRS
2.7010%
EURIBOR 6M
175 000 000
Hedge derivative instruments open at the end of the year 2023 are:
\n \n
Start Date
End date
Option
Exercise price
Floating rate
Notional Amount
24/05/2023
24/05/2028
IRS
2.7778%
EURIBOR 6M
350 000 000
24/05/2023
24/05/2028
IRS
2.8640%
EURIBOR 6M
175 000 000
24/05/2023
24/05/2028
IRS
2.7660%
EURIBOR 6M
175 000 000
24/05/2023
24/05/2028
IRS
2.7010%
EURIBOR 6M
175 000 000
Fair value of financial instruments
The carrying amount of cash and cash equivalents, trade receivables and other assets, trade payables and other payables is deemed
to represent their fair value considering the associated short-term maturity. Other non-current financial assets are measured at
amortized costs which are deemed to represent their fair value.
\n \n
Interest rate risk
in thousand EUR
31.12.2024
31.12.2023
Balance at 1 January - Cash flow hedge reserve
-6 658
7 818
Change in cash flow hedge reserve
Gain/loss recognized in other comprehensive income
-7 486
-19 301
of which gain/(loss) arising on changes in fair value of hedging instruments during the period
-17 700
-23 490
of which (gain)/loss reclassified to profit or loss - hedged item has affected profit or loss
10 214
4 189
Income tax related to gain/(loss) recognised in other comprehensive income
1 872
4 825
of which income gain/(losses) recognised in other comprehensive income during the period
4 426
5 872
of which income tax related to amounts reclassified to profit or loss
2 554
-1 047
Balance at 31 December - Cash flow hedge reserve
-12 272
-6 658
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00317": { "value": "Financial result \n \n
in thousand EUR
31.12.2024
31.12.2023
Financial Costs
-114 563
-80 966
Financial Income
2
0
Total Net Financial Costs
-114 561
-80 966
Net financial result decreased by 33.6 million euros to -114.6 million euros in 2024 essentially due to the full year impact of the
financing of the VOO acquisition via Atlas Services Belgium S.A..Interest-bearing loans and borrowings \n \n
in thousand EUR
Nominal amount
Nominal amount end
Interest rate
Maturity
31.12.2024
31.12.2023
end 2024
2023
Atlas Services Belgium
RCF (revolving credit
120 000
120 000
EURIBOR 3M +
10.03.2026
120 000
120 000
facility)
0.69
Atlas Services Belgium
1 671 190
1 671 190
EURIBOR
23.05.2028
1 671 190
1 671 190
CFA (credit facility
6M + 1.90
agreement)
Atlas Services Belgium
60 402
60 402
EURIBOR
02.08.2028
60 402
60 402
CFA (credit facility
6M + 1.90
agreement)
Nethys CFA (credit facility
20 000
EURIBOR
04.11.2030
20 000
agreement)
12M + 3.25
(repaid in full
07.05.2024)
Transactions costs on
long-term loan
-5 588
-7 949
Long-term loans BKM
802
7 738
5.48%
01.08.2036
726
46
Long-term loans VOO
164 717
167 254
1.06% -
31.07.2026 -
40 271
61 048
9.5%
31.12.2029
Total long-term loans
and borrowings
1 887 001
1 924 737
Cash-pool related credit
facility with Orange
60 000
60 000
ESTER + 0.11
on demand
46 310
583
Uncommitted credit lines
20 900
20 900
determined upon
on demand
with various banks
withdrawal
Short-term loans
2 150
EURIBOR -0.25
on demand
2 150
MWINGZ
Short-term loans BKM
ST within 1 year
31.12.2025
76
507
related to LT loan
Short-term loans VOO
ST within 1 year
31.12.2025
21 063
57 162
related to LT loan
Put option Nethys S.A.
278 971
Annual yield rate of
on demand
0
278 971
0.7%
Transactions costs on
short-term loan
6 510
9 790
Total short-term loans
and borrowings
76 109
347 013
Derivatives
As at 31 December 2024, the Group held hedging derivative financial instruments qualifying for hedge accounting.
In the framework of the provision of funding by Atlas Services Belgium SA for the acquisition of VOO and for the purposes of
spectrum purchase, Orange Belgium concluded in 2022 a financing agreement, to be used at VOO closing date, based on floating
interest rate. In view of the amount borrowed and the variability of the interest rate, Orange Belgium decided to deploy a hedge
strategy. To operationalize this strategy, Orange Belgium entered a framework agreement intended to allow for interest rates hedges
related to the credit facility agreement referred to above.
Orange Belgium proposed to use a hedging instrument to fix all or part of the effect of the variability of the 6-month rate. The
instrument chosen is the IRS (Interest Rate Swap). The main conditions of this IRS are interest to be received by Orange Belgium on
the basis of the 6-month EURIBOR rate and interest to be paid by Orange Belgium on the basis of the 5-year fixed rate. The
combination of the floating rate loan (paid by Orange Belgium), the floating rate IRS (received by Orange Belgium) and the fixed rate
IRS (paid by Orange Belgium), transforms the hedged portion of the floating 6-month rate loan into a 5-year fixed rate loan.
The combination of the floating rate loan (paid by Orange Belgium), the floating rate IRS (received by Orange Belgium) and the fixed
rate IRS (paid by Orange Belgium), transforms the floating rate loan into a 5-year fixed rate loan.
No major sources of hedge ineffectiveness have been identified.
Hedge derivative instruments open at the end of the year 2024 are:
\n \n
Start Date
End date
Option
Exercise price
Floating rate
Notional Amount
24/05/2023
24/05/2028
IRS
2.7778%
EURIBOR 6M
350 000 000
24/05/2023
24/05/2028
IRS
2.8640%
EURIBOR 6M
175 000 000
24/05/2023
24/05/2028
IRS
2.7660%
EURIBOR 6M
175 000 000
24/05/2023
24/05/2028
IRS
2.7010%
EURIBOR 6M
175 000 000
Hedge derivative instruments open at the end of the year 2023 are:
\n \n
Start Date
End date
Option
Exercise price
Floating rate
Notional Amount
24/05/2023
24/05/2028
IRS
2.7778%
EURIBOR 6M
350 000 000
24/05/2023
24/05/2028
IRS
2.8640%
EURIBOR 6M
175 000 000
24/05/2023
24/05/2028
IRS
2.7660%
EURIBOR 6M
175 000 000
24/05/2023
24/05/2028
IRS
2.7010%
EURIBOR 6M
175 000 000
Fair value of financial instruments
The carrying amount of cash and cash equivalents, trade receivables and other assets, trade payables and other payables is deemed
to represent their fair value considering the associated short-term maturity. Other non-current financial assets are measured at
amortized costs which are deemed to represent their fair value.
\n \n
Interest rate risk
in thousand EUR
31.12.2024
31.12.2023
Balance at 1 January - Cash flow hedge reserve
-6 658
7 818
Change in cash flow hedge reserve
Gain/loss recognized in other comprehensive income
-7 486
-19 301
of which gain/(loss) arising on changes in fair value of hedging instruments during the period
-17 700
-23 490
of which (gain)/loss reclassified to profit or loss - hedged item has affected profit or loss
10 214
4 189
Income tax related to gain/(loss) recognised in other comprehensive income
1 872
4 825
of which income gain/(losses) recognised in other comprehensive income during the period
4 426
5 872
of which income tax related to amounts reclassified to profit or loss
2 554
-1 047
Balance at 31 December - Cash flow hedge reserve
-12 272
-6 658
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00318": { "value": "Financial result \n \n
in thousand EUR
31.12.2024
31.12.2023
Financial Costs
-114 563
-80 966
Financial Income
2
0
Total Net Financial Costs
-114 561
-80 966
Net financial result decreased by 33.6 million euros to -114.6 million euros in 2024 essentially due to the full year impact of the
financing of the VOO acquisition via Atlas Services Belgium S.A..Interest-bearing loans and borrowings \n \n
in thousand EUR
Nominal amount
Nominal amount end
Interest rate
Maturity
31.12.2024
31.12.2023
end 2024
2023
Atlas Services Belgium
RCF (revolving credit
120 000
120 000
EURIBOR 3M +
10.03.2026
120 000
120 000
facility)
0.69
Atlas Services Belgium
1 671 190
1 671 190
EURIBOR
23.05.2028
1 671 190
1 671 190
CFA (credit facility
6M + 1.90
agreement)
Atlas Services Belgium
60 402
60 402
EURIBOR
02.08.2028
60 402
60 402
CFA (credit facility
6M + 1.90
agreement)
Nethys CFA (credit facility
20 000
EURIBOR
04.11.2030
20 000
agreement)
12M + 3.25
(repaid in full
07.05.2024)
Transactions costs on
long-term loan
-5 588
-7 949
Long-term loans BKM
802
7 738
5.48%
01.08.2036
726
46
Long-term loans VOO
164 717
167 254
1.06% -
31.07.2026 -
40 271
61 048
9.5%
31.12.2029
Total long-term loans
and borrowings
1 887 001
1 924 737
Cash-pool related credit
facility with Orange
60 000
60 000
ESTER + 0.11
on demand
46 310
583
Uncommitted credit lines
20 900
20 900
determined upon
on demand
with various banks
withdrawal
Short-term loans
2 150
EURIBOR -0.25
on demand
2 150
MWINGZ
Short-term loans BKM
ST within 1 year
31.12.2025
76
507
related to LT loan
Short-term loans VOO
ST within 1 year
31.12.2025
21 063
57 162
related to LT loan
Put option Nethys S.A.
278 971
Annual yield rate of
on demand
0
278 971
0.7%
Transactions costs on
short-term loan
6 510
9 790
Total short-term loans
and borrowings
76 109
347 013
Derivatives
As at 31 December 2024, the Group held hedging derivative financial instruments qualifying for hedge accounting.
In the framework of the provision of funding by Atlas Services Belgium SA for the acquisition of VOO and for the purposes of
spectrum purchase, Orange Belgium concluded in 2022 a financing agreement, to be used at VOO closing date, based on floating
interest rate. In view of the amount borrowed and the variability of the interest rate, Orange Belgium decided to deploy a hedge
strategy. To operationalize this strategy, Orange Belgium entered a framework agreement intended to allow for interest rates hedges
related to the credit facility agreement referred to above.
Orange Belgium proposed to use a hedging instrument to fix all or part of the effect of the variability of the 6-month rate. The
instrument chosen is the IRS (Interest Rate Swap). The main conditions of this IRS are interest to be received by Orange Belgium on
the basis of the 6-month EURIBOR rate and interest to be paid by Orange Belgium on the basis of the 5-year fixed rate. The
combination of the floating rate loan (paid by Orange Belgium), the floating rate IRS (received by Orange Belgium) and the fixed rate
IRS (paid by Orange Belgium), transforms the hedged portion of the floating 6-month rate loan into a 5-year fixed rate loan.
The combination of the floating rate loan (paid by Orange Belgium), the floating rate IRS (received by Orange Belgium) and the fixed
rate IRS (paid by Orange Belgium), transforms the floating rate loan into a 5-year fixed rate loan.
No major sources of hedge ineffectiveness have been identified.
Hedge derivative instruments open at the end of the year 2024 are:
\n \n
Start Date
End date
Option
Exercise price
Floating rate
Notional Amount
24/05/2023
24/05/2028
IRS
2.7778%
EURIBOR 6M
350 000 000
24/05/2023
24/05/2028
IRS
2.8640%
EURIBOR 6M
175 000 000
24/05/2023
24/05/2028
IRS
2.7660%
EURIBOR 6M
175 000 000
24/05/2023
24/05/2028
IRS
2.7010%
EURIBOR 6M
175 000 000
Hedge derivative instruments open at the end of the year 2023 are:
\n \n
Start Date
End date
Option
Exercise price
Floating rate
Notional Amount
24/05/2023
24/05/2028
IRS
2.7778%
EURIBOR 6M
350 000 000
24/05/2023
24/05/2028
IRS
2.8640%
EURIBOR 6M
175 000 000
24/05/2023
24/05/2028
IRS
2.7660%
EURIBOR 6M
175 000 000
24/05/2023
24/05/2028
IRS
2.7010%
EURIBOR 6M
175 000 000
Fair value of financial instruments
The carrying amount of cash and cash equivalents, trade receivables and other assets, trade payables and other payables is deemed
to represent their fair value considering the associated short-term maturity. Other non-current financial assets are measured at
amortized costs which are deemed to represent their fair value.
\n \n
Interest rate risk
in thousand EUR
31.12.2024
31.12.2023
Balance at 1 January - Cash flow hedge reserve
-6 658
7 818
Change in cash flow hedge reserve
Gain/loss recognized in other comprehensive income
-7 486
-19 301
of which gain/(loss) arising on changes in fair value of hedging instruments during the period
-17 700
-23 490
of which (gain)/loss reclassified to profit or loss - hedged item has affected profit or loss
10 214
4 189
Income tax related to gain/(loss) recognised in other comprehensive income
1 872
4 825
of which income gain/(losses) recognised in other comprehensive income during the period
4 426
5 872
of which income tax related to amounts reclassified to profit or loss
2 554
-1 047
Balance at 31 December - Cash flow hedge reserve
-12 272
-6 658
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00320": { "value": "Financial result \n \n
in thousand EUR
31.12.2024
31.12.2023
Financial Costs
-114 563
-80 966
Financial Income
2
0
Total Net Financial Costs
-114 561
-80 966
Net financial result decreased by 33.6 million euros to -114.6 million euros in 2024 essentially due to the full year impact of the
financing of the VOO acquisition via Atlas Services Belgium S.A..Interest-bearing loans and borrowings \n \n
in thousand EUR
Nominal amount
Nominal amount end
Interest rate
Maturity
31.12.2024
31.12.2023
end 2024
2023
Atlas Services Belgium
RCF (revolving credit
120 000
120 000
EURIBOR 3M +
10.03.2026
120 000
120 000
facility)
0.69
Atlas Services Belgium
1 671 190
1 671 190
EURIBOR
23.05.2028
1 671 190
1 671 190
CFA (credit facility
6M + 1.90
agreement)
Atlas Services Belgium
60 402
60 402
EURIBOR
02.08.2028
60 402
60 402
CFA (credit facility
6M + 1.90
agreement)
Nethys CFA (credit facility
20 000
EURIBOR
04.11.2030
20 000
agreement)
12M + 3.25
(repaid in full
07.05.2024)
Transactions costs on
long-term loan
-5 588
-7 949
Long-term loans BKM
802
7 738
5.48%
01.08.2036
726
46
Long-term loans VOO
164 717
167 254
1.06% -
31.07.2026 -
40 271
61 048
9.5%
31.12.2029
Total long-term loans
and borrowings
1 887 001
1 924 737
Cash-pool related credit
facility with Orange
60 000
60 000
ESTER + 0.11
on demand
46 310
583
Uncommitted credit lines
20 900
20 900
determined upon
on demand
with various banks
withdrawal
Short-term loans
2 150
EURIBOR -0.25
on demand
2 150
MWINGZ
Short-term loans BKM
ST within 1 year
31.12.2025
76
507
related to LT loan
Short-term loans VOO
ST within 1 year
31.12.2025
21 063
57 162
related to LT loan
Put option Nethys S.A.
278 971
Annual yield rate of
on demand
0
278 971
0.7%
Transactions costs on
short-term loan
6 510
9 790
Total short-term loans
and borrowings
76 109
347 013
Derivatives
As at 31 December 2024, the Group held hedging derivative financial instruments qualifying for hedge accounting.
In the framework of the provision of funding by Atlas Services Belgium SA for the acquisition of VOO and for the purposes of
spectrum purchase, Orange Belgium concluded in 2022 a financing agreement, to be used at VOO closing date, based on floating
interest rate. In view of the amount borrowed and the variability of the interest rate, Orange Belgium decided to deploy a hedge
strategy. To operationalize this strategy, Orange Belgium entered a framework agreement intended to allow for interest rates hedges
related to the credit facility agreement referred to above.
Orange Belgium proposed to use a hedging instrument to fix all or part of the effect of the variability of the 6-month rate. The
instrument chosen is the IRS (Interest Rate Swap). The main conditions of this IRS are interest to be received by Orange Belgium on
the basis of the 6-month EURIBOR rate and interest to be paid by Orange Belgium on the basis of the 5-year fixed rate. The
combination of the floating rate loan (paid by Orange Belgium), the floating rate IRS (received by Orange Belgium) and the fixed rate
IRS (paid by Orange Belgium), transforms the hedged portion of the floating 6-month rate loan into a 5-year fixed rate loan.
The combination of the floating rate loan (paid by Orange Belgium), the floating rate IRS (received by Orange Belgium) and the fixed
rate IRS (paid by Orange Belgium), transforms the floating rate loan into a 5-year fixed rate loan.
No major sources of hedge ineffectiveness have been identified.
Hedge derivative instruments open at the end of the year 2024 are:
\n \n
Start Date
End date
Option
Exercise price
Floating rate
Notional Amount
24/05/2023
24/05/2028
IRS
2.7778%
EURIBOR 6M
350 000 000
24/05/2023
24/05/2028
IRS
2.8640%
EURIBOR 6M
175 000 000
24/05/2023
24/05/2028
IRS
2.7660%
EURIBOR 6M
175 000 000
24/05/2023
24/05/2028
IRS
2.7010%
EURIBOR 6M
175 000 000
Hedge derivative instruments open at the end of the year 2023 are:
\n \n
Start Date
End date
Option
Exercise price
Floating rate
Notional Amount
24/05/2023
24/05/2028
IRS
2.7778%
EURIBOR 6M
350 000 000
24/05/2023
24/05/2028
IRS
2.8640%
EURIBOR 6M
175 000 000
24/05/2023
24/05/2028
IRS
2.7660%
EURIBOR 6M
175 000 000
24/05/2023
24/05/2028
IRS
2.7010%
EURIBOR 6M
175 000 000
Fair value of financial instruments
The carrying amount of cash and cash equivalents, trade receivables and other assets, trade payables and other payables is deemed
to represent their fair value considering the associated short-term maturity. Other non-current financial assets are measured at
amortized costs which are deemed to represent their fair value.
\n \n
Interest rate risk
in thousand EUR
31.12.2024
31.12.2023
Balance at 1 January - Cash flow hedge reserve
-6 658
7 818
Change in cash flow hedge reserve
Gain/loss recognized in other comprehensive income
-7 486
-19 301
of which gain/(loss) arising on changes in fair value of hedging instruments during the period
-17 700
-23 490
of which (gain)/loss reclassified to profit or loss - hedged item has affected profit or loss
10 214
4 189
Income tax related to gain/(loss) recognised in other comprehensive income
1 872
4 825
of which income gain/(losses) recognised in other comprehensive income during the period
4 426
5 872
of which income tax related to amounts reclassified to profit or loss
2 554
-1 047
Balance at 31 December - Cash flow hedge reserve
-12 272
-6 658
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00321": { "value": "Cash and cash equivalents, financial liabilities \n \n
in thousand EUR
31.12.2024
31.12.2023
Cash and cash equivalents
Cash equivalents
-19
-37
Cash
-58 226
-47 680
Total cash and cash equivalents
-58 245
-47 717
Financial liabilities
Short-term borrowing with Orange SA entities
54 698
10 373
Third parties short-term borrowing
21 411
57 669
Put option Nethys SA
278 971
Third parties loans long term
40 997
81 048
Long-term borrowing with Orange SA entities
1 846 004
1 843 689
Total borrowings
1 963 110
2 271 750
Net debt (Financial liabilities - Cash and cash equivalents)
1 904 866
2 224 034
The net financial debt at the end of 2024 amounted to 1,904.9 million euros, a decrease of Orange Belgium\u2019s net financial debt
position by 319.2 million euros compared to 2,224.0 million euros of net financial debt at the end of December 2023. The decrease
is the combined effect of: (i) net increase in cash equivalents of 10.5 million euros, (ii) the exercise of the put option of 279.0 million
euros by Nethys to convert its stake into shares of Orange Belgium S.A., (iii) decrease of 20.0 million euros in long-term third-party
borrowings following the repayment of financing from previous VOO owner Nethys S.A., (iv) decrease of short-term third-party
borrowings following repayments of VOO S.A. bank loans compensated by increased intercompany short-term borrowing.
On top of the credit facility agreement with Orange S.A. for an amount of 60 million euros ensured until December 2024 (after which
150 million euros ensured until June 2026 - renewed in January 2025) and the loan with Atlas Services Belgium S.A. for an amount
of 120 million euros (maturity date June 2026), Orange Belgium S.A. entered in 2023 into a new financing agreement with Atlas
Services Belgium S.A. for an amount of 1,731.6 million euros in the context of the VOO acquisition (maturing in 2028).
\n
\n
Changes in financial liabilities whose cash flows are disclosed in financing activities in the cash flow statement (see 1.3) are presented
below:
\n \n
in thousand
EUR
31.12.2023
Cash Flows
Acquisition
31.12.2024
Short-term borrowing with Orange SA entities
10 373
44 325
54 698
Long-term borrowing with Orange SA entities
1 843 689
2 315
1 846 004
Put option Nethys SA
278 971
0
-278 971
0
Third party borrowing
138 717
-76 309
62 408
*In the cash flow statement, the 44.3 million euros are included in the headers \u201cIncrease (decrease) of bank overdrafts and short-term borrowings\u201d for an amount
of 47.8 million euros related to cash pool variation and -3.2 million euros in the headers \u201cOther net cash out / Interest paid
** Third party borrowings in the amount of -76.3 million euros is included for -40.9 million euros in Long-term debt redemptions and repayments
and -36.0 million euros in Increase / decrease in bank overdrafts and short-term borrowings.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00322": { "value": "Changes in financial liabilities whose cash flows are disclosed in financing activities in the cash flow statement (see 1.3) are presented
below:
\n \n
in thousand
EUR
31.12.2023
Cash Flows
Acquisition
31.12.2024
Short-term borrowing with Orange SA entities
10 373
44 325
54 698
Long-term borrowing with Orange SA entities
1 843 689
2 315
1 846 004
Put option Nethys SA
278 971
0
-278 971
0
Third party borrowing
138 717
-76 309
62 408
*In the cash flow statement, the 44.3 million euros are included in the headers \u201cIncrease (decrease) of bank overdrafts and short-term borrowings\u201d for an amount
of 47.8 million euros related to cash pool variation and -3.2 million euros in the headers \u201cOther net cash out / Interest paid
** Third party borrowings in the amount of -76.3 million euros is included for -40.9 million euros in Long-term debt redemptions and repayments
and -36.0 million euros in Increase / decrease in bank overdrafts and short-term borrowings.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00323": { "value": "Financial risks
Liquidity risk
Orange Belgium\u2019s results and outlook could be affected if the terms of access to funding becomes difficult
Orange Belgium is mainly financed through long-term credit facilities granted by Orange Group entities and is thus not directly
exposed to adverse changes in market conditions. On top of the credit facility agreement with Orange SA for an amount of 60 million
euros ensured until December 2024 (after which 150 million euros ensured until June 2026 - renewed in January 2025) and the
refinanced loan with Atlas Services Belgium S.A. for an amount of 120 million euros (maturity date June 2026), Orange Belgium
entered in 2023 into a new financing agreement for an amount of 1,731.6 million euros in the context of the VOO acquisition and
spectrum purchase (with Atlas Services Belgium S.A. maturing in 2028). In addition, Orange Belgium could evoke other sources of
funding such as bank loans or bonds should financing limitations be imposed by the Orange Group. A large part of these facilities
has been used at the end of December 2023 to finance the VOO acquisition and the remaining payment of the spectrum licenses.
As of 31 December 2024, the Group had unused credit lines under the credit facility agreement with Orange SA for an amount of
13.7 million euros (59.8 million euros as of 31 December 2023). We refer to the following pages for the maturity analysis.
Interest rate risk
Orange Belgium\u2019s business activities could be adversely affected by interest rate fluctuations
In the framework of the provision of funding by Atlas Services Belgium SA for the acquisition of VOO and for the purposes of
spectrum purchase, Orange Belgium concluded in 2022 a financing agreement, to be used at VOO closing date, based on floating
interest rate. In view of the amount borrowed and the variability of the interest rate, Orange Belgium decided to deploy a hedge
strategy. To operationalize this strategy, Orange Belgium entered a framework agreement intended to allow for interest rates hedges
related to the credit facility agreement referred to above.
Orange Belgium proposed to use a hedging instrument to fix all or part of the effect of the variability of the 6-month rate. The
instrument chosen is the IRS (Interest Rate Swap). The main conditions of this IRS are interest to be received by Orange Belgium on
the basis of the 6-month EURIBOR rate and interest to be paid by Orange Belgium on the basis of the 5-year fixed rate. The
combination of the floating rate loan (paid by Orange Belgium), the floating rate IRS (received by Orange Belgium) and the fixed rate
IRS (paid by Orange Belgium), transforms the hedged portion of the floating 6-month rate loan into a 5-year fixed rate loan. Hedge
accounting is applied.
Credit rating risk
Downgrades of Orange Belgium\u2019s credit rating or rating outlook could increase its borrowing costs and/or limit its
financing capacity
Orange Belgium is mainly financed through long-term credit facilities granted by Orange Group entities until August 2028. The
current funding agreements do not foresee rating-based funding adjustments. However, rating downgrades could negatively impact
the trading terms that Orange Belgium receives from its suppliers, thus increasing the operational financing needs and overall funding
costs.
Counterparty risk on financial transactions
The insolvency or deterioration in the financial position of a bank or other institution with which Orange Belgium has a
financial agreement may have a material adverse effect on the company and its financial position
Orange Belgium does not have any derivative exposure with financial institutions but has an interest rate swap with Atlas Services
Belgium S.A.. In addition, the credit balances on its bank accounts are very limited given that it is operating a cash pooling structure
with automatic sweeping of excess funds to Orange S.A.
However, a default of one of its main banking partners would have a negative impact on its cash management operations. This risk
is mitigated by the fact that Orange Belgium\u2019s Treasury policy foresees working with at least three different banking partners with
an investment-grade rating.
Own credit risk
Customer payment defaults could adversely affect Orange Belgium\u2019s financial results and liquidity position
Orange Belgium\u2019s credit policy foresees that all customers who wish to trade on credit terms are subject to credit verification
procedures. If the risk is deemed not acceptable, payment terms are defined as prepayment or cash on delivery.
Orange considers that it has limited concentration in credit risk with respect to trade receivables due to its large and diverse customer
base (residential, professional, and large business customers) operating in numerous industries. In addition, the maximum value of
the counterparty risk on these financial assets is equal to their recognized net carrying value. An analysis of net trade receivables
past due is provided in Note 2.
The following percentages are used to cover the exposure on overdue: not overdue 1%, less than 60 days overdue 6.5%, between
60 & 90 days overdue 12.5%, between 90 & 120 days overdue 25%, between 120 & 360 days overdue 40%, between 360 days and
540 days overdue 75% and more than 540 days 100%.
For loans and other receivables, amounts past due but not provisioned are not material.
Foreign exchange risk
Exchange rate fluctuations could adversely affect Orange Belgium\u2019s financial results and liquidity position
Given the mainly local nature of its business Orange Belgium is not exposed to significant foreign currency risk.
General risk management framework
A comprehensive, consistent and integrated risk management approach is in place to capitalize on synergies between Audit, Control
and Risk functions at all levels of the organization. This approach is intended to provide reasonable assurance that operating and
strategic targets are met, that current laws and regulations are complied with, and that the financial information is reliable.
The most important components of the risk management framework are discussed in detail in section 2 of the Corporate Governance
Statement.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00324": { "value": "Liquidity risk
Orange Belgium\u2019s results and outlook could be affected if the terms of access to funding becomes difficult
Orange Belgium is mainly financed through long-term credit facilities granted by Orange Group entities and is thus not directly
exposed to adverse changes in market conditions. On top of the credit facility agreement with Orange SA for an amount of 60 million
euros ensured until December 2024 (after which 150 million euros ensured until June 2026 - renewed in January 2025) and the
refinanced loan with Atlas Services Belgium S.A. for an amount of 120 million euros (maturity date June 2026), Orange Belgium
entered in 2023 into a new financing agreement for an amount of 1,731.6 million euros in the context of the VOO acquisition and
spectrum purchase (with Atlas Services Belgium S.A. maturing in 2028). In addition, Orange Belgium could evoke other sources of
funding such as bank loans or bonds should financing limitations be imposed by the Orange Group. A large part of these facilities
has been used at the end of December 2023 to finance the VOO acquisition and the remaining payment of the spectrum licenses.
As of 31 December 2024, the Group had unused credit lines under the credit facility agreement with Orange SA for an amount of
13.7 million euros (59.8 million euros as of 31 December 2023). We refer to the following pages for the maturity analysis.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00325": { "value": "Interest rate risk
Orange Belgium\u2019s business activities could be adversely affected by interest rate fluctuations
In the framework of the provision of funding by Atlas Services Belgium SA for the acquisition of VOO and for the purposes of
spectrum purchase, Orange Belgium concluded in 2022 a financing agreement, to be used at VOO closing date, based on floating
interest rate. In view of the amount borrowed and the variability of the interest rate, Orange Belgium decided to deploy a hedge
strategy. To operationalize this strategy, Orange Belgium entered a framework agreement intended to allow for interest rates hedges
related to the credit facility agreement referred to above.
Orange Belgium proposed to use a hedging instrument to fix all or part of the effect of the variability of the 6-month rate. The
instrument chosen is the IRS (Interest Rate Swap). The main conditions of this IRS are interest to be received by Orange Belgium on
the basis of the 6-month EURIBOR rate and interest to be paid by Orange Belgium on the basis of the 5-year fixed rate. The
combination of the floating rate loan (paid by Orange Belgium), the floating rate IRS (received by Orange Belgium) and the fixed rate
IRS (paid by Orange Belgium), transforms the hedged portion of the floating 6-month rate loan into a 5-year fixed rate loan. Hedge
accounting is applied.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00326": { "value": "Own credit risk
Customer payment defaults could adversely affect Orange Belgium\u2019s financial results and liquidity position
Orange Belgium\u2019s credit policy foresees that all customers who wish to trade on credit terms are subject to credit verification
procedures. If the risk is deemed not acceptable, payment terms are defined as prepayment or cash on delivery.
Orange considers that it has limited concentration in credit risk with respect to trade receivables due to its large and diverse customer
base (residential, professional, and large business customers) operating in numerous industries. In addition, the maximum value of
the counterparty risk on these financial assets is equal to their recognized net carrying value. An analysis of net trade receivables
past due is provided in Note 2.
The following percentages are used to cover the exposure on overdue: not overdue 1%, less than 60 days overdue 6.5%, between
60 & 90 days overdue 12.5%, between 90 & 120 days overdue 25%, between 120 & 360 days overdue 40%, between 360 days and
540 days overdue 75% and more than 540 days 100%.
For loans and other receivables, amounts past due but not provisioned are not material.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00329": { "value": "Interest-bearing loans and borrowings \n \n
in thousand EUR
Nominal amount
Nominal amount end
Interest rate
Maturity
31.12.2024
31.12.2023
end 2024
2023
Atlas Services Belgium
RCF (revolving credit
120 000
120 000
EURIBOR 3M +
10.03.2026
120 000
120 000
facility)
0.69
Atlas Services Belgium
1 671 190
1 671 190
EURIBOR
23.05.2028
1 671 190
1 671 190
CFA (credit facility
6M + 1.90
agreement)
Atlas Services Belgium
60 402
60 402
EURIBOR
02.08.2028
60 402
60 402
CFA (credit facility
6M + 1.90
agreement)
Nethys CFA (credit facility
20 000
EURIBOR
04.11.2030
20 000
agreement)
12M + 3.25
(repaid in full
07.05.2024)
Transactions costs on
long-term loan
-5 588
-7 949
Long-term loans BKM
802
7 738
5.48%
01.08.2036
726
46
Long-term loans VOO
164 717
167 254
1.06% -
31.07.2026 -
40 271
61 048
9.5%
31.12.2029
Total long-term loans
and borrowings
1 887 001
1 924 737
Cash-pool related credit
facility with Orange
60 000
60 000
ESTER + 0.11
on demand
46 310
583
Uncommitted credit lines
20 900
20 900
determined upon
on demand
with various banks
withdrawal
Short-term loans
2 150
EURIBOR -0.25
on demand
2 150
MWINGZ
Short-term loans BKM
ST within 1 year
31.12.2025
76
507
related to LT loan
Short-term loans VOO
ST within 1 year
31.12.2025
21 063
57 162
related to LT loan
Put option Nethys S.A.
278 971
Annual yield rate of
on demand
0
278 971
0.7%
Transactions costs on
short-term loan
6 510
9 790
Total short-term loans
and borrowings
76 109
347 013
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00328": { "value": "Interest-bearing loans and borrowings \n \n
in thousand EUR
Nominal amount
Nominal amount end
Interest rate
Maturity
31.12.2024
31.12.2023
end 2024
2023
Atlas Services Belgium
RCF (revolving credit
120 000
120 000
EURIBOR 3M +
10.03.2026
120 000
120 000
facility)
0.69
Atlas Services Belgium
1 671 190
1 671 190
EURIBOR
23.05.2028
1 671 190
1 671 190
CFA (credit facility
6M + 1.90
agreement)
Atlas Services Belgium
60 402
60 402
EURIBOR
02.08.2028
60 402
60 402
CFA (credit facility
6M + 1.90
agreement)
Nethys CFA (credit facility
20 000
EURIBOR
04.11.2030
20 000
agreement)
12M + 3.25
(repaid in full
07.05.2024)
Transactions costs on
long-term loan
-5 588
-7 949
Long-term loans BKM
802
7 738
5.48%
01.08.2036
726
46
Long-term loans VOO
164 717
167 254
1.06% -
31.07.2026 -
40 271
61 048
9.5%
31.12.2029
Total long-term loans
and borrowings
1 887 001
1 924 737
Cash-pool related credit
facility with Orange
60 000
60 000
ESTER + 0.11
on demand
46 310
583
Uncommitted credit lines
20 900
20 900
determined upon
on demand
with various banks
withdrawal
Short-term loans
2 150
EURIBOR -0.25
on demand
2 150
MWINGZ
Short-term loans BKM
ST within 1 year
31.12.2025
76
507
related to LT loan
Short-term loans VOO
ST within 1 year
31.12.2025
21 063
57 162
related to LT loan
Put option Nethys S.A.
278 971
Annual yield rate of
on demand
0
278 971
0.7%
Transactions costs on
short-term loan
6 510
9 790
Total short-term loans
and borrowings
76 109
347 013
Derivatives
As at 31 December 2024, the Group held hedging derivative financial instruments qualifying for hedge accounting.
In the framework of the provision of funding by Atlas Services Belgium SA for the acquisition of VOO and for the purposes of
spectrum purchase, Orange Belgium concluded in 2022 a financing agreement, to be used at VOO closing date, based on floating
interest rate. In view of the amount borrowed and the variability of the interest rate, Orange Belgium decided to deploy a hedge
strategy. To operationalize this strategy, Orange Belgium entered a framework agreement intended to allow for interest rates hedges
related to the credit facility agreement referred to above.
Orange Belgium proposed to use a hedging instrument to fix all or part of the effect of the variability of the 6-month rate. The
instrument chosen is the IRS (Interest Rate Swap). The main conditions of this IRS are interest to be received by Orange Belgium on
the basis of the 6-month EURIBOR rate and interest to be paid by Orange Belgium on the basis of the 5-year fixed rate. The
combination of the floating rate loan (paid by Orange Belgium), the floating rate IRS (received by Orange Belgium) and the fixed rate
IRS (paid by Orange Belgium), transforms the hedged portion of the floating 6-month rate loan into a 5-year fixed rate loan.
The combination of the floating rate loan (paid by Orange Belgium), the floating rate IRS (received by Orange Belgium) and the fixed
rate IRS (paid by Orange Belgium), transforms the floating rate loan into a 5-year fixed rate loan.
No major sources of hedge ineffectiveness have been identified.
Hedge derivative instruments open at the end of the year 2024 are:
\n \n
Start Date
End date
Option
Exercise price
Floating rate
Notional Amount
24/05/2023
24/05/2028
IRS
2.7778%
EURIBOR 6M
350 000 000
24/05/2023
24/05/2028
IRS
2.8640%
EURIBOR 6M
175 000 000
24/05/2023
24/05/2028
IRS
2.7660%
EURIBOR 6M
175 000 000
24/05/2023
24/05/2028
IRS
2.7010%
EURIBOR 6M
175 000 000
Hedge derivative instruments open at the end of the year 2023 are:
\n \n
Start Date
End date
Option
Exercise price
Floating rate
Notional Amount
24/05/2023
24/05/2028
IRS
2.7778%
EURIBOR 6M
350 000 000
24/05/2023
24/05/2028
IRS
2.8640%
EURIBOR 6M
175 000 000
24/05/2023
24/05/2028
IRS
2.7660%
EURIBOR 6M
175 000 000
24/05/2023
24/05/2028
IRS
2.7010%
EURIBOR 6M
175 000 000
Fair value of financial instruments
The carrying amount of cash and cash equivalents, trade receivables and other assets, trade payables and other payables is deemed
to represent their fair value considering the associated short-term maturity. Other non-current financial assets are measured at
amortized costs which are deemed to represent their fair value.
\n \n
Interest rate risk
in thousand EUR
31.12.2024
31.12.2023
Balance at 1 January - Cash flow hedge reserve
-6 658
7 818
Change in cash flow hedge reserve
Gain/loss recognized in other comprehensive income
-7 486
-19 301
of which gain/(loss) arising on changes in fair value of hedging instruments during the period
-17 700
-23 490
of which (gain)/loss reclassified to profit or loss - hedged item has affected profit or loss
10 214
4 189
Income tax related to gain/(loss) recognised in other comprehensive income
1 872
4 825
of which income gain/(losses) recognised in other comprehensive income during the period
4 426
5 872
of which income tax related to amounts reclassified to profit or loss
2 554
-1 047
Balance at 31 December - Cash flow hedge reserve
-12 272
-6 658
Maturity
The following are the remaining contractual maturities of financial assets and liabilities at the reporting date. The amounts are gross
and undiscounted. They exclude the impact of netting agreements and considered contractual interest payments where appropriate.
\n \n
in thousand EUR
Year ended December 2024
Amount
Within 1 year
Within 2-5 years
More than 5 years
Financial assets
Non-current financial assets
1 678
1 678
Non-current derivatives assets
Trade receivables
220 771
220 771
Current financial assets
2 125
2 125
Current derivatives assets
203
203
Cash and cash equivalents
58 245
58 245
Financial liabilities
Non-current financial liabilities
2 177 172
84 311
2 092 359
502
Non-current derivatives liabilities
16 861
16 861
Current financial liabilities
76 109
76 109
Current derivatives liabilities
203
203
Trade payables
286 070
286 070
\n \n
in thousand EUR
Year ended December 2023
Amount
Within 1 year
Within 2-5 years
More than 5 years
Financial assets
Non-current financial assets
1 371
1 371
Non-current derivatives assets
Trade receivables
217 937
217 937
Current financial assets
3
3
Current derivatives assets
511
511
Cash and cash equivalents
47 717
47 717
Financial liabilities
Non-current financial liabilities
2 419 095
110 884
2 288 211
20 000
Non-current derivatives liabilities
9 375
9 375
Current financial liabilities
347 013
347 013
Current derivatives liabilities
511
511
Trade payables
283 236
283 236
Sensitivity
As indicated above, the main risk area related to external variable elements is the cost of borrowing. Considering an average long-
term debt of 1,851.6 million euros in 2024 (of which 875 million euros is covered by the IRS described above), a 1% variation of the
floating rate would have 9.9 million euros impact on the financing costs of the non-hedged portion of the long-term debt. Considering
an average long-term debt of 1,871.6 million euros in 2023 (of which 875 million euros is covered by the IRS described above), a
1% variation of the floating rate would have 10.1 million euros impact on the financing costs of the non-hedged portion of the long-
term debt.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00327": { "value": "Interest-bearing loans and borrowings \n \n
in thousand EUR
Nominal amount
Nominal amount end
Interest rate
Maturity
31.12.2024
31.12.2023
end 2024
2023
Atlas Services Belgium
RCF (revolving credit
120 000
120 000
EURIBOR 3M +
10.03.2026
120 000
120 000
facility)
0.69
Atlas Services Belgium
1 671 190
1 671 190
EURIBOR
23.05.2028
1 671 190
1 671 190
CFA (credit facility
6M + 1.90
agreement)
Atlas Services Belgium
60 402
60 402
EURIBOR
02.08.2028
60 402
60 402
CFA (credit facility
6M + 1.90
agreement)
Nethys CFA (credit facility
20 000
EURIBOR
04.11.2030
20 000
agreement)
12M + 3.25
(repaid in full
07.05.2024)
Transactions costs on
long-term loan
-5 588
-7 949
Long-term loans BKM
802
7 738
5.48%
01.08.2036
726
46
Long-term loans VOO
164 717
167 254
1.06% -
31.07.2026 -
40 271
61 048
9.5%
31.12.2029
Total long-term loans
and borrowings
1 887 001
1 924 737
Cash-pool related credit
facility with Orange
60 000
60 000
ESTER + 0.11
on demand
46 310
583
Uncommitted credit lines
20 900
20 900
determined upon
on demand
with various banks
withdrawal
Short-term loans
2 150
EURIBOR -0.25
on demand
2 150
MWINGZ
Short-term loans BKM
ST within 1 year
31.12.2025
76
507
related to LT loan
Short-term loans VOO
ST within 1 year
31.12.2025
21 063
57 162
related to LT loan
Put option Nethys S.A.
278 971
Annual yield rate of
on demand
0
278 971
0.7%
Transactions costs on
short-term loan
6 510
9 790
Total short-term loans
and borrowings
76 109
347 013
Derivatives
As at 31 December 2024, the Group held hedging derivative financial instruments qualifying for hedge accounting.
In the framework of the provision of funding by Atlas Services Belgium SA for the acquisition of VOO and for the purposes of
spectrum purchase, Orange Belgium concluded in 2022 a financing agreement, to be used at VOO closing date, based on floating
interest rate. In view of the amount borrowed and the variability of the interest rate, Orange Belgium decided to deploy a hedge
strategy. To operationalize this strategy, Orange Belgium entered a framework agreement intended to allow for interest rates hedges
related to the credit facility agreement referred to above.
Orange Belgium proposed to use a hedging instrument to fix all or part of the effect of the variability of the 6-month rate. The
instrument chosen is the IRS (Interest Rate Swap). The main conditions of this IRS are interest to be received by Orange Belgium on
the basis of the 6-month EURIBOR rate and interest to be paid by Orange Belgium on the basis of the 5-year fixed rate. The
combination of the floating rate loan (paid by Orange Belgium), the floating rate IRS (received by Orange Belgium) and the fixed rate
IRS (paid by Orange Belgium), transforms the hedged portion of the floating 6-month rate loan into a 5-year fixed rate loan.
The combination of the floating rate loan (paid by Orange Belgium), the floating rate IRS (received by Orange Belgium) and the fixed
rate IRS (paid by Orange Belgium), transforms the floating rate loan into a 5-year fixed rate loan.
No major sources of hedge ineffectiveness have been identified.
Hedge derivative instruments open at the end of the year 2024 are:
\n \n
Start Date
End date
Option
Exercise price
Floating rate
Notional Amount
24/05/2023
24/05/2028
IRS
2.7778%
EURIBOR 6M
350 000 000
24/05/2023
24/05/2028
IRS
2.8640%
EURIBOR 6M
175 000 000
24/05/2023
24/05/2028
IRS
2.7660%
EURIBOR 6M
175 000 000
24/05/2023
24/05/2028
IRS
2.7010%
EURIBOR 6M
175 000 000
Hedge derivative instruments open at the end of the year 2023 are:
\n \n
Start Date
End date
Option
Exercise price
Floating rate
Notional Amount
24/05/2023
24/05/2028
IRS
2.7778%
EURIBOR 6M
350 000 000
24/05/2023
24/05/2028
IRS
2.8640%
EURIBOR 6M
175 000 000
24/05/2023
24/05/2028
IRS
2.7660%
EURIBOR 6M
175 000 000
24/05/2023
24/05/2028
IRS
2.7010%
EURIBOR 6M
175 000 000
Fair value of financial instruments
The carrying amount of cash and cash equivalents, trade receivables and other assets, trade payables and other payables is deemed
to represent their fair value considering the associated short-term maturity. Other non-current financial assets are measured at
amortized costs which are deemed to represent their fair value.
\n \n
Interest rate risk
in thousand EUR
31.12.2024
31.12.2023
Balance at 1 January - Cash flow hedge reserve
-6 658
7 818
Change in cash flow hedge reserve
Gain/loss recognized in other comprehensive income
-7 486
-19 301
of which gain/(loss) arising on changes in fair value of hedging instruments during the period
-17 700
-23 490
of which (gain)/loss reclassified to profit or loss - hedged item has affected profit or loss
10 214
4 189
Income tax related to gain/(loss) recognised in other comprehensive income
1 872
4 825
of which income gain/(losses) recognised in other comprehensive income during the period
4 426
5 872
of which income tax related to amounts reclassified to profit or loss
2 554
-1 047
Balance at 31 December - Cash flow hedge reserve
-12 272
-6 658
Maturity
The following are the remaining contractual maturities of financial assets and liabilities at the reporting date. The amounts are gross
and undiscounted. They exclude the impact of netting agreements and considered contractual interest payments where appropriate.
\n \n
in thousand EUR
Year ended December 2024
Amount
Within 1 year
Within 2-5 years
More than 5 years
Financial assets
Non-current financial assets
1 678
1 678
Non-current derivatives assets
Trade receivables
220 771
220 771
Current financial assets
2 125
2 125
Current derivatives assets
203
203
Cash and cash equivalents
58 245
58 245
Financial liabilities
Non-current financial liabilities
2 177 172
84 311
2 092 359
502
Non-current derivatives liabilities
16 861
16 861
Current financial liabilities
76 109
76 109
Current derivatives liabilities
203
203
Trade payables
286 070
286 070
\n \n
in thousand EUR
Year ended December 2023
Amount
Within 1 year
Within 2-5 years
More than 5 years
Financial assets
Non-current financial assets
1 371
1 371
Non-current derivatives assets
Trade receivables
217 937
217 937
Current financial assets
3
3
Current derivatives assets
511
511
Cash and cash equivalents
47 717
47 717
Financial liabilities
Non-current financial liabilities
2 419 095
110 884
2 288 211
20 000
Non-current derivatives liabilities
9 375
9 375
Current financial liabilities
347 013
347 013
Current derivatives liabilities
511
511
Trade payables
283 236
283 236
Sensitivity
As indicated above, the main risk area related to external variable elements is the cost of borrowing. Considering an average long-
term debt of 1,851.6 million euros in 2024 (of which 875 million euros is covered by the IRS described above), a 1% variation of the
floating rate would have 9.9 million euros impact on the financing costs of the non-hedged portion of the long-term debt. Considering
an average long-term debt of 1,871.6 million euros in 2023 (of which 875 million euros is covered by the IRS described above), a
1% variation of the floating rate would have 10.1 million euros impact on the financing costs of the non-hedged portion of the long-
term debt.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00330": { "value": "Derivatives
As at 31 December 2024, the Group held hedging derivative financial instruments qualifying for hedge accounting.
In the framework of the provision of funding by Atlas Services Belgium SA for the acquisition of VOO and for the purposes of
spectrum purchase, Orange Belgium concluded in 2022 a financing agreement, to be used at VOO closing date, based on floating
interest rate. In view of the amount borrowed and the variability of the interest rate, Orange Belgium decided to deploy a hedge
strategy. To operationalize this strategy, Orange Belgium entered a framework agreement intended to allow for interest rates hedges
related to the credit facility agreement referred to above.
Orange Belgium proposed to use a hedging instrument to fix all or part of the effect of the variability of the 6-month rate. The
instrument chosen is the IRS (Interest Rate Swap). The main conditions of this IRS are interest to be received by Orange Belgium on
the basis of the 6-month EURIBOR rate and interest to be paid by Orange Belgium on the basis of the 5-year fixed rate. The
combination of the floating rate loan (paid by Orange Belgium), the floating rate IRS (received by Orange Belgium) and the fixed rate
IRS (paid by Orange Belgium), transforms the hedged portion of the floating 6-month rate loan into a 5-year fixed rate loan.
The combination of the floating rate loan (paid by Orange Belgium), the floating rate IRS (received by Orange Belgium) and the fixed
rate IRS (paid by Orange Belgium), transforms the floating rate loan into a 5-year fixed rate loan.
No major sources of hedge ineffectiveness have been identified.
Hedge derivative instruments open at the end of the year 2024 are:
\n \n
Start Date
End date
Option
Exercise price
Floating rate
Notional Amount
24/05/2023
24/05/2028
IRS
2.7778%
EURIBOR 6M
350 000 000
24/05/2023
24/05/2028
IRS
2.8640%
EURIBOR 6M
175 000 000
24/05/2023
24/05/2028
IRS
2.7660%
EURIBOR 6M
175 000 000
24/05/2023
24/05/2028
IRS
2.7010%
EURIBOR 6M
175 000 000
Hedge derivative instruments open at the end of the year 2023 are:
\n \n
Start Date
End date
Option
Exercise price
Floating rate
Notional Amount
24/05/2023
24/05/2028
IRS
2.7778%
EURIBOR 6M
350 000 000
24/05/2023
24/05/2028
IRS
2.8640%
EURIBOR 6M
175 000 000
24/05/2023
24/05/2028
IRS
2.7660%
EURIBOR 6M
175 000 000
24/05/2023
24/05/2028
IRS
2.7010%
EURIBOR 6M
175 000 000
Fair value of financial instruments
The carrying amount of cash and cash equivalents, trade receivables and other assets, trade payables and other payables is deemed
to represent their fair value considering the associated short-term maturity. Other non-current financial assets are measured at
amortized costs which are deemed to represent their fair value.
\n \n
Interest rate risk
in thousand EUR
31.12.2024
31.12.2023
Balance at 1 January - Cash flow hedge reserve
-6 658
7 818
Change in cash flow hedge reserve
Gain/loss recognized in other comprehensive income
-7 486
-19 301
of which gain/(loss) arising on changes in fair value of hedging instruments during the period
-17 700
-23 490
of which (gain)/loss reclassified to profit or loss - hedged item has affected profit or loss
10 214
4 189
Income tax related to gain/(loss) recognised in other comprehensive income
1 872
4 825
of which income gain/(losses) recognised in other comprehensive income during the period
4 426
5 872
of which income tax related to amounts reclassified to profit or loss
2 554
-1 047
Balance at 31 December - Cash flow hedge reserve
-12 272
-6 658
Maturity
The following are the remaining contractual maturities of financial assets and liabilities at the reporting date. The amounts are gross
and undiscounted. They exclude the impact of netting agreements and considered contractual interest payments where appropriate.
\n \n
in thousand EUR
Year ended December 2024
Amount
Within 1 year
Within 2-5 years
More than 5 years
Financial assets
Non-current financial assets
1 678
1 678
Non-current derivatives assets
Trade receivables
220 771
220 771
Current financial assets
2 125
2 125
Current derivatives assets
203
203
Cash and cash equivalents
58 245
58 245
Financial liabilities
Non-current financial liabilities
2 177 172
84 311
2 092 359
502
Non-current derivatives liabilities
16 861
16 861
Current financial liabilities
76 109
76 109
Current derivatives liabilities
203
203
Trade payables
286 070
286 070
\n \n
in thousand EUR
Year ended December 2023
Amount
Within 1 year
Within 2-5 years
More than 5 years
Financial assets
Non-current financial assets
1 371
1 371
Non-current derivatives assets
Trade receivables
217 937
217 937
Current financial assets
3
3
Current derivatives assets
511
511
Cash and cash equivalents
47 717
47 717
Financial liabilities
Non-current financial liabilities
2 419 095
110 884
2 288 211
20 000
Non-current derivatives liabilities
9 375
9 375
Current financial liabilities
347 013
347 013
Current derivatives liabilities
511
511
Trade payables
283 236
283 236
Non-current derivatives liabilities
Non-current derivatives liabilities amount to 16.9 million euros and correspond to the fair value of financial derivatives instruments
set in place in the context of the interests hedging strategy.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00333": { "value": "Fair value of financial assets and liabilities
The table below is presented according to IFRS 9:
\n \n
in thousand EUR
Classification under
Estimated
Level 1 and
31.12.2024
IFRS 9
*
Book value
fair value
cash
Level 2
Level 3
Trade receivables
AC
220 771
220 771
220 771
Financial assets
3 803
3 803
3 803
Equity securities
FVR
1 678
1 678
1 678
Financial assets at amortized cost
AC
2 125
2 125
2 125
Cash and cash equivalents
58 245
58 245
58 245
Cash
AC
58 226
58 226
58 226
Cash equivalents
AC
19
19
19
Trade payables
AC
286 070
286 070
286 070
Financial debts
AC
1 963 110
1 912 043
1 912 043
Derivatives (net amount)
**
16 861
16 327
16 327
* AC\u201d stands for \u201camortized cost\u201d, \u201cFVR\u201d stands for \u201cfair value through profit or loss\u201d
**IFRS 9 classification for derivatives instruments depends on their hedging qualification (the derivatives qualified as cash flow hedging instruments)
\n \n
in thousand EUR
Classification under
Estimated
Level 1 and
31.12.2023
IFRS 9
*
Book value
fair value
cash
Level 2
Level 3
Trade receivables
AC
217 937
217 937
217 937
Financial assets
1 374
1 374
1 374
Equity securities
FVR
1 371
1 371
1 371
Financial assets at amortized cost
AC
3
3
3
Cash and cash equivalents
47 717
47 717
47 717
Cash
AC
47 680
47 680
47 680
Cash equivalents
AC
37
37
37
Trade payables
AC
283 236
283 236
283 236
Financial debts
AC
2 271 750
2 202 095
2 202 095
Derivatives (net amount)
**
9 375
9 002
9 002
*\u201cAC\u201d stands for \u201camortized cost\u201d, \u201cFVR\u201d stands for \u201cfair value through profit or loss\u201d
**IFRS 9 classification for derivatives instruments depends on their hedging qualification (the derivatives qualified as cash flow hedging instruments)
The financial assets and liabilities measured at fair value in the statement of financial position have been classified based on three
hierarchy levels:
-
level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the
measurement date;
-
level 2: inputs that are observable for the asset or liability, either directly or indirectly;
-
level 3: unobservable inputs for the asset or liability.
The fair value of investment securities uses a valuation technique determined according to the most appropriate financial criteria in
each case (comparable transactions, multiples for comparable companies, shareholders\u2019 agreement, discounted present value of
future cash flows).
For financial assets at amortized cost, the Group considers that the carrying amount of cash and trade receivables provide a
reasonable approximation of fair value, due to the high liquidity of these elements.
For financial liabilities at amortized cost, the fair value of financial liabilities is determined using the present value of estimated future
cash flows, discounted using rates observed by the Group at the end of the period.
The Group considers the carrying value of trade payables to be a reasonable approximation of fair value, due to the high liquidity.
The fair value of derivatives is determined using the present value of estimated future cash flows, discounted using the interest rates
observed by the Group at the end of the period.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00332": { "value": "Fair value of financial assets and liabilities
The table below is presented according to IFRS 9:
\n \n
in thousand EUR
Classification under
Estimated
Level 1 and
31.12.2024
IFRS 9
*
Book value
fair value
cash
Level 2
Level 3
Trade receivables
AC
220 771
220 771
220 771
Financial assets
3 803
3 803
3 803
Equity securities
FVR
1 678
1 678
1 678
Financial assets at amortized cost
AC
2 125
2 125
2 125
Cash and cash equivalents
58 245
58 245
58 245
Cash
AC
58 226
58 226
58 226
Cash equivalents
AC
19
19
19
Trade payables
AC
286 070
286 070
286 070
Financial debts
AC
1 963 110
1 912 043
1 912 043
Derivatives (net amount)
**
16 861
16 327
16 327
* AC\u201d stands for \u201camortized cost\u201d, \u201cFVR\u201d stands for \u201cfair value through profit or loss\u201d
**IFRS 9 classification for derivatives instruments depends on their hedging qualification (the derivatives qualified as cash flow hedging instruments)
\n \n
in thousand EUR
Classification under
Estimated
Level 1 and
31.12.2023
IFRS 9
*
Book value
fair value
cash
Level 2
Level 3
Trade receivables
AC
217 937
217 937
217 937
Financial assets
1 374
1 374
1 374
Equity securities
FVR
1 371
1 371
1 371
Financial assets at amortized cost
AC
3
3
3
Cash and cash equivalents
47 717
47 717
47 717
Cash
AC
47 680
47 680
47 680
Cash equivalents
AC
37
37
37
Trade payables
AC
283 236
283 236
283 236
Financial debts
AC
2 271 750
2 202 095
2 202 095
Derivatives (net amount)
**
9 375
9 002
9 002
*\u201cAC\u201d stands for \u201camortized cost\u201d, \u201cFVR\u201d stands for \u201cfair value through profit or loss\u201d
**IFRS 9 classification for derivatives instruments depends on their hedging qualification (the derivatives qualified as cash flow hedging instruments)
The financial assets and liabilities measured at fair value in the statement of financial position have been classified based on three
hierarchy levels:
-
level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the
measurement date;
-
level 2: inputs that are observable for the asset or liability, either directly or indirectly;
-
level 3: unobservable inputs for the asset or liability.
The fair value of investment securities uses a valuation technique determined according to the most appropriate financial criteria in
each case (comparable transactions, multiples for comparable companies, shareholders\u2019 agreement, discounted present value of
future cash flows).
For financial assets at amortized cost, the Group considers that the carrying amount of cash and trade receivables provide a
reasonable approximation of fair value, due to the high liquidity of these elements.
For financial liabilities at amortized cost, the fair value of financial liabilities is determined using the present value of estimated future
cash flows, discounted using rates observed by the Group at the end of the period.
The Group considers the carrying value of trade payables to be a reasonable approximation of fair value, due to the high liquidity.
The fair value of derivatives is determined using the present value of estimated future cash flows, discounted using the interest rates
observed by the Group at the end of the period.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00331": { "value": "Fair value of financial assets and liabilities
The table below is presented according to IFRS 9:
\n \n
in thousand EUR
Classification under
Estimated
Level 1 and
31.12.2024
IFRS 9
*
Book value
fair value
cash
Level 2
Level 3
Trade receivables
AC
220 771
220 771
220 771
Financial assets
3 803
3 803
3 803
Equity securities
FVR
1 678
1 678
1 678
Financial assets at amortized cost
AC
2 125
2 125
2 125
Cash and cash equivalents
58 245
58 245
58 245
Cash
AC
58 226
58 226
58 226
Cash equivalents
AC
19
19
19
Trade payables
AC
286 070
286 070
286 070
Financial debts
AC
1 963 110
1 912 043
1 912 043
Derivatives (net amount)
**
16 861
16 327
16 327
* AC\u201d stands for \u201camortized cost\u201d, \u201cFVR\u201d stands for \u201cfair value through profit or loss\u201d
**IFRS 9 classification for derivatives instruments depends on their hedging qualification (the derivatives qualified as cash flow hedging instruments)
\n \n
in thousand EUR
Classification under
Estimated
Level 1 and
31.12.2023
IFRS 9
*
Book value
fair value
cash
Level 2
Level 3
Trade receivables
AC
217 937
217 937
217 937
Financial assets
1 374
1 374
1 374
Equity securities
FVR
1 371
1 371
1 371
Financial assets at amortized cost
AC
3
3
3
Cash and cash equivalents
47 717
47 717
47 717
Cash
AC
47 680
47 680
47 680
Cash equivalents
AC
37
37
37
Trade payables
AC
283 236
283 236
283 236
Financial debts
AC
2 271 750
2 202 095
2 202 095
Derivatives (net amount)
**
9 375
9 002
9 002
*\u201cAC\u201d stands for \u201camortized cost\u201d, \u201cFVR\u201d stands for \u201cfair value through profit or loss\u201d
**IFRS 9 classification for derivatives instruments depends on their hedging qualification (the derivatives qualified as cash flow hedging instruments)
The financial assets and liabilities measured at fair value in the statement of financial position have been classified based on three
hierarchy levels:
-
level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the
measurement date;
-
level 2: inputs that are observable for the asset or liability, either directly or indirectly;
-
level 3: unobservable inputs for the asset or liability.
The fair value of investment securities uses a valuation technique determined according to the most appropriate financial criteria in
each case (comparable transactions, multiples for comparable companies, shareholders\u2019 agreement, discounted present value of
future cash flows).
For financial assets at amortized cost, the Group considers that the carrying amount of cash and trade receivables provide a
reasonable approximation of fair value, due to the high liquidity of these elements.
For financial liabilities at amortized cost, the fair value of financial liabilities is determined using the present value of estimated future
cash flows, discounted using rates observed by the Group at the end of the period.
The Group considers the carrying value of trade payables to be a reasonable approximation of fair value, due to the high liquidity.
The fair value of derivatives is determined using the present value of estimated future cash flows, discounted using the interest rates
observed by the Group at the end of the period.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00334": { "value": "Note 10: Shareholders\u2019 equity
Share capital
On 2 May 2024, the General Assembly of Orange Belgium increased the capital via a contribution in kind of the shares Nethys S.A.
held in VOO Holding S.A., representing 25% + 1 share of this legal entity. Impact of this transaction was: (i) increase in capital (+
EUR 16.4 Million), paid in capital (+ EUR 136.8 Million) by issuing an additional 7.467.448 shares. Consequently, Orange Belgium
S.A. owned 100% of VOO Holding S.A..
\n \n
Share capital (in million EUR)
Number of ordinary shares (in units)
As at 1 January 2024
131 721
59 944 757
As at 31 December 2024
148 149
67 412 205
All ordinary shares are fully paid and have a par value of 2.197 euros.
Dividends
The Orange Belgium Group policy is to balance the appropriate cash returns to equity holders with the requirement of maintaining
a balanced and sound financial position, while leaving sufficient leeway to continue to invest in its convergent strategy and the build-
out of its network. Management monitors the return on capital, as well as the level of dividends to ordinary shareholders.
Considering the impact of the acquisition of VOO, the Board of Directors will not propose to the Annual General Meeting of
Shareholders on 7 May 2025 to distribute in 2025 a gross ordinary dividend regarding the financial year 2024.
Treasury shares
No Treasury shares were held at 31 December 2024 and at 31 December 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00335": { "value": "Share capital
On 2 May 2024, the General Assembly of Orange Belgium increased the capital via a contribution in kind of the shares Nethys S.A.
held in VOO Holding S.A., representing 25% + 1 share of this legal entity. Impact of this transaction was: (i) increase in capital (+
EUR 16.4 Million), paid in capital (+ EUR 136.8 Million) by issuing an additional 7.467.448 shares. Consequently, Orange Belgium
S.A. owned 100% of VOO Holding S.A..
\n \n
Share capital (in million EUR)
Number of ordinary shares (in units)
As at 1 January 2024
131 721
59 944 757
As at 31 December 2024
148 149
67 412 205
All ordinary shares are fully paid and have a par value of 2.197 euros.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00336": { "value": "Dividends
The Orange Belgium Group policy is to balance the appropriate cash returns to equity holders with the requirement of maintaining
a balanced and sound financial position, while leaving sufficient leeway to continue to invest in its convergent strategy and the build-
out of its network. Management monitors the return on capital, as well as the level of dividends to ordinary shareholders.
Considering the impact of the acquisition of VOO, the Board of Directors will not propose to the Annual General Meeting of
Shareholders on 7 May 2025 to distribute in 2025 a gross ordinary dividend regarding the financial year 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00337": { "value": "Treasury shares No Treasury shares were held at 31 December 2024 and at 31 December 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00340": { "value": "Note 11: Commitments and contingencies
Operational activities commitments
\n \n
in thousand EUR
Total
Less than one year
From one to five years
More than five years
Handsets purchases
92 713
92 713
0
0
Other goods and services purchases
53 392
21 736
9 190
22 466
Investment commitments
50 931
49 918
1 013
0
Operational activities commitments
197 036
164 367
10 203
22 466
The investment commitments consist for the most part of investments into property, plant and equipment (24.1 million euros) and
intangible fixed assets (16.5 million euros).
\n
\n
Guarantees granted
in thousand EUR
Total
Less than one year
From one to five years
More than five years
Guarantees granted
12 889
3 137
1 777
7 975
In 2024, the guarantees granted consist for the most part of bank guarantees at Orange Belgium S.A. (11.0 million euros). ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00339": { "value": "Note 11: Commitments and contingencies
Operational activities commitments
\n \n
in thousand EUR
Total
Less than one year
From one to five years
More than five years
Handsets purchases
92 713
92 713
0
0
Other goods and services purchases
53 392
21 736
9 190
22 466
Investment commitments
50 931
49 918
1 013
0
Operational activities commitments
197 036
164 367
10 203
22 466
The investment commitments consist for the most part of investments into property, plant and equipment (24.1 million euros) and
intangible fixed assets (16.5 million euros).
\n
\n
Guarantees granted
in thousand EUR
Total
Less than one year
From one to five years
More than five years
Guarantees granted
12 889
3 137
1 777
7 975
In 2024, the guarantees granted consist for the most part of bank guarantees at Orange Belgium S.A. (11.0 million euros).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00338": { "value": "Note 11: Commitments and contingencies
Operational activities commitments
\n \n
in thousand EUR
Total
Less than one year
From one to five years
More than five years
Handsets purchases
92 713
92 713
0
0
Other goods and services purchases
53 392
21 736
9 190
22 466
Investment commitments
50 931
49 918
1 013
0
Operational activities commitments
197 036
164 367
10 203
22 466
The investment commitments consist for the most part of investments into property, plant and equipment (24.1 million euros) and
intangible fixed assets (16.5 million euros).
\n
\n
Guarantees granted
in thousand EUR
Total
Less than one year
From one to five years
More than five years
Guarantees granted
12 889
3 137
1 777
7 975
In 2024, the guarantees granted consist for the most part of bank guarantees at Orange Belgium S.A. (11.0 million euros).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00341": { "value": "Note 13: Related parties
Relationships with affiliated enterprises
Balance sheet and income statement
in thousand EUR
31.12.2024
31.12.2023
ASSETS
Current receivables
-41 774
-34 316
LIABILITIES
Current interest-bearing loan
49 130
1 660
Non-current interest-bearing loan
1 851 592
1 851 592
Current trade payables
1 449
31 408
INCOME AND CHARGES
Sales
35 235
45 209
Purchases
-91 494
-85 510
Interests
-107 849
-70 498
The ultimate parent entity of Orange Belgium S.A. is Orange S.A., 111 quai du Pr\u00e9sident Roosevelt, CS 70222, 92449 Issy les
Moulineaux Cedex, France.
Related party transactions
\n \n
in thousand EUR
31.12.2024
Sales to
Purchases from
Amounts owed by
Amounts owed to
related parties
related parties
related parties
related parties
Orange Group* - Traffic and services
24 906
-39 619
Orange S.A.- Cash pool
129
-40 287
48 391
Orange Group Affiliates - Traffic and services
9 668
-20 914
-1 505
7 949
Atlas Services Belgium - Loan
11
-107 939
17
1 843 656
Brand fees to Orange S.A.
650
-21 159
Mwingz
94
-9 841
1
2 175
Total
35 235
-199 343
-41 774
1 902 171
* Any entity within the Groupe Orange S.A.
in thousand EUR
31.12.2023
Sales to
Purchases from
Amounts owed by
Amounts owed to
related parties
related parties
related parties
related parties
Orange Group* - Traffic and services
30 545
-41 348
Orange S.A.- Cash pool
0
-4 429
-35 714
23 604
Orange Group Affiliates - Traffic and services
14 060
-24 771
1 398
19 775
Atlas Services Belgium - Loan
15
-66 033
1 841 282
Brand fees to Orange S.A.
589
-19 427
Total
45 209
-156 008
-34 316
1 884 660
* Any entity within the Groupe Orange S.A.
Terms and conditions of transactions with related parties
Terms and conditions for the sale and purchase of traffic and services, to the centralized treasury management agreement and to
the revolving credit facility agreement are determined on an arm\u2019s length basis according to the normal market prices and conditions.
Following the rebranding exercise in 2016, Orange Belgium benefited from a three-year grace period. As from May 2019, a brand
fee is charged on a yearly basis by the ultimate parent Orange S.A. which is mainly calculated as a percentage of retail service
revenues.
In the context of VOO acquisition, the parent company had issued a guarantee of payment in 2022 in favour of the seller
corresponding to the amount of the transaction. This guarantee expired on 31 December 2023. No allowance for doubtful debtors
on amounts owed by related parties is outstanding at the balance sheet date.
Relationships with Board of Directors members and senior management
\n \n
in thousand EUR
31.12.2024
31.12.2023
Short-term employees benefits
3 905
4 678
Post-employment benefits
503
517
Other long-term benefits
997
641
Termination benefits
0
0
Total
5 405
5 836
The total remuneration attributed to the Board of Directors (excluding the normal compensation of the CEO which is included in the
table above) is as follows:
\n \n
in thousand EUR
31.12.2024
31.12.2023
Total Remuneration
318
360
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00342": { "value": "Relationships with Board of Directors members and senior management \n \n
in thousand EUR
31.12.2024
31.12.2023
Short-term employees benefits
3 905
4 678
Post-employment benefits
503
517
Other long-term benefits
997
641
Termination benefits
0
0
Total
5 405
5 836
The total remuneration attributed to the Board of Directors (excluding the normal compensation of the CEO which is included in the
table above) is as follows:
\n \n
in thousand EUR
31.12.2024
31.12.2023
Total Remuneration
318
360
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00343": { "value": "Note 14: Liabilities related to contracts with customers and other assets
related to contracts with customers
\n
Customer contract net assets and liabilities
in thousand EUR
31.12.2024
31.12.2023
Customer contract net assets*
109 703
88 653
Costs of obtaining a contract
8 164
11 969
Costs to fulfill a contract
27
31
Total customer contract net assets
117 894
100 653
Prepaid telephone cards
-10 309
-12 579
Connection fees
-561
-744
Other deferred revenue**
-54 238
-53 285
Other customer contract liabilities
-512
-963
Total deferred revenue related to customer contracts
-65 620
-67 571
Total customer contract net assets and liabilities
52 274
33 082
\n
*Assets net of remaining performance
\n
**Includes subscription fees
\n
The amount of contract related liabilities, in the balance sheet as at 31 December 2023 and taken into profit & loss during 2024,
\n
amounts to -62.1 million euros (-45.0 million euros in profit & loss of 2023, on balance sheet as at 31 December 2022).
\n
The following tables give an analysis of the balances of customer contract net assets:
in thousand EUR
2024
2023
Customer contract net assets - in the opening balance
*
88 653
59 918
Business related variations
21 050
14 769
Changes in the scope of consolidation
0
13 966
Customer contract net assets - in the closing balance
109 703
88 653
\n
*Mainly includes the new customer contract assets net of related liabilities, the transfer of the net contract assets directly to trade receivables and impairment
\n
of the period.
\n
Recoverability of contract assets is assessed using a churn rate based on the ageing of the contract.
\n
The change in deferred income on customer contracts (prepaid telephone cards, service access fees and other unearned income)
\n
in the statement of financial position is presented below.
in thousand EUR
2024
2023
Deferred revenue related to customer contracts - in the opening balance
67 571
61 085
Business related variations
-1 951
3 249
Changes in the scope of consolidation
3 237
Deferred revenue related to customer contracts - in the closing balance
65 620
67 571
\n
Trade receivables presented in the consolidated statement of financial position represent an unconditional right to receive
\n
consideration (primarily cash), i.e. the services and goods promised to the customer have been transferred.
\n
By contrast, contract assets mainly refer to amounts allocated per IFRS 15 as compensation for goods or services provided to
\n
customers for which the right to collect payment is subject to providing other services or goods under that same contract (or group
\n
of contracts). This is the case in a bundled offer combining the sale of a mobile phone and mobile communication services for a
\n
fixed period, where the mobile phone is invoiced at a reduced price leading to the reallocation of a portion of amounts invoiced for
\n
telephone communication services to the supply of the mobile phone. The excess of the amount allocated to the mobile phone over
\n
the price invoiced is recognized as a contract asset and transferred to trade receivables as the service is invoiced.
\n
Contract assets, like trade receivables, are subject to impairment for credit risk. The recoverability of contract assets is also verified,
\n
especially to cover the risk of impairment should the contract be interrupted. Recoverability may also be impacted by a change in
\n
the legal environment governing offers.
\n
Contract liabilities represent amounts paid by customers to Orange before receiving the goods and/or services promised in the
\n
contract. This is typically the case for advances received from customers or amounts invoiced and paid for goods or services not
\n
yet transferred, such as contracts payable in advance or prepaid packages.
\n
Customer contract assets and liabilities are presented, respectively, in current assets and current liabilities since they are normal
\n
part of the Group\u2019s operations.
\u00a0 \u00a0
in thousand EUR
\u00a0
2024
2023
Costs of obtaining a contract - in the opening balance
11 969
11 596
Business related variations
-3 805
373
Costs of obtaining a contract - in the closing balance
8 164
11 969
\n
Where a telecommunications service contract is signed via a third-party distributor, this distributor may receive business provider
remuneration, generally paid in the form of a commission for each contract or invoice-indexed commission. Where the commission
is incremental and would not have been paid in the absence of the contract, the commission cost is estimated and capitalized in the
balance sheet. It should be noted that the Group has adopted the simplification measure authorized by IFRS 15 to recognize the
costs of obtaining contracts as an expense when they are incurred if the amortization period of the asset, it would have recognized
in respect of them, would not have exceeded a year.
The costs of obtaining fixed-period mobile service contracts are capitalized and released to profit or loss on a straight-line over the
enforceable contract term, as these costs are generally incurred each time the customer renews the fixed-period.
There are no costs to fulfil a contract in Orange Belgium S.A.
The following table presents the transaction price assigned to unfulfilled performance obligations as at 31 December 2024. Unfulfilled
performance obligations are the services that the Group is obliged to provide to customers during the remaining fixed term of the
contract. As allowed by the simplification method procedure in IFRS 15, these disclosures are only related to performance obligations
with an internal term greater than one year.
\u00a0 \u00a0 \u00a0
in thousand EUR
\u00a0 \u00a0
31.12.2024
31.12.2023
Less than one year
Y01
106 150
95 570
Between 1 and 2 years
Y02
38 609
44 374
Between 2 and 3 years
Y03
162
233
Between 3 and 4 years
Y04
20
35
Between 4 and 5 years
Y05
\u00a0 \u00a0
More than 5 years
Y99
\u00a0 \u00a0
Total
\u00a0
144 941
140 212
\n
On the allocation of the total contract transaction price to identified performance obligations, a portion of the total transaction price
can be allocated to performance obligations that are unsatisfied or partially satisfied at the end of the reporting period. We have
elected to apply certain available practical expedients when disclosing unfulfilled performance obligations, including the option to
exclude expected revenues from unsatisfied obligations of contracts with an original expected duration of one year or less. These
contracts are primarily monthly service contracts.
In addition, certain contracts offer customers the ability to purchase additional services. These additional services are not included
in the transaction price and are recognized when the customer exercises the option (generally monthly). They are not therefore
included in unfulfilled performance obligations.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00344": { "value": "Note 14: Liabilities related to contracts with customers and other assets
related to contracts with customers
\n
Customer contract net assets and liabilities
in thousand EUR
31.12.2024
31.12.2023
Customer contract net assets*
109 703
88 653
Costs of obtaining a contract
8 164
11 969
Costs to fulfill a contract
27
31
Total customer contract net assets
117 894
100 653
Prepaid telephone cards
-10 309
-12 579
Connection fees
-561
-744
Other deferred revenue**
-54 238
-53 285
Other customer contract liabilities
-512
-963
Total deferred revenue related to customer contracts
-65 620
-67 571
Total customer contract net assets and liabilities
52 274
33 082
\n
*Assets net of remaining performance
\n
**Includes subscription fees
\n
The amount of contract related liabilities, in the balance sheet as at 31 December 2023 and taken into profit & loss during 2024,
\n
amounts to -62.1 million euros (-45.0 million euros in profit & loss of 2023, on balance sheet as at 31 December 2022).
\n
The following tables give an analysis of the balances of customer contract net assets:
in thousand EUR
2024
2023
Customer contract net assets - in the opening balance
*
88 653
59 918
Business related variations
21 050
14 769
Changes in the scope of consolidation
0
13 966
Customer contract net assets - in the closing balance
109 703
88 653
\n
*Mainly includes the new customer contract assets net of related liabilities, the transfer of the net contract assets directly to trade receivables and impairment
\n
of the period.
\n
Recoverability of contract assets is assessed using a churn rate based on the ageing of the contract.
\n
The change in deferred income on customer contracts (prepaid telephone cards, service access fees and other unearned income)
\n
in the statement of financial position is presented below.
in thousand EUR
2024
2023
Deferred revenue related to customer contracts - in the opening balance
67 571
61 085
Business related variations
-1 951
3 249
Changes in the scope of consolidation
3 237
Deferred revenue related to customer contracts - in the closing balance
65 620
67 571
\n
Trade receivables presented in the consolidated statement of financial position represent an unconditional right to receive
\n
consideration (primarily cash), i.e. the services and goods promised to the customer have been transferred.
\n
By contrast, contract assets mainly refer to amounts allocated per IFRS 15 as compensation for goods or services provided to
\n
customers for which the right to collect payment is subject to providing other services or goods under that same contract (or group
\n
of contracts). This is the case in a bundled offer combining the sale of a mobile phone and mobile communication services for a
\n
fixed period, where the mobile phone is invoiced at a reduced price leading to the reallocation of a portion of amounts invoiced for
\n
telephone communication services to the supply of the mobile phone. The excess of the amount allocated to the mobile phone over
\n
the price invoiced is recognized as a contract asset and transferred to trade receivables as the service is invoiced.
\n
Contract assets, like trade receivables, are subject to impairment for credit risk. The recoverability of contract assets is also verified,
\n
especially to cover the risk of impairment should the contract be interrupted. Recoverability may also be impacted by a change in
\n
the legal environment governing offers.
\n
Contract liabilities represent amounts paid by customers to Orange before receiving the goods and/or services promised in the
\n
contract. This is typically the case for advances received from customers or amounts invoiced and paid for goods or services not
\n
yet transferred, such as contracts payable in advance or prepaid packages.
\n
Customer contract assets and liabilities are presented, respectively, in current assets and current liabilities since they are normal
\n
part of the Group\u2019s operations.
\u00a0 \u00a0
in thousand EUR
\u00a0
2024
2023
Costs of obtaining a contract - in the opening balance
11 969
11 596
Business related variations
-3 805
373
Costs of obtaining a contract - in the closing balance
8 164
11 969
\n
Where a telecommunications service contract is signed via a third-party distributor, this distributor may receive business provider
remuneration, generally paid in the form of a commission for each contract or invoice-indexed commission. Where the commission
is incremental and would not have been paid in the absence of the contract, the commission cost is estimated and capitalized in the
balance sheet. It should be noted that the Group has adopted the simplification measure authorized by IFRS 15 to recognize the
costs of obtaining contracts as an expense when they are incurred if the amortization period of the asset, it would have recognized
in respect of them, would not have exceeded a year.
The costs of obtaining fixed-period mobile service contracts are capitalized and released to profit or loss on a straight-line over the
enforceable contract term, as these costs are generally incurred each time the customer renews the fixed-period.
There are no costs to fulfil a contract in Orange Belgium S.A.
The following table presents the transaction price assigned to unfulfilled performance obligations as at 31 December 2024. Unfulfilled
performance obligations are the services that the Group is obliged to provide to customers during the remaining fixed term of the
contract. As allowed by the simplification method procedure in IFRS 15, these disclosures are only related to performance obligations
with an internal term greater than one year.
\u00a0 \u00a0 \u00a0
in thousand EUR
\u00a0 \u00a0
31.12.2024
31.12.2023
Less than one year
Y01
106 150
95 570
Between 1 and 2 years
Y02
38 609
44 374
Between 2 and 3 years
Y03
162
233
Between 3 and 4 years
Y04
20
35
Between 4 and 5 years
Y05
\u00a0 \u00a0
More than 5 years
Y99
\u00a0 \u00a0
Total
\u00a0
144 941
140 212
\n
On the allocation of the total contract transaction price to identified performance obligations, a portion of the total transaction price
can be allocated to performance obligations that are unsatisfied or partially satisfied at the end of the reporting period. We have
elected to apply certain available practical expedients when disclosing unfulfilled performance obligations, including the option to
exclude expected revenues from unsatisfied obligations of contracts with an original expected duration of one year or less. These
contracts are primarily monthly service contracts.
In addition, certain contracts offer customers the ability to purchase additional services. These additional services are not included
in the transaction price and are recognized when the customer exercises the option (generally monthly). They are not therefore
included in unfulfilled performance obligations.", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00345": { "value": "Note 15: Lease agreements
In the course of its activities, the Group regularly enters into leases as a lessee. The leases concern the following asset categories:
-
Land and buildings
-
Network and terminals
-
Other
Lease liabilities
As of 31 December 2024, lease liabilities amount to 180.1 million euros, including non-current lease liabilities of 150.4 million euros
and current lease liabilities of 29.7 million euros.
\u00a0 \u00a0
in thousand EUR
\u00a0
2024
2023
Lease liabilities \u2013 in the opening balance
204 769
262 069
Increase with counterpart in right-of-use
29 461
23 635
Changes in the scope of consolidation
\u00a0
29 385
Decrease in liabilities following rental payments
-57 003
-56 520
Impact of changes in assessments
2 846
-53 800
Translation adjustment
\u00a0
0
Lease liabilities \u2013 in the closing balance
180 073
204 769
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
O/w non-current lease liabilities
150 351
155 164
O/w current lease liabilities
29 723
49 605
\n
The decrease in the lease liability and in the right of use assets balances comes from the re-assessment of the ending dates of the
contracts and the normal additions and payments following new contracts. The scope change in 2023 related to the VOO acquisition.
The following table details the undiscounted future cash flows of lease liabilities:
in thousand EUR
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December 2024
2025
2026
2027
2028
2029
2030 and beyond
Undiscounted lease liabilities
193 601
41 953
32 549
26 137
18 809
11 011
63 142
\n
Right-of-use assets
in thousand EUR
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
31.12.2024
Gross value
Accumulated depreciation
Accumulated impairment
Net book value
Land and buildings
340 238
-191 704
\u00a0
148 534
Networks and terminals
2 884
-2 053
\u00a0
831
IT equipment
0
0
\u00a0
0
Other right-of-use
43 817
-20 792
\u00a0
23 025
Total right-of-use assets
386 939
-214 549
\u00a0
172 390
\n
in thousand EUR
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
31.12.2023
Gross value
Accumulated depreciation
Accumulated impairment
Net book value
Land and buildings
346 321
-166 149
\u00a0
180 172
Networks and terminals
7 008
-5 640
\u00a0
1 368
IT equipment
3
0
\u00a0 \u00a0
Other right-of-use
35 841
-16 551
\u00a0
19 721
Total right-of-use assets
389 173
-188 340
\u00a0
200 811
\n
in thousand EUR
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
Net book value of right-of-use assets -in the opening balance
200 811
260 331
Increase (new right-of-use assets)
29 989
24 418
Impact of changes in the scope of consolidation
\u00a0
29 357
Depreciation
-60 982
-58 780
Impact of changes in the assessments
2 573
-54 515
Net book value of right-of-use assets -in the closing balance
172 391
200 811
\n
The total expenses relating to short-term leases or low cost items for which the recognition exemption is applied is very limited in
both years presented.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00346": { "value": "Note 16: Significant changes to the consolidation scope
During 2024, the purchase price allocation exercise in relation to the VOO acquisition has been finalised. No significant changes
were done to the fair value of the identifiable net assets reported as at 31 December 2023. The final goodwill after allocation amounts
to 684.1 million euros, same as per 31 December 2023.
At the date of the closing of the VOO acquisition, Nethys had 25% plus one share in the newly created VOO Holding S.A. In addition,
Nethys had a put option to convert its stake into cash or Orange Belgium S.A. shares during the two years following the acquisition,
valued at 279 million euros as at 31 December 2023 and impacting the current financial liabilities and non-controlling interest. The
fair value of this put option was reassessed at each closing (level 3 valuation).
On 2 May 2024, the shareholders\u2019 meeting of Orange Belgium S.A. approved the contribution in kind by Nethys S.A. of its 25% (+ 1
share) stake in VOO Holding SA (\u201cVOO Holding\u201d) to the capital of the company in exchange for newly issued shares of the Company.
Following the capital increase, Nethys holds a total of 7,467,448 shares in the Company, representing 11.08% of the share capital.
VOO Holding S.A., now a 100% subsidiary of Orange Belgium S.A., was merged into the Company as of 28 June 2024 with
accounting effect as of 1 January 2024.
Total acquisition-related costs incurred for the VOO acquisition during 2024 amounted to 2.0 million euros (37.1 million euros during
2023).", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00347": { "value": "Note 17: Significant accounting policies
Summary of significant accounting policies
Transactions in foreign currencies
On initial recognition in the functional currency, a foreign currency transaction is recorded by applying the spot exchange rate
between the functional currency and the foreign currency at the date of the transaction. At each balance sheet date, foreign monetary
assets and liabilities are translated using the closing rate.
Exchange gains and losses are recognized as operational income and expenses when they are related to the operational activities.
Exchange gains and losses are recognized as financial income and expenses only when they are related to the financing activities.
Business combinations, goodwill and goodwill impairment
Business combinations are accounted for applying the acquisition method:
-
the acquisition cost is measured at the acquisition date at the fair value of the consideration transferred, including all contingent
consideration. Subsequent changes in contingent consideration are accounted for either through profit or loss or through other
comprehensive income in accordance with the applicable standards;
-
if the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination
occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts
are adjusted during the measurement period, or additional assets or liabilities are recognized, to reflect new information
obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts
recognized at that date;
-
Goodwill is the difference between the consideration transferred and the fair value of the identifiable assets and liabilities
assumed at the acquisition date and is recognized as an asset in the statement of financial position.
For each business combination with ownership interest below 100%, non-controlling interests are measured:
-
either at fair value: in this case, goodwill relating to non-controlling interests is recognized; or
-
at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s identifiable net assets: in this case, goodwill is only
recognized for the share acquired.
Acquisition related costs are directly recognized in the income statement during the period in which they are incurred.
When a business combination is achieved in stages, the previously held equity interest is re-measured at fair value at the acquisition
date through profit or loss. The attributable other comprehensive income, if any, is recognized on the same basis as would be
required if the previously held equity interests would have been disposed.
Goodwill is not amortized but tested for impairment at least annually or more frequently when there is an indication that it may be
impaired. Therefore, the evolution of general economic and financial trends, the different levels of resilience of the telecommunication
operators with respect to the decline of local economic environments, the changes in the market capitalization values of
telecommunication companies, as well as actual economic performance compared to market expectations represent external
indicators that are analyzed by the Group, together with internal performance indicators, in order to assess whether an impairment
test should be performed more than once a year.
IAS 36 requires these tests to be performed at the level of each Cash Generating Unit (CGU) or groups of CGUs likely to benefit from
acquisition-related synergies. To determine whether an impairment loss should be recognized, the carrying value of the assets and
liabilities of the CGUs or groups of CGUs is compared to the recoverable amount. The recoverable amount of a CGU is its value in
use.
Value in use is the present value of the future cash flows expected to be derived from the CGUs. Cash flow projections are based
on economic and regulatory assumptions, license renewal assumptions and forecast trading conditions drawn up by the Group\u2019s
management, as follows:
-
cash flow projections are based on five-year business plans;
-
cash flow projections beyond that timeframe may be extrapolated by applying a declining or flat growth rate over the next two
years (for some CGUs), followed by a growth rate to perpetuity reflecting the expected long-term growth in the market;
-
the cash flows obtained are discounted using appropriate rates for the type of business and the countries concerned.
Carrying values of CGUs tested include goodwill, intangible assets with indefinite useful life arising from business combinations and
assets with finite useful life (property, plant and equipment, intangible assets and net working capital, including intragroup balances).
Net book values are disclosed at the level of the CGUs and groups of CGUs, i.e. including accounting items related to transactions
with other CGUs and groups of CGUs.
For a CGU partially owned by the Group, when it includes a portion relating to non-controlling interests, the impairment loss is
allocated between the owners of the parent and the non-controlling interests on the same basis as that on which profit or loss is
allocated (i.e. ownership interest).
Impairment loss for goodwill is accounted for in the income statement and is never subsequently reversed.
The values in use of the businesses, which are most of the recoverable amounts and which support the book values of long-term
assets, are sensitive to the valuation method and the assumptions used in the models. They are also sensitive to any change in the
business environment that is different from the assumptions used. The Company recognizes assets as impaired if events or
circumstances occur that involve material adverse changes of a permanent nature affecting the economic climate or the assumptions
and targets used at the time of the acquisition. New events or adverse circumstances could conduct the Company to review the
present value of its assets and to recognize further substantial impairment losses that could have an adverse effect on its results.
Impairment test on the goodwill allocated to the segment \u201cBelgium\u201d is performed at least at the end of each financial year to assess
whether its carrying amount does not exceed its recoverable amount. Estimating the fair value less costs to sell will take into account
the Company\u2019s share price as quoted on the stock exchange.
Intangible assets
This asset category includes intangible assets with a finite useful life such as the cost of the telecommunication licenses, the cost
of network design and development, the cost of purchased and internally generated software.
Intangible assets are measured on initial recognition at cost. The cost includes the purchase price, import duties, non-refundable
purchase taxes, after deduction of trade discounts and rebates, and any directly attributable costs of preparing the asset for its
intended use, i.e. costs of employee benefits, professional fees and testing costs.
When an acquisition of intangible assets includes a long-term payment plan of fixed amounts (meaning, predictable based on
calculation criteria which are not under the control of the entity (no variability depending on the activity) with a certain obligation of
payment (expected future minimum payment), the discounted value of the fix amounts over the plan are included in the acquisition
costs. This has been the case for the licenses acquired in 2022 for which the structure of the license fees payable over the lifetime
of the licenses includes amounts that are eligible to such a qualification. Consequently, licenses acquired in 2022 have been
capitalized as such:
-
One off amount paid at the time the license becomes available for use
-
Net present value of the yearly fixed amounts of spectrum fees to be paid over the license period. A corresponding liability has
been recorded in current and non-current fixed assets payable. This net present value corresponds to the discounted value of
the fixed amounts of spectrum fee payable over the license period at the discount rate prevailing at the moment of the
calculation over the maturity of the debt. As from the booking of the debt, unwinding based on the original discount rate will be
recorded in financial expenses and annual payments will be applied against the debt itself.
After initial recognition, intangible assets are carried at cost less any accumulated amortization and impairment losses. The residual
value of intangible assets is assumed to be zero unless the conditions provided for by IAS 38 are met.
Intangible assets are amortized over the useful life and assessed for impairment whenever there is an indication that the intangible
asset may be impaired.
The depreciable amount of an intangible asset with a finite useful life is allocated on a linear basis over its useful life. The amortization
of the mobile licenses starts when they are ready to operate.
Amortization of the licenses should start when the asset is available for use, i.e. when it is in the location and technical condition
necessary for it to be capable of operating in the manner intended by the management, even if the asset is actually not being used.
The license will be available for use when the first geographical zone will be declared \u201cready to launch\u201d by the technical team. The
full amount will be amortized on a straight-line basis over its remaining useful life of that date.
The GSM and UMTS licenses have been granted for a period of 15 years (originally) and 20 years respectively.
In 2011, the 4G license has been granted for a period of 15 years, till the 1 of July 2027. The 800 MHz license was acquired in
November 2013 and is valid for a period of 20 years.
In the auction launched in 2022 on the primary phase, Orange Belgium won a total of 200 MHz of frequencies on the 700 MHz, 900
MHz, 1800 MHz, 2100 MHz and 3600 MHz bands. In the secondary phase of the auction, Orange Belgium won 30 MHz of
frequencies in the 1400 MHz band. The rights to use the 700 MHz and 3600 MHz bands started on 1 September 2022 for respectively
20 years and 17 years and 8 months.) The rights of use for the 900, 1800, 2100 MHz bands will begin on 1 January 2023 for a period
of 20 years. For 1400 MHz, the availability for use will start on 1 July 2023 for a period of 20 years.
The useful life of acquired and internally generated software is 5 years (network software) or 4 years (non-network software) and
their amortization starts when the software is ready for use.
The fair value of the customer relationships acquired in a business combination is determined using the multi-period excess earnings
method and is amortised over a useful life ranging from 10 till 20 years.
The amortization period and amortization method for an intangible asset with a finite useful life are reviewed at least at each financial
year-end. Any change in the useful life or in the expected pattern of consumption of the future economic benefits embodied in the
asset, is accounted for prospectively as a change in an accounting estimate. The changes in useful life on intangible assets
recognized during the year are determined on individual asset basis. Obsolescence, dismantling or losses are also considered in the
exercise.
Amortization costs are recorded in the income statement under the heading \u201cDepreciation and amortization of other intangible assets
and property, plant and equipment\u201d.
Research costs are expensed as incurred. Development expenditure on an individual project is recognized as an intangible asset
when the Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale,
its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability
of resources to complete the asset and the ability to measure reliably the expenditure during development.
Following initial recognition of the development expenditure as an asset, the cost model is applied requiring the asset to be carried
at cost less any accumulated amortization and accumulated impairment losses. Amortization of the asset begins when development
is complete and the asset is available for use. It is amortized over the period of expected future benefit. During the period of
development, the asset is tested for impairment annually.
Property, plant and equipment
The following items of property, plant and equipment are classified under the tangible assets category: building, network
infrastructure and equipment, IT servers and personal computers, office furniture, leasehold improvements, equipment leased to
customers.
Upon recognition, tangible assets are measured at cost. The cost includes the purchase price, import duties and non-refundable
purchase taxes, after deduction of trade discounts and rebates, and any costs directly attributable to bringing the asset to the
location and condition for it to be capable of operating in the expected manner. The cost of replacing part of an item of property,
plant and equipment is recognized as an asset when incurred and if the recognition criteria are met. All other repair and maintenance
costs are recognized in profit or loss as incurred. The cost also includes the estimated cost to dismantle the network sites and to
refurbish the rented premises when such obligation exists.
The costs related to the installation & activation of the cable and that are directly attributable to bring the asset into working condition
for its intended use, are recognized as an asset.
After initial recognition, tangible assets are measured at cost less any accumulated depreciation and impairment losses.
The depreciable amount of a tangible asset is allocated on a systematic and linear basis over its useful life. The depreciation of a
tangible asset starts when it is ready to operate as intended.
The useful life of each category of tangible assets has been determined as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
-
Building
20 years
-
Pylons and network constructions
20 years
-
Optical fiber
15 years
-
Network equipment
5-10 years
-
Messaging equipment
5 years
-
IT servers
5 years
-
Personal computers
4 years
-
Office furniture
5-10 years
-
Leasehold improvements
9 years or rental period if shorter
-
Cable equipment/modems & setup boxes
3-4 years
\n
The residual value and the useful life of a tangible asset are reviewed at least at each financial year-end and, if expectations differ
from previous estimates, the changes are accounted for prospectively as a change in an accounting estimate. The changes in useful
life on tangible assets recognized during the year are determined on individual asset basis. Obsolescence, dismantling or losses are
also considered in the exercise.
The costs related to the activation of the cable also includes the costs related to installation work performed at the customer\u2019s
location to install the modem and are amortized over three years, based upon stable historical usage data available within the Orange
Group.
Depreciation costs are recorded in the income statement under the heading \u201cDepreciation and amortization of other intangible assets
and property, plant and equipment\u201d.
An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected from its
use or disposal. Any gain or loss arising on de-recognition of the asset is included in the income statement in the year the asset is
derecognized.
Accelerated depreciation is the depreciation of fixed assets at a faster rate early in their useful lives and is mainly used at the
Company when management decides to take assets out of service early (ex. dismantling of technical sites). The net book value of
that asset will then be depreciated over the remaining period (of service).
The asset retirement obligation (ARO) relating to the network sites is measured based on the known term of sites rental contracts,
assuming a high probability of renewal upon each renewal date and considering that the entire sites park will be dismantled in the
future. The dismantling asset is measured by using appropriate inflation and discount rates.
The Group is required to dismantle technical equipment and restore technical sites.
When the obligation arises, a dismantlement asset is recognized in compensation for the dismantling provision.
The provision is based on dismantling costs (on a per-site basis) incurred by the Group to meet its environmental commitments over
the asset dismantling and site restoration planning. The provision is assessed on the basis of the identified costs for the current
fiscal year, extrapolated for future years using the best estimate of the commitment settlement. This estimate is revised annually and
adjusted where appropriate against the asset to which it relates. The provision is present-discounted.
Impairment of tangible and intangible items other than goodwill
The Group assesses at each balance sheet date whether there is an indication that an asset may be impaired. If any such indication
exists, or when annual impairment testing for an asset is required, the Company makes an estimate of the asset's recoverable
amount. An asset's recoverable amount is the higher of an asset's or cash-generating unit's fair value less costs to sell and its value
in use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of
those from other assets or groups of assets. Where the carrying amount of an asset exceeds its recoverable amount, the asset is
considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are
discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money
and the risks specific to the asset. Impairment losses are recognized in the income statement in the operating expenses under the
heading \u201cImpairment of fixed assets\u201d which also includes the losses on material never deployed on sites, IT project never put in
service, site civil works never finally deployed.
For assets excluding goodwill, an assessment is made at each reporting date as to whether there is any indication that previously
recognized impairment losses may no longer exist or may have decreased. If such indication exists, the Group estimates the asset's
or cash-generating unit's recoverable amount. A previously recognized impairment loss is reversed only if there has been a change
in the assumptions used to determine the asset's recoverable amount since the last impairment loss was recognized. The reversal
is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that
would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal
is recognized in the income statement unless the asset is carried at revalued amount, in which case the reversal is treated as a
revaluation increase.
Borrowing costs
Borrowing costs are capitalized after 1 January 2009. Evaluation of the need to capitalize borrowing costs is made at project level.
Up to end of 2008, borrowing costs were recognized as an expense in the period in which they occurred.
Government grants
A government grant is recognized when there is a reasonable assurance that the grant will be received, and the conditions attached
to them are complied with.
When the grant relates to an expense item, it is recognized as income over the period necessary to match on a systematic basis to
the costs that it is intended to compensate.
Where the grant relates to an asset, the fair value is credited to the carrying amount of the asset and is released to the income
statement over the expected useful life of the relevant asset by equal annual instalments.
Taxes
Current income taxes
Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered
from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or
substantively enacted by the balance sheet date.
Deferred income tax
Deferred income tax is provided using the liability method on temporary differences at the balance sheet date between the tax basis
of assets and liabilities and their carrying amounts for financial reporting purposes.
Deferred income tax liabilities are recognized for all taxable temporary differences, except:
-
where the deferred income tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction
that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or
loss; and
-
in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint
ventures, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary
differences will not reverse in the foreseeable future.
Deferred tax assets are recognized for all deductible temporary differences, carry forward of unused tax credits and unused tax
losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and
the carry forward of unused tax credits and unused tax losses can be utilized except:
-
where the deferred income tax asset relating to the deductible temporary difference arises from the initial recognition of an
asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the
accounting profit nor taxable profit or loss; and
-
in respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint
ventures, deferred income tax assets are recognized only to the extent that it is probable that the temporary differences will
reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized.
The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no
longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized.
Unrecognized deferred income tax assets are reassessed at each balance sheet date and are recognized to the extent that it has
become probable that future taxable profit will allow the deferred tax asset to be recovered.
Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is
realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance
sheet date.
Deferred income tax assets and deferred income tax liabilities are offset, if a legally enforceable right exists to set off current tax
assets against current income tax liabilities and the deferred income taxes relate to the same taxable entity and the same taxation
authority.
Sales tax
Revenues, expenses and assets are recognized net of the amount of sales tax except:
-
where the sales tax incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case
the sales tax is recognized as part of the acquisition cost of the asset or as part of the expense item as applicable; and
-
receivables and payables that are stated with the amount of sales tax included.
The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in
the balance sheet.
Operational taxes: IFRIC 21
The IFRIC 21 interpretation was adopted by the European Union in the first semester 2014. It defines the obligating event that gives
rise to a liability to pay a levy (as the activity that triggers the levy) and refers to other standards to determine whether the recognized
liability gives rise to an asset or expense.
The Company applies IFRIC 21 in the consolidated financial statements to a limited number of levies whose accounting is modified
by the interpretation: property withholding tax, tax on office space, tax on class 1/2/3 sites (hazardous and/or insalubrious sites),
sites tax and taxes on advertising boards, panels, etc.
Inventories
Inventories are assets held for sale in the ordinary course of business, i.e. handsets and accessories.
Inventories are measured at the lower of cost and net realizable value. The cost of inventories comprises all costs of purchase, cost
of conversion and other costs incurred in bringing the inventories to their present location and condition. The measurement of our
inventories is determined by the weighted average method. The weighted average unit cost is the total amount that has been paid
for the inventory divided by the number of units in the inventory. Net realizable value is the estimated selling price in the ordinary
course of business, less estimated costs of completion and the estimated costs necessary to make the sale.
Cash and cash equivalents
Cash and cash equivalents include cash on hand and cash deposits with a maximum term of 3 months. Cash and cash equivalents
held with financial institutions are measured at nominal value. Banks and intercompany cash pooling overdrafts are classified as
short-term financial liabilities.
Own shares (liquidity contract)
The purchase of own (Orange Belgium) shares or obligations in the framework of a liquidity contract are accounted for as a deduction
from equity.
Long-term provisions
Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable
that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be
made of the amount of the obligation.
Where the Company expects some or all of the provision to be reimbursed, the reimbursement is recognized as a separate asset
but only when the reimbursement is virtually certain. The expense relating to any provision is presented in the income statement net
of any reimbursement.
If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, where
appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is
recognized as a borrowing cost.
The estimate of the dismantling costs regarding the network sites and of the refurbishment costs related to the rented premises is
recognized as an item of tangible asset. This estimate is also recognized as a provision that is measured by using appropriate
inflation and discount rates.
Employee benefits
Short-term employee benefits, such as wages, salaries, social security contributions, paid annual leave, profit-sharing and bonuses,
medical care, company cars and others are recognized during the period in which the service has been rendered by the employee.
Short-term employee benefits are shown as liabilities as a result of a legal or constructive present obligation and when a reliable
estimate of such liabilities can be made.
As a consequence of the law of 18 December 2015, minimum returns are guaranteed by the employer as follows:
-
for the contributions paid as from 1 January 2016, a new variable minimum return based on OLO rates, with a minimum of
1.75% and a maximum of 3.75%. In view of the low rates of the OLO in the last years, the return has been initially set to 1.75%;
-
for the contributions paid until end December 2015, the previously applicable legal returns (3.25% and 3.75% respectively on
the employer and employee contributions) continue to apply until retirement date of the participants.
In view of the minimum returns guarantees, those plans qualify as Defined Benefit plans.
To ensure that the defined contribution pension plan in force guarantees its participants the minimum return required by law at the
date of departure regarding the access, the Company ordered a complete actuarial computation under the PUC method without
projection of future contributions.
Leases
The Company classifies as a lease, a contract that conveys to the lessee the right to control the use of an identified asset for a given
period, including a service contract if it contains a lease component.
The Company has defined four major lease contract categories:
-
Land and buildings: these contracts mainly concern commercial (point of sale) or service activity (offices and head office) leases,
as well as leases of technical buildings not owned by the Group. Real estate leases entered into in Belgium generally have long
terms (between 7 and 11 years).
-
Networks and terminals: the Group is required to lease a certain number of assets in connection with its mobile activities. This
is notably the case of lands to be used to install antennas, mobile sites leased from a third-party operator and certain
\u201cTowerCos\u201d contracts (companies operating telecom towers). Leases are also entered into as part of fixed wireline access
network activities.
-
IT (& network) equipment: this asset category primarily comprises leases of servers and hosting space in datacenters.
-
Other: this asset category primarily comprises leases of vehicles.
There are no real relevant differences in the four categories in the context of IFRS 16, the rules and calculation methods are identical.
Leases are recognized in the consolidated statement of financial position via an asset reflecting the right to use the leased assets
and a liability reflecting the related lease obligations. In the consolidated income statement, amortization and depreciation of the
right-of-use asset is presented separately from the interest expense on the lease liability. In the consolidated statement of cash
flows, cash outflows relating to interest impact operating flows, while repayments of the lease liability impact financing flows.
Finally, the Company applies the following authorized practical expedients:
-
Exclusion of leases with a residual term expiring within 12 months of the first application data. This practical expedient is applied
for all contracts, including those with a tacit renewal clause at the transition date. In applying this practical expedient, the Group
calls on its judgment and experience gained in the previous years to determine whether it is reasonably certain to exercise a
renewal option, taking account of the relevant facts and circumstances.
-
Exclusion of leases of assets with a replacement value of less than approximately 5,000 euros;
-
Exclusion of initial direct costs from the measurement of the right-of-use asset at the date of first-time application; and
-
The inclusion in the opening balance sheet of provisions for onerous contracts measured as of 31 December 2018 pursuant to
IAS 37, as an alternative to impairment testing of right-of-use assets in the opening balance sheet.
a.
Accounting policies Lease Liabilities:
The Company recognizes a liability (i.e. a lease liability) at the date the underlying asset is made available. This lease liability is equal
to the present value of fixed and fixed in-substance payments not paid at that date, plus any amounts that Orange is reasonably
certain to pay at the end of the lease, such as the exercise price of a purchase option (where it is reasonably certain to be exercised),
or penalties payable to the lessor for terminating the lease (where the termination option is reasonably certain to be exercised).
The Company only takes into account the lease component of lease when measuring the lease liability. For certain asset classes
where the lease includes service and lease components, the Group may recognize a single contract classified as a lease (i.e. without
distinction between the service and lease component).
Orange systematically determines the lease term as the period during which leases cannot be canceled, plus periods covered by
any extension options that the lessee is reasonably certain to exercise and by any termination options that the lessee is reasonably
certain not to exercise.
For open-ended leases, the Company generally adopts the notice period as the enforceable period. The Group nonetheless
assesses, based on the circumstances of each lease, the enforceable period taking account of certain indicators such as the
existence of non-insignificant penalties in the event of termination by the lessee. The Group considers in particular the economic
importance of the leased asset when determining this enforceable period.
For each contract, the Company applies a discount rate determined based on the loan yield specific to each contract, according to
its term plus the Group's credit spread if the interest rate can\u2019t be readily determined from the contract.
In order to determine the loan yield specific to each contract, the Company applies the following method:
-
Determination of a risk-free rate curve according to the currency and maturity based on government bond yields.
-
Application of the Company\u2019s credit spread according to the currency and maturity.
-
Selection of the applicable rate for each lease contract, corresponding to the average maturity of the contract.
After the lease commencement date, the amount of the lease liability may be reassessed to reflect changes introduced in the
following main cases:
-
A change in term resulting from a contract amendment or a change in assessment of the reasonable certainty that a renewal
option will be exercised, or a termination option will not be exercised;
-
a change in the amount of lease payments, for example following application of a new index or rate in the case of variable
payments; and
-
any other contractual change, for example a change to the scope of the lease or the underlying asset.
b.
Accounting policies ROU assets:
A right-of use is recognized as an asset, with a corresponding lease liability. The right-of-use asset is equal to the amount of the
lease liability at inception.
Work performed by the lessee and modifications to the leased asset, as well as guarantee deposits, are not components of the right-
of-use asset and are recognized in accordance with other standards.
Finally, the right-of-use asset is depreciated in the consolidated income statement on a straight-line basis over the lease term
adopted by the Group.
c.
Accounting policies Identified assets:
-
In certain circumstances, the Company rents a space to set up an antenna. Most often, the space is a piece of land or a part
of a rooftop or balcony etc.\u2026 The identified asset is the part of land which is rented per the terms of the lease contract. In most
circumstances, the lease contract does not allow the owner of the space to substitute it by another one. Consequently, the
contracts most often do not include a substitution right to the owner. All benefits from use of the part of the land rented are
obtained by the Company. In certain circumstances, the Company rents a space on the tower and/or in the shelter from a third-
party operator. This space can be defined as a dedicated space, volume or payload in the contract. The contract conveys the
right to use an identified asset. The space in the tower and granted by the third-party operator is physically identifiable. Even in
the case the space would not be explicitly specified in the contract, it will become identified at the time the spot is made
available for the Company to install its equipment. When the contract allows the owner of the tower to substitute the space
which is initially rented by the Company, this right either is generally exercisable only in very specific cases (security, heightening
of the tower\u2026) which cannot be anticipated at the beginning of the contract, or is subject to the pre-approval of Orange.
Consequently, this substitution right is deemed not substantive for the supplier. All the economic benefits from use of the space
are obtained by the Company.
-
Fixed wireline: these leases mainly concern access to the local loop where Orange is a market challenger (total or partial
unbundling), as well as the lease of land transmission cables.
-
Regarding the access to the local loop, the identified asset is the dedicated pair of copper wires installed from the telephone
exchange / central office to the customer's premises. In most cases, the purchase order forms explicitly mention the specific
pair of copper wires related to Orange. Even if the pair of copper wires is not explicitly specified in the purchase order form, it
will become identified when the subscriber\u2019s access is granted to Orange by the incumbent. Then Orange is able to connect
the pair of copper wires from its own DSLAM to the customer premises set-top box. The full unbundling contracts do not permit
any substitution right. All the economic benefits from the use of the dedicated pairs of copper are obtained by Orange. Indeed,
Orange has the exclusive use of the dedicated pair of copper wires to deliver retail telecommunication services (voice and
broadband) to its final customer in exchange for a subscription fee, which is determined by Orange.
However, as this is not material (only 10 lines are still in use representing a total yearly cost of approximately 2,000 euros) for the
Company, these contracts are not part of the IFRS16 calculation.
-
Regarding the lease of land transmission cables, the Company lease either a specific cable or a capacity portion of a cable.
o
In some cases, the supplier grants the Company the use of an identified and fully dedicated cable (for example dark fiber
cable) for a determined period. The Company is responsible for directing and operating the dark fiber with its own active
network equipment and resources. The identified asset is the dedicated dark fiber installed by the supplier from a point A
to a point B. In most cases, the contracts or the purchase order forms explicitly mention the specific dark fiber involved
(usually described by an identification number). Even in the case where the dark fiber is not explicitly specified in the
purchase order form, it will become identified at the time the access is granted to Orange by the supplier. Then Orange is
able to connect its own active equipment to the dedicated dark fiber. Unless a substantive substitution right is properly
identified in a contract, Orange considers that the dedicated dark fibers are identified assets. Furthermore, all the economic
benefits from the use of the dedicated dark fiber are obtained by Orange. Indeed, Orange has the exclusive use of the
dedicated fiber cable used for core network operations purposes.
o
In some cases, the supplier grants the Company a high-speed access link connecting two geographic points for a
determined transmission capacity and period. The supplier is responsible for directing and operating the lines and their
maintenance with its own active network equipment and resources. This form of capacity arrangement does not convey
the right to use an identified asset. This form of leased lines arrangement (capacity arrangement) only conveys to Orange
a right to access a capacity (i.e. a quantity) as mentioned in the offers. This kind of agreement does not fall within the
scope of IFRS 16.
Loyalty commissions
Loyalty commissions earned by the distribution channels on post-paid contracts are recognized upfront upon contract subscription.
Financial discounts
Financial discounts granted to customers or received from suppliers for early payments are deducted from revenue and costs of
sales as incurred.
Dividend
A dividend declared by the General Assembly of the shareholders after the balance sheet date is not recognized as a liability at that
date.
TV content contracts
Expenses related to acquired TV distribution rights are recognized in the profit and loss statement as incurred and not capitalized
as intangible asset and consequently amortized over the term of the contract. The Company believes that it only acquires the
distribution right to air a certain channel and has no view or influence on future scheduling and content. As such, there is only a
limited ability to predict significant audiences or revenues from future airings, which implies that the acquired TV distribution rights
do not meet the requirements to be recognized as an intangible asset under IAS 38.
Segment reporting
Decisions on allocation of resources and operating segments\u2019 performance assessment of Group components are made by the
Chief Executive Officer (main operational decision-maker) at operating segments\u2019 level, mainly composed by geographical locations.
Thus, the operating segments are:
-
Belgium; and
-
Luxembourg.
The use of shared resources is taken into account in segmental results based either on contractual agreements terms between legal
entities, or external benchmarks, or by allocating costs among all segments. The supply of shared resources is included in other
revenues of the service provider, and the use of the resources is included in expenses taken into account for the calculation of the
service user\u2019s EBITDAaL (as from accounting year 2019). The cost of shared resources may be affected by changes in contractual
relationships or organization and may therefore impact the segment results disclosed from one year to another. Segment profit or
loss, segment assets and segment liabilities for each reportable segment are presented on the basis of the same accounting
principles applied for the presentation of the company\u2019s financial statements
Financial instruments
IFRS 9 comprises three phases: classification and measurement of financial assets and liabilities, impairment of financial assets and
hedge accounting.
Classification and measurement of financial assets and liabilities
The classification proposed by IFRS 9 determines the way assets are recognized and measured. The financial asset classification
depends on the combination of the following two criteria:
-
the Group\u2019s business model for managing financial assets; and
-
the contractual cash flow characteristics of the financial asset (whether or not solely payments of principal and interest).
Based on the combined analysis of these two criteria, IFRS 9 identifies three business models:
-
Financial assets measured at fair value through profit or loss (FVR)
Certain investment securities which are not consolidated or equity-accounted, and cash investments such as negotiable debt
securities and deposits, that are compliant with the Group\u2019s risk management policy or investment strategy, may be designated by
Orange as being recognized at fair value through profit or loss. These assets are recognized at fair value at inception and
subsequently. All changes in fair value are recorded in net financial expenses.
-
Financial assets measured at fair value through other comprehensive income that may be reclassified (or not) to profit or loss
(FVOCI)
Investment securities which are not consolidated or equity-accounted are, subject to exceptions, recognized as assets at fair
value through other comprehensive income that may not be reclassified to profit/loss. They are recognized at fair value at
inception and subsequently. Temporary changes in value and gains (losses) on disposals are recorded in other comprehensive
income that may not be reclassified to profit/loss.
-
Financial assets measured at amortized cost (AC)
This category mainly includes loans and receivables. These instruments are recognized at fair value at inception and are
subsequently measured at amortized cost using the effective interest method. The group always measures the loss allowance for
trade receivables at an amount equal to lifetime expected credit loss. The expected credit losses on trade receivables are estimated
using a provision matrix by reference to past default experience of the debtor and an analysis of the debtor\u2019s current financial
position, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors
operate and an assessment of both the current as well as the forecast direction of conditions at the reporting date.
Impairment of financial assets
In accordance with the requirements of IFRS 9, the impairment of trade receivables is based on three methods:
-
a collective statistical method: this is based on historical losses and leads to a separate impairment rate for each aging balance
category. This analysis is performed over a homogeneous group of receivables with similar credit characteristics because they
belong to a customer category;
-
a stand-alone method: the assessment of impairment probability and its amount are based on a set of relevant qualitative
factors (aging payment, other balances with the counterparty, rating from independent agencies, geographical area).
-
A provisioning method based on expected loss: IFRS 9 requires recognition of expected losses on receivables immediately
upon recognition of the financial instruments. In addition to the pre-existing provisioning system, the Group applies a simplified
approach of early impairment at the time the asset is recognized. The rate applied depends on the maximum revenue non-
recoverability rate.
Recognition of impairment losses for a group of receivables is the step preceding identification of impairment losses on individual
receivables. As soon as information is available (customers in bankruptcy or subject to court-ordered liquidation), these receivables
are then excluded from the statistical impairment database and individually impaired.
Hedge accounting
Derivative instruments are measured at fair value in the statement of financial position and presented according to their maturity
date, regardless of whether they qualify for hedge accounting under IFRS 9 (hedging instruments versus trading derivatives).
Derivatives are classified as a separate line item in the statement of financial position.
Trading derivatives are economic hedge derivatives not classified as hedges for accounting purposes. Changes in the value of these
instruments are recognized directly in profit or loss.
Hedge accounting is applicable when:
-
At inception of the hedge, there is a formal designation and documentation of the hedging relationship;
-
The effectiveness of the hedge is demonstrated at inception and it is expected to continue in subsequent periods: i.e. at
inception and throughout its duration, the company expects changes in the fair value of the hedged item to be almost fully
offset by change in the fair value of the hedging instrument.
There are three types of hedging accounting:
-
A fair value hedge is a hedge of the exposure to the changes in the fair value of a recognized asset or liability (or an identified
portion of the asset or liability) that are attributable to a particular interest rate and/or currency risk and which could affect profit
or loss. The hedged portion of these items is remeasured at fair value in the statement of financial position. Changes in this fair
value are recognized in the income statement and are offset by symmetrical changes in the fair value of financial hedging
instruments to the extent of the hedge effectiveness;
-
A cash flow hedge is a hedge of exposure to changes in cash flow attributable to a particular interest rate and / or currency risk
associated with a recognized asset or liability or a transaction believed to be highly probable (such as future purchase or sale)
which could affect profit or loss. As the hedged item is not recognized in the statement of financial position, the effective portion
of the change in fair value of the hedging instrument is recognized in other comprehensive income. It is reclassified in profit or
loss when the hedged item (financial asset or liability) affects the profit or loss or in the initial cost of the hedged item when it
relates to the hedge of a non-financial asset acquisition cost;
-
A net investment hedge is a hedge of exposure to changes in value attributable to the foreign exchange risk of a net investment
in a foreign operation, which could affect profit or loss on the disposal of the foreign operation. The effective portion of the net
investment hedge is recorded in other comprehensive income. It is reclassified in profit or loss on disposal of the net investment.
For transactions qualified as fair value hedges and for economic hedges, the foreign exchange impact of changes in the fair value
of derivatives is booked in operating income when the underlying hedged item is a commercial transaction and in finance costs, net
when the underlying hedged item is a financial asset or liability.
Hedge accounting can be terminated when the hedged item is no longer recognized, i.e. when the Group revokes the designation
of the hedging relationship or when the hedging instrument is terminated or exercised. The accounting consequences are as follows:
-
Fair value hedge: at the hedge accounting termination date, the adjustment of the fair value of the liability is amortized using an
effective interest rate recalculated at this date. Should the item hedged disappear, the change in fair value is recognized in the
income statement;
-
Cash flow hedge: amounts recorded in other comprehensive income are immediately reclassified in profit or loss when the
hedged item is no longer recognized. In all other cases, amounts are reclassified in profit or loss, on a straight-line basis,
throughout the remaining life of the original hedging relationship.
In both cases, subsequent changes in the value of the hedging instrument are recorded in profit or loss.
Concerning the effects of the foreign currency basis spread of cross-currency swaps designated as cash flow hedges, the Group
has chosen to designate these as hedging costs. This option enables recognition of these effects in other comprehensive income
and amortization of the cost of the basis spread in profit or loss over the period of the hedge.
Interest-bearing loans and borrowings
Loans and borrowings are initially recognized at the fair value of the consideration received less directly attributable transaction
costs.
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the effective
interest method.
Gains and losses are recognized in income when the liabilities are derecognized as well as through the amortization process.
Trade and other short-term payables
Trade and other short-term payables with no stated interest rate are measured at the original invoice or nominal amount when the
effect of discounting is immaterial.
Offsetting a financial asset and a financial liability
Trade receivables and payables are offset and the net amount is presented on the face of the balance sheet when such amounts
may legally be offset and a clear intention to settle them on a net basis exists.
Revenue from contracts with customers
IFRS 15 establishes a comprehensive framework for determining whether, how much and when revenue is recognized. It replaces
IAS 18 Revenue, IAS 11 Construction Contracts and related interpretations.
Most revenue falls within the application scope of IFRS 15 \u201cRevenue from contracts with customers\u201d. Orange\u2019s products and
services are offered to customers under service contracts only and contracts combining the equipment used to access services
and/or other service offers. Revenue is recognized net of VAT and other taxes collected on behalf of governments.
1.
Standalone service offers (mobile services only, fixed services only, convergent service)
The Company proposes to Mass market and Corporate markets customers a range of fixed and mobile telephone services, fixed
and mobile Internet access services and content offers (TV). Some contracts are for a fixed term (generally 12 or 24 months), while
others may be terminated at short notice (i.e. monthly arrangements or portions of services).
Service revenue is recognized when the service is provided, based on use (e.g. minutes of traffic or bytes of data processed) or the
period (e.g. monthly service costs).
Postpaid mobile revenues are recognized without reference to actual data or voice usage/allowance. The voice or data allowance
or the postpaid tariff plan does not have any impact on the calculation of the transaction price or enforceable period. For limited
data offers however, any actual excess data usage is billed and recognized as revenue as incurred.
Under some content offers, Orange may act solely as an agent enabling the supply by a third-party of goods or services to the
customer and not as a principal in the supply of the content. In such cases, revenue is recognized net of amounts transferred to the
third-party.
Contracts with customers generally do not include a material right, as the price invoiced for contracts and the services purchased
\n
and consumed by the customer beyond the specific scope (e.g. additional consumption, options, etc.) generally reflect their
\n
standalone selling prices. Service obligations transferred to the customer at the same pace are treated as a single obligation.
\n
When contracts include contractual clauses covering commercial discounts (initial discount on signature of the contract or
\n
conditional on attaining a consumption threshold) or free offers (e.g. three months of subscription free of charge), the Company
\n
defers these discounts or free offers over the enforceable period of the contract (period during which the Company and the customer
\n
have a firm commitment). Where applicable, the consideration payable to the customer is recognized as a deduction from revenue
\n
in accordance with the specific terms and conditions of each contract.
\n
2.
Separate equipment sales
\n
The Company proposes to Mass market and Corporate market customers several ways to buy their equipment (primarily mobile
\n
phones): equipment sales may be separate from or bundled with a service offer. When separate from a service offer, the amount
\n
invoiced is recognized in revenue on delivery and receivable immediately or in instalment over a period of up to 24 months. Where
\n
payments are received in instalments, the offer comprises a financial component and interest is calculated and deducted from the
\n
amount invoiced and recognized over the payment period in net finance costs. Such transactions are however limited.
\n
When the equipment sale is combined with a service offer, the amount allocated to the equipment (bundled sale \u2013 see below) is
\n
recognized in revenue on delivery and received over the service contract.
\n
Where Orange purchases and sells equipment to indirect channels, the Group generally considers that Orange maintains control
\n
until final resale to the end-customer (the distributor acts as an agent), even where ownership is transferred to the distributor. Sales
\n
proceeds are therefore recognized when the end-customer takes possession of the equipment (on activation).
\n
3.
Bundled equipment and service offers
\n
Orange proposes numerous offers to its Mass market and Corporate market customers comprising equipment and services (e.g. a
\n
communications contract).
\n
Equipment revenue is recognized separately if the two components are distinct (i.e. if the customer can receive the services
\n
separately). Where one of the components in the offer is not at its separate selling price, revenue is allocated to each component in
\n
proportion to their individual selling prices. This is notably the case in offers combining the sale of a mobile phone at a reduced
\n
price, where the individual selling price of the mobile phone is considered equal to its purchase cost plus a commercial margin
\n
based on market practice.
\n
The provision of Modems and decoders (For Internet / TV offers) is neither a separate component of the Cable access service nor a
\n
lease, as Orange maintains control of the box and modems.
\n
4.
Service offers to carriers (wholesale)
\n
The Group has mainly the following possible types of commercial agreements entered into with Operator customers for domestic
\n
wholesale activities and International carrier offers:
\n
-
Pay-as-you-go model: contract generally applied to \u201clegacy\u201d regulated activities (roaming, data solution contracts,\u2026), where
\n
contract services are not covered by a firm volume commitment. Revenue is recognized as the services are provided (which
\n
corresponds to transfer of control) over the contractual term; and
\n
-
Send-or-pay model: contract where the price, volume and term are defined. The customer has a commitment to pay the amount
\n
indicated in the contract irrespective of actual traffic consumed over the commitment period. This contract category notably
\n
includes certain MVNO contracts. The related revenue is recognized progressively based on actual traffic during the period, to
\n
reflect transfer of control to the customer. In case MVNO contracts are structured with a minimum commitment, minimum
\n
commitments are recognized as revenue unless usage exceeds the minimum commitment.
\n
Specific revenue streams and related recognition criteria are as follows:
\n
Sales of equipment
\n
Sales of equipment to the distribution channels and to the final customers are recognized in revenue upon delivery. Consignment
\n
sales are recognized in revenue upon sale to the final customer.
\n
Revenue from the sale of prepaid cards
\n
Sales of prepaid cards are recognized at facial value as deferred income at the time of sale and released in the profit and loss
\n
statement as revenue upon usage.
\n
Interconnection revenue
\n
Traffic revenue paid by other telecommunication operators for use of our network is recognized upon usage.
Revenue sharing
Revenue arising from contracts with third-party content providers is recognized after deduction of the fees paid to them in
remuneration of the product or service delivered.
Revenue deferred until payment for which collection is not considered probable
Revenue of which the collectability is not reasonably assured at the point of sale is deferred until the payment has been received.
Earnings per share
The Group discloses both basic earnings per share and diluted earnings per share for continuing operations:
-
basic earnings per share are calculated by dividing net income for the year attributable to the equity holders of the Group by
the weighted average number of ordinary shares outstanding during the period;
-
diluted earnings per share are calculated based on the same net income and weighted-average number of ordinary shares
outstanding after adjustment for the effects of all dilutive potential ordinary shares.
When basic earnings per share are negative, diluted earnings per share are identical to basic earnings per share. Treasury shares
owned, which deducted from the consolidated equity, do not enter into the calculation of earnings per share.
Joint operations
A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and
obligations for the liabilities, relating to the arrangement. Those parties are called joint operators.
A joint operator shall recognize in relation to its interest in a joint operation:
-
its assets, including its share of any assets held jointly;
-
its liabilities, including its share of any liabilities incurred jointly;
-
its revenue from the sale of its share of the output arising from the joint operation;
-
its share of the revenue from the sale of the output by the joint operation; and
-
its expenses, including its share of any expenses incurred jointly.
As joint operator, the Group accounts for the assets, liabilities, revenues and expenses relating to its interest in its joint operations
in accordance with the IFRSs applicable to the particular assets, liabilities, revenues and expenses.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00349": { "value": "Transactions in foreign currencies
On initial recognition in the functional currency, a foreign currency transaction is recorded by applying the spot exchange rate
between the functional currency and the foreign currency at the date of the transaction. At each balance sheet date, foreign monetary
assets and liabilities are translated using the closing rate.
Exchange gains and losses are recognized as operational income and expenses when they are related to the operational activities.
Exchange gains and losses are recognized as financial income and expenses only when they are related to the financing activities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00350": { "value": "Business combinations, goodwill and goodwill impairment
Business combinations are accounted for applying the acquisition method:
-
the acquisition cost is measured at the acquisition date at the fair value of the consideration transferred, including all contingent
consideration. Subsequent changes in contingent consideration are accounted for either through profit or loss or through other
comprehensive income in accordance with the applicable standards;
-
if the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination
occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts
are adjusted during the measurement period, or additional assets or liabilities are recognized, to reflect new information
obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts
recognized at that date;
-
Goodwill is the difference between the consideration transferred and the fair value of the identifiable assets and liabilities
assumed at the acquisition date and is recognized as an asset in the statement of financial position.
For each business combination with ownership interest below 100%, non-controlling interests are measured:
-
either at fair value: in this case, goodwill relating to non-controlling interests is recognized; or
-
at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s identifiable net assets: in this case, goodwill is only
recognized for the share acquired.
Acquisition related costs are directly recognized in the income statement during the period in which they are incurred.
When a business combination is achieved in stages, the previously held equity interest is re-measured at fair value at the acquisition
date through profit or loss. The attributable other comprehensive income, if any, is recognized on the same basis as would be
required if the previously held equity interests would have been disposed.
Goodwill is not amortized but tested for impairment at least annually or more frequently when there is an indication that it may be
impaired. Therefore, the evolution of general economic and financial trends, the different levels of resilience of the telecommunication
operators with respect to the decline of local economic environments, the changes in the market capitalization values of
telecommunication companies, as well as actual economic performance compared to market expectations represent external
indicators that are analyzed by the Group, together with internal performance indicators, in order to assess whether an impairment
test should be performed more than once a year.
IAS 36 requires these tests to be performed at the level of each Cash Generating Unit (CGU) or groups of CGUs likely to benefit from
acquisition-related synergies. To determine whether an impairment loss should be recognized, the carrying value of the assets and
liabilities of the CGUs or groups of CGUs is compared to the recoverable amount. The recoverable amount of a CGU is its value in
use.
Value in use is the present value of the future cash flows expected to be derived from the CGUs. Cash flow projections are based
on economic and regulatory assumptions, license renewal assumptions and forecast trading conditions drawn up by the Group\u2019s
management, as follows:
-
cash flow projections are based on five-year business plans;
-
cash flow projections beyond that timeframe may be extrapolated by applying a declining or flat growth rate over the next two
years (for some CGUs), followed by a growth rate to perpetuity reflecting the expected long-term growth in the market;
-
the cash flows obtained are discounted using appropriate rates for the type of business and the countries concerned.
Carrying values of CGUs tested include goodwill, intangible assets with indefinite useful life arising from business combinations and
assets with finite useful life (property, plant and equipment, intangible assets and net working capital, including intragroup balances).
Net book values are disclosed at the level of the CGUs and groups of CGUs, i.e. including accounting items related to transactions
with other CGUs and groups of CGUs.
For a CGU partially owned by the Group, when it includes a portion relating to non-controlling interests, the impairment loss is
allocated between the owners of the parent and the non-controlling interests on the same basis as that on which profit or loss is
allocated (i.e. ownership interest).
Impairment loss for goodwill is accounted for in the income statement and is never subsequently reversed.
The values in use of the businesses, which are most of the recoverable amounts and which support the book values of long-term
assets, are sensitive to the valuation method and the assumptions used in the models. They are also sensitive to any change in the
business environment that is different from the assumptions used. The Company recognizes assets as impaired if events or
circumstances occur that involve material adverse changes of a permanent nature affecting the economic climate or the assumptions
and targets used at the time of the acquisition. New events or adverse circumstances could conduct the Company to review the
present value of its assets and to recognize further substantial impairment losses that could have an adverse effect on its results.
Impairment test on the goodwill allocated to the segment \u201cBelgium\u201d is performed at least at the end of each financial year to assess
whether its carrying amount does not exceed its recoverable amount. Estimating the fair value less costs to sell will take into account
the Company\u2019s share price as quoted on the stock exchange.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00351": { "value": "Business combinations are accounted for applying the acquisition method:
-
the acquisition cost is measured at the acquisition date at the fair value of the consideration transferred, including all contingent
consideration. Subsequent changes in contingent consideration are accounted for either through profit or loss or through other
comprehensive income in accordance with the applicable standards;
-
if the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination
occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts
are adjusted during the measurement period, or additional assets or liabilities are recognized, to reflect new information
obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts
recognized at that date;
-
Goodwill is the difference between the consideration transferred and the fair value of the identifiable assets and liabilities
assumed at the acquisition date and is recognized as an asset in the statement of financial position.
For each business combination with ownership interest below 100%, non-controlling interests are measured:
-
either at fair value: in this case, goodwill relating to non-controlling interests is recognized; or
-
at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s identifiable net assets: in this case, goodwill is only
recognized for the share acquired.
Acquisition related costs are directly recognized in the income statement during the period in which they are incurred.
When a business combination is achieved in stages, the previously held equity interest is re-measured at fair value at the acquisition
date through profit or loss. The attributable other comprehensive income, if any, is recognized on the same basis as would be
required if the previously held equity interests would have been disposed.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00353": { "value": "Goodwill is not amortized but tested for impairment at least annually or more frequently when there is an indication that it may be
impaired. Therefore, the evolution of general economic and financial trends, the different levels of resilience of the telecommunication
operators with respect to the decline of local economic environments, the changes in the market capitalization values of
telecommunication companies, as well as actual economic performance compared to market expectations represent external
indicators that are analyzed by the Group, together with internal performance indicators, in order to assess whether an impairment
test should be performed more than once a year.
IAS 36 requires these tests to be performed at the level of each Cash Generating Unit (CGU) or groups of CGUs likely to benefit from
acquisition-related synergies. To determine whether an impairment loss should be recognized, the carrying value of the assets and
liabilities of the CGUs or groups of CGUs is compared to the recoverable amount. The recoverable amount of a CGU is its value in
use.
Value in use is the present value of the future cash flows expected to be derived from the CGUs. Cash flow projections are based
on economic and regulatory assumptions, license renewal assumptions and forecast trading conditions drawn up by the Group\u2019s
management, as follows:
-
cash flow projections are based on five-year business plans;
-
cash flow projections beyond that timeframe may be extrapolated by applying a declining or flat growth rate over the next two
years (for some CGUs), followed by a growth rate to perpetuity reflecting the expected long-term growth in the market;
-
the cash flows obtained are discounted using appropriate rates for the type of business and the countries concerned.
Carrying values of CGUs tested include goodwill, intangible assets with indefinite useful life arising from business combinations and
assets with finite useful life (property, plant and equipment, intangible assets and net working capital, including intragroup balances).
Net book values are disclosed at the level of the CGUs and groups of CGUs, i.e. including accounting items related to transactions
with other CGUs and groups of CGUs.
For a CGU partially owned by the Group, when it includes a portion relating to non-controlling interests, the impairment loss is
allocated between the owners of the parent and the non-controlling interests on the same basis as that on which profit or loss is
allocated (i.e. ownership interest).
Impairment loss for goodwill is accounted for in the income statement and is never subsequently reversed.
The values in use of the businesses, which are most of the recoverable amounts and which support the book values of long-term
assets, are sensitive to the valuation method and the assumptions used in the models. They are also sensitive to any change in the
business environment that is different from the assumptions used. The Company recognizes assets as impaired if events or
circumstances occur that involve material adverse changes of a permanent nature affecting the economic climate or the assumptions
and targets used at the time of the acquisition. New events or adverse circumstances could conduct the Company to review the
present value of its assets and to recognize further substantial impairment losses that could have an adverse effect on its results.
Impairment test on the goodwill allocated to the segment \u201cBelgium\u201d is performed at least at the end of each financial year to assess
whether its carrying amount does not exceed its recoverable amount. Estimating the fair value less costs to sell will take into account
the Company\u2019s share price as quoted on the stock exchange.
Intangible assets
This asset category includes intangible assets with a finite useful life such as the cost of the telecommunication licenses, the cost
of network design and development, the cost of purchased and internally generated software.
Intangible assets are measured on initial recognition at cost. The cost includes the purchase price, import duties, non-refundable
purchase taxes, after deduction of trade discounts and rebates, and any directly attributable costs of preparing the asset for its
intended use, i.e. costs of employee benefits, professional fees and testing costs.
When an acquisition of intangible assets includes a long-term payment plan of fixed amounts (meaning, predictable based on
calculation criteria which are not under the control of the entity (no variability depending on the activity) with a certain obligation of
payment (expected future minimum payment), the discounted value of the fix amounts over the plan are included in the acquisition
costs. This has been the case for the licenses acquired in 2022 for which the structure of the license fees payable over the lifetime
of the licenses includes amounts that are eligible to such a qualification. Consequently, licenses acquired in 2022 have been
capitalized as such:
-
One off amount paid at the time the license becomes available for use
-
Net present value of the yearly fixed amounts of spectrum fees to be paid over the license period. A corresponding liability has
been recorded in current and non-current fixed assets payable. This net present value corresponds to the discounted value of
the fixed amounts of spectrum fee payable over the license period at the discount rate prevailing at the moment of the
calculation over the maturity of the debt. As from the booking of the debt, unwinding based on the original discount rate will be
recorded in financial expenses and annual payments will be applied against the debt itself.
After initial recognition, intangible assets are carried at cost less any accumulated amortization and impairment losses. The residual
value of intangible assets is assumed to be zero unless the conditions provided for by IAS 38 are met.
Intangible assets are amortized over the useful life and assessed for impairment whenever there is an indication that the intangible
asset may be impaired.
The depreciable amount of an intangible asset with a finite useful life is allocated on a linear basis over its useful life. The amortization
of the mobile licenses starts when they are ready to operate.
Amortization of the licenses should start when the asset is available for use, i.e. when it is in the location and technical condition
necessary for it to be capable of operating in the manner intended by the management, even if the asset is actually not being used.
The license will be available for use when the first geographical zone will be declared \u201cready to launch\u201d by the technical team. The
full amount will be amortized on a straight-line basis over its remaining useful life of that date.
The GSM and UMTS licenses have been granted for a period of 15 years (originally) and 20 years respectively.
In 2011, the 4G license has been granted for a period of 15 years, till the 1 of July 2027. The 800 MHz license was acquired in
November 2013 and is valid for a period of 20 years.
In the auction launched in 2022 on the primary phase, Orange Belgium won a total of 200 MHz of frequencies on the 700 MHz, 900
MHz, 1800 MHz, 2100 MHz and 3600 MHz bands. In the secondary phase of the auction, Orange Belgium won 30 MHz of
frequencies in the 1400 MHz band. The rights to use the 700 MHz and 3600 MHz bands started on 1 September 2022 for respectively
20 years and 17 years and 8 months.) The rights of use for the 900, 1800, 2100 MHz bands will begin on 1 January 2023 for a period
of 20 years. For 1400 MHz, the availability for use will start on 1 July 2023 for a period of 20 years.
The useful life of acquired and internally generated software is 5 years (network software) or 4 years (non-network software) and
their amortization starts when the software is ready for use.
The fair value of the customer relationships acquired in a business combination is determined using the multi-period excess earnings
method and is amortised over a useful life ranging from 10 till 20 years.
The amortization period and amortization method for an intangible asset with a finite useful life are reviewed at least at each financial
year-end. Any change in the useful life or in the expected pattern of consumption of the future economic benefits embodied in the
asset, is accounted for prospectively as a change in an accounting estimate. The changes in useful life on intangible assets
recognized during the year are determined on individual asset basis. Obsolescence, dismantling or losses are also considered in the
exercise.
Amortization costs are recorded in the income statement under the heading \u201cDepreciation and amortization of other intangible assets
and property, plant and equipment\u201d.
Research costs are expensed as incurred. Development expenditure on an individual project is recognized as an intangible asset
when the Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale,
its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability
of resources to complete the asset and the ability to measure reliably the expenditure during development.
Following initial recognition of the development expenditure as an asset, the cost model is applied requiring the asset to be carried
at cost less any accumulated amortization and accumulated impairment losses. Amortization of the asset begins when development
is complete and the asset is available for use. It is amortized over the period of expected future benefit. During the period of
development, the asset is tested for impairment annually.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00352": { "value": "Goodwill is not amortized but tested for impairment at least annually or more frequently when there is an indication that it may be
impaired. Therefore, the evolution of general economic and financial trends, the different levels of resilience of the telecommunication
operators with respect to the decline of local economic environments, the changes in the market capitalization values of
telecommunication companies, as well as actual economic performance compared to market expectations represent external
indicators that are analyzed by the Group, together with internal performance indicators, in order to assess whether an impairment
test should be performed more than once a year.
IAS 36 requires these tests to be performed at the level of each Cash Generating Unit (CGU) or groups of CGUs likely to benefit from
acquisition-related synergies. To determine whether an impairment loss should be recognized, the carrying value of the assets and
liabilities of the CGUs or groups of CGUs is compared to the recoverable amount. The recoverable amount of a CGU is its value in
use.
Value in use is the present value of the future cash flows expected to be derived from the CGUs. Cash flow projections are based
on economic and regulatory assumptions, license renewal assumptions and forecast trading conditions drawn up by the Group\u2019s
management, as follows:
-
cash flow projections are based on five-year business plans;
-
cash flow projections beyond that timeframe may be extrapolated by applying a declining or flat growth rate over the next two
years (for some CGUs), followed by a growth rate to perpetuity reflecting the expected long-term growth in the market;
-
the cash flows obtained are discounted using appropriate rates for the type of business and the countries concerned.
Carrying values of CGUs tested include goodwill, intangible assets with indefinite useful life arising from business combinations and
assets with finite useful life (property, plant and equipment, intangible assets and net working capital, including intragroup balances).
Net book values are disclosed at the level of the CGUs and groups of CGUs, i.e. including accounting items related to transactions
with other CGUs and groups of CGUs.
For a CGU partially owned by the Group, when it includes a portion relating to non-controlling interests, the impairment loss is
allocated between the owners of the parent and the non-controlling interests on the same basis as that on which profit or loss is
allocated (i.e. ownership interest).
Impairment loss for goodwill is accounted for in the income statement and is never subsequently reversed.
The values in use of the businesses, which are most of the recoverable amounts and which support the book values of long-term
assets, are sensitive to the valuation method and the assumptions used in the models. They are also sensitive to any change in the
business environment that is different from the assumptions used. The Company recognizes assets as impaired if events or
circumstances occur that involve material adverse changes of a permanent nature affecting the economic climate or the assumptions
and targets used at the time of the acquisition. New events or adverse circumstances could conduct the Company to review the
present value of its assets and to recognize further substantial impairment losses that could have an adverse effect on its results.
Impairment test on the goodwill allocated to the segment \u201cBelgium\u201d is performed at least at the end of each financial year to assess
whether its carrying amount does not exceed its recoverable amount. Estimating the fair value less costs to sell will take into account
the Company\u2019s share price as quoted on the stock exchange.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00354": { "value": "Impairment loss for goodwill is accounted for in the income statement and is never subsequently reversed.
The values in use of the businesses, which are most of the recoverable amounts and which support the book values of long-term
assets, are sensitive to the valuation method and the assumptions used in the models. They are also sensitive to any change in the
business environment that is different from the assumptions used. The Company recognizes assets as impaired if events or
circumstances occur that involve material adverse changes of a permanent nature affecting the economic climate or the assumptions
and targets used at the time of the acquisition. New events or adverse circumstances could conduct the Company to review the
present value of its assets and to recognize further substantial impairment losses that could have an adverse effect on its results.
Impairment test on the goodwill allocated to the segment \u201cBelgium\u201d is performed at least at the end of each financial year to assess
whether its carrying amount does not exceed its recoverable amount. Estimating the fair value less costs to sell will take into account
the Company\u2019s share price as quoted on the stock exchange.Impairment of tangible and intangible items other than goodwill
The Group assesses at each balance sheet date whether there is an indication that an asset may be impaired. If any such indication
exists, or when annual impairment testing for an asset is required, the Company makes an estimate of the asset's recoverable
amount. An asset's recoverable amount is the higher of an asset's or cash-generating unit's fair value less costs to sell and its value
in use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of
those from other assets or groups of assets. Where the carrying amount of an asset exceeds its recoverable amount, the asset is
considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are
discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money
and the risks specific to the asset. Impairment losses are recognized in the income statement in the operating expenses under the
heading \u201cImpairment of fixed assets\u201d which also includes the losses on material never deployed on sites, IT project never put in
service, site civil works never finally deployed.
For assets excluding goodwill, an assessment is made at each reporting date as to whether there is any indication that previously
recognized impairment losses may no longer exist or may have decreased. If such indication exists, the Group estimates the asset's
or cash-generating unit's recoverable amount. A previously recognized impairment loss is reversed only if there has been a change
in the assumptions used to determine the asset's recoverable amount since the last impairment loss was recognized. The reversal
is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that
would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal
is recognized in the income statement unless the asset is carried at revalued amount, in which case the reversal is treated as a
revaluation increase.Impairment of financial assets
In accordance with the requirements of IFRS 9, the impairment of trade receivables is based on three methods:
-
a collective statistical method: this is based on historical losses and leads to a separate impairment rate for each aging balance
category. This analysis is performed over a homogeneous group of receivables with similar credit characteristics because they
belong to a customer category;
-
a stand-alone method: the assessment of impairment probability and its amount are based on a set of relevant qualitative
factors (aging payment, other balances with the counterparty, rating from independent agencies, geographical area).
-
A provisioning method based on expected loss: IFRS 9 requires recognition of expected losses on receivables immediately
upon recognition of the financial instruments. In addition to the pre-existing provisioning system, the Group applies a simplified
approach of early impairment at the time the asset is recognized. The rate applied depends on the maximum revenue non-
recoverability rate.
Recognition of impairment losses for a group of receivables is the step preceding identification of impairment losses on individual
receivables. As soon as information is available (customers in bankruptcy or subject to court-ordered liquidation), these receivables
are then excluded from the statistical impairment database and individually impaired.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00359": { "value": "Impairment loss for goodwill is accounted for in the income statement and is never subsequently reversed.
The values in use of the businesses, which are most of the recoverable amounts and which support the book values of long-term
assets, are sensitive to the valuation method and the assumptions used in the models. They are also sensitive to any change in the
business environment that is different from the assumptions used. The Company recognizes assets as impaired if events or
circumstances occur that involve material adverse changes of a permanent nature affecting the economic climate or the assumptions
and targets used at the time of the acquisition. New events or adverse circumstances could conduct the Company to review the
present value of its assets and to recognize further substantial impairment losses that could have an adverse effect on its results.
Impairment test on the goodwill allocated to the segment \u201cBelgium\u201d is performed at least at the end of each financial year to assess
whether its carrying amount does not exceed its recoverable amount. Estimating the fair value less costs to sell will take into account
the Company\u2019s share price as quoted on the stock exchange.Impairment of tangible and intangible items other than goodwill
The Group assesses at each balance sheet date whether there is an indication that an asset may be impaired. If any such indication
exists, or when annual impairment testing for an asset is required, the Company makes an estimate of the asset's recoverable
amount. An asset's recoverable amount is the higher of an asset's or cash-generating unit's fair value less costs to sell and its value
in use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of
those from other assets or groups of assets. Where the carrying amount of an asset exceeds its recoverable amount, the asset is
considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are
discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money
and the risks specific to the asset. Impairment losses are recognized in the income statement in the operating expenses under the
heading \u201cImpairment of fixed assets\u201d which also includes the losses on material never deployed on sites, IT project never put in
service, site civil works never finally deployed.
For assets excluding goodwill, an assessment is made at each reporting date as to whether there is any indication that previously
recognized impairment losses may no longer exist or may have decreased. If such indication exists, the Group estimates the asset's
or cash-generating unit's recoverable amount. A previously recognized impairment loss is reversed only if there has been a change
in the assumptions used to determine the asset's recoverable amount since the last impairment loss was recognized. The reversal
is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that
would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal
is recognized in the income statement unless the asset is carried at revalued amount, in which case the reversal is treated as a
revaluation increase.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00355": { "value": "Intangible assets
This asset category includes intangible assets with a finite useful life such as the cost of the telecommunication licenses, the cost
of network design and development, the cost of purchased and internally generated software.
Intangible assets are measured on initial recognition at cost. The cost includes the purchase price, import duties, non-refundable
purchase taxes, after deduction of trade discounts and rebates, and any directly attributable costs of preparing the asset for its
intended use, i.e. costs of employee benefits, professional fees and testing costs.
When an acquisition of intangible assets includes a long-term payment plan of fixed amounts (meaning, predictable based on
calculation criteria which are not under the control of the entity (no variability depending on the activity) with a certain obligation of
payment (expected future minimum payment), the discounted value of the fix amounts over the plan are included in the acquisition
costs. This has been the case for the licenses acquired in 2022 for which the structure of the license fees payable over the lifetime
of the licenses includes amounts that are eligible to such a qualification. Consequently, licenses acquired in 2022 have been
capitalized as such:
-
One off amount paid at the time the license becomes available for use
-
Net present value of the yearly fixed amounts of spectrum fees to be paid over the license period. A corresponding liability has
been recorded in current and non-current fixed assets payable. This net present value corresponds to the discounted value of
the fixed amounts of spectrum fee payable over the license period at the discount rate prevailing at the moment of the
calculation over the maturity of the debt. As from the booking of the debt, unwinding based on the original discount rate will be
recorded in financial expenses and annual payments will be applied against the debt itself.
After initial recognition, intangible assets are carried at cost less any accumulated amortization and impairment losses. The residual
value of intangible assets is assumed to be zero unless the conditions provided for by IAS 38 are met.
Intangible assets are amortized over the useful life and assessed for impairment whenever there is an indication that the intangible
asset may be impaired.
The depreciable amount of an intangible asset with a finite useful life is allocated on a linear basis over its useful life. The amortization
of the mobile licenses starts when they are ready to operate.
Amortization of the licenses should start when the asset is available for use, i.e. when it is in the location and technical condition
necessary for it to be capable of operating in the manner intended by the management, even if the asset is actually not being used.
The license will be available for use when the first geographical zone will be declared \u201cready to launch\u201d by the technical team. The
full amount will be amortized on a straight-line basis over its remaining useful life of that date.
The GSM and UMTS licenses have been granted for a period of 15 years (originally) and 20 years respectively.
In 2011, the 4G license has been granted for a period of 15 years, till the 1 of July 2027. The 800 MHz license was acquired in
November 2013 and is valid for a period of 20 years.
In the auction launched in 2022 on the primary phase, Orange Belgium won a total of 200 MHz of frequencies on the 700 MHz, 900
MHz, 1800 MHz, 2100 MHz and 3600 MHz bands. In the secondary phase of the auction, Orange Belgium won 30 MHz of
frequencies in the 1400 MHz band. The rights to use the 700 MHz and 3600 MHz bands started on 1 September 2022 for respectively
20 years and 17 years and 8 months.) The rights of use for the 900, 1800, 2100 MHz bands will begin on 1 January 2023 for a period
of 20 years. For 1400 MHz, the availability for use will start on 1 July 2023 for a period of 20 years.
The useful life of acquired and internally generated software is 5 years (network software) or 4 years (non-network software) and
their amortization starts when the software is ready for use.
The fair value of the customer relationships acquired in a business combination is determined using the multi-period excess earnings
method and is amortised over a useful life ranging from 10 till 20 years.
The amortization period and amortization method for an intangible asset with a finite useful life are reviewed at least at each financial
year-end. Any change in the useful life or in the expected pattern of consumption of the future economic benefits embodied in the
asset, is accounted for prospectively as a change in an accounting estimate. The changes in useful life on intangible assets
recognized during the year are determined on individual asset basis. Obsolescence, dismantling or losses are also considered in the
exercise.
Amortization costs are recorded in the income statement under the heading \u201cDepreciation and amortization of other intangible assets
and property, plant and equipment\u201d.
Research costs are expensed as incurred. Development expenditure on an individual project is recognized as an intangible asset
when the Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale,
its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability
of resources to complete the asset and the ability to measure reliably the expenditure during development.
Following initial recognition of the development expenditure as an asset, the cost model is applied requiring the asset to be carried
at cost less any accumulated amortization and accumulated impairment losses. Amortization of the asset begins when development
is complete and the asset is available for use. It is amortized over the period of expected future benefit. During the period of
development, the asset is tested for impairment annually.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00356": { "value": "The depreciable amount of an intangible asset with a finite useful life is allocated on a linear basis over its useful life. The amortization
of the mobile licenses starts when they are ready to operate.
Amortization of the licenses should start when the asset is available for use, i.e. when it is in the location and technical condition
necessary for it to be capable of operating in the manner intended by the management, even if the asset is actually not being used.
The license will be available for use when the first geographical zone will be declared \u201cready to launch\u201d by the technical team. The
full amount will be amortized on a straight-line basis over its remaining useful life of that date.The depreciable amount of a tangible asset is allocated on a systematic and linear basis over its useful life. The depreciation of a
tangible asset starts when it is ready to operate as intended.
The useful life of each category of tangible assets has been determined as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
-
Building
20 years
-
Pylons and network constructions
20 years
-
Optical fiber
15 years
-
Network equipment
5-10 years
-
Messaging equipment
5 years
-
IT servers
5 years
-
Personal computers
4 years
-
Office furniture
5-10 years
-
Leasehold improvements
9 years or rental period if shorter
-
Cable equipment/modems & setup boxes
3-4 years
\n
The residual value and the useful life of a tangible asset are reviewed at least at each financial year-end and, if expectations differ
from previous estimates, the changes are accounted for prospectively as a change in an accounting estimate. The changes in useful
life on tangible assets recognized during the year are determined on individual asset basis. Obsolescence, dismantling or losses are
also considered in the exercise.
The costs related to the activation of the cable also includes the costs related to installation work performed at the customer\u2019s
location to install the modem and are amortized over three years, based upon stable historical usage data available within the Orange
Group.
Depreciation costs are recorded in the income statement under the heading \u201cDepreciation and amortization of other intangible assets
and property, plant and equipment\u201d.
An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected from its
use or disposal. Any gain or loss arising on de-recognition of the asset is included in the income statement in the year the asset is
derecognized.
Accelerated depreciation is the depreciation of fixed assets at a faster rate early in their useful lives and is mainly used at the
Company when management decides to take assets out of service early (ex. dismantling of technical sites). The net book value of
that asset will then be depreciated over the remaining period (of service).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00357": { "value": "Property, plant and equipment
The following items of property, plant and equipment are classified under the tangible assets category: building, network
infrastructure and equipment, IT servers and personal computers, office furniture, leasehold improvements, equipment leased to
customers.
Upon recognition, tangible assets are measured at cost. The cost includes the purchase price, import duties and non-refundable
purchase taxes, after deduction of trade discounts and rebates, and any costs directly attributable to bringing the asset to the
location and condition for it to be capable of operating in the expected manner. The cost of replacing part of an item of property,
plant and equipment is recognized as an asset when incurred and if the recognition criteria are met. All other repair and maintenance
costs are recognized in profit or loss as incurred. The cost also includes the estimated cost to dismantle the network sites and to
refurbish the rented premises when such obligation exists.
The costs related to the installation & activation of the cable and that are directly attributable to bring the asset into working condition
for its intended use, are recognized as an asset.
After initial recognition, tangible assets are measured at cost less any accumulated depreciation and impairment losses.
The depreciable amount of a tangible asset is allocated on a systematic and linear basis over its useful life. The depreciation of a
tangible asset starts when it is ready to operate as intended.
The useful life of each category of tangible assets has been determined as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
-
Building
20 years
-
Pylons and network constructions
20 years
-
Optical fiber
15 years
-
Network equipment
5-10 years
-
Messaging equipment
5 years
-
IT servers
5 years
-
Personal computers
4 years
-
Office furniture
5-10 years
-
Leasehold improvements
9 years or rental period if shorter
-
Cable equipment/modems & setup boxes
3-4 years
\n
The residual value and the useful life of a tangible asset are reviewed at least at each financial year-end and, if expectations differ
from previous estimates, the changes are accounted for prospectively as a change in an accounting estimate. The changes in useful
life on tangible assets recognized during the year are determined on individual asset basis. Obsolescence, dismantling or losses are
also considered in the exercise.
The costs related to the activation of the cable also includes the costs related to installation work performed at the customer\u2019s
location to install the modem and are amortized over three years, based upon stable historical usage data available within the Orange
Group.
Depreciation costs are recorded in the income statement under the heading \u201cDepreciation and amortization of other intangible assets
and property, plant and equipment\u201d.
An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected from its
use or disposal. Any gain or loss arising on de-recognition of the asset is included in the income statement in the year the asset is
derecognized.
Accelerated depreciation is the depreciation of fixed assets at a faster rate early in their useful lives and is mainly used at the
Company when management decides to take assets out of service early (ex. dismantling of technical sites). The net book value of
that asset will then be depreciated over the remaining period (of service).
The asset retirement obligation (ARO) relating to the network sites is measured based on the known term of sites rental contracts,
assuming a high probability of renewal upon each renewal date and considering that the entire sites park will be dismantled in the
future. The dismantling asset is measured by using appropriate inflation and discount rates.
The Group is required to dismantle technical equipment and restore technical sites.
When the obligation arises, a dismantlement asset is recognized in compensation for the dismantling provision.
The provision is based on dismantling costs (on a per-site basis) incurred by the Group to meet its environmental commitments over
the asset dismantling and site restoration planning. The provision is assessed on the basis of the identified costs for the current
fiscal year, extrapolated for future years using the best estimate of the commitment settlement. This estimate is revised annually and
adjusted where appropriate against the asset to which it relates. The provision is present-discounted.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00358": { "value": "The asset retirement obligation (ARO) relating to the network sites is measured based on the known term of sites rental contracts,
assuming a high probability of renewal upon each renewal date and considering that the entire sites park will be dismantled in the
future. The dismantling asset is measured by using appropriate inflation and discount rates.
The Group is required to dismantle technical equipment and restore technical sites.
When the obligation arises, a dismantlement asset is recognized in compensation for the dismantling provision.
The provision is based on dismantling costs (on a per-site basis) incurred by the Group to meet its environmental commitments over
the asset dismantling and site restoration planning. The provision is assessed on the basis of the identified costs for the current
fiscal year, extrapolated for future years using the best estimate of the commitment settlement. This estimate is revised annually and
adjusted where appropriate against the asset to which it relates. The provision is present-discounted.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00360": { "value": "Borrowing costs
Borrowing costs are capitalized after 1 January 2009. Evaluation of the need to capitalize borrowing costs is made at project level.
Up to end of 2008, borrowing costs were recognized as an expense in the period in which they occurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00361": { "value": "Government grants
A government grant is recognized when there is a reasonable assurance that the grant will be received, and the conditions attached
to them are complied with.
When the grant relates to an expense item, it is recognized as income over the period necessary to match on a systematic basis to
the costs that it is intended to compensate.
Where the grant relates to an asset, the fair value is credited to the carrying amount of the asset and is released to the income
statement over the expected useful life of the relevant asset by equal annual instalments.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00362": { "value": "Current income taxes
Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered
from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or
substantively enacted by the balance sheet date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00363": { "value": "Deferred income tax
Deferred income tax is provided using the liability method on temporary differences at the balance sheet date between the tax basis
of assets and liabilities and their carrying amounts for financial reporting purposes.
Deferred income tax liabilities are recognized for all taxable temporary differences, except:
-
where the deferred income tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction
that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or
loss; and
-
in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint
ventures, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary
differences will not reverse in the foreseeable future.
Deferred tax assets are recognized for all deductible temporary differences, carry forward of unused tax credits and unused tax
losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and
the carry forward of unused tax credits and unused tax losses can be utilized except:
-
where the deferred income tax asset relating to the deductible temporary difference arises from the initial recognition of an
asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the
accounting profit nor taxable profit or loss; and
-
in respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint
ventures, deferred income tax assets are recognized only to the extent that it is probable that the temporary differences will
reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized.
The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no
longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized.
Unrecognized deferred income tax assets are reassessed at each balance sheet date and are recognized to the extent that it has
become probable that future taxable profit will allow the deferred tax asset to be recovered.
Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is
realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance
sheet date.
Deferred income tax assets and deferred income tax liabilities are offset, if a legally enforceable right exists to set off current tax
assets against current income tax liabilities and the deferred income taxes relate to the same taxable entity and the same taxation
authority.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00364": { "value": "Sales tax
Revenues, expenses and assets are recognized net of the amount of sales tax except:
-
where the sales tax incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case
the sales tax is recognized as part of the acquisition cost of the asset or as part of the expense item as applicable; and
-
receivables and payables that are stated with the amount of sales tax included.
The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in
the balance sheet.
Operational taxes: IFRIC 21
The IFRIC 21 interpretation was adopted by the European Union in the first semester 2014. It defines the obligating event that gives
rise to a liability to pay a levy (as the activity that triggers the levy) and refers to other standards to determine whether the recognized
liability gives rise to an asset or expense.
The Company applies IFRIC 21 in the consolidated financial statements to a limited number of levies whose accounting is modified
by the interpretation: property withholding tax, tax on office space, tax on class 1/2/3 sites (hazardous and/or insalubrious sites),
sites tax and taxes on advertising boards, panels, etc.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00365": { "value": "Inventories
Inventories are assets held for sale in the ordinary course of business, i.e. handsets and accessories.
Inventories are measured at the lower of cost and net realizable value. The cost of inventories comprises all costs of purchase, cost
of conversion and other costs incurred in bringing the inventories to their present location and condition. The measurement of our
inventories is determined by the weighted average method. The weighted average unit cost is the total amount that has been paid
for the inventory divided by the number of units in the inventory. Net realizable value is the estimated selling price in the ordinary
course of business, less estimated costs of completion and the estimated costs necessary to make the sale.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00366": { "value": "Cash and cash equivalents
Cash and cash equivalents include cash on hand and cash deposits with a maximum term of 3 months. Cash and cash equivalents
held with financial institutions are measured at nominal value. Banks and intercompany cash pooling overdrafts are classified as
short-term financial liabilities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00367": { "value": "Own shares (liquidity contract)
The purchase of own (Orange Belgium) shares or obligations in the framework of a liquidity contract are accounted for as a deduction
from equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00368": { "value": "Long-term provisions
Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable
that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be
made of the amount of the obligation.
Where the Company expects some or all of the provision to be reimbursed, the reimbursement is recognized as a separate asset
but only when the reimbursement is virtually certain. The expense relating to any provision is presented in the income statement net
of any reimbursement.
If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, where
appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is
recognized as a borrowing cost.
The estimate of the dismantling costs regarding the network sites and of the refurbishment costs related to the rented premises is
recognized as an item of tangible asset. This estimate is also recognized as a provision that is measured by using appropriate
inflation and discount rates.
Employee benefits
Short-term employee benefits, such as wages, salaries, social security contributions, paid annual leave, profit-sharing and bonuses,
medical care, company cars and others are recognized during the period in which the service has been rendered by the employee.
Short-term employee benefits are shown as liabilities as a result of a legal or constructive present obligation and when a reliable
estimate of such liabilities can be made.
As a consequence of the law of 18 December 2015, minimum returns are guaranteed by the employer as follows:
-
for the contributions paid as from 1 January 2016, a new variable minimum return based on OLO rates, with a minimum of
1.75% and a maximum of 3.75%. In view of the low rates of the OLO in the last years, the return has been initially set to 1.75%;
-
for the contributions paid until end December 2015, the previously applicable legal returns (3.25% and 3.75% respectively on
the employer and employee contributions) continue to apply until retirement date of the participants.
In view of the minimum returns guarantees, those plans qualify as Defined Benefit plans.
To ensure that the defined contribution pension plan in force guarantees its participants the minimum return required by law at the
date of departure regarding the access, the Company ordered a complete actuarial computation under the PUC method without
projection of future contributions.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00369": { "value": "Employee benefits
Short-term employee benefits, such as wages, salaries, social security contributions, paid annual leave, profit-sharing and bonuses,
medical care, company cars and others are recognized during the period in which the service has been rendered by the employee.
Short-term employee benefits are shown as liabilities as a result of a legal or constructive present obligation and when a reliable
estimate of such liabilities can be made.
As a consequence of the law of 18 December 2015, minimum returns are guaranteed by the employer as follows:
-
for the contributions paid as from 1 January 2016, a new variable minimum return based on OLO rates, with a minimum of
1.75% and a maximum of 3.75%. In view of the low rates of the OLO in the last years, the return has been initially set to 1.75%;
-
for the contributions paid until end December 2015, the previously applicable legal returns (3.25% and 3.75% respectively on
the employer and employee contributions) continue to apply until retirement date of the participants.
In view of the minimum returns guarantees, those plans qualify as Defined Benefit plans.
To ensure that the defined contribution pension plan in force guarantees its participants the minimum return required by law at the
date of departure regarding the access, the Company ordered a complete actuarial computation under the PUC method without
projection of future contributions.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00370": { "value": "Leases
The Company classifies as a lease, a contract that conveys to the lessee the right to control the use of an identified asset for a given
period, including a service contract if it contains a lease component.
The Company has defined four major lease contract categories:
-
Land and buildings: these contracts mainly concern commercial (point of sale) or service activity (offices and head office) leases,
as well as leases of technical buildings not owned by the Group. Real estate leases entered into in Belgium generally have long
terms (between 7 and 11 years).
-
Networks and terminals: the Group is required to lease a certain number of assets in connection with its mobile activities. This
is notably the case of lands to be used to install antennas, mobile sites leased from a third-party operator and certain
\u201cTowerCos\u201d contracts (companies operating telecom towers). Leases are also entered into as part of fixed wireline access
network activities.
-
IT (& network) equipment: this asset category primarily comprises leases of servers and hosting space in datacenters.
-
Other: this asset category primarily comprises leases of vehicles.
There are no real relevant differences in the four categories in the context of IFRS 16, the rules and calculation methods are identical.
Leases are recognized in the consolidated statement of financial position via an asset reflecting the right to use the leased assets
and a liability reflecting the related lease obligations. In the consolidated income statement, amortization and depreciation of the
right-of-use asset is presented separately from the interest expense on the lease liability. In the consolidated statement of cash
flows, cash outflows relating to interest impact operating flows, while repayments of the lease liability impact financing flows.
Finally, the Company applies the following authorized practical expedients:
-
Exclusion of leases with a residual term expiring within 12 months of the first application data. This practical expedient is applied
for all contracts, including those with a tacit renewal clause at the transition date. In applying this practical expedient, the Group
calls on its judgment and experience gained in the previous years to determine whether it is reasonably certain to exercise a
renewal option, taking account of the relevant facts and circumstances.
-
Exclusion of leases of assets with a replacement value of less than approximately 5,000 euros;
-
Exclusion of initial direct costs from the measurement of the right-of-use asset at the date of first-time application; and
-
The inclusion in the opening balance sheet of provisions for onerous contracts measured as of 31 December 2018 pursuant to
IAS 37, as an alternative to impairment testing of right-of-use assets in the opening balance sheet.
a.
Accounting policies Lease Liabilities:
The Company recognizes a liability (i.e. a lease liability) at the date the underlying asset is made available. This lease liability is equal
to the present value of fixed and fixed in-substance payments not paid at that date, plus any amounts that Orange is reasonably
certain to pay at the end of the lease, such as the exercise price of a purchase option (where it is reasonably certain to be exercised),
or penalties payable to the lessor for terminating the lease (where the termination option is reasonably certain to be exercised).
The Company only takes into account the lease component of lease when measuring the lease liability. For certain asset classes
where the lease includes service and lease components, the Group may recognize a single contract classified as a lease (i.e. without
distinction between the service and lease component).
Orange systematically determines the lease term as the period during which leases cannot be canceled, plus periods covered by
any extension options that the lessee is reasonably certain to exercise and by any termination options that the lessee is reasonably
certain not to exercise.
For open-ended leases, the Company generally adopts the notice period as the enforceable period. The Group nonetheless
assesses, based on the circumstances of each lease, the enforceable period taking account of certain indicators such as the
existence of non-insignificant penalties in the event of termination by the lessee. The Group considers in particular the economic
importance of the leased asset when determining this enforceable period.
For each contract, the Company applies a discount rate determined based on the loan yield specific to each contract, according to
its term plus the Group's credit spread if the interest rate can\u2019t be readily determined from the contract.
In order to determine the loan yield specific to each contract, the Company applies the following method:
-
Determination of a risk-free rate curve according to the currency and maturity based on government bond yields.
-
Application of the Company\u2019s credit spread according to the currency and maturity.
-
Selection of the applicable rate for each lease contract, corresponding to the average maturity of the contract.
After the lease commencement date, the amount of the lease liability may be reassessed to reflect changes introduced in the
following main cases:
-
A change in term resulting from a contract amendment or a change in assessment of the reasonable certainty that a renewal
option will be exercised, or a termination option will not be exercised;
-
a change in the amount of lease payments, for example following application of a new index or rate in the case of variable
payments; and
-
any other contractual change, for example a change to the scope of the lease or the underlying asset.
b.
Accounting policies ROU assets:
A right-of use is recognized as an asset, with a corresponding lease liability. The right-of-use asset is equal to the amount of the
lease liability at inception.
Work performed by the lessee and modifications to the leased asset, as well as guarantee deposits, are not components of the right-
of-use asset and are recognized in accordance with other standards.
Finally, the right-of-use asset is depreciated in the consolidated income statement on a straight-line basis over the lease term
adopted by the Group.
c.
Accounting policies Identified assets:
-
In certain circumstances, the Company rents a space to set up an antenna. Most often, the space is a piece of land or a part
of a rooftop or balcony etc.\u2026 The identified asset is the part of land which is rented per the terms of the lease contract. In most
circumstances, the lease contract does not allow the owner of the space to substitute it by another one. Consequently, the
contracts most often do not include a substitution right to the owner. All benefits from use of the part of the land rented are
obtained by the Company. In certain circumstances, the Company rents a space on the tower and/or in the shelter from a third-
party operator. This space can be defined as a dedicated space, volume or payload in the contract. The contract conveys the
right to use an identified asset. The space in the tower and granted by the third-party operator is physically identifiable. Even in
the case the space would not be explicitly specified in the contract, it will become identified at the time the spot is made
available for the Company to install its equipment. When the contract allows the owner of the tower to substitute the space
which is initially rented by the Company, this right either is generally exercisable only in very specific cases (security, heightening
of the tower\u2026) which cannot be anticipated at the beginning of the contract, or is subject to the pre-approval of Orange.
Consequently, this substitution right is deemed not substantive for the supplier. All the economic benefits from use of the space
are obtained by the Company.
-
Fixed wireline: these leases mainly concern access to the local loop where Orange is a market challenger (total or partial
unbundling), as well as the lease of land transmission cables.
-
Regarding the access to the local loop, the identified asset is the dedicated pair of copper wires installed from the telephone
exchange / central office to the customer's premises. In most cases, the purchase order forms explicitly mention the specific
pair of copper wires related to Orange. Even if the pair of copper wires is not explicitly specified in the purchase order form, it
will become identified when the subscriber\u2019s access is granted to Orange by the incumbent. Then Orange is able to connect
the pair of copper wires from its own DSLAM to the customer premises set-top box. The full unbundling contracts do not permit
any substitution right. All the economic benefits from the use of the dedicated pairs of copper are obtained by Orange. Indeed,
Orange has the exclusive use of the dedicated pair of copper wires to deliver retail telecommunication services (voice and
broadband) to its final customer in exchange for a subscription fee, which is determined by Orange.
However, as this is not material (only 10 lines are still in use representing a total yearly cost of approximately 2,000 euros) for the
Company, these contracts are not part of the IFRS16 calculation.
-
Regarding the lease of land transmission cables, the Company lease either a specific cable or a capacity portion of a cable.
o
In some cases, the supplier grants the Company the use of an identified and fully dedicated cable (for example dark fiber
cable) for a determined period. The Company is responsible for directing and operating the dark fiber with its own active
network equipment and resources. The identified asset is the dedicated dark fiber installed by the supplier from a point A
to a point B. In most cases, the contracts or the purchase order forms explicitly mention the specific dark fiber involved
(usually described by an identification number). Even in the case where the dark fiber is not explicitly specified in the
purchase order form, it will become identified at the time the access is granted to Orange by the supplier. Then Orange is
able to connect its own active equipment to the dedicated dark fiber. Unless a substantive substitution right is properly
identified in a contract, Orange considers that the dedicated dark fibers are identified assets. Furthermore, all the economic
benefits from the use of the dedicated dark fiber are obtained by Orange. Indeed, Orange has the exclusive use of the
dedicated fiber cable used for core network operations purposes.
o
In some cases, the supplier grants the Company a high-speed access link connecting two geographic points for a
determined transmission capacity and period. The supplier is responsible for directing and operating the lines and their
maintenance with its own active network equipment and resources. This form of capacity arrangement does not convey
the right to use an identified asset. This form of leased lines arrangement (capacity arrangement) only conveys to Orange
a right to access a capacity (i.e. a quantity) as mentioned in the offers. This kind of agreement does not fall within the
scope of IFRS 16.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00371": { "value": "Loyalty commissions Loyalty commissions earned by the distribution channels on post-paid contracts are recognized upfront upon contract subscription.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00372": { "value": "Financial discounts
Financial discounts granted to customers or received from suppliers for early payments are deducted from revenue and costs of
sales as incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00373": { "value": "Dividend
A dividend declared by the General Assembly of the shareholders after the balance sheet date is not recognized as a liability at that
date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00374": { "value": "TV content contracts
Expenses related to acquired TV distribution rights are recognized in the profit and loss statement as incurred and not capitalized
as intangible asset and consequently amortized over the term of the contract. The Company believes that it only acquires the
distribution right to air a certain channel and has no view or influence on future scheduling and content. As such, there is only a
limited ability to predict significant audiences or revenues from future airings, which implies that the acquired TV distribution rights
do not meet the requirements to be recognized as an intangible asset under IAS 38.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00375": { "value": "Segment reporting
Decisions on allocation of resources and operating segments\u2019 performance assessment of Group components are made by the
Chief Executive Officer (main operational decision-maker) at operating segments\u2019 level, mainly composed by geographical locations.
Thus, the operating segments are:
-
Belgium; and
-
Luxembourg.
The use of shared resources is taken into account in segmental results based either on contractual agreements terms between legal
entities, or external benchmarks, or by allocating costs among all segments. The supply of shared resources is included in other
revenues of the service provider, and the use of the resources is included in expenses taken into account for the calculation of the
service user\u2019s EBITDAaL (as from accounting year 2019). The cost of shared resources may be affected by changes in contractual
relationships or organization and may therefore impact the segment results disclosed from one year to another. Segment profit or
loss, segment assets and segment liabilities for each reportable segment are presented on the basis of the same accounting
principles applied for the presentation of the company\u2019s financial statements", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00377": { "value": "Financial instruments
IFRS 9 comprises three phases: classification and measurement of financial assets and liabilities, impairment of financial assets and
hedge accounting.
Classification and measurement of financial assets and liabilities
The classification proposed by IFRS 9 determines the way assets are recognized and measured. The financial asset classification
depends on the combination of the following two criteria:
-
the Group\u2019s business model for managing financial assets; and
-
the contractual cash flow characteristics of the financial asset (whether or not solely payments of principal and interest).
Based on the combined analysis of these two criteria, IFRS 9 identifies three business models:
-
Financial assets measured at fair value through profit or loss (FVR)
Certain investment securities which are not consolidated or equity-accounted, and cash investments such as negotiable debt
securities and deposits, that are compliant with the Group\u2019s risk management policy or investment strategy, may be designated by
Orange as being recognized at fair value through profit or loss. These assets are recognized at fair value at inception and
subsequently. All changes in fair value are recorded in net financial expenses.
-
Financial assets measured at fair value through other comprehensive income that may be reclassified (or not) to profit or loss
(FVOCI)
Investment securities which are not consolidated or equity-accounted are, subject to exceptions, recognized as assets at fair
value through other comprehensive income that may not be reclassified to profit/loss. They are recognized at fair value at
inception and subsequently. Temporary changes in value and gains (losses) on disposals are recorded in other comprehensive
income that may not be reclassified to profit/loss.
-
Financial assets measured at amortized cost (AC)
This category mainly includes loans and receivables. These instruments are recognized at fair value at inception and are
subsequently measured at amortized cost using the effective interest method. The group always measures the loss allowance for
trade receivables at an amount equal to lifetime expected credit loss. The expected credit losses on trade receivables are estimated
using a provision matrix by reference to past default experience of the debtor and an analysis of the debtor\u2019s current financial
position, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors
operate and an assessment of both the current as well as the forecast direction of conditions at the reporting date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00376": { "value": "Financial instruments
IFRS 9 comprises three phases: classification and measurement of financial assets and liabilities, impairment of financial assets and
hedge accounting.
Classification and measurement of financial assets and liabilities
The classification proposed by IFRS 9 determines the way assets are recognized and measured. The financial asset classification
depends on the combination of the following two criteria:
-
the Group\u2019s business model for managing financial assets; and
-
the contractual cash flow characteristics of the financial asset (whether or not solely payments of principal and interest).
Based on the combined analysis of these two criteria, IFRS 9 identifies three business models:
-
Financial assets measured at fair value through profit or loss (FVR)
Certain investment securities which are not consolidated or equity-accounted, and cash investments such as negotiable debt
securities and deposits, that are compliant with the Group\u2019s risk management policy or investment strategy, may be designated by
Orange as being recognized at fair value through profit or loss. These assets are recognized at fair value at inception and
subsequently. All changes in fair value are recorded in net financial expenses.
-
Financial assets measured at fair value through other comprehensive income that may be reclassified (or not) to profit or loss
(FVOCI)
Investment securities which are not consolidated or equity-accounted are, subject to exceptions, recognized as assets at fair
value through other comprehensive income that may not be reclassified to profit/loss. They are recognized at fair value at
inception and subsequently. Temporary changes in value and gains (losses) on disposals are recorded in other comprehensive
income that may not be reclassified to profit/loss.
-
Financial assets measured at amortized cost (AC)
This category mainly includes loans and receivables. These instruments are recognized at fair value at inception and are
subsequently measured at amortized cost using the effective interest method. The group always measures the loss allowance for
trade receivables at an amount equal to lifetime expected credit loss. The expected credit losses on trade receivables are estimated
using a provision matrix by reference to past default experience of the debtor and an analysis of the debtor\u2019s current financial
position, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors
operate and an assessment of both the current as well as the forecast direction of conditions at the reporting date.
Impairment of financial assets
In accordance with the requirements of IFRS 9, the impairment of trade receivables is based on three methods:
-
a collective statistical method: this is based on historical losses and leads to a separate impairment rate for each aging balance
category. This analysis is performed over a homogeneous group of receivables with similar credit characteristics because they
belong to a customer category;
-
a stand-alone method: the assessment of impairment probability and its amount are based on a set of relevant qualitative
factors (aging payment, other balances with the counterparty, rating from independent agencies, geographical area).
-
A provisioning method based on expected loss: IFRS 9 requires recognition of expected losses on receivables immediately
upon recognition of the financial instruments. In addition to the pre-existing provisioning system, the Group applies a simplified
approach of early impairment at the time the asset is recognized. The rate applied depends on the maximum revenue non-
recoverability rate.
Recognition of impairment losses for a group of receivables is the step preceding identification of impairment losses on individual
receivables. As soon as information is available (customers in bankruptcy or subject to court-ordered liquidation), these receivables
are then excluded from the statistical impairment database and individually impaired.
Hedge accounting
Derivative instruments are measured at fair value in the statement of financial position and presented according to their maturity
date, regardless of whether they qualify for hedge accounting under IFRS 9 (hedging instruments versus trading derivatives).
Derivatives are classified as a separate line item in the statement of financial position.
Trading derivatives are economic hedge derivatives not classified as hedges for accounting purposes. Changes in the value of these
instruments are recognized directly in profit or loss.
Hedge accounting is applicable when:
-
At inception of the hedge, there is a formal designation and documentation of the hedging relationship;
-
The effectiveness of the hedge is demonstrated at inception and it is expected to continue in subsequent periods: i.e. at
inception and throughout its duration, the company expects changes in the fair value of the hedged item to be almost fully
offset by change in the fair value of the hedging instrument.
There are three types of hedging accounting:
-
A fair value hedge is a hedge of the exposure to the changes in the fair value of a recognized asset or liability (or an identified
portion of the asset or liability) that are attributable to a particular interest rate and/or currency risk and which could affect profit
or loss. The hedged portion of these items is remeasured at fair value in the statement of financial position. Changes in this fair
value are recognized in the income statement and are offset by symmetrical changes in the fair value of financial hedging
instruments to the extent of the hedge effectiveness;
-
A cash flow hedge is a hedge of exposure to changes in cash flow attributable to a particular interest rate and / or currency risk
associated with a recognized asset or liability or a transaction believed to be highly probable (such as future purchase or sale)
which could affect profit or loss. As the hedged item is not recognized in the statement of financial position, the effective portion
of the change in fair value of the hedging instrument is recognized in other comprehensive income. It is reclassified in profit or
loss when the hedged item (financial asset or liability) affects the profit or loss or in the initial cost of the hedged item when it
relates to the hedge of a non-financial asset acquisition cost;
-
A net investment hedge is a hedge of exposure to changes in value attributable to the foreign exchange risk of a net investment
in a foreign operation, which could affect profit or loss on the disposal of the foreign operation. The effective portion of the net
investment hedge is recorded in other comprehensive income. It is reclassified in profit or loss on disposal of the net investment.
For transactions qualified as fair value hedges and for economic hedges, the foreign exchange impact of changes in the fair value
of derivatives is booked in operating income when the underlying hedged item is a commercial transaction and in finance costs, net
when the underlying hedged item is a financial asset or liability.
Hedge accounting can be terminated when the hedged item is no longer recognized, i.e. when the Group revokes the designation
of the hedging relationship or when the hedging instrument is terminated or exercised. The accounting consequences are as follows:
-
Fair value hedge: at the hedge accounting termination date, the adjustment of the fair value of the liability is amortized using an
effective interest rate recalculated at this date. Should the item hedged disappear, the change in fair value is recognized in the
income statement;
-
Cash flow hedge: amounts recorded in other comprehensive income are immediately reclassified in profit or loss when the
hedged item is no longer recognized. In all other cases, amounts are reclassified in profit or loss, on a straight-line basis,
throughout the remaining life of the original hedging relationship.
In both cases, subsequent changes in the value of the hedging instrument are recorded in profit or loss.
Concerning the effects of the foreign currency basis spread of cross-currency swaps designated as cash flow hedges, the Group
has chosen to designate these as hedging costs. This option enables recognition of these effects in other comprehensive income
and amortization of the cost of the basis spread in profit or loss over the period of the hedge.
Interest-bearing loans and borrowings
Loans and borrowings are initially recognized at the fair value of the consideration received less directly attributable transaction
costs.
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the effective
interest method.
Gains and losses are recognized in income when the liabilities are derecognized as well as through the amortization process.
Trade and other short-term payables
Trade and other short-term payables with no stated interest rate are measured at the original invoice or nominal amount when the
effect of discounting is immaterial.
Offsetting a financial asset and a financial liability
Trade receivables and payables are offset and the net amount is presented on the face of the balance sheet when such amounts
may legally be offset and a clear intention to settle them on a net basis exists.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00388": { "value": "Impairment of financial assets
In accordance with the requirements of IFRS 9, the impairment of trade receivables is based on three methods:
-
a collective statistical method: this is based on historical losses and leads to a separate impairment rate for each aging balance
category. This analysis is performed over a homogeneous group of receivables with similar credit characteristics because they
belong to a customer category;
-
a stand-alone method: the assessment of impairment probability and its amount are based on a set of relevant qualitative
factors (aging payment, other balances with the counterparty, rating from independent agencies, geographical area).
-
A provisioning method based on expected loss: IFRS 9 requires recognition of expected losses on receivables immediately
upon recognition of the financial instruments. In addition to the pre-existing provisioning system, the Group applies a simplified
approach of early impairment at the time the asset is recognized. The rate applied depends on the maximum revenue non-
recoverability rate.
Recognition of impairment losses for a group of receivables is the step preceding identification of impairment losses on individual
receivables. As soon as information is available (customers in bankruptcy or subject to court-ordered liquidation), these receivables
are then excluded from the statistical impairment database and individually impaired.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00391": { "value": "Hedge accounting
Derivative instruments are measured at fair value in the statement of financial position and presented according to their maturity
date, regardless of whether they qualify for hedge accounting under IFRS 9 (hedging instruments versus trading derivatives).
Derivatives are classified as a separate line item in the statement of financial position.
Trading derivatives are economic hedge derivatives not classified as hedges for accounting purposes. Changes in the value of these
instruments are recognized directly in profit or loss.
Hedge accounting is applicable when:
-
At inception of the hedge, there is a formal designation and documentation of the hedging relationship;
-
The effectiveness of the hedge is demonstrated at inception and it is expected to continue in subsequent periods: i.e. at
inception and throughout its duration, the company expects changes in the fair value of the hedged item to be almost fully
offset by change in the fair value of the hedging instrument.
There are three types of hedging accounting:
-
A fair value hedge is a hedge of the exposure to the changes in the fair value of a recognized asset or liability (or an identified
portion of the asset or liability) that are attributable to a particular interest rate and/or currency risk and which could affect profit
or loss. The hedged portion of these items is remeasured at fair value in the statement of financial position. Changes in this fair
value are recognized in the income statement and are offset by symmetrical changes in the fair value of financial hedging
instruments to the extent of the hedge effectiveness;
-
A cash flow hedge is a hedge of exposure to changes in cash flow attributable to a particular interest rate and / or currency risk
associated with a recognized asset or liability or a transaction believed to be highly probable (such as future purchase or sale)
which could affect profit or loss. As the hedged item is not recognized in the statement of financial position, the effective portion
of the change in fair value of the hedging instrument is recognized in other comprehensive income. It is reclassified in profit or
loss when the hedged item (financial asset or liability) affects the profit or loss or in the initial cost of the hedged item when it
relates to the hedge of a non-financial asset acquisition cost;
-
A net investment hedge is a hedge of exposure to changes in value attributable to the foreign exchange risk of a net investment
in a foreign operation, which could affect profit or loss on the disposal of the foreign operation. The effective portion of the net
investment hedge is recorded in other comprehensive income. It is reclassified in profit or loss on disposal of the net investment.
For transactions qualified as fair value hedges and for economic hedges, the foreign exchange impact of changes in the fair value
of derivatives is booked in operating income when the underlying hedged item is a commercial transaction and in finance costs, net
when the underlying hedged item is a financial asset or liability.
Hedge accounting can be terminated when the hedged item is no longer recognized, i.e. when the Group revokes the designation
of the hedging relationship or when the hedging instrument is terminated or exercised. The accounting consequences are as follows:
-
Fair value hedge: at the hedge accounting termination date, the adjustment of the fair value of the liability is amortized using an
effective interest rate recalculated at this date. Should the item hedged disappear, the change in fair value is recognized in the
income statement;
-
Cash flow hedge: amounts recorded in other comprehensive income are immediately reclassified in profit or loss when the
hedged item is no longer recognized. In all other cases, amounts are reclassified in profit or loss, on a straight-line basis,
throughout the remaining life of the original hedging relationship.
In both cases, subsequent changes in the value of the hedging instrument are recorded in profit or loss.
Concerning the effects of the foreign currency basis spread of cross-currency swaps designated as cash flow hedges, the Group
has chosen to designate these as hedging costs. This option enables recognition of these effects in other comprehensive income
and amortization of the cost of the basis spread in profit or loss over the period of the hedge.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00390": { "value": "Hedge accounting
Derivative instruments are measured at fair value in the statement of financial position and presented according to their maturity
date, regardless of whether they qualify for hedge accounting under IFRS 9 (hedging instruments versus trading derivatives).
Derivatives are classified as a separate line item in the statement of financial position.
Trading derivatives are economic hedge derivatives not classified as hedges for accounting purposes. Changes in the value of these
instruments are recognized directly in profit or loss.
Hedge accounting is applicable when:
-
At inception of the hedge, there is a formal designation and documentation of the hedging relationship;
-
The effectiveness of the hedge is demonstrated at inception and it is expected to continue in subsequent periods: i.e. at
inception and throughout its duration, the company expects changes in the fair value of the hedged item to be almost fully
offset by change in the fair value of the hedging instrument.
There are three types of hedging accounting:
-
A fair value hedge is a hedge of the exposure to the changes in the fair value of a recognized asset or liability (or an identified
portion of the asset or liability) that are attributable to a particular interest rate and/or currency risk and which could affect profit
or loss. The hedged portion of these items is remeasured at fair value in the statement of financial position. Changes in this fair
value are recognized in the income statement and are offset by symmetrical changes in the fair value of financial hedging
instruments to the extent of the hedge effectiveness;
-
A cash flow hedge is a hedge of exposure to changes in cash flow attributable to a particular interest rate and / or currency risk
associated with a recognized asset or liability or a transaction believed to be highly probable (such as future purchase or sale)
which could affect profit or loss. As the hedged item is not recognized in the statement of financial position, the effective portion
of the change in fair value of the hedging instrument is recognized in other comprehensive income. It is reclassified in profit or
loss when the hedged item (financial asset or liability) affects the profit or loss or in the initial cost of the hedged item when it
relates to the hedge of a non-financial asset acquisition cost;
-
A net investment hedge is a hedge of exposure to changes in value attributable to the foreign exchange risk of a net investment
in a foreign operation, which could affect profit or loss on the disposal of the foreign operation. The effective portion of the net
investment hedge is recorded in other comprehensive income. It is reclassified in profit or loss on disposal of the net investment.
For transactions qualified as fair value hedges and for economic hedges, the foreign exchange impact of changes in the fair value
of derivatives is booked in operating income when the underlying hedged item is a commercial transaction and in finance costs, net
when the underlying hedged item is a financial asset or liability.
Hedge accounting can be terminated when the hedged item is no longer recognized, i.e. when the Group revokes the designation
of the hedging relationship or when the hedging instrument is terminated or exercised. The accounting consequences are as follows:
-
Fair value hedge: at the hedge accounting termination date, the adjustment of the fair value of the liability is amortized using an
effective interest rate recalculated at this date. Should the item hedged disappear, the change in fair value is recognized in the
income statement;
-
Cash flow hedge: amounts recorded in other comprehensive income are immediately reclassified in profit or loss when the
hedged item is no longer recognized. In all other cases, amounts are reclassified in profit or loss, on a straight-line basis,
throughout the remaining life of the original hedging relationship.
In both cases, subsequent changes in the value of the hedging instrument are recorded in profit or loss.
Concerning the effects of the foreign currency basis spread of cross-currency swaps designated as cash flow hedges, the Group
has chosen to designate these as hedging costs. This option enables recognition of these effects in other comprehensive income
and amortization of the cost of the basis spread in profit or loss over the period of the hedge.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00389": { "value": "Hedge accounting
Derivative instruments are measured at fair value in the statement of financial position and presented according to their maturity
date, regardless of whether they qualify for hedge accounting under IFRS 9 (hedging instruments versus trading derivatives).
Derivatives are classified as a separate line item in the statement of financial position.
Trading derivatives are economic hedge derivatives not classified as hedges for accounting purposes. Changes in the value of these
instruments are recognized directly in profit or loss.
Hedge accounting is applicable when:
-
At inception of the hedge, there is a formal designation and documentation of the hedging relationship;
-
The effectiveness of the hedge is demonstrated at inception and it is expected to continue in subsequent periods: i.e. at
inception and throughout its duration, the company expects changes in the fair value of the hedged item to be almost fully
offset by change in the fair value of the hedging instrument.
There are three types of hedging accounting:
-
A fair value hedge is a hedge of the exposure to the changes in the fair value of a recognized asset or liability (or an identified
portion of the asset or liability) that are attributable to a particular interest rate and/or currency risk and which could affect profit
or loss. The hedged portion of these items is remeasured at fair value in the statement of financial position. Changes in this fair
value are recognized in the income statement and are offset by symmetrical changes in the fair value of financial hedging
instruments to the extent of the hedge effectiveness;
-
A cash flow hedge is a hedge of exposure to changes in cash flow attributable to a particular interest rate and / or currency risk
associated with a recognized asset or liability or a transaction believed to be highly probable (such as future purchase or sale)
which could affect profit or loss. As the hedged item is not recognized in the statement of financial position, the effective portion
of the change in fair value of the hedging instrument is recognized in other comprehensive income. It is reclassified in profit or
loss when the hedged item (financial asset or liability) affects the profit or loss or in the initial cost of the hedged item when it
relates to the hedge of a non-financial asset acquisition cost;
-
A net investment hedge is a hedge of exposure to changes in value attributable to the foreign exchange risk of a net investment
in a foreign operation, which could affect profit or loss on the disposal of the foreign operation. The effective portion of the net
investment hedge is recorded in other comprehensive income. It is reclassified in profit or loss on disposal of the net investment.
For transactions qualified as fair value hedges and for economic hedges, the foreign exchange impact of changes in the fair value
of derivatives is booked in operating income when the underlying hedged item is a commercial transaction and in finance costs, net
when the underlying hedged item is a financial asset or liability.
Hedge accounting can be terminated when the hedged item is no longer recognized, i.e. when the Group revokes the designation
of the hedging relationship or when the hedging instrument is terminated or exercised. The accounting consequences are as follows:
-
Fair value hedge: at the hedge accounting termination date, the adjustment of the fair value of the liability is amortized using an
effective interest rate recalculated at this date. Should the item hedged disappear, the change in fair value is recognized in the
income statement;
-
Cash flow hedge: amounts recorded in other comprehensive income are immediately reclassified in profit or loss when the
hedged item is no longer recognized. In all other cases, amounts are reclassified in profit or loss, on a straight-line basis,
throughout the remaining life of the original hedging relationship.
In both cases, subsequent changes in the value of the hedging instrument are recorded in profit or loss.
Concerning the effects of the foreign currency basis spread of cross-currency swaps designated as cash flow hedges, the Group
has chosen to designate these as hedging costs. This option enables recognition of these effects in other comprehensive income
and amortization of the cost of the basis spread in profit or loss over the period of the hedge.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00392": { "value": "Interest-bearing loans and borrowings
Loans and borrowings are initially recognized at the fair value of the consideration received less directly attributable transaction
costs.
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the effective
interest method.
Gains and losses are recognized in income when the liabilities are derecognized as well as through the amortization process.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00393": { "value": "Trade and other short-term payables
Trade and other short-term payables with no stated interest rate are measured at the original invoice or nominal amount when the
effect of discounting is immaterial.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00394": { "value": "Offsetting a financial asset and a financial liability
Trade receivables and payables are offset and the net amount is presented on the face of the balance sheet when such amounts
may legally be offset and a clear intention to settle them on a net basis exists.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00403": { "value": "Revenue from contracts with customers
IFRS 15 establishes a comprehensive framework for determining whether, how much and when revenue is recognized. It replaces
IAS 18 Revenue, IAS 11 Construction Contracts and related interpretations.
Most revenue falls within the application scope of IFRS 15 \u201cRevenue from contracts with customers\u201d. Orange\u2019s products and
services are offered to customers under service contracts only and contracts combining the equipment used to access services
and/or other service offers. Revenue is recognized net of VAT and other taxes collected on behalf of governments.
1.
Standalone service offers (mobile services only, fixed services only, convergent service)
The Company proposes to Mass market and Corporate markets customers a range of fixed and mobile telephone services, fixed
and mobile Internet access services and content offers (TV). Some contracts are for a fixed term (generally 12 or 24 months), while
others may be terminated at short notice (i.e. monthly arrangements or portions of services).
Service revenue is recognized when the service is provided, based on use (e.g. minutes of traffic or bytes of data processed) or the
period (e.g. monthly service costs).
Postpaid mobile revenues are recognized without reference to actual data or voice usage/allowance. The voice or data allowance
or the postpaid tariff plan does not have any impact on the calculation of the transaction price or enforceable period. For limited
data offers however, any actual excess data usage is billed and recognized as revenue as incurred.
Under some content offers, Orange may act solely as an agent enabling the supply by a third-party of goods or services to the
customer and not as a principal in the supply of the content. In such cases, revenue is recognized net of amounts transferred to the
third-party.
\n
Contracts with customers generally do not include a material right, as the price invoiced for contracts and the services purchased
\n
and consumed by the customer beyond the specific scope (e.g. additional consumption, options, etc.) generally reflect their
\n
standalone selling prices. Service obligations transferred to the customer at the same pace are treated as a single obligation.
\n
When contracts include contractual clauses covering commercial discounts (initial discount on signature of the contract or
\n
conditional on attaining a consumption threshold) or free offers (e.g. three months of subscription free of charge), the Company
\n
defers these discounts or free offers over the enforceable period of the contract (period during which the Company and the customer
\n
have a firm commitment). Where applicable, the consideration payable to the customer is recognized as a deduction from revenue
\n
in accordance with the specific terms and conditions of each contract.
\n
2.
Separate equipment sales
\n
The Company proposes to Mass market and Corporate market customers several ways to buy their equipment (primarily mobile
\n
phones): equipment sales may be separate from or bundled with a service offer. When separate from a service offer, the amount
\n
invoiced is recognized in revenue on delivery and receivable immediately or in instalment over a period of up to 24 months. Where
\n
payments are received in instalments, the offer comprises a financial component and interest is calculated and deducted from the
\n
amount invoiced and recognized over the payment period in net finance costs. Such transactions are however limited.
\n
When the equipment sale is combined with a service offer, the amount allocated to the equipment (bundled sale \u2013 see below) is
\n
recognized in revenue on delivery and received over the service contract.
\n
Where Orange purchases and sells equipment to indirect channels, the Group generally considers that Orange maintains control
\n
until final resale to the end-customer (the distributor acts as an agent), even where ownership is transferred to the distributor. Sales
\n
proceeds are therefore recognized when the end-customer takes possession of the equipment (on activation).
\n
3.
Bundled equipment and service offers
\n
Orange proposes numerous offers to its Mass market and Corporate market customers comprising equipment and services (e.g. a
\n
communications contract).
\n
Equipment revenue is recognized separately if the two components are distinct (i.e. if the customer can receive the services
\n
separately). Where one of the components in the offer is not at its separate selling price, revenue is allocated to each component in
\n
proportion to their individual selling prices. This is notably the case in offers combining the sale of a mobile phone at a reduced
\n
price, where the individual selling price of the mobile phone is considered equal to its purchase cost plus a commercial margin
\n
based on market practice.
\n
The provision of Modems and decoders (For Internet / TV offers) is neither a separate component of the Cable access service nor a
\n
lease, as Orange maintains control of the box and modems.
\n
4.
Service offers to carriers (wholesale)
\n
The Group has mainly the following possible types of commercial agreements entered into with Operator customers for domestic
\n
wholesale activities and International carrier offers:
\n
-
Pay-as-you-go model: contract generally applied to \u201clegacy\u201d regulated activities (roaming, data solution contracts,\u2026), where
\n
contract services are not covered by a firm volume commitment. Revenue is recognized as the services are provided (which
\n
corresponds to transfer of control) over the contractual term; and
\n
-
Send-or-pay model: contract where the price, volume and term are defined. The customer has a commitment to pay the amount
\n
indicated in the contract irrespective of actual traffic consumed over the commitment period. This contract category notably
\n
includes certain MVNO contracts. The related revenue is recognized progressively based on actual traffic during the period, to
\n
reflect transfer of control to the customer. In case MVNO contracts are structured with a minimum commitment, minimum
\n
commitments are recognized as revenue unless usage exceeds the minimum commitment.
\n
Specific revenue streams and related recognition criteria are as follows:
\n
Sales of equipment
\n
Sales of equipment to the distribution channels and to the final customers are recognized in revenue upon delivery. Consignment
\n
sales are recognized in revenue upon sale to the final customer.
\n
Revenue from the sale of prepaid cards
\n
Sales of prepaid cards are recognized at facial value as deferred income at the time of sale and released in the profit and loss
\n
statement as revenue upon usage.
\n
Interconnection revenue
\n
Traffic revenue paid by other telecommunication operators for use of our network is recognized upon usage.
Revenue sharing
Revenue arising from contracts with third-party content providers is recognized after deduction of the fees paid to them in
remuneration of the product or service delivered.
Revenue deferred until payment for which collection is not considered probable
Revenue of which the collectability is not reasonably assured at the point of sale is deferred until the payment has been received.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00404": { "value": "Earnings per share
The Group discloses both basic earnings per share and diluted earnings per share for continuing operations:
-
basic earnings per share are calculated by dividing net income for the year attributable to the equity holders of the Group by
the weighted average number of ordinary shares outstanding during the period;
-
diluted earnings per share are calculated based on the same net income and weighted-average number of ordinary shares
outstanding after adjustment for the effects of all dilutive potential ordinary shares.
When basic earnings per share are negative, diluted earnings per share are identical to basic earnings per share. Treasury shares
owned, which deducted from the consolidated equity, do not enter into the calculation of earnings per share.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00405": { "value": "Joint operations
A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and
obligations for the liabilities, relating to the arrangement. Those parties are called joint operators.
A joint operator shall recognize in relation to its interest in a joint operation:
-
its assets, including its share of any assets held jointly;
-
its liabilities, including its share of any liabilities incurred jointly;
-
its revenue from the sale of its share of the output arising from the joint operation;
-
its share of the revenue from the sale of the output by the joint operation; and
-
its expenses, including its share of any expenses incurred jointly.
As joint operator, the Group accounts for the assets, liabilities, revenues and expenses relating to its interest in its joint operations
in accordance with the IFRSs applicable to the particular assets, liabilities, revenues and expenses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00348": { "value": "Note 18: Subsequent events
IBPT decided to prolong the 2.6GHz licenses for Orange Belgium
Following a consultation mid-2024, the BIPT decided on 7th Jan 2025 to prolong the 2.6 GHz licenses for Orange Belgium, Proximus,
Citymesh Air and Telenet Group. The usage rights of Orange Belgium of 2x20 MHz in this band are extended from mid-2027 until
30th June 2032 for a unique license fee of 6.667.200 \u20ac, due in July 2027.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }