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"ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfChangesInEquity_Label_00451": { "value": "136768000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfChangesInEquity_Label_00450": { "value": "128600000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfChangesInEquity_Label_00452": { "value": "281796000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00432": { "value": "148149000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00430": { "value": "136768000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00437": { "value": "14815000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00433": { "value": "659522000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00435": { "value": "959254000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00268": { "value": "Notes to the consolidated financial statements
Note 1: Segment Information
Consolidated statement of comprehensive income for the year ended 31 December 2025
\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\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\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\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\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
\u00a0 \u00a0 \u00a0 \u00a0
in thousand EUR
\u00a0 \u00a0 \u00a0 \u00a0
Orange
31.12.2025
Belgium
Luxembourg
Interco
Belgium
\u00a0 \u00a0 \u00a0
elimination
Group
Retail service revenues
1 525 290
52 166
\u00a0
1 577 456
Convergent service revenues
634 293
\u00a0 \u00a0
634 293
Mobile only service revenues
521 175
41 326
\u00a0
562 501
Fixed only service revenues
319 817
10 747
\u00a0
330 564
IT & Integration service revenues
50 005
93
\u00a0
50 098
Equipment sales
200 904
13 543
\u00a0
214 447
Wholesale revenues
149 914
12 737
-3 921
158 730
Other revenues
25 154
\u00a0
-12 434
12 720
Total revenues
1 901 262
78 446
-16 355
1 963 353
Direct costs
-619 078
-32 840
16 346
-635 572
Labour costs
-248 094
-9 586
\u00a0
-257 680
Indirect costs, of which
-479 172
-19 455
\u00a0
-498 618
Operational taxes and fees
-12 209
-1 670
\u00a0
-13 879
Depreciation of right-of-use of leased assets
-53 625
-4 696
\u00a0
-58 321
Restructuring, integration & acquisition costs
-18 751
\u00a0 \u00a0
-18 759
Depreciation, amortization of other intangible assets and property, plant and equipment
-406 537
-11 891
\u00a0
-418 428
Impairment of goodwill
\u00a0 \u00a0 \u00a0 \u00a0
Impairment of fixed assets
2 499
-581
\u00a0
1 918
Share of profits (losses) of associates
128
\u00a0 \u00a0
128
Operating Profit (EBIT)
132 257
4 085
\u00a0
136 342
Net financial income (expense)
-96 684
-300
\u00a0
-96 984
Profit (loss) before taxation (PBT)
35 573
3 785
\u00a0
39 358
Tax income / (expense)
2 653
-703
\u00a0
1 950
Net profit (loss) of the period
38 226
3 082
\u00a0
41 308
\n
Reconciliation from EBITDAaL to net profit (loss) for the period for the year
ended 31 December 2025
\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\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\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
\u00a0 \u00a0\u00a0 \u00a0
in thousand EUR
\u00a0 \u00a0\u00a0
Interco
Orange
31.12.2025
Belgium
Luxembourg
elimination
Belgium Group
EBITDAaL
549 496
16 565
\u00a0
566 061
Share of profits (losses) of associates
128
\u00a0 \u00a0
128
Impairment of goodwill
\u00a0\u00a0 \u00a0 \u00a0
Impairment of fixed assets
2 499
\u00a0 \u00a0
1 918
Depreciation, amortization of other intangible assets and property, plant and equipment
-406 537
-11 891
\u00a0
-418 428
Restructuring, integration & acquisition costs
-18 751
\u00a0 \u00a0
-18 759
Finance lease costs
5 423
\u00a0 \u00a0
5 423
Operating profit (EBIT)
132 257
4 085
\u00a0
136 342
Financial result
-96 684
-300
\u00a0
-96 984
Profit (loss) before taxation (PBT)
35 573
3 785
\u00a0
39 358
Tax income / (expense)
2 653
-703
\u00a0
1 950
Net profit (loss) for the period
38 226
3 082
\u00a0
41 308
\n
\n
Consolidated statement of comprehensive income for the year ended 31 December 2024
\n\n \n
in thousand EUR
Orange
31.12.2024
Belgium
Luxembourg
Interco
Belgium
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
0
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) for the period
13 007
4 145
17 152
\n
Reconciliation from EBITDAaL to net profit (loss) for the period for the year ended 31
\n
December 2024
\n\n \n
in thousand EUR
Interco
Orange
31.12.2024
Belgium
Luxembourg
elimination
Belgium 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
Consolidated statement of financial position for the year ended 31 December 2025
\n\n \n
in thousand EUR
Interco
Orange
31.12.2025
Belgium
Luxembourg
elimination
Belgium Group
Goodwill
700 315
50 864
751 179
Other intangible assets
783 993
29 339
813 332
Property, plant and equipment
1 798 862
13 491
1 812 353
Rights-of-use of leased assets
167 148
15 521
182 669
Interests in associates and joint ventures
7 157
7 157
Non-current assets included in the calculation of the net financial debt
1 970
1 970
Other
13 095
316
13 411
Total non-current assets
3 472 539
109 531
3 582 070
Inventories
37 203
1 110
38 313
Trade receivables
222 357
21 397
1 258
245 012
Prepaid expenses
10 500
716
11 216
Current assets included in the calculation of the net financial debt
66 571
14 520
81 091
Other
145 352
1 561
-1 127
145 786
Total current assets
481 982
39 304
131
521 417
Total assets
3 954 520
148 835
131
4 103 485
Total equity
1 008 532
1 008 532
Non-current employee benefits
1 889
1 889
Non-current fixed assets payable
122 326
8 682
131 008
Non-current financial liabilities included in the calculation of the net financial debt
1 853 708
10 828
1 864 536
Other
134 887
5 232
140 119
Total non-current liabilities
2 112 810
24 742
2 137 552
Current fixed assets payable
62 492
4 663
67 155
Trade payables
317 767
16 654
1 258
335 679
Current employee benefits
63 677
1 770
65 447
Deferred income
817
817
Current liabilities included in the calculation of the net financial debt
230 313
4 692
-3
235 002
Others
249 397
5 030
-1 124
253 303
Total current liabilities
924 462
32 809
131
957 402
Total equities and liabilities
3 037 272
57 551
1 008 663
4 103 485
Consolidated statement of financial position for the year ended 31 December 2024
\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\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\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\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\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\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
\u00a0 \u00a0 \u00a0 \u00a0
in thousand EUR
\u00a0 \u00a0 \u00a0 \u00a0
Orange
31.12.2024
Belgium
Luxembourg
Interco
Belgium
\u00a0 \u00a0 \u00a0
elimination
Group
Goodwill
700 315
50 864
\u00a0
751 179
Other intangible assets
831 863
30 024
\u00a0
861 887
Property, plant and equipment
1 790 237
13 633
\u00a0
1 803 870
Rights-of-use of leased assets
168 478
3 913
\u00a0
172 391
Interests in associates and joint ventures
7 029
\u00a0 \u00a0
7 029
Non-current assets included in the calculation of the net financial debt
1 678
\u00a0 \u00a0
1 678
Other
9 051
879
\u00a0
9 930
Total non-current assets
3 508 650
99 313
\u00a0
3 607 963
Inventories
33 486
1 276
\u00a0
34 762
Trade receivables
198 921
23 395
-1 545
220 771
Prepaid expenses
17 994
808
\u00a0
18 802
Current assets included in the calculation of the net financial debt
45 858
12 590
\u00a0
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
\u00a0 \u00a0
959 254
959 254
Non-current employee benefits
3 171
\u00a0 \u00a0
3 171
Non-current fixed assets payable
129 803
8 939
\u00a0
138 742
Non-current financial liabilities included in the calculation of the net financial debt
2 050 966
3 247
\u00a0
2 054 213
Other
143 094
5 139
\u00a0
148 233
Total non-current liabilities
2 327 034
17 325
\u00a0
2 344 359
Current fixed assets payable
54 962
4 511
\u00a0
59 473
Trade payables
267 769
19 846
-1 545
286 070
Current employee benefits
62 200
1 028
\u00a0
63 228
Deferred income
787
\u00a0 \u00a0
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
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00269": { "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 activities
\n
performed by the temporary association Irisnet and is responsible for the operation of the Irisnet 2 optical fiber network and for the
\n
provision of fixed telephony, data transmission services (internet, e-mail) and other network-related services (video-conferencing,
\n
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 under
\n
the laws of Belgium, was acquired as of 30 September 2017 by Orange Belgium S.A. The purchase concerned 100% of the 620 shares
\n
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
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 spectrum
\n
assets ensuring differentiated services. MWingz S.R.L. is incorporated under the laws of Belgium and was created on 6 December
\n
2019. Orange Belgium S.A. contributed in cash for 1 euro equivalent to 1 share out of the 2 shares issued by the Company. Proximus
\n
S.A. contributed in cash for 1 euro equivalent to 1 share. In April 2020, Orange Belgium participated in the capital increase of MWingz
\n
S.R.L. for 1,599,999 million euros. Orange Belgium holds 50% of the shares of MWingz S.R.L. This company started operational
\n
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% of
\n
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 commercial
\n
partnership to market state-of-the-art smart parking solutions. Orange Belgium S.A., Finance.Brussels S.A. and Essex Innovation
\n
invested in total \u20ac3 million. In line with Orange\u2019s support of IoT solutions over its IoT networks, the investment will be combined with
\n
a long-term partnership to commercialize CommuniThings\u2019 smart parking solutions across Belgium. In addition, the investment will
\n
serve CommuniThings\u2019 global expansion efforts as it spearheads the roll-out of its platform over IoT networks. In 2020, Orange Belgium
\n
participated in an additional capital increase of CommuniThings through a 0.35 million euros investment. In April 2021, Orange Belgium
\n
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 Mobile
\n
ID S.A. and CommuniThings S.A. and as such, it is presumed that Orange Belgium S.A. does not have significant influence. Moreover,
\n
generating surplus value is not the main purpose of the investment in Belgian Mobile ID S.A. and CommuniThings S.A.
\n
VOO S.A.
is a telecommunication operator organized and created under the laws of Belgium, with the following purposes:
\n
development and maintenance of optical fiber network, provision of all services to customers, design-creation and production of any
\n
audiovisual goods or services. On 2 June 2023, VOO Holding S.A. acquired VOO S.A and its 100% subsidiaries. On the 2025 october
\n
1
\n
st
\n
, the dissolution of VOO S.A. signifies the company ceases to exist as a legal entity (with retroactive effect on the 1
\n
st
\n
July 2025. Its
\n
assets and liabilities related to fixed network activities are transferred to the public limited company Orange NetCo, a direct subsidiary
\n
wholly owned by Orange Belgium. All other activities, such as customer services and commercial operations, are transferred to Orange
\n
Belgium S.A.
\n
Orange NetCo S.A. now owns and manages the fixed access networks (due to the demerger of VOO SA). This move aligns with
\n
Orange Belgium\u2019s long-term vision to build a modern, efficient, and future-proof network infrastructure, supporting Belgium\u2019s digital
\n
ambitions and the European Union\u2019s Digital Decade 2030 objectives.
Orange NetCo was created on 2025 April 17 with capital of
61.500,00 \u20ac fully paid up by Orange Belgium (100% - 123.000 shares).
Following the demerger of VOO and the contribution to Orange
NetCo via a capital increase of 621.364.532,39 \u20ac represented by 1.328.244.383 new shares. Orange NetCo is a owned subsidiary of
Orange Belgium.
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.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00262": { "value": "Orange Belgium S.A. ", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00259": { "value": "Orange Belgium S.A. ", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00267": { "value": "Orange Belgium S.A. is a public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00265": { "value": "Orange S.A.", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00260": { "value": "Belgium", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00263": { "value": "Belgium", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00266": { "value": "Belgium", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00264": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00270": { "value": "Scope of consolidation
The parent company and the subsidiaries listed below are included in the scope of consolidation as at 31.12.2025. Except when
indicated below, there have been no changes in ownership percentage since 31.12.2024
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
A&S Partners S.A.
100% of the shares held by Orange Belgium S.A.
Rue Am\u00e9ricaine 61-65
1050 Ixelles
Belgium
Company identification number: BE 0885 920 794
VOO S.A. (till 30 June 2025)
100% of the shares held by Orange Belgium S.A.
Rue Louvrex 95
B \u2013 4000 Li\u00e8ge
Belgium
Company identification number: BE 0696 668 549
Orange NetCo S.A. (as of 17 April 2025)
\n
100% of the shares held by Orange Belgium S.A.
\n
Avenue du Bourget 3
\n
B - 1140 Brussels
\n
Belgium
\n
Company identification number: BE 1022 514 315
\n
BeTV S.A.
\n
100% of the shares held by Orange Belgium S.A.
\n
Avenue du Bourget 3
\n
B - 1140 Brussels
\n
Belgium
\n
Company identification number: BE 0435 115 967
\n
WALLONIE BRUXELLES CONTACT CENTER
\n
100% of the shares held by Orange Belgium 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 18 March 2026, the Board of Directors of Orange Belgium S.A. reviewed the 2025 consolidated financial statements and authorized
them for issue.Note 16: Significant changes to the consolidation scope
There were no significant changes in the consolidation scope for the year 2025 that have an impact on the financial statements
compared to the consolidation scope of 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00261": { "value": "Orange Belgium S.A.Avenue du Bourget 3 B - 1140 Brussels Belgium", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00271": { "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
A&S Partners S.A.
100% of the shares held by Orange Belgium S.A.
Rue Am\u00e9ricaine 61-65
1050 Ixelles
Belgium
Company identification number: BE 0885 920 794
VOO S.A. (till 30 June 2025)
100% of the shares held by Orange Belgium S.A.
Rue Louvrex 95
B \u2013 4000 Li\u00e8ge
Belgium
Company identification number: BE 0696 668 549
\n
Orange NetCo S.A. (as of 17 April 2025)
\n
100% of the shares held by Orange Belgium S.A.
\n
Avenue du Bourget 3
\n
B - 1140 Brussels
\n
Belgium
\n
Company identification number: BE 1022 514 315
\n
BeTV S.A.
\n
100% of the shares held by Orange Belgium S.A.
\n
Avenue du Bourget 3
\n
B - 1140 Brussels
\n
Belgium
\n
Company identification number: BE 0435 115 967
\n
WALLONIE BRUXELLES CONTACT CENTER
\n
100% of the shares held by Orange Belgium 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00272": { "value": "Date of authorization for issue of the financial statements
On 18 March 2026, the Board of Directors of Orange Belgium S.A. reviewed the 2025 consolidated financial statements and authorized
them for issue.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00273": { "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 2025 financial year are based on:
-
all the standards and interpretations endorsed by the European Union compulsory as of 1 January 2025;
-
the recognition and measurement alternatives allowed by the IFRS:
\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
Standard
\u00a0
Alternative used
IAS 1
Accretion expense on operating liabilities (employee benefits,
\u00a0
\u00a0
environmental liabilities)
Classification as financial expenses
IAS 2
Inventories
Measurement of inventories determined by the weighted average unit cost
\u00a0 \u00a0
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
\u00a0 \u00a0
portion of the identifiable net assets of the acquired entity
\n
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 2024.
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 2025
Only amendments to standards applicable to the Group and effective as of January 1,2025 are described below:
-
Amendments to IAS 21: Non-convertibility
The amendment to the standard specifies the situations in which a currency is convertible and clarifies how to determine the exchange
rate in the absence of convertibility. This amendment, which is effective from January 1, 2025, had no significant impact on the Group's
consolidated financial statements.
New and revised IFRS Accounting Standards in issue but not yet effective.
-
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
Published in April 2024, IFRS 18 will replace IAS 1 and related interpretations. The objective of the standard is to enable investors to
obtain more detailed and comparable information on the presentation of financial performance, particularly with regard to:
\u2212
improved comparability of the income statement through the addition of new categories of income and expense (operating,
investing, and financing) and subtotals that must be disclosed;
\u2212
enhanced disclosures on performance indicators;
\u2212
a critical review of the information disclosed in both the summary statements and the notes to the financial statements to
ensure that the information necessary for investors is provided.
IFRS 18 will be applicable retrospectively from January 1, 2027, with an option for early application from January 1, 2026, subject to
its adoption by the European Union. The Group has set up a working group to analyse the expected impacts on its consolidated
financial statements, while taking into account the necessary changes to the tools used to produce the consolidated financial
statements. The Group has not chosen to apply this standard early.
-
IFRS 19 - Subsidiaries without Public Accountability: Disclosures
The group did not early apply \u201cIFRS 19 - Subsidiaries without Public Accountability: Disclosures\u201d . The standard is not anticipated to
have any effect for Orange Belgium\u2019s financial reporting as of its effective date.
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00274": { "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 2025 financial year are based on:
-
all the standards and interpretations endorsed by the European Union compulsory as of 1 January 2025;
-
the recognition and measurement alternatives allowed by the IFRS:
\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
Standard
\u00a0
Alternative used
IAS 1
Accretion expense on operating liabilities (employee benefits,
\u00a0
\u00a0
environmental liabilities)
Classification as financial expenses
IAS 2
Inventories
Measurement of inventories determined by the weighted average unit cost
\u00a0 \u00a0
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
\u00a0 \u00a0
portion of the identifiable net assets of the acquired entity
\n
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00275": { "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 2024.
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00276": { "value": "New standards and interpretations applicable for the annual period beginning or after 1 January 2025
Only amendments to standards applicable to the Group and effective as of January 1,2025 are described below:
-
Amendments to IAS 21: Non-convertibility
The amendment to the standard specifies the situations in which a currency is convertible and clarifies how to determine the exchange
rate in the absence of convertibility. This amendment, which is effective from January 1, 2025, had no significant impact on the Group's
consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00277": { "value": "New and revised IFRS Accounting Standards in issue but not yet effective.
-
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
Published in April 2024, IFRS 18 will replace IAS 1 and related interpretations. The objective of the standard is to enable investors to
obtain more detailed and comparable information on the presentation of financial performance, particularly with regard to:
\u2212
improved comparability of the income statement through the addition of new categories of income and expense (operating,
investing, and financing) and subtotals that must be disclosed;
\u2212
enhanced disclosures on performance indicators;
\u2212
a critical review of the information disclosed in both the summary statements and the notes to the financial statements to
ensure that the information necessary for investors is provided.
IFRS 18 will be applicable retrospectively from January 1, 2027, with an option for early application from January 1, 2026, subject to
its adoption by the European Union. The Group has set up a working group to analyse the expected impacts on its consolidated
financial statements, while taking into account the necessary changes to the tools used to produce the consolidated financial
statements. The Group has not chosen to apply this standard early.
-
IFRS 19 - Subsidiaries without Public Accountability: Disclosures
The group did not early apply \u201cIFRS 19 - Subsidiaries without Public Accountability: Disclosures\u201d . The standard is not anticipated to
have any effect for Orange Belgium\u2019s financial reporting as of its effective date.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00278": { "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
\n
The following are the critical judgements, apart from those involving estimations (which are presented separately below), that the
\n
directors have made in the process of applying the group\u2019s accounting policies and that have the most significant effect on the
\n
amounts recognised in financial statements.
\n
Significant judgments with regard to the application of IFRS 15 \u2013 Revenue from contracts with customers
\n
Significant judgment is required in the following areas:
\n
a.
Determination of the transaction price \u2013 more specifically the handset price in bundled offers:
\n
The issue of the handset sales price at Orange Belgium S.A. is only applicable for bundled offers (equipment + service). For all other
\n
offers, the performance obligation is directly related to the specific sale price. Orange Belgium S.A. excluded the evaluation method
\n
based on market prices (IFRS 15.77) for the determination of the sales price of equipment in subsidized offers and more specifically
\n
the standalone selling price. The standalone selling price could indeed \u2013according to IFRS 15- be considered as \u201cthe market price\u201d.
\n
However, for Orange Belgium S.A. the standalone selling prices are impossible to identify as
\n
-
Extremely varying: at any given time, the same standalone equipment can be sold at different prices. The sales strategy of
\n
our shops, the type of distribution channel, \u2026 are examples of circumstances that vary the sale price from one shop to
\n
another at a certain time.
\n
-
Volatility: Orange observes that the prices of certain handsets equipment do vary quickly, even within one month.
\n
Therefore, Orange Belgium S.A. decided that the upfront method plus the smart data option multiplied by the enforceable duration of
\n
the contract, which is 24 months, was the most relevant calculation for the price per equipment.
\n
b.
Determination of the duration of the contract in order to allocate the transaction price to the different performance
\n
obligations:
\n
The definition of the duration of a contract is only relevant for the subsidized bundled offers, the only contracts for which a revenue
\n
relocation between the performance obligations is necessary. The period of which both parties\u2019 rights and obligations are enforceable
\n
never exceeds the nominal period in the contract. This is because, excluding modifications in the contract, enforceability of rights and
\n
obligations is a matter of law. Hence, the enforceable period cannot extend beyond the nominal period. On the other hand,
\n
enforceability of rights and obligations shall take into consideration business practices according to which one of the parties dismisses
\n
the other party of its obligation. For Orange, this is typically the case when the Group authorizes or encourages early renewals.
\n
Early renewals are renewals before the end of the contract (contract duration mainly 24 months). Orange Belgium's strategy is no
\n
longer to encourage or give the possibility to customers to renew their contract without penalty before the end of the contractual
\n
period which is mainly 24 months. The enforceable deadline was set at 24 months. Consequently, if a customer terminates or renews
\n
their contract before the 24 months, except for rare exceptions, they will receive an invoice for prematurely ending the contract.
\n
c.
Identification of performance obligations:
\n
A contract as per IFRS15 is made of rights and obligations between the parties. The rights take the form of promises for Orange
\n
Belgium to transfer goods and/or services to a customer.
\n
Distinct goods and services
\n
There are two criteria to determine whether goods and/or services are distinct:
\n
-
The customer can benefit from the goods or services on its own or together with resources that are readily available.
\n
-
The entity\u2019s promise to transfer the good or service is separately identifiable from other promises in the contract.
\n
It is clear that the mobile equipment (handset) is distinct from the access service. Those two elements therefore qualify as distinct
\n
performance obligations within the contract.
\n
The access service, which is made of voice, data and sms also includes distinct performance obligations. However, given that those
\n
promises are over the same period of time (right) and paid together (obligation), there is no need to consider that they are distinct.
\n
Significant judgments with regard to the application of IFRS 16 \u2013 Leases
\n
Significant judgement is required in the determination of non-cancellable lease term and the assessment of the exercise or not of
\n
termination, extension and purchase options.
\n
Critical estimates and assumptions
\n
Estimates made at each reporting date reflect conditions that existed at those dates (e.g. market prices, interest rates and foreign
\n
exchange rates). Although these estimates are based on management's best knowledge of current events and actions that Orange
\n
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00281": { "value": "Note 3: Sales, trade receivables, other current and non-current assetsChange in Provision for Trade receivables \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 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Allowances on trade receivables -Opening balance
-99 503
-147 771
Net addition with impact on income statement
-5 649
-11 571
Losses on trade receivables
70 326
59 839
Change in scope of consolidation
\u00a0 \u00a0
Allowances on trade receivables -Closing balance
-34 826
-99 503
\n
For terms and conditions relating to related parties\u2019 receivables, refer to Note 12.
Trade receivables are non-interest bearing and are generally paid via direct debits (68% of service revenues are collected by direct
debit in Orange Belgium S.A. and Orange Luxembourg (62% in 2024)/ 55.2% for VOO customers (55.9% in 2024)). 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 3.8 million customers.
Total Trade receivables amounted to 245 million euros at the end of 2025, compared with 220.8 million euros at the end of 2024,
which represents an increase of 11%.
Allowance for doubtful debtors \u2013 closing balance at year end 2025 \u2013 decreased to 34.8 million euros from 99.5 million euros. This
decrease of 64.7 million is essentially driven by cleanup of older balances in VOO without negative impact on the profit & loss
statement.
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 5.6 million euros in 2025 (compared to a loss of 11.6 million euros in 2024).
Since 2017, Orange Belgium S.A. entered a factoring program with Belfius Commercial Finance. The eligible trade receivables were
related to the top 400 B2B Airtime debtors (factored receivables around 1.3 million euros as of 31 December 2025 compared to 1.4
million per year-end 2024). Goodwill
Goodwill originates from the following historical transactions:
\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\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\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\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\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\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\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\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\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\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\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\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\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
in thousand
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
EUR
\u00a0
31.12.2025
31.12.2024
\u00a0 \u00a0
Accum
\u00a0 \u00a0
Accumulat
\u00a0
\u00a0
Acquisition
ulated
Net carrying
Acquisiti
ed
Net carrying
\u00a0
Value
impair
amount
on
impairment
amount
\u00a0 \u00a0
ment
\u00a0
Value
losses
\u00a0
\u00a0 \u00a0
losses
\u00a0 \u00a0 \u00a0 \u00a0
Acquisition of Orange Communications Luxembourg S.A.
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
(2007 \u2013 2008)
68 729
-17 865
50 864
68 729
-17 865
50 864
Acquisition of VOO SA (2023 \u2013 2024)
684 138
\u00a0
684 138
684 138
\u00a0
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
\nAn 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00279": { "value": "Note 3: Sales, trade receivables, other current and non-current assets\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\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\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 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Belgium
1 901 262
1 933 563
Retail service revenues
1 525 290
1 551 263
Convergent service revenues
634 293
611 113
Mobile only service revenues
521 175
562 574
Fixed only service revenues
319 817
326 824
IT & Integration service revenues
50 005
50 752
Equipment sales
200 904
183 306
Wholesale revenues
149 914
155 058
Other revenues
25 154
43 936
Luxembourg
78 446
77 116
Retail service revenues
52 166
49 511
Convergent service revenues
\u00a0 \u00a0
Mobile only service revenues
41 326
40 283
Fixed only service revenues
10 747
9 129
IT & Integration service revenues
93
99
Equipment sales
13 543
14 335
Wholesale revenues
12 737
13 270
Other revenues
\u00a0 \u00a0
Inter-segment eliminations
-16 355
-16 936
Total
1 963 353
1 993 743
\n
Orange Belgium\u2019s total turnover in Belgium amounted to 1,901.3 million euros in 2025, compared to 1,933.6 million euros in 2024, a
decrease of 1.6% year-on-year. Orange Belgium\u2019s total turnover in Belgium amounted to 1,901.3 million euros in 2025, compared to
1,933.7 million euros in 2024, a decrease of 1.6% year-on-year.
The Belgian retail service revenues (i.e. mobile-only services, fixed-only services, convergent services and IT & Integration services)
decreased 1.6% year-on-year: from 1,551.3 million euros in 2024 to 1,525.3 million euros in 2025. This decrease has been partly
driven by the non-renewal of the Belgian football rights and a decrease in low margin activities. The wholesale revenues declined by
3.3% year-on-year, impacted by the regulatory effect on 'voice' and a decrease in SMS volume (-5.1 million euros)
Equipment sales increased 9.6% year-on-year and the decrease in other revenues by 42.7%.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00280": { "value": "Note 3: Sales, trade receivables, other current and non-current assetsTrade receivables \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\n
\u00a0 \u00a0
\u00a0 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Trade receivables -Gross value
279 838
320 274
Allowance for doubtful debtors
-34 826
-99 503
Total trade receivables
245 012
220 771
Ageing Balance
\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 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Not past due
198 229
177 542
Less than 180 days
36 855
28 883
Between 180 days and 360 days
10 048
7 792
More than 360 days
-120
6 554
Total trade receivables
245 012
220 771
\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\n
\u00a0 \u00a0
\u00a0 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Net trade receivables, depreciated according to their age
46 783
43 229
Net trade receivables, depreciated according to other criteria
0
0
Net trade receivables past due
46 783
43 229
Net trade receivables not past due
198 229
177 542
Net trade receivables
245 012
220 771
o/w short-term trade receivables
245 012
220 771
o/w long-term trade receivables
\u00a0 \u00a0
\n
Change in Provision for Trade receivables
\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 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Allowances on trade receivables -Opening balance
-99 503
-147 771
Net addition with impact on income statement
-5 649
-11 571
Losses on trade receivables
70 326
59 839
Change in scope of consolidation
\u00a0 \u00a0
Allowances on trade receivables -Closing balance
-34 826
-99 503
\n
For terms and conditions relating to related parties\u2019 receivables, refer to Note 12.
Trade receivables are non-interest bearing and are generally paid via direct debits (68% of service revenues are collected by direct
debit in Orange Belgium S.A. and Orange Luxembourg (62% in 2024)/ 55.2% for VOO customers (55.9% in 2024)). 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 3.8 million customers.
Total Trade receivables amounted to 245 million euros at the end of 2025, compared with 220.8 million euros at the end of 2024,
which represents an increase of 11%.
Allowance for doubtful debtors \u2013 closing balance at year end 2025 \u2013 decreased to 34.8 million euros from 99.5 million euros. This
decrease of 64.7 million is essentially driven by cleanup of older balances in VOO without negative impact on the profit & loss
statement.
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 5.6 million euros in 2025 (compared to a loss of 11.6 million euros in 2024).
Since 2017, Orange Belgium S.A. entered a factoring program with Belfius Commercial Finance. The eligible trade receivables were
related to the top 400 B2B Airtime debtors (factored receivables around 1.3 million euros as of 31 December 2025 compared to 1.4
million per year-end 2024). ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00282": { "value": "Note 3: Sales, trade receivables, other current and non-current assetsChange in Provision for Trade receivables \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 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Allowances on trade receivables -Opening balance
-99 503
-147 771
Net addition with impact on income statement
-5 649
-11 571
Losses on trade receivables
70 326
59 839
Change in scope of consolidation
\u00a0 \u00a0
Allowances on trade receivables -Closing balance
-34 826
-99 503
\n
For terms and conditions relating to related parties\u2019 receivables, refer to Note 12.
Trade receivables are non-interest bearing and are generally paid via direct debits (68% of service revenues are collected by direct
debit in Orange Belgium S.A. and Orange Luxembourg (62% in 2024)/ 55.2% for VOO customers (55.9% in 2024)). 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 3.8 million customers.
Total Trade receivables amounted to 245 million euros at the end of 2025, compared with 220.8 million euros at the end of 2024,
which represents an increase of 11%.
Allowance for doubtful debtors \u2013 closing balance at year end 2025 \u2013 decreased to 34.8 million euros from 99.5 million euros. This
decrease of 64.7 million is essentially driven by cleanup of older balances in VOO without negative impact on the profit & loss
statement.
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 5.6 million euros in 2025 (compared to a loss of 11.6 million euros in 2024).
Since 2017, Orange Belgium S.A. entered a factoring program with Belfius Commercial Finance. The eligible trade receivables were
related to the top 400 B2B Airtime debtors (factored receivables around 1.3 million euros as of 31 December 2025 compared to 1.4
million per year-end 2024). 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 range 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00283": { "value": "Note 3: Sales, trade receivables, other current and non-current assetsOther assets \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\n
\u00a0 \u00a0
\u00a0 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Advances and downpayments
5 874
509
Security deposits paid
1 668
2 383
Prepaid post-empl benefit costs
4 391
\u00a0
Other
5 444
5 204
Total other assets
17 377
8 096
o/w other non-current assets
6 059
2 383
o/w other current assets
11 318
5 713
\n
Other assets contain essentially receivables for recharged costs & other amounts receivable. The increase in the advance and
downpayments accounts (+5.4 million euros) is due to a change in presentation following the migration of companies (VOO SA and
subsidiaries) to the new ERP (Oracle).
Supplier advances were previously deducted from suppliers\u2019 invoices.
In 2025, these amounts
are recognized in the separate account \u2018Advances and downpayment\u2019 \u2013 integrated in the current other assets.
Asset ceilings were also recognised for the first time under \u2018Prepaid post-employment benefit costs\u2019 for an amount of 4.4 million euros
- integrated in other non-current assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00284": { "value": "Note 3: Sales, trade receivables, other current and non-current assetsOther assets \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\n
\u00a0 \u00a0
\u00a0 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Advances and downpayments
5 874
509
Security deposits paid
1 668
2 383
Prepaid post-empl benefit costs
4 391
\u00a0
Other
5 444
5 204
Total other assets
17 377
8 096
o/w other non-current assets
6 059
2 383
o/w other current assets
11 318
5 713
\n
Other assets contain essentially receivables for recharged costs & other amounts receivable. The increase in the advance and
downpayments accounts (+5.4 million euros) is due to a change in presentation following the migration of companies (VOO SA and
subsidiaries) to the new ERP (Oracle).
Supplier advances were previously deducted from suppliers\u2019 invoices.
In 2025, these amounts
are recognized in the separate account \u2018Advances and downpayment\u2019 \u2013 integrated in the current other assets.
Asset ceilings were also recognised for the first time under \u2018Prepaid post-employment benefit costs\u2019 for an amount of 4.4 million euros
- integrated in other non-current assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00285": { "value": "Note 3: Sales, trade receivables, other current and non-current assetsOther assets \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\n
\u00a0 \u00a0
\u00a0 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Advances and downpayments
5 874
509
Security deposits paid
1 668
2 383
Prepaid post-empl benefit costs
4 391
\u00a0
Other
5 444
5 204
Total other assets
17 377
8 096
o/w other non-current assets
6 059
2 383
o/w other current assets
11 318
5 713
\n
Other assets contain essentially receivables for recharged costs & other amounts receivable. The increase in the advance and
downpayments accounts (+5.4 million euros) is due to a change in presentation following the migration of companies (VOO SA and
subsidiaries) to the new ERP (Oracle).
Supplier advances were previously deducted from suppliers\u2019 invoices.
In 2025, these amounts
are recognized in the separate account \u2018Advances and downpayment\u2019 \u2013 integrated in the current other assets.
Asset ceilings were also recognised for the first time under \u2018Prepaid post-employment benefit costs\u2019 for an amount of 4.4 million euros
- integrated in other non-current assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00290": { "value": "Note 3: Sales, trade receivables, other current and non-current assetsOther assets \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\n
\u00a0 \u00a0
\u00a0 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Advances and downpayments
5 874
509
Security deposits paid
1 668
2 383
Prepaid post-empl benefit costs
4 391
\u00a0
Other
5 444
5 204
Total other assets
17 377
8 096
o/w other non-current assets
6 059
2 383
o/w other current assets
11 318
5 713
\n
Other assets contain essentially receivables for recharged costs & other amounts receivable. The increase in the advance and
downpayments accounts (+5.4 million euros) is due to a change in presentation following the migration of companies (VOO SA and
subsidiaries) to the new ERP (Oracle).
Supplier advances were previously deducted from suppliers\u2019 invoices.
In 2025, these amounts
are recognized in the separate account \u2018Advances and downpayment\u2019 \u2013 integrated in the current other assets.
Asset ceilings were also recognised for the first time under \u2018Prepaid post-employment benefit costs\u2019 for an amount of 4.4 million euros
- integrated in other non-current assets.Prepaid expenses \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\n
\u00a0 \u00a0
\u00a0 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Prepaid supplies and services
11 216
18 802
Prepaid spectrum fees
\u00a0 \u00a0
Total Prepaid expenses
11 216
18 802
\n
The prepaid supplies and services decreased by 7.6 million euros compared to 2024. The prepaid expenses consist for the most part
of the prepayment sites rent. The main driver in the decreased prepaid expenses are the lower prepaid expenses related to the Jupiler
Pro League (non-renewal of the contract). ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00286": { "value": "Note 4: Expenses, payables, prepaid and inventory
Direct costs
\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\n
\u00a0 \u00a0
\u00a0 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Purchase of material
-226 503
-233 975
Other direct costs
-403 420
-414 825
Impairment loss on trade and other receivables, including contract assets
-5 649
-11 571
Total direct costs
-635 572
-660 371
\n
The direct costs in 2025 decreased by 3.8% year-on-year.
Purchase of material
The costs related to the purchase of material decreased by 3.2% year-on-year and amounted to 226.5 million euros in 2025. This
reduction primarily reflects lower volumes, consistent with the ongoing slowdown in the handset market.
Other direct costs
The other direct costs, mainly consisting of interconnection costs, commissions, content and connectivity costs, decreased by 2.7%
year-on-year.
Interconnection costs
Interconnect expenses decreased by 11.6 million euros to 134.2 million euros. SMS interconnect costs decreased by 18.2 million
euros due to lower traffic. International roaming cost increased by 8.5 million euros, primarily due
to traffic data increase compared
to previous year.
Commissions
Commission expenses decreased by 1.6 million euros in 2025 to 25.6 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 98.1 million euros in 2025 compared to 116.2 million euros in 2024. This decrease is
mainly attributable to the non-renewal of Belgian football broadcasting rights in the second half of the year, as well as a decrease in
the customer base.
Connectivity
Connectivity costs increased by 20.7 million euros in 2025 to 126.1 million euros. This is primarily due to higher wholesale access fees
related to the convergent Love offer in the north, the ongoing growth of our customer base, and changes in cost presentation following
the VOO acquisition.
Others
Other direct costs decreased by 6.6 million euros in 2024 to reach 25.1 million euros, this was mainly due to lower bad debt expenses,
driven by the cleanup of older balances in VOO.
Prepaid expenses
\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\n
\u00a0 \u00a0
\u00a0 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Prepaid supplies and services
11 216
18 802
Prepaid spectrum fees
\u00a0 \u00a0
Total Prepaid expenses
11 216
18 802
\n
The prepaid supplies and services decreased by 7.6 million euros compared to 2024. The prepaid expenses consist for the most part
of the prepayment sites rent. The main driver in the decreased prepaid expenses are the lower prepaid expenses related to the Jupiler
Pro League (non-renewal of the contract).
Inventories
\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\n
\u00a0 \u00a0
\u00a0 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Gross inventories
42 750
36 773
Depreciation
-4 437
-2 011
Total Inventories
38 313
34 762
Inventories -Cost recognized as an expense during the period
-221 496
-229 186
\n
The inventory mainly includes handsets and network equipment, as this material will be used this year for the deployment of Orange
NetCo's network.
The reserve for obsolete and slow-moving items increased by 2.2 million euros to 4.4 million euro.
Trade payables and other current liabilities
\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\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 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Trade payables
335 679
286 070
Salaries and termination pay
3 154
2 165
Performance and profit sharing bonus, pensions
24 917
24 400
Social security contributions
5 124
5 122
Holiday pay
31 752
31 128
Other
501
414
Current employee benefits
65 447
63 228
Current restructuring provisions
7 921
5 872
Other current liabilities
8 557
10 970
Current tax payables
15 996
17 859
Deferred income
817
787
\n
Trade payables
are non-interest bearing and are generally settled on 30 to 60-day terms. The trade payables increased by 49.6 million
euros or by 17.3% compared to 2024, mainly related to the accrual trade payable of Orange Belgium S.A. (timing effect)..
Current employee benefits
increased by 2.2 million euros in 2025 and is mainly due to the indexation, which also affects the bonus
provision.
On 1 July 2025, Voo employees were transferred to Orange Belgium SA with an alignment of salary packages (bonus,
insurances\u2026).
Other current liabilities
are made of provisions for litigation, down payments received from customers and operating subsidies
received but not used yet at year end.
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 2025 (decrease of 1.9 million euros).
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 long as the worker remains in service, as follows (Orange
Belgium S.A. and its Belgian 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 recent past, the legal minimum return applicable was 1.75%;
For the contributions that are paid as from 1 January 2025, the 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 without projection of future premiums. 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 most relevant assumptions used in the actuarial computation for the main plans at Orange Belgium SA and (former) VOO SA are:
\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\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
Key assumptions made:
31/12/2025
31/12/2024
Demographic:
\u00a0 \u00a0
\u2022
Retirement age
Legal retirement age (OBE)
Legal retirement age (OBE)
\u00a0
65 \u2013 67 years (VOO)
65 \u2013 67 years (VOO)
\u2022
Mortality tables
MR-5/FR-5
MR-5/FR-5
\u2022
Turnover tables
None (OBE)
None (OBE)
\u00a0
Age dependent grids (VOO)
Age dependent grids (VOO)
Financial:
\u00a0 \u00a0
\u2022
Discount rate
4,30% (OBE)
3,40% (OBE)
\u00a0
3,10% - 4,00% (VOO)
3,40% - 3,75% (VOO)
\u2022
In\ufb02ation
2,00%
2,00%
\u2022
Salary increase on top of in\ufb02ation
0,50% (OBE)
0,50% (OBE)
\u00a0
2,5% - 3,0% (VOO)
2,5% - 3,0% (VOO)
\u2022
Legal minimum rate of return
3,25%
2,75%
\n
The results of these actuarial calculations have been reflected in the below table. These plans do not expose the group to any particular
plan or entity specific risks, or concentrations of risk.
Orange Belgium and its subsidiaries have 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 and are anticipated to phase out in the near future.
Please find below a reconciliation of the opening to the closing balance of the net defined benefit asset:
\n
Movement in net defined benefit (asset) liability
\n\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 2025
175 630
-177 117
4 641
3 154
Included in profit or loss
Current employer service cost
8 984
8 984
Past Service cost (credit)
-1 165
-1 165
Interest cost (income)
5 852
-6 058
164
-42
Actuarial loss (gain) recognized in the P&L
Included in OCI
Effect of changes in financial assumptions
-20 148
-20 148
Effect of changes in demographic assumptions
Effect of experience adjustments / Return on plan
assets excluding interest income
-774
20 186
19 412
Changes in asset ceiling/onerous liability
(excluding interest income)
-4 805
-4 805
Other
Contributions paid by the employer
-7 800
-7 800
Contributions paid by the participants
1 191
-1 191
0
Benefits paid, taxes, risk premiums and
administrative costs
-5 609
5 514
-95
Balance at 31 December 2025
163 961
-166 466
0
-2 505
\n\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
6 977
6 977
Effect of changes in demographic assumptions
Return on plan assets excluding interest income
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
Contributions paid by the participants
1 146
-1 146
0
Benefits paid, taxes, risk premiums and
administrative costs
-7 790
7 724
-66
Total
Balance at 31 December 2024
175 630
-177 117
4 641
3 154
The contributions paid during 2025 for those plans amounted to 7.8 million euros paid by the employer and 1.1 million euros paid by
the employees. For 2026, the contributions are anticipated to amount to 7.8 million euros to be paid by the employer and 1.2 million
euros to be paid by the employees.
The plan assets of Orange Belgium S.A as of 31 December 2025 consisted of 166 million in total (177 million as of 31 December 2024),
being the sum of the collective financing fund and the present value of the reduced lump sums (as per IAS19\u00a7115).
Labour costs (excluding termination benefits)
Labour costs increased by 2.5% to 257.7 million euros in 2025, compared to 251.5 million euros a year ago. This increase has been
mainly driven by inflation.
Indirect costs, net of other indirect income
\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\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Commercial expenses
-53 540
-57 218
Other IT and network expenses
-196 445
-201 034
Property expenses
-25 785
-24 201
General expenses
-139 141
-147 913
Other indirect income
37 816
35 742
Other indirect costs
-63 202
-75 896
Depreciation of right-of-use of leased assets
-58 321
-61 239
Total indirect costs, net of indirect income
-498 618
-531 759
of which operational taxes and fees
-13 879
-32 845
\n
The indirect costs, net of other direct income, decreased 6.2% year-on-year to 498.6 million euros in 2025 compared to 531.8 million
euros in 2024 driven by positive settlements, synergies following the acquisition of VOO and other cost efficiencies, partially offset by
inflation and new management fee contracts.
The commercial expenses decreased by 4.6 million euros in 2025 mainly due continuous cost efficiencies following VOO integration.
Other IT and network expenses increased by 27.0m year-on-year thanks to lower media costs.
Property expenses increased by 1.6m year-on-year mainly impacted by inflation partially offset by efficiency gains.
General expenses which include, amongst others, (i) outsourced labor and professional services, (ii) outsourced call center costs and
(iii) facility-related expenses, decreased by 8.7m year-on-year, mainly driven by lower workforce-related costs resulting from synergies
and efficiency gains.
Other indirect income increased by 2.1m year-on-year compensated by other indirect costs. Other indirect costs decreased by 12.7m
year-on year, with positive settlements more than offsetting new management fees.
Depreciation of right-of-use-assets decreased by 2.9m year-on-year, mainly due to a higher number of dismantled sites, resulting in
lower lease expenses.
Other restructuring costs
In 2025 Orange Belgium booked restructuring costs for 18.8 million euros out of which 2.3 million euros are costs related to acquisition
and integration.
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.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00288": { "value": "Direct costs \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\n
\u00a0 \u00a0
\u00a0 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Purchase of material
-226 503
-233 975
Other direct costs
-403 420
-414 825
Impairment loss on trade and other receivables, including contract assets
-5 649
-11 571
Total direct costs
-635 572
-660 371
\nThe direct costs in 2025 decreased by 3.8% year-on-year. Other direct costs
The other direct costs, mainly consisting of interconnection costs, commissions, content and connectivity costs, decreased by 2.7%
year-on-year.
Interconnection costs
Interconnect expenses decreased by 11.6 million euros to 134.2 million euros. SMS interconnect costs decreased by 18.2 million
euros due to lower traffic. International roaming cost increased by 8.5 million euros, primarily due
to traffic data increase compared
to previous year.
Commissions
Commission expenses decreased by 1.6 million euros in 2025 to 25.6 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 98.1 million euros in 2025 compared to 116.2 million euros in 2024. This decrease is
mainly attributable to the non-renewal of Belgian football broadcasting rights in the second half of the year, as well as a decrease in
the customer base.
Connectivity
Connectivity costs increased by 20.7 million euros in 2025 to 126.1 million euros. This is primarily due to higher wholesale access fees
related to the convergent Love offer in the north, the ongoing growth of our customer base, and changes in cost presentation following
the VOO acquisition.
Others
Other direct costs decreased by 6.6 million euros in 2024 to reach 25.1 million euros, this was mainly due to lower bad debt expenses,
driven by the cleanup of older balances in VOO.Indirect costs, net of other indirect income \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\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Commercial expenses
-53 540
-57 218
Other IT and network expenses
-196 445
-201 034
Property expenses
-25 785
-24 201
General expenses
-139 141
-147 913
Other indirect income
37 816
35 742
Other indirect costs
-63 202
-75 896
Depreciation of right-of-use of leased assets
-58 321
-61 239
Total indirect costs, net of indirect income
-498 618
-531 759
of which operational taxes and fees
-13 879
-32 845
\n
The indirect costs, net of other direct income, decreased 6.2% year-on-year to 498.6 million euros in 2025 compared to 531.8 million
euros in 2024 driven by positive settlements, synergies following the acquisition of VOO and other cost efficiencies, partially offset by
inflation and new management fee contracts.
The commercial expenses decreased by 4.6 million euros in 2025 mainly due continuous cost efficiencies following VOO integration.
Other IT and network expenses increased by 27.0m year-on-year thanks to lower media costs.
Property expenses increased by 1.6m year-on-year mainly impacted by inflation partially offset by efficiency gains.
General expenses which include, amongst others, (i) outsourced labor and professional services, (ii) outsourced call center costs and
(iii) facility-related expenses, decreased by 8.7m year-on-year, mainly driven by lower workforce-related costs resulting from synergies
and efficiency gains.
Other indirect income increased by 2.1m year-on-year compensated by other indirect costs. Other indirect costs decreased by 12.7m
year-on year, with positive settlements more than offsetting new management fees.
Depreciation of right-of-use-assets decreased by 2.9m year-on-year, mainly due to a higher number of dismantled sites, resulting in
lower lease expenses.
Other restructuring costs
In 2025 Orange Belgium booked restructuring costs for 18.8 million euros out of which 2.3 million euros are costs related to acquisition
and integration.
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.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00287": { "value": "Direct costs \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\n
\u00a0 \u00a0
\u00a0 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Purchase of material
-226 503
-233 975
Other direct costs
-403 420
-414 825
Impairment loss on trade and other receivables, including contract assets
-5 649
-11 571
Total direct costs
-635 572
-660 371
\n
The direct costs in 2025 decreased by 3.8% year-on-year.
Purchase of material
The costs related to the purchase of material decreased by 3.2% year-on-year and amounted to 226.5 million euros in 2025. This
reduction primarily reflects lower volumes, consistent with the ongoing slowdown in the handset market. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00289": { "value": "Commissions Commission expenses decreased by 1.6 million euros in 2025 to 25.6 million euros, mainly due to the integration of partners.", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00291": { "value": "Inventories \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\n
\u00a0 \u00a0
\u00a0 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Gross inventories
42 750
36 773
Depreciation
-4 437
-2 011
Total Inventories
38 313
34 762
Inventories -Cost recognized as an expense during the period
-221 496
-229 186
\n
The inventory mainly includes handsets and network equipment, as this material will be used this year for the deployment of Orange
NetCo's network.
The reserve for obsolete and slow-moving items increased by 2.2 million euros to 4.4 million euro.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00307": { "value": "Trade payables and other current liabilities \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\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 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Trade payables
335 679
286 070
Salaries and termination pay
3 154
2 165
Performance and profit sharing bonus, pensions
24 917
24 400
Social security contributions
5 124
5 122
Holiday pay
31 752
31 128
Other
501
414
Current employee benefits
65 447
63 228
Current restructuring provisions
7 921
5 872
Other current liabilities
8 557
10 970
Current tax payables
15 996
17 859
Deferred income
817
787
\nThe 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 2025 (decrease of 1.9 million euros).Note 7: Taxes and levies
Income tax in profit and loss statement
\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\n
\u00a0 \u00a0
\u00a0 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Current tax income / (expense)
-3 837
3 352
Deferred tax income / (expense) arising to the origination and reversal of temporary differences
5 786
9 515
Total tax income /expenses
1 950
12 867
\n
Relationship between tax expense and accounting profit
\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\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Earnings before income tax
39 358
4 285
Group income tax rate
25
25
Theoretical income tax
-9 840
-1 071
Effect of difference between local standard rate and Group rate (*)
-42
8
Effect of permanent differences and other reconciling items (**)
-1600
-2 117
Effect of tax (without base) affecting current tax (***)
12977
15 439
Effect of tax (without base) affecting deferred tax
455
608
Income tax
1 950
12 867
Effective tax rate
-5.0%
-300.3%
\n
* local rate (Orange Communications Luxembourg S.A.= 26.12.19%) and Group rate (25.)
** consisting of permanent difference like disallowed expenses, other reconciling items like other non-taxable income
*** adjustment on prior years and the effect of application of R&D tax-related incentives
Tax income amounted to 2 million euros in 2025 compared to 12.9 million euros in 2024.
The theoretical amount of tax expense amounts to 9.8 million euros while in 2024 there was an expense in the amount of 1.1 million
euros.
In 2025, the permanent differences result in a net impact of -1.6 million euros versus a net impact of -2.1 million euros in 2024. This
variation is explained by a positive impact of the other non-deductible expenses, partially offset by other non-taxable income and
other permanent differences. 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 effect of tax (without base) affecting current tax has decreased from 15.4 million euros in 2024 to 13 million euros in 2025.
The 13 million euros recorded in 2025 consist mainly of tax credits on Innovation Income Deduction, Investment Deduction on
environmentally friendly R&D and energy-saving investments.
Tax position in the statement of financial position
Movements in current tax balances
\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 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Net current tax payables -opening balance
8 650
16 191
Cash tax payments
-1 474
-4 189
Current income tax expense
3 837
-3 352
Changes in consolidation scope, reclassification and translation adjustments
-1
-1
Net current tax payables -closing balance
11 011
8 650
\n
Cash tax payments in 2025 consist mainly of tax paid on the years 2021, 2022 and 2023 and tax prepayment for 2025.
Movements in deferred tax balances
Deferred taxes are determined based on temporary differences between the carrying values of assets and liabilities in the consolidated
financial statements and their corresponding tax bases, as well as on tax loss carryforwards.
\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 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Net deferred taxes -opening balance
-47 574
-58 723
Change in income statement
5 786
9 515
Change in other comprehensive income
-2 379
1 636
Changes in consolidation scope, reclassification and translation adjustments
0
-2
Net deferred taxes -closing balance
-44 167
-47 574
\n
The deferred taxes can detailed 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\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\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\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\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\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\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\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\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\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\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
\u00a0 \u00a0 \u00a0
Income
\u00a0 \u00a0
Income
\u00a0
Assets
Liabilities
statement
Assets
Liabilities
statement
Fixed assets
8 076
90 216
3 998
0
86 138
1 537
Tax losses carryforward
50 272
0
2 885
47 388
0
23 588
Other temporary differences
68 742
81 041
-1 097
65 925
74 749
-16 749
Deferred taxes
127 090
171 257
5 786
113 313
160 887
8 376
Unrecognized deferred taxes assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
1 139
Netting
-119 738
-119 738
\u00a0
-105 766
-105 766
0
Total
7 352
51 519
5 786
7 547
55 121
9 515
\n
Deferred taxes essentially relate to PPA adjustments on tangible and intangible fixed assets, tax losses carried forward and other
temporary differences including revenue from contracts with customers, other lease liabilities and the right of use of leased assets,
pension obligations and asset retirement obligations.
The 2025 other temporary differences on deferred taxes assets for a total of 68.7 million euros relate principally to other lease liabilities
for 49.1 million euros and to pension obligations for 7.9 million euros, compared to a total of 66 million euros in 2024 of which 46.2
million euros relate to other lease liabilities and 8.5 million euros to pension obligations.
The other temporary differences on deferred taxes liabilities for a total of 81 million euros relate mainly to the right of use of leased
assets for 46.8 million euros and to revenue from contracts with customers for 34.3 million euros compared to a total of 74.7 million
euros in 2024 of which 44.3 million euros relate mainly to the right of use of leased assets and to revenue from contracts with customers
for 30.5 million euros.
Current operating taxes and levies payables
The operating taxes and levies payables amounted to 146.2 million euros in 2025 and consist of VAT payables 37.6 million euros, 99.9
million euros taxes charged to pylons and masts -plus default interests calculated at the legal rate, 7.3 million euros of provisions for
contingencies and 1.4 million other taxes payable. Iin 2024, the operating taxes and levies payable amounted to 151.2 million euros
and consist of VAT payable 40.3 million euros, 100.7 million euros taxes charges to pylons and masts, 8.8 million euros of provisions
for contingencies and 1.4 million others taxes payable.
The decrease versus year-end 2024 of 5 million euros is mainly caused by a decrease in VAT payable (-2.6 million euros).
Operational taxes: pylon
Pylon taxes payable as at 31 December 2025 amount to 99.8 million euros. Versus year-end 2024 these taxes decreased by 0.9 million
euros or by 0.8%. Pylon taxes payable are included in the caption \u201cOperating taxes and levies payable\u201d on the balance sheet.
Since 1997, certain municipalities and four provinces have adopted local taxes, on an annual basis, on pylons, masts or antennas
erected within their boundaries. Orange Belgium continues to file fiscal objections against tax assessment notices received concerning
these local taxes on pylons, masts or antennas. These taxes are currently being contested before the Civil Courts (Courts of First
Instance - Tax Chamber and Courts of Appeal).
Walloon protocol agreement 2016-2019:
On 22 December 2016 the three mobile operators and the Walloon government had concluded an agreement in principle on the issue
of taxing mobile infrastructure in the Walloon region for the period 2016-2019 and agreed to settle the dispute on the Walloon regional
taxes for 2014.
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
amount of 20 million euros in telecom infrastructure in the Walloon region in the period 2016-2019.
In turn, the Walloon Region undertook to no longer levy taxes on telecom infrastructure and to implement a legislative, regulatory and
administrative framework designed to facilitate the deployment of this infrastructure. Also, the Walloon Region would discourage
taxation by municipalities and provinces on telecom infrastructure.
In 2018 and 2019 several Walloon municipalities and provinces had levied taxes on telecom infrastructure.
The operators were entitled to deduct such local taxes levied in 2016-2019 by Walloon municipalities or provinces from the 2019
settlement and investment amounts.
The last instalment of the amount due by Orange Belgium on the basis of the 2016-2019 protocol agreement (4.5 million euros), from
which local taxes levied in 2016-2019 could be deducted, has not yet been paid.
In December 2022 Orange Belgium had been contacted by the Walloon Region about the outstanding amount to be paid. Orange
Belgium had informed the Walloon Region that, after deduction of the local taxes levied in 2016-2019 on Orange Belgium, the
outstanding amount still to be paid was to 0.4 million euros. Orange Belgium has not received an answer from the Walloon Region.
The final instalment under the 2016-2019 protocol agreement (4.5 million euros), from which local taxes for the same period could be
deducted, has not yet been settled.
Orange Belgium has communicated to the Wallon Region its calculation of the remaining amount
due, which, after deduction of the local taxes effectively levied, amounts to 0.4 million euros, Discussions with the Region are ongoing.
Walloon protocol agreement 2021-2022:
The mobile operators had concluded a protocol agreement with the Walloon government for the period 2021-2022. This agreement
stipulated that the mobile operators would pay a contribution to a governmental budget fund to be set up by the Walloon government
to support the digitalization of the Walloon region, and more specifically local initiatives of Walloon municipalities or provinces. Amount
of the operator\u2019s contribution: 5 million euros (35,73% to be paid by Orange Belgium). The mobile operators would also do additional
network investments for a total amount of 11 million euros (35,73% for Orange Belgium). This agreement would ensure a financially
stable environment by reducing the proliferation of local taxes.
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
from which the taxes received from local authorities for 2021 have been deducted.
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
contribution was due any more to the Walloon region in December 2022.
The contribution to be paid to the Walloon region in February 2023 was determined by the end of January 2023, considering all local
taxes 2021 and 2022 levied and/or known by that date. According to this analysis, the amount of local taxes exceeded the amount
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
A new version of this Walloon Protocol Agreement 2023-2026 dated 24 April 2025 has been signed.
The agreed principles remain the
\n
same, it concerns the adjustments of some modalities of payment.
\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 the
\n
number of pylons and masts owned and the coverage of each operator in the Walloon territory. For 2023 the percentage for Orange
\n
Belgium amounts to 37,24%; for 2024 34,74%. Exchanges to determine this allocation key for 2025 are ongoing via Agoria.
\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.
\n
An agreement exists to not impose Walloon Regional taxes on the telecom infrastructure during the period 2023-2026. Also,
\n
municipalities and provinces will be discouraged by the Walloon Region to levy local taxes on telecom infrastructure.
\n
In August 2025, an amount of EUR 1,334,000.00 was paid by Orange Belgium to the Walloon Region for the years 2023 and 2024.
\n
Given the uncertainties surrounding both the legality and the amount of the pylon taxes, and considering, among other factors, that
\n
this tax is neither fully payable at the start of each fiscal year nor actually paid, the Group continues to treat it as a risk. Nevertheless,
\n
the estimated full-year exposure is recognized upfront each year as both a liability and an expense. Interest charges on the unpaid tax
\n
amounts continue to be recorded on a monthly basis.
\n
The provision related to the pylon tax is reassessed every quarter using prudent best-estimate assumptions, considering
\n
developments in the regional tax framework, the progress of ongoing legal proceedings, and newly received tax assessments.
\n
Management updates these estimates whenever underlying circumstances change or when new information or experience becomes
\navailable. As a result, estimates made as of 31 December 2025 may subsequently be revised.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00297": { "value": "Trade payables and other current liabilities \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\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 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Trade payables
335 679
286 070
Salaries and termination pay
3 154
2 165
Performance and profit sharing bonus, pensions
24 917
24 400
Social security contributions
5 124
5 122
Holiday pay
31 752
31 128
Other
501
414
Current employee benefits
65 447
63 228
Current restructuring provisions
7 921
5 872
Other current liabilities
8 557
10 970
Current tax payables
15 996
17 859
Deferred income
817
787
\nCurrent employee benefits
increased by 2.2 million euros in 2025 and is mainly due to the indexation, which also affects the bonus
provision.
On 1 July 2025, Voo employees were transferred to Orange Belgium SA with an alignment of salary packages (bonus,
insurances\u2026). 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 long as the worker remains in service, as follows (Orange
Belgium S.A. and its Belgian 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 recent past, the legal minimum return applicable was 1.75%;
For the contributions that are paid as from 1 January 2025, the 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 without projection of future premiums. 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 most relevant assumptions used in the actuarial computation for the main plans at Orange Belgium SA and (former) VOO SA are:
\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\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
Key assumptions made:
31/12/2025
31/12/2024
Demographic:
\u00a0 \u00a0
\u2022
Retirement age
Legal retirement age (OBE)
Legal retirement age (OBE)
\u00a0
65 \u2013 67 years (VOO)
65 \u2013 67 years (VOO)
\u2022
Mortality tables
MR-5/FR-5
MR-5/FR-5
\u2022
Turnover tables
None (OBE)
None (OBE)
\u00a0
Age dependent grids (VOO)
Age dependent grids (VOO)
Financial:
\u00a0 \u00a0
\u2022
Discount rate
4,30% (OBE)
3,40% (OBE)
\u00a0
3,10% - 4,00% (VOO)
3,40% - 3,75% (VOO)
\u2022
In\ufb02ation
2,00%
2,00%
\u2022
Salary increase on top of in\ufb02ation
0,50% (OBE)
0,50% (OBE)
\u00a0
2,5% - 3,0% (VOO)
2,5% - 3,0% (VOO)
\u2022
Legal minimum rate of return
3,25%
2,75%
\n
The results of these actuarial calculations have been reflected in the below table. These plans do not expose the group to any particular
plan or entity specific risks, or concentrations of risk.
Orange Belgium and its subsidiaries have 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 and are anticipated to phase out in the near future.
\n
Please find below a reconciliation of the opening to the closing balance of the net defined benefit asset:
\n
Movement in net defined benefit (asset) liability
\n\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 2025
175 630
-177 117
4 641
3 154
Included in profit or loss
Current employer service cost
8 984
8 984
Past Service cost (credit)
-1 165
-1 165
Interest cost (income)
5 852
-6 058
164
-42
Actuarial loss (gain) recognized in the P&L
Included in OCI
Effect of changes in financial assumptions
-20 148
-20 148
Effect of changes in demographic assumptions
Effect of experience adjustments / Return on plan
assets excluding interest income
-774
20 186
19 412
Changes in asset ceiling/onerous liability
(excluding interest income)
-4 805
-4 805
Other
Contributions paid by the employer
-7 800
-7 800
Contributions paid by the participants
1 191
-1 191
0
Benefits paid, taxes, risk premiums and
administrative costs
-5 609
5 514
-95
Balance at 31 December 2025
163 961
-166 466
0
-2 505
\n\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
6 977
6 977
Effect of changes in demographic assumptions
Return on plan assets excluding interest income
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
Contributions paid by the participants
1 146
-1 146
0
Benefits paid, taxes, risk premiums and
administrative costs
-7 790
7 724
-66
Total
Balance at 31 December 2024
175 630
-177 117
4 641
3 154
The contributions paid during 2025 for those plans amounted to 7.8 million euros paid by the employer and 1.1 million euros paid by
the employees. For 2026, the contributions are anticipated to amount to 7.8 million euros to be paid by the employer and 1.2 million
euros to be paid by the employees.
The plan assets of Orange Belgium S.A as of 31 December 2025 consisted of 166 million in total (177 million as of 31 December 2024),
being the sum of the collective financing fund and the present value of the reduced lump sums (as per IAS19\u00a7115).", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00296": { "value": "Trade payables and other current liabilities \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\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 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Trade payables
335 679
286 070
Salaries and termination pay
3 154
2 165
Performance and profit sharing bonus, pensions
24 917
24 400
Social security contributions
5 124
5 122
Holiday pay
31 752
31 128
Other
501
414
Current employee benefits
65 447
63 228
Current restructuring provisions
7 921
5 872
Other current liabilities
8 557
10 970
Current tax payables
15 996
17 859
Deferred income
817
787
\nLabour costs (excluding termination benefits)
Labour costs increased by 2.5% to 257.7 million euros in 2025, compared to 251.5 million euros a year ago. This increase has been
mainly driven by inflation.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00295": { "value": "Trade payables and other current liabilities \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\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 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Trade payables
335 679
286 070
Salaries and termination pay
3 154
2 165
Performance and profit sharing bonus, pensions
24 917
24 400
Social security contributions
5 124
5 122
Holiday pay
31 752
31 128
Other
501
414
Current employee benefits
65 447
63 228
Current restructuring provisions
7 921
5 872
Other current liabilities
8 557
10 970
Current tax payables
15 996
17 859
Deferred income
817
787
\nNote 12: (Non)-current provisions \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\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\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 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
in thousand EUR
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Consolidation
Other
\u00a0
\u00a0
31.12.2024
Additions
Utilisations
Reversal
scope
effect
31.12.2025
Provisions for dismantling
59 770
0
-4 594
0
0
4 089
59 265
Provisions for litigations
4 333
247
-897
-2 356
0
876
2 203
Total provisions
64 103
247
-5 491
-2 356
0
4 965
61 468
\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\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\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 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
in thousand EUR
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Consolidation
Other
\u00a0
\u00a0
31.12.2023
Additions
Utilisations
Reversal
scope
effect
31.12.2024
Provisions for dismantling
61,951
0
-5,602
0
0
3,425
59 774
Provisions for litigations
3 051
2 211
-564
-465
0
100
4 333
Total provisions
65 102
2 211
-6 166
-465
0
3 425
64 107
\n
Provisions for dismantling consist of current (4.1 million euros) and non-current provisions (55.1 million euros) (see also Note 6 \u2013Other
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00293": { "value": "Trade payables and other current liabilities \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\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 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Trade payables
335 679
286 070
Salaries and termination pay
3 154
2 165
Performance and profit sharing bonus, pensions
24 917
24 400
Social security contributions
5 124
5 122
Holiday pay
31 752
31 128
Other
501
414
Current employee benefits
65 447
63 228
Current restructuring provisions
7 921
5 872
Other current liabilities
8 557
10 970
Current tax payables
15 996
17 859
Deferred income
817
787
\nOther current liabilities
are made of provisions for litigation, down payments received from customers and operating subsidies
received but not used yet at year end.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 mostly related to
Property, Plant and Equipment investments. The balance increased compared to last year (67.2 million euros in 2025, compared to
59.5 million euros a year ago).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00292": { "value": "Trade payables and other current liabilities \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\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 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Trade payables
335 679
286 070
Salaries and termination pay
3 154
2 165
Performance and profit sharing bonus, pensions
24 917
24 400
Social security contributions
5 124
5 122
Holiday pay
31 752
31 128
Other
501
414
Current employee benefits
65 447
63 228
Current restructuring provisions
7 921
5 872
Other current liabilities
8 557
10 970
Current tax payables
15 996
17 859
Deferred income
817
787
\n
Trade payables
are non-interest bearing and are generally settled on 30 to 60-day terms. The trade payables increased by 49.6 million
euros or by 17.3% compared to 2024, mainly related to the accrual trade payable of Orange Belgium S.A. (timing effect).. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00301": { "value": "Indirect costs, net of other indirect income \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\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Commercial expenses
-53 540
-57 218
Other IT and network expenses
-196 445
-201 034
Property expenses
-25 785
-24 201
General expenses
-139 141
-147 913
Other indirect income
37 816
35 742
Other indirect costs
-63 202
-75 896
Depreciation of right-of-use of leased assets
-58 321
-61 239
Total indirect costs, net of indirect income
-498 618
-531 759
of which operational taxes and fees
-13 879
-32 845
\n
The indirect costs, net of other direct income, decreased 6.2% year-on-year to 498.6 million euros in 2025 compared to 531.8 million
euros in 2024 driven by positive settlements, synergies following the acquisition of VOO and other cost efficiencies, partially offset by
inflation and new management fee contracts.
The commercial expenses decreased by 4.6 million euros in 2025 mainly due continuous cost efficiencies following VOO integration.
Other IT and network expenses increased by 27.0m year-on-year thanks to lower media costs.
Property expenses increased by 1.6m year-on-year mainly impacted by inflation partially offset by efficiency gains.
General expenses which include, amongst others, (i) outsourced labor and professional services, (ii) outsourced call center costs and
(iii) facility-related expenses, decreased by 8.7m year-on-year, mainly driven by lower workforce-related costs resulting from synergies
and efficiency gains.
Other indirect income increased by 2.1m year-on-year compensated by other indirect costs. Other indirect costs decreased by 12.7m
year-on year, with positive settlements more than offsetting new management fees.
Depreciation of right-of-use-assets decreased by 2.9m year-on-year, mainly due to a higher number of dismantled sites, resulting in
lower lease expenses.Depreciation and amortization
The depreciation and amortization charge (including impairment of fixed assets) for the year was 418.5 million euros, up by 7 million
euros compared to 2024.
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 2025, the change in useful life and/or recognized impairment charges on property, plant and equipment totals 13.4 million
euros (compared with 17.1 million euros in 2024) and shown as expense on the line \u201cDepreciation and amortization\u201d and \u201cimpairment
of fixed assets\u201d in the statement of comprehensive income.
The impact of this year is mainly due to the project RAN sharing Proximus including Sites dismantling & Ran material radio swapped
from Huawei to Nokia (13 million euros)
Other intangible assets
\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\n
\u00a0 \u00a0
\u00a0 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Net book value of other intangible assets in the opening balance
861 887
907 208
Acquisitions of other intangible assets
73 526
78 588
Depreciation and amortization
-121 489
-123 402
Impairment
-544
-506
Reclassifications and other items
-48
-1
Net book value of other intangible assets in the closing balance
813 332
861 887
\n
Acquisition of other intangible assets are mainly software licenses (67.3 million euros).
\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\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
\u00a0 \u00a0 \u00a0 \u00a0
in thousand EUR
\u00a0 \u00a0
Accumulated
\u00a0 \u00a0
\u00a0
Gross
depreciation and
Accumulated
Net book
31.12.2025
value
amortization
impairment
value
Telecommunication licences
696 393
-186 370
0
510 023
Brand
20 072
-8 224
-4 172
7 676
Subscriber bases
143 539
-39 777
0
103 762
Software
926 478
-755 295
0
171 184
Other intangible assets
141 354
-120 667
0
20 687
Total
1 927 836
-1 110 333
-4 172
813 332
\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\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
\u00a0 \u00a0 \u00a0 \u00a0
in thousand EUR
\u00a0 \u00a0
Accumulated
\u00a0 \u00a0
\u00a0
Gross
depreciation and
Accumulated
Net book
31.12.2024
value
amortization
impairment
value
Telecommunication licences
696 393
-148 650
0
547 743
Brand
20 072
-5 044
-4 172
10 856
Subscriber bases
143 539
-31 316
0
112 223
Software
887 625
-724 015
0
163 610
Other intangible assets
134 328
-106 873
0
27 455
Total
1 881 956
-1 015 898
-4 172
861 887
\n
Telecommunication and other licenses held by Orange Belgium Group:
\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\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\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\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\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\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\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\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\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\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\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\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\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\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\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\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\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\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\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\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\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\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\n\t\n
\u00a0 \u00a0
\u00a0
Acquisition
Net book
Net book
\u00a0 \u00a0 \u00a0
\u00a0
cost
value end
value end
\u00a0 \u00a0
Start
Type of Licence
in
2025
2024
Useful life
Remaining
depreciation
\u00a0
thousand
in thousand
in thousand
in months
months
period
\u00a0
EUR
EUR
EUR
\u00a0 \u00a0 \u00a0
4G
20 020
2 549
4 372
Ended Jun-
17
Jun-16
\u00a0 \u00a0 \u00a0 \u00a0
2027
\u00a0 \u00a0
800 MHz
120 000
47 863
53 920
238
95
Feb-14
IBPT autorisation 3 G
2 158
0
0
4
0
Sept-22
IBPT autorisation 2 G
4 193
0
0
4
0
Sept-22
IBPT autorisation 5 G 3600 Mhz
55 308
44 869
48 000
212
172
Sept-22
IBPT autorisation 5 G 700 Mhz
122 860
102 378
108 521
240
200
Sept-22
Spectrum RD 800 Mhz
17 542
11 695
13 157
144
96
Jan-22
Spectrum RD 2600 Mhz
5 897
1 608
2 680
78
18
Jan-22
Spectrum RD 700 Mhz
23 398
19 497
20 666
240
200
Sept-22
Spectrum RD 3600 Mhz
11 386
9 237
9 881
212
172
Sept-22
License 900/1800/2100 Mhz
214 198
182 068
192 779
240
204
Jan-23
License 1400 Mhz
89 135
77 974
82 431
240
210
Jul-23
OLU UMTS 2100 Mhz ( 4 G)
1 735
0
0
192
88
May-17
OLU 5G 700 Mhz + 3600 Mhz
13 504
9 498
10 506
180
116
Aug-20
BKM PPA - unused perpetual licences Voxx - Telepo
1 058
787
830
300
235
Aug-19
Total
702 392
510 023
547 744
\u00a0 \u00a0 \u00a0
\n
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 2025 remain comparable to those used in 2024.
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\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 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Net book value of property, plant and equipment in the opening balance
1 803 870
1 787 469
Acquisitions of property, plant and equipment
302 836
289 927
Depreciation and amortization
-293 777
-288 096
Reclassifications and other items
-150
14 847
Net book value of property, plant and equipment in the closing balance
1 812 353
1 803 870
\n
The acquisitions of 2025 relate to investments into the network (275.5 million euros) and into terminals & set-top boxes (14.4 million
euros).
\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\n\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\n\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\n\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\n\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\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
in thousand EUR
\u00a0 \u00a0
Accumulated
\u00a0
\u00a0
Gross
depreciation and
Net book
31.12.2025
value
amortization
value
Land and buildings
187 648
-122 215
65 433
Networks and terminals
4 483 344
-2 769 975
1 713 369
IT equipment
209 351
-184 333
25 018
Other property, plant and equipment
27 946
-19 413
8 533
Total
4 908 289
-3 095 936
1 812 353
\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\n\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\n\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\n\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\n\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\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
in thousand EUR
\u00a0 \u00a0
Accumulated
\u00a0
\u00a0
Gross
depreciation and
Net book
31.12.2024
value
amortization
value
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
\nNote 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 2025, lease liabilities amount to 192.2 million euros, including non-current lease liabilities of 162.7 million euros
and current lease liabilities of 29.5 million euros.
\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\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
in thousand EUR
\u00a0
2025
2024
Lease liabilities \u2013 in the opening balance
180,073
204 769
Increase with counterpart in right-of-use
37 820
29 461
Changes in the scope of consolidation
\u00a0 \u00a0
Decrease in liabilities following rental payments
-54 697
-57 003
Impact of changes in assessments
12 730
2 836
Translation adjustment
\u00a0 \u00a0
Lease liabilities \u2013 in the closing balance
192 229
180 073
O/w non-current lease liabilities
162 717
150 351
O/w current lease liabilities
29 512
29 723
\n
The increase 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 interests on finance leases decreased from 5.8 million
euros to 5.4 million euros.
The following table details the undiscounted future cash flows of lease liabilities:
\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\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 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
in thousand EUR
\u00a0
31 December
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2031 and
\u00a0
2025
2026
2027
2028
2029
2030
beyond
Undiscounted lease liabilities
190 393
40 813
32 437
26 713
18 431
14 365
57 634
Right-of-use assets
\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\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
\u00a0\u00a0 \u00a0 \u00a0
in thousand EUR
\u00a0
Gross
Accumulated
Accumulated
Net book
31.12.2025
value
depreciation
impairment
value
Land and buildings
367 737
-211 538
\u00a0
156 199
Networks and terminals
3 273
-2 488
\u00a0
785
IT equipment
0
0
\u00a0
0
Other right-of-use
50 860
-25 175
\u00a0
25 685
Total right-of-use assets
421 870
-239 201
\u00a0
182 669
\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\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
\u00a0\u00a0 \u00a0 \u00a0
in thousand EUR
\u00a0
Gross
Accumulated
Accumulated
Net book
31.12.2024
value
depreciation
impairment
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\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\n
\u00a0 \u00a0
\u00a0 \u00a0
in thousand EUR
\u00a0
2025
2024
Net book value of right-of-use assets -in the opening balance
188 693
200 805
Increase (new right-of-use assets)
39 568
29 989
Impact of changes in the scope of consolidation
\u00a0 \u00a0
Depreciation
-58 877
-60 982
Impact of changes in the assessments
13 285
2 579
Net book value of right-of-use assets -in the closing balance
182 669
172 391
\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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00300": { "value": "Indirect costs, net of other indirect income \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\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Commercial expenses
-53 540
-57 218
Other IT and network expenses
-196 445
-201 034
Property expenses
-25 785
-24 201
General expenses
-139 141
-147 913
Other indirect income
37 816
35 742
Other indirect costs
-63 202
-75 896
Depreciation of right-of-use of leased assets
-58 321
-61 239
Total indirect costs, net of indirect income
-498 618
-531 759
of which operational taxes and fees
-13 879
-32 845
\n
The indirect costs, net of other direct income, decreased 6.2% year-on-year to 498.6 million euros in 2025 compared to 531.8 million
euros in 2024 driven by positive settlements, synergies following the acquisition of VOO and other cost efficiencies, partially offset by
inflation and new management fee contracts.
The commercial expenses decreased by 4.6 million euros in 2025 mainly due continuous cost efficiencies following VOO integration.
Other IT and network expenses increased by 27.0m year-on-year thanks to lower media costs.
Property expenses increased by 1.6m year-on-year mainly impacted by inflation partially offset by efficiency gains.
General expenses which include, amongst others, (i) outsourced labor and professional services, (ii) outsourced call center costs and
(iii) facility-related expenses, decreased by 8.7m year-on-year, mainly driven by lower workforce-related costs resulting from synergies
and efficiency gains.
Other indirect income increased by 2.1m year-on-year compensated by other indirect costs. Other indirect costs decreased by 12.7m
year-on year, with positive settlements more than offsetting new management fees.
Depreciation of right-of-use-assets decreased by 2.9m year-on-year, mainly due to a higher number of dismantled sites, resulting in
lower lease expenses.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00299": { "value": "Indirect costs, net of other indirect income \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\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Commercial expenses
-53 540
-57 218
Other IT and network expenses
-196 445
-201 034
Property expenses
-25 785
-24 201
General expenses
-139 141
-147 913
Other indirect income
37 816
35 742
Other indirect costs
-63 202
-75 896
Depreciation of right-of-use of leased assets
-58 321
-61 239
Total indirect costs, net of indirect income
-498 618
-531 759
of which operational taxes and fees
-13 879
-32 845
\n
The indirect costs, net of other direct income, decreased 6.2% year-on-year to 498.6 million euros in 2025 compared to 531.8 million
euros in 2024 driven by positive settlements, synergies following the acquisition of VOO and other cost efficiencies, partially offset by
inflation and new management fee contracts.
The commercial expenses decreased by 4.6 million euros in 2025 mainly due continuous cost efficiencies following VOO integration.
Other IT and network expenses increased by 27.0m year-on-year thanks to lower media costs.
Property expenses increased by 1.6m year-on-year mainly impacted by inflation partially offset by efficiency gains.
General expenses which include, amongst others, (i) outsourced labor and professional services, (ii) outsourced call center costs and
(iii) facility-related expenses, decreased by 8.7m year-on-year, mainly driven by lower workforce-related costs resulting from synergies
and efficiency gains.
Other indirect income increased by 2.1m year-on-year compensated by other indirect costs. Other indirect costs decreased by 12.7m
year-on year, with positive settlements more than offsetting new management fees.
Depreciation of right-of-use-assets decreased by 2.9m year-on-year, mainly due to a higher number of dismantled sites, resulting in
lower lease expenses.
Other restructuring costs
In 2025 Orange Belgium booked restructuring costs for 18.8 million euros out of which 2.3 million euros are costs related to acquisition
and integration.
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.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00298": { "value": "Indirect costs, net of other indirect income \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\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Commercial expenses
-53 540
-57 218
Other IT and network expenses
-196 445
-201 034
Property expenses
-25 785
-24 201
General expenses
-139 141
-147 913
Other indirect income
37 816
35 742
Other indirect costs
-63 202
-75 896
Depreciation of right-of-use of leased assets
-58 321
-61 239
Total indirect costs, net of indirect income
-498 618
-531 759
of which operational taxes and fees
-13 879
-32 845
\n
The indirect costs, net of other direct income, decreased 6.2% year-on-year to 498.6 million euros in 2025 compared to 531.8 million
euros in 2024 driven by positive settlements, synergies following the acquisition of VOO and other cost efficiencies, partially offset by
inflation and new management fee contracts.
The commercial expenses decreased by 4.6 million euros in 2025 mainly due continuous cost efficiencies following VOO integration.
Other IT and network expenses increased by 27.0m year-on-year thanks to lower media costs.
Property expenses increased by 1.6m year-on-year mainly impacted by inflation partially offset by efficiency gains.
General expenses which include, amongst others, (i) outsourced labor and professional services, (ii) outsourced call center costs and
(iii) facility-related expenses, decreased by 8.7m year-on-year, mainly driven by lower workforce-related costs resulting from synergies
and efficiency gains.
Other indirect income increased by 2.1m year-on-year compensated by other indirect costs. Other indirect costs decreased by 12.7m
year-on year, with positive settlements more than offsetting new management fees.
Depreciation of right-of-use-assets decreased by 2.9m year-on-year, mainly due to a higher number of dismantled sites, resulting in
lower lease expenses.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00302": { "value": "Note 5: Goodwill
Goodwill
Goodwill originates from the following historical transactions:
\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\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\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\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\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\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\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\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\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\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\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\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\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
in thousand
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
EUR
\u00a0
31.12.2025
31.12.2024
\u00a0 \u00a0
Accum
\u00a0 \u00a0
Accumulat
\u00a0
\u00a0
Acquisition
ulated
Net carrying
Acquisiti
ed
Net carrying
\u00a0
Value
impair
amount
on
impairment
amount
\u00a0 \u00a0
ment
\u00a0
Value
losses
\u00a0
\u00a0 \u00a0
losses
\u00a0 \u00a0 \u00a0 \u00a0
Acquisition of Orange Communications Luxembourg S.A.
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
(2007 \u2013 2008)
68 729
-17 865
50 864
68 729
-17 865
50 864
Acquisition of VOO SA (2023 \u2013 2024)
684 138
\u00a0
684 138
684 138
\u00a0
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
\n
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\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\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\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\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\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\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\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
\u00a0 \u00a0
Accumulated
Net
\u00a0
Accumulated
\u00a0
\u00a0
Acquisition
impairment
carrying
Acquisition
impairment
Net carrying
Goodwill CGU allocation
Value
losses
amount
Value
losses
amount
Belgium
737 685
-37 370
700 315
737 685
-37 370
700,315
Luxembourg
68 729
-17 865
50,864
68 729
-17 865
50,864
\n
The recoverable amount of each cash-generating unit is determined based on a value in use calculation which uses discounted cash
flow projections based on the 5-year business plan approved by the appropriate governance structure. Discount rates represent the
current market assessment of the risks specific to the CGU, taking into consideration the time value of money and individual risks of
the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on the
specific circumstances of the Group and its operating segments and is derived from its weighted average cost of capital (WACC).
The WACC takes into account both debt and equity. The cost of equity is derived from the expected return on investment by the
Group\u2019s investors. The cost of debt is based on the interest-bearing borrowings the Group is obliged to service. Segment-specific
risk is incorporated by applying individual beta factors. The beta factors are evaluated annually based on publicly available market
data.
Belgium
The recoverable amount of the \u2018Belgium\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 directors.
The pre-tax discount rate applied to cash flow projections is 8.13% per annum (2024: 8.97% per annum) and cash flows beyond the
five-year period are extrapolated using a 0.75% growth rate (2024: 0.75%). Post-tax discount rates were 6.1%per annum (2024:
6.73%).
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
\n
bases, regulatory authority decisions on pricing of services to customers and on access and pricing of inter-operator
\n
services, technology migration of networks, competition authorities\u2019 decisions in terms of concentration or regulation of
\n
adjacent sectors such as cable;
\n
-
key cost assumptions, on the level of marketing expenses required to renew product lines and keep up with competition,
\n
the ability to adjust costs to potential changes in revenues or the effects of natural attrition and committed employee
\n
departure 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
\n
or 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 tempered
\n
by increased competitions and decrease on incoming SMS revenues with the implementation of RCS (ii) costs managed through the
\n
stabilisation of the direct margin and the management of indirect costs (iii) decrease of eCapex following the finalization of the Ran
\n
sharing implementation in the first years of the plan. More precisely, the management ambitions a turnaround over this 5-year period
\n
(2025-2030) with a 0.5% (compared to 1.2 % last year) and 2.2% (compared to 4.6 % last year) compounded annual growth rate
\n
(CAGR) of revenues and adjusted EBITDA respectively, while capital expenses are expected to decrease by 3.5% (compared to
\n
increased by 1.4% last year).
\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 2024.
\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% (2024: from
\n
0.25% to 0.75%) and a post-tax discount rate varying from 6.1% to 7.1% (2024: from 6.7% to 7.7%).The management believes that
\n
such reasonably possible change in these key assumptions on which the recoverable amount of \u2018Belgium\u2019 is based would not cause
\n
the carrying amount of the related net assets to exceed the aggregate recoverable amount of this CGU.
\n
Luxembourg
\n
The recoverable amount of the \u2018\u2019Luxembourg\u2019 segment as a cash-generating unit is determined based on a value in use calculation
\n
which uses cash flow projections based on the 5-year business plan approved by the Strategic Committee.
\n
The pre-tax discount rate applied to cash flow projections is 6.80 % per annum (2024: 7.27% per annum) and cash flows beyond the
\n
five-year period are extrapolated using a 1.25% growth rate (2024: 1.25%). Post-tax discount rate were 5.40% per annum (2023:
\n
5.76%).
\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
\n
bases, regulatory authority decisions on pricing of services to customers and on access and pricing of inter-operator
\n
services, technology migration of networks, competition authorities\u2019 decisions in terms of concentration or regulation of
\n
adjacent sectors such as fiber;
\n
-
key cost assumptions, on the level of marketing expenses required to renew product lines and keep up with competition,
\n
the ability to adjust costs to potential changes in revenues or the effects of natural attrition and committed employee
\n
departure 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
\n
or obligations to open up networks to competitors.
\n
The management of Orange Communications Luxembourg foresees a progressive increase of adjusted EBITDA over the period as
\n
the result of (i) a continuous top line growth coming both from an increase in market share (mainly on broadband) and churn reduction,
\n
and (ii) the increase in the direct margin mainly linked to the broadband network deployment which overcompensate the increase of
\n
indirect costs related to automatic index, mainly on salaries and property costs. More precisely, the management ambitions a
\n
turnaround over this 5-year period with a 3.0% (compared to 3.70 % last year) and 7.26 % (compared to 7.90 % last year) compounded
annual growth rate (CAGR) of revenues and adjusted EBITDA respectively, while capital expenses are expected to decrease by 5.80%
(compared to an increase of 6.40% 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% (2024: from
0.75% to 1.25%) and a post-tax discount rate varying from 5.40% to 7.25% (2024: from 5.76% to 7.25%). An additional sensitivity
analysis was performed on the EBITDAaL margin in the terminal value. I
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00303": { "value": "Note 5: Goodwill
Goodwill
Goodwill originates from the following historical transactions:
\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\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\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\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\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\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\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\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\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\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\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\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\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
in thousand
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
EUR
\u00a0
31.12.2025
31.12.2024
\u00a0 \u00a0
Accum
\u00a0 \u00a0
Accumulat
\u00a0
\u00a0
Acquisition
ulated
Net carrying
Acquisiti
ed
Net carrying
\u00a0
Value
impair
amount
on
impairment
amount
\u00a0 \u00a0
ment
\u00a0
Value
losses
\u00a0
\u00a0 \u00a0
losses
\u00a0 \u00a0 \u00a0 \u00a0
Acquisition of Orange Communications Luxembourg S.A.
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
(2007 \u2013 2008)
68 729
-17 865
50 864
68 729
-17 865
50 864
Acquisition of VOO SA (2023 \u2013 2024)
684 138
\u00a0
684 138
684 138
\u00a0
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
\n
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\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\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\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\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\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\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\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
\u00a0 \u00a0
Accumulated
Net
\u00a0
Accumulated
\u00a0
\u00a0
Acquisition
impairment
carrying
Acquisition
impairment
Net carrying
Goodwill CGU allocation
Value
losses
amount
Value
losses
amount
Belgium
737 685
-37 370
700 315
737 685
-37 370
700,315
Luxembourg
68 729
-17 865
50,864
68 729
-17 865
50,864
\n
The recoverable amount of each cash-generating unit is determined based on a value in use calculation which uses discounted cash
flow projections based on the 5-year business plan approved by the appropriate governance structure. Discount rates represent the
current market assessment of the risks specific to the CGU, taking into consideration the time value of money and individual risks of
the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on the
specific circumstances of the Group and its operating segments and is derived from its weighted average cost of capital (WACC).
The WACC takes into account both debt and equity. The cost of equity is derived from the expected return on investment by the
Group\u2019s investors. The cost of debt is based on the interest-bearing borrowings the Group is obliged to service. Segment-specific
risk is incorporated by applying individual beta factors. The beta factors are evaluated annually based on publicly available market
data.
Belgium
The recoverable amount of the \u2018Belgium\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 directors.
The pre-tax discount rate applied to cash flow projections is 8.13% per annum (2024: 8.97% per annum) and cash flows beyond the
five-year period are extrapolated using a 0.75% growth rate (2024: 0.75%). Post-tax discount rates were 6.1%per annum (2024:
6.73%).
\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
\n
bases, regulatory authority decisions on pricing of services to customers and on access and pricing of inter-operator
\n
services, technology migration of networks, competition authorities\u2019 decisions in terms of concentration or regulation of
\n
adjacent sectors such as cable;
\n
-
key cost assumptions, on the level of marketing expenses required to renew product lines and keep up with competition,
\n
the ability to adjust costs to potential changes in revenues or the effects of natural attrition and committed employee
\n
departure 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
\n
or 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 tempered
\n
by increased competitions and decrease on incoming SMS revenues with the implementation of RCS (ii) costs managed through the
\n
stabilisation of the direct margin and the management of indirect costs (iii) decrease of eCapex following the finalization of the Ran
\n
sharing implementation in the first years of the plan. More precisely, the management ambitions a turnaround over this 5-year period
\n
(2025-2030) with a 0.5% (compared to 1.2 % last year) and 2.2% (compared to 4.6 % last year) compounded annual growth rate
\n
(CAGR) of revenues and adjusted EBITDA respectively, while capital expenses are expected to decrease by 3.5% (compared to
\n
increased by 1.4% last year).
\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 2024.
\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% (2024: from
\n
0.25% to 0.75%) and a post-tax discount rate varying from 6.1% to 7.1% (2024: from 6.7% to 7.7%).The management believes that
\n
such reasonably possible change in these key assumptions on which the recoverable amount of \u2018Belgium\u2019 is based would not cause
\n
the carrying amount of the related net assets to exceed the aggregate recoverable amount of this CGU.
\n
Luxembourg
\n
The recoverable amount of the \u2018\u2019Luxembourg\u2019 segment as a cash-generating unit is determined based on a value in use calculation
\n
which uses cash flow projections based on the 5-year business plan approved by the Strategic Committee.
\n
The pre-tax discount rate applied to cash flow projections is 6.80 % per annum (2024: 7.27% per annum) and cash flows beyond the
\n
five-year period are extrapolated using a 1.25% growth rate (2024: 1.25%). Post-tax discount rate were 5.40% per annum (2023:
\n
5.76%).
\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
\n
bases, regulatory authority decisions on pricing of services to customers and on access and pricing of inter-operator
\n
services, technology migration of networks, competition authorities\u2019 decisions in terms of concentration or regulation of
\n
adjacent sectors such as fiber;
\n
-
key cost assumptions, on the level of marketing expenses required to renew product lines and keep up with competition,
\n
the ability to adjust costs to potential changes in revenues or the effects of natural attrition and committed employee
\n
departure 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
\n
or obligations to open up networks to competitors.
\n
The management of Orange Communications Luxembourg foresees a progressive increase of adjusted EBITDA over the period as
\n
the result of (i) a continuous top line growth coming both from an increase in market share (mainly on broadband) and churn reduction,
\n
and (ii) the increase in the direct margin mainly linked to the broadband network deployment which overcompensate the increase of
\n
indirect costs related to automatic index, mainly on salaries and property costs. More precisely, the management ambitions a
\n
turnaround over this 5-year period with a 3.0% (compared to 3.70 % last year) and 7.26 % (compared to 7.90 % last year) compounded
annual growth rate (CAGR) of revenues and adjusted EBITDA respectively, while capital expenses are expected to decrease by 5.80%
(compared to an increase of 6.40% 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% (2024: from
0.75% to 1.25%) and a post-tax discount rate varying from 5.40% to 7.25% (2024: from 5.76% to 7.25%). An additional sensitivity
analysis was performed on the EBITDAaL margin in the terminal value. I
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\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\n
\u00a0 \u00a0
\u00a0 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Net book value of other intangible assets in the opening balance
861 887
907 208
Acquisitions of other intangible assets
73 526
78 588
Depreciation and amortization
-121 489
-123 402
Impairment
-544
-506
Reclassifications and other items
-48
-1
Net book value of other intangible assets in the closing balance
813 332
861 887
\n
Acquisition of other intangible assets are mainly software licenses (67.3 million euros).
\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\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
\u00a0 \u00a0 \u00a0 \u00a0
in thousand EUR
\u00a0 \u00a0
Accumulated
\u00a0 \u00a0
\u00a0
Gross
depreciation and
Accumulated
Net book
31.12.2025
value
amortization
impairment
value
Telecommunication licences
696 393
-186 370
0
510 023
Brand
20 072
-8 224
-4 172
7 676
Subscriber bases
143 539
-39 777
0
103 762
Software
926 478
-755 295
0
171 184
Other intangible assets
141 354
-120 667
0
20 687
Total
1 927 836
-1 110 333
-4 172
813 332
\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\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
\u00a0 \u00a0 \u00a0 \u00a0
in thousand EUR
\u00a0 \u00a0
Accumulated
\u00a0 \u00a0
\u00a0
Gross
depreciation and
Accumulated
Net book
31.12.2024
value
amortization
impairment
value
Telecommunication licences
696 393
-148 650
0
547 743
Brand
20 072
-5 044
-4 172
10 856
Subscriber bases
143 539
-31 316
0
112 223
Software
887 625
-724 015
0
163 610
Other intangible assets
134 328
-106 873
0
27 455
Total
1 881 956
-1 015 898
-4 172
861 887
\n
Telecommunication and other licenses held by Orange Belgium Group:
\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\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\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\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\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\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\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\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\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\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\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\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\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\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\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\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\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\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\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\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\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\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\n\t\n
\u00a0 \u00a0
\u00a0
Acquisition
Net book
Net book
\u00a0 \u00a0 \u00a0
\u00a0
cost
value end
value end
\u00a0 \u00a0
Start
Type of Licence
in
2025
2024
Useful life
Remaining
depreciation
\u00a0
thousand
in thousand
in thousand
in months
months
period
\u00a0
EUR
EUR
EUR
\u00a0 \u00a0 \u00a0
4G
20 020
2 549
4 372
Ended Jun-
17
Jun-16
\u00a0 \u00a0 \u00a0 \u00a0
2027
\u00a0 \u00a0
800 MHz
120 000
47 863
53 920
238
95
Feb-14
IBPT autorisation 3 G
2 158
0
0
4
0
Sept-22
IBPT autorisation 2 G
4 193
0
0
4
0
Sept-22
IBPT autorisation 5 G 3600 Mhz
55 308
44 869
48 000
212
172
Sept-22
IBPT autorisation 5 G 700 Mhz
122 860
102 378
108 521
240
200
Sept-22
Spectrum RD 800 Mhz
17 542
11 695
13 157
144
96
Jan-22
Spectrum RD 2600 Mhz
5 897
1 608
2 680
78
18
Jan-22
Spectrum RD 700 Mhz
23 398
19 497
20 666
240
200
Sept-22
Spectrum RD 3600 Mhz
11 386
9 237
9 881
212
172
Sept-22
License 900/1800/2100 Mhz
214 198
182 068
192 779
240
204
Jan-23
License 1400 Mhz
89 135
77 974
82 431
240
210
Jul-23
OLU UMTS 2100 Mhz ( 4 G)
1 735
0
0
192
88
May-17
OLU 5G 700 Mhz + 3600 Mhz
13 504
9 498
10 506
180
116
Aug-20
BKM PPA - unused perpetual licences Voxx - Telepo
1 058
787
830
300
235
Aug-19
Total
702 392
510 023
547 744
\u00a0 \u00a0 \u00a0
\n
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 2025 remain comparable to those used in 2024.
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00294": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00304": { "value": "Other intangible assets \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\n
\u00a0 \u00a0
\u00a0 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Net book value of other intangible assets in the opening balance
861 887
907 208
Acquisitions of other intangible assets
73 526
78 588
Depreciation and amortization
-121 489
-123 402
Impairment
-544
-506
Reclassifications and other items
-48
-1
Net book value of other intangible assets in the closing balance
813 332
861 887
\n
Acquisition of other intangible assets are mainly software licenses (67.3 million euros).
\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\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
\u00a0 \u00a0 \u00a0 \u00a0
in thousand EUR
\u00a0 \u00a0
Accumulated
\u00a0 \u00a0
\u00a0
Gross
depreciation and
Accumulated
Net book
31.12.2025
value
amortization
impairment
value
Telecommunication licences
696 393
-186 370
0
510 023
Brand
20 072
-8 224
-4 172
7 676
Subscriber bases
143 539
-39 777
0
103 762
Software
926 478
-755 295
0
171 184
Other intangible assets
141 354
-120 667
0
20 687
Total
1 927 836
-1 110 333
-4 172
813 332
\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\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
\u00a0 \u00a0 \u00a0 \u00a0
in thousand EUR
\u00a0 \u00a0
Accumulated
\u00a0 \u00a0
\u00a0
Gross
depreciation and
Accumulated
Net book
31.12.2024
value
amortization
impairment
value
Telecommunication licences
696 393
-148 650
0
547 743
Brand
20 072
-5 044
-4 172
10 856
Subscriber bases
143 539
-31 316
0
112 223
Software
887 625
-724 015
0
163 610
Other intangible assets
134 328
-106 873
0
27 455
Total
1 881 956
-1 015 898
-4 172
861 887
\n
Telecommunication and other licenses held by Orange Belgium Group:
\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\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\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\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\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\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\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\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\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\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\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\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\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\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\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\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\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\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\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\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\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\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\n\t\n
\u00a0 \u00a0
\u00a0
Acquisition
Net book
Net book
\u00a0 \u00a0 \u00a0
\u00a0
cost
value end
value end
\u00a0 \u00a0
Start
Type of Licence
in
2025
2024
Useful life
Remaining
depreciation
\u00a0
thousand
in thousand
in thousand
in months
months
period
\u00a0
EUR
EUR
EUR
\u00a0 \u00a0 \u00a0
4G
20 020
2 549
4 372
Ended Jun-
17
Jun-16
\u00a0 \u00a0 \u00a0 \u00a0
2027
\u00a0 \u00a0
800 MHz
120 000
47 863
53 920
238
95
Feb-14
IBPT autorisation 3 G
2 158
0
0
4
0
Sept-22
IBPT autorisation 2 G
4 193
0
0
4
0
Sept-22
IBPT autorisation 5 G 3600 Mhz
55 308
44 869
48 000
212
172
Sept-22
IBPT autorisation 5 G 700 Mhz
122 860
102 378
108 521
240
200
Sept-22
Spectrum RD 800 Mhz
17 542
11 695
13 157
144
96
Jan-22
Spectrum RD 2600 Mhz
5 897
1 608
2 680
78
18
Jan-22
Spectrum RD 700 Mhz
23 398
19 497
20 666
240
200
Sept-22
Spectrum RD 3600 Mhz
11 386
9 237
9 881
212
172
Sept-22
License 900/1800/2100 Mhz
214 198
182 068
192 779
240
204
Jan-23
License 1400 Mhz
89 135
77 974
82 431
240
210
Jul-23
OLU UMTS 2100 Mhz ( 4 G)
1 735
0
0
192
88
May-17
OLU 5G 700 Mhz + 3600 Mhz
13 504
9 498
10 506
180
116
Aug-20
BKM PPA - unused perpetual licences Voxx - Telepo
1 058
787
830
300
235
Aug-19
Total
702 392
510 023
547 744
\u00a0 \u00a0 \u00a0
\n
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 2025 remain comparable to those used in 2024.
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00305": { "value": "Property, plant and equipment \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 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Net book value of property, plant and equipment in the opening balance
1 803 870
1 787 469
Acquisitions of property, plant and equipment
302 836
289 927
Depreciation and amortization
-293 777
-288 096
Reclassifications and other items
-150
14 847
Net book value of property, plant and equipment in the closing balance
1 812 353
1 803 870
\n
The acquisitions of 2025 relate to investments into the network (275.5 million euros) and into terminals & set-top boxes (14.4 million
euros).
\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\n\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\n\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\n\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\n\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\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
in thousand EUR
\u00a0 \u00a0
Accumulated
\u00a0
\u00a0
Gross
depreciation and
Net book
31.12.2025
value
amortization
value
Land and buildings
187 648
-122 215
65 433
Networks and terminals
4 483 344
-2 769 975
1 713 369
IT equipment
209 351
-184 333
25 018
Other property, plant and equipment
27 946
-19 413
8 533
Total
4 908 289
-3 095 936
1 812 353
\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\n\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\n\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\n\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\n\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\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
in thousand EUR
\u00a0 \u00a0
Accumulated
\u00a0
\u00a0
Gross
depreciation and
Net book
31.12.2024
value
amortization
value
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", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00306": { "value": "Provision for dismantling \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\n
\u00a0 \u00a0
\u00a0 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Provisions for dismantling in the opening balance
59 774
61 951
Discounting with impact on income statement
2 154
2 016
Utilizations without impact on income statement
-4 594
-5 602
Changes in provision with impact on assets
1 931
1 409
Provisions for dismantling in the closing balance
59 265
59 774
o/w non-current provisions
55 149
54 209
o/w current provisions
4 116
5 565
\n
The key assumptions used to measure the network sites dismantling provision are 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\n
\u00a0 \u00a0
\u00a0
31.12.2025
31.12.2024
Number of network sites, Orange Communications Luxembourg S.A. incl. (in units)
3 160
3 515
Average dismantling cost per network site (in thousand EUR)
11.36 till 2026 and
11.08 till 2025 and 17.6
\u00a0
18.51 from 2027
from 2026
Inflation rate
2.6% for 2026, 2.0%
4.3% for 2025, 2.0%
\u00a0
from 2027
from 2026
Discount rate
3.631 %
3.244 %
\n
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 2025. For 2024, those costs were estimated at K EUR 11.1 till
end of 2025 and K EUR 17.6 as from 2026.
During 2025 a refined typology of sites has been implemented refining the expected
dismantling cost per site\u2019s type leading to an average of 11,360 euros per sites for the sites dismantled as from 2026 and 18,510 euros
as from 2027.
The increase of dismantling costs starting in 2027 is due to the cumulative inflation over the year 2025 to 2026 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 2025.
The dismantling provision decreased by 0.5 million euros.
This is linked to the dismantling of network sites for 4.6 million euros
(reversal), offset by the increase of the building price per m\u00b2 for 4.1 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 12.4 million euros of accruals related to buildings, Mobile Switching Centers
(MSC\u2019s) and Point-of-Presence (POP\u2019s).Note 12: (Non)-current provisions \n\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\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\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 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
in thousand EUR
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Consolidation
Other
\u00a0
\u00a0
31.12.2024
Additions
Utilisations
Reversal
scope
effect
31.12.2025
Provisions for dismantling
59 770
0
-4 594
0
0
4 089
59 265
Provisions for litigations
4 333
247
-897
-2 356
0
876
2 203
Total provisions
64 103
247
-5 491
-2 356
0
4 965
61 468
\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\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\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 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
in thousand EUR
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Consolidation
Other
\u00a0
\u00a0
31.12.2023
Additions
Utilisations
Reversal
scope
effect
31.12.2024
Provisions for dismantling
61,951
0
-5,602
0
0
3,425
59 774
Provisions for litigations
3 051
2 211
-564
-465
0
100
4 333
Total provisions
65 102
2 211
-6 166
-465
0
3 425
64 107
\n
Provisions for dismantling consist of current (4.1 million euros) and non-current provisions (55.1 million euros) (see also Note 6 \u2013Other
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00308": { "value": "Movements in deferred tax balances
Deferred taxes are determined based on temporary differences between the carrying values of assets and liabilities in the consolidated
financial statements and their corresponding tax bases, as well as on tax loss carryforwards.
\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 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Net deferred taxes -opening balance
-47 574
-58 723
Change in income statement
5 786
9 515
Change in other comprehensive income
-2 379
1 636
Changes in consolidation scope, reclassification and translation adjustments
0
-2
Net deferred taxes -closing balance
-44 167
-47 574
\n
The deferred taxes can detailed 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\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\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\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\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\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\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\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\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\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\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
\u00a0 \u00a0 \u00a0
Income
\u00a0 \u00a0
Income
\u00a0
Assets
Liabilities
statement
Assets
Liabilities
statement
Fixed assets
8 076
90 216
3 998
0
86 138
1 537
Tax losses carryforward
50 272
0
2 885
47 388
0
23 588
Other temporary differences
68 742
81 041
-1 097
65 925
74 749
-16 749
Deferred taxes
127 090
171 257
5 786
113 313
160 887
8 376
Unrecognized deferred taxes assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
1 139
Netting
-119 738
-119 738
\u00a0
-105 766
-105 766
0
Total
7 352
51 519
5 786
7 547
55 121
9 515
\n
Deferred taxes essentially relate to PPA adjustments on tangible and intangible fixed assets, tax losses carried forward and other
temporary differences including revenue from contracts with customers, other lease liabilities and the right of use of leased assets,
pension obligations and asset retirement obligations.
The 2025 other temporary differences on deferred taxes assets for a total of 68.7 million euros relate principally to other lease liabilities
for 49.1 million euros and to pension obligations for 7.9 million euros, compared to a total of 66 million euros in 2024 of which 46.2
million euros relate to other lease liabilities and 8.5 million euros to pension obligations.
The other temporary differences on deferred taxes liabilities for a total of 81 million euros relate mainly to the right of use of leased
assets for 46.8 million euros and to revenue from contracts with customers for 34.3 million euros compared to a total of 74.7 million
euros in 2024 of which 44.3 million euros relate mainly to the right of use of leased assets and to revenue from contracts with customers
for 30.5 million euros.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00309": { "value": "Current operating taxes and levies payables
The operating taxes and levies payables amounted to 146.2 million euros in 2025 and consist of VAT payables 37.6 million euros, 99.9
million euros taxes charged to pylons and masts -plus default interests calculated at the legal rate, 7.3 million euros of provisions for
contingencies and 1.4 million other taxes payable. Iin 2024, the operating taxes and levies payable amounted to 151.2 million euros
and consist of VAT payable 40.3 million euros, 100.7 million euros taxes charges to pylons and masts, 8.8 million euros of provisions
for contingencies and 1.4 million others taxes payable.
The decrease versus year-end 2024 of 5 million euros is mainly caused by a decrease in VAT payable (-2.6 million euros).
Operational taxes: pylon
Pylon taxes payable as at 31 December 2025 amount to 99.8 million euros. Versus year-end 2024 these taxes decreased by 0.9 million
euros or by 0.8%. Pylon taxes payable are included in the caption \u201cOperating taxes and levies payable\u201d on the balance sheet.
Since 1997, certain municipalities and four provinces have adopted local taxes, on an annual basis, on pylons, masts or antennas
erected within their boundaries. Orange Belgium continues to file fiscal objections against tax assessment notices received concerning
these local taxes on pylons, masts or antennas. These taxes are currently being contested before the Civil Courts (Courts of First
Instance - Tax Chamber and Courts of Appeal).
Walloon protocol agreement 2016-2019:
On 22 December 2016 the three mobile operators and the Walloon government had concluded an agreement in principle on the issue
of taxing mobile infrastructure in the Walloon region for the period 2016-2019 and agreed to settle the dispute on the Walloon regional
taxes for 2014.
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
amount of 20 million euros in telecom infrastructure in the Walloon region in the period 2016-2019.
In turn, the Walloon Region undertook to no longer levy taxes on telecom infrastructure and to implement a legislative, regulatory and
administrative framework designed to facilitate the deployment of this infrastructure. Also, the Walloon Region would discourage
taxation by municipalities and provinces on telecom infrastructure.
In 2018 and 2019 several Walloon municipalities and provinces had levied taxes on telecom infrastructure.
The operators were entitled to deduct such local taxes levied in 2016-2019 by Walloon municipalities or provinces from the 2019
settlement and investment amounts.
The last instalment of the amount due by Orange Belgium on the basis of the 2016-2019 protocol agreement (4.5 million euros), from
which local taxes levied in 2016-2019 could be deducted, has not yet been paid.
In December 2022 Orange Belgium had been contacted by the Walloon Region about the outstanding amount to be paid. Orange
Belgium had informed the Walloon Region that, after deduction of the local taxes levied in 2016-2019 on Orange Belgium, the
outstanding amount still to be paid was to 0.4 million euros. Orange Belgium has not received an answer from the Walloon Region.
The final instalment under the 2016-2019 protocol agreement (4.5 million euros), from which local taxes for the same period could be
deducted, has not yet been settled.
Orange Belgium has communicated to the Wallon Region its calculation of the remaining amount
due, which, after deduction of the local taxes effectively levied, amounts to 0.4 million euros, Discussions with the Region are ongoing.
Walloon protocol agreement 2021-2022:
The mobile operators had concluded a protocol agreement with the Walloon government for the period 2021-2022. This agreement
stipulated that the mobile operators would pay a contribution to a governmental budget fund to be set up by the Walloon government
to support the digitalization of the Walloon region, and more specifically local initiatives of Walloon municipalities or provinces. Amount
of the operator\u2019s contribution: 5 million euros (35,73% to be paid by Orange Belgium). The mobile operators would also do additional
network investments for a total amount of 11 million euros (35,73% for Orange Belgium). This agreement would ensure a financially
stable environment by reducing the proliferation of local taxes.
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
from which the taxes received from local authorities for 2021 have been deducted.
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
contribution was due any more to the Walloon region in December 2022.
The contribution to be paid to the Walloon region in February 2023 was determined by the end of January 2023, considering all local
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
A new version of this Walloon Protocol Agreement 2023-2026 dated 24 April 2025 has been signed.
The agreed principles remain the
\n
same, it concerns the adjustments of some modalities of payment.
\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 the
\n
number of pylons and masts owned and the coverage of each operator in the Walloon territory. For 2023 the percentage for Orange
\n
Belgium amounts to 37,24%; for 2024 34,74%. Exchanges to determine this allocation key for 2025 are ongoing via Agoria.
\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.
\n
An agreement exists to not impose Walloon Regional taxes on the telecom infrastructure during the period 2023-2026. Also,
\n
municipalities and provinces will be discouraged by the Walloon Region to levy local taxes on telecom infrastructure.
\n
In August 2025, an amount of EUR 1,334,000.00 was paid by Orange Belgium to the Walloon Region for the years 2023 and 2024.
\n
Given the uncertainties surrounding both the legality and the amount of the pylon taxes, and considering, among other factors, that
\n
this tax is neither fully payable at the start of each fiscal year nor actually paid, the Group continues to treat it as a risk. Nevertheless,
\n
the estimated full-year exposure is recognized upfront each year as both a liability and an expense. Interest charges on the unpaid tax
\n
amounts continue to be recorded on a monthly basis.
\n
The provision related to the pylon tax is reassessed every quarter using prudent best-estimate assumptions, considering
\n
developments in the regional tax framework, the progress of ongoing legal proceedings, and newly received tax assessments.
\n
Management updates these estimates whenever underlying circumstances change or when new information or experience becomes
\navailable. As a result, estimates made as of 31 December 2025 may subsequently be revised. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00310": { "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
\n
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.
\n
This company is consolidated using the equity method. The net result of the year amounts to 128 thousand euros, resulting in a net
\n
carrying amount as at 31 December 2025 of 3,707 thousand euros . In comparison, the net result of previous year was 438 thousand
\neuros, resulting in a net carrying amount as at 31 December 2024 of 3,579 thousand euros. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00311": { "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
\n
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.
\n
This company is consolidated using the equity method. The net result of the year amounts to 128 thousand euros, resulting in a net
\n
carrying amount as at 31 December 2025 of 3,707 thousand euros . In comparison, the net result of previous year was 438 thousand
\neuros, resulting in a net carrying amount as at 31 December 2024 of 3,579 thousand euros. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00312": { "value": "Note 9: Financial assets, liabilities and financial result
Financial result
in thousand EUR
31.12.2025
31.12.2024
Financial Costs
-96 986
-114 563
Financial Income
2
2
Total Net Financial Costs
-96 984
-114 561
\n
Net financial costs decreased from -\u20ac114.6 million in 2024 to -\u20ac97.0 million in 2025. The decrease is mainly due to lower interest rates
\n
year-over-year.
Cash and cash equivalents, financial liabilities
\u00a0 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Cash and cash equivalents
\u00a0 \u00a0
Cash equivalents
0
-19
Cash
-80 628
-58 226
Total cash and cash equivalents
-80 628
-58 245
Financial liabilities
\u00a0 \u00a0
Intercompany short-term borrowing
186 744
54 697
Third parties short-term borrowing
18 282
21 411
Third parties loans long term
22 689
40 997
Intercompany long-term borrowing
1 668 041
1 846 004
Total borrowings
1 895 757
1 963 110
Net debt (Financial liabilities-Cash and cash equivalents)
1 815 130
1 904 866
\n
Changes in financial liabilities whose cash flows are disclosed in financing activities in the cash flow statement (see 1.3) are presented
below:
\u00a0 \u00a0 \u00a0 \u00a0
in thousand EUR
Other changes with no impact on
\u00a0 \u00a0 \u00a0 \u00a0
cash flows from financing activities
31.12.2024
Cash Flows
Reclassification ****
31.12.2025
Intercompany short-term borrowing *
54 697
12 047
120 000
186 744
Intercompany long-term borrowing **
1 846 005
-57 963
-120 000
1 668 042
Third party borrowing ***
62 408
-21 437
0
40 971
\n
*In the cash flow statement, short-term borrowing with Orange SA entities for 12.0 million euros is included in the headers \u201cIncrease
(decrease) of bank overdrafts and short-term borrowings\u201d for an amount of 13.4 million euros related to cash-pool variation, and -1.4
million euros in the headers \u201cOther net cash out / Interest paid.
**Long-term borrowing with Orange SA entities for -58.0 million euros is included in the header \"Long-term debt redemptions and
repayments\" for an amount of -60.4 million euros related to the repayment of a long-term loan with Atlas Services Belgium S.A., and
2.4 million euros in the headers \u201cOther net cash out / Interest paid.
***Third party borrowing in the amount of -21.4 million euros is included for -18.3 million euros in \"Long-term debt redemptions and
repayments\" and for -3.1 million euros in \"Increase (decrease) in bank overdrafts and short-term borrowings\".
**** Reclassification of 120 million euros RCF loan with Atlas Services Belgium S.A. from long term to short term (maturing on 10
th
of
March 2026).Interest-bearing loans and borrowings
in thousand EUR
Nominal
Nominal
amount
amount
Interest
end 2025
end 2024
rate
Maturity
31.12.2025
31.12.2024
Atlas Services Belgium RCF (revolving
credit facility)
120 000
120 000
EURIBOR 3M + 0.69
10.03.2026
0
120 000
Atlas Services Belgium CFA (credit facility
1 671
agreement)
1 671 190
190
EURIBOR 6M + 1.90
23.05.2028
1 671 190
1 671 190
Atlas Services Belgium CFA (credit facility
agreement)
60 402
EURIBOR 6M + 1.90
02.08.2028
0
60 402
Transactions costs on long-term loan
-5 588
Long-term loans (ex-BKM)
550
802
5.48%
01.08.2036
499
726
Long-term loans ( ex-VOO)
146 333
164 717
1.06% - 9.5%
31.07.2026 -
22 190
40 271
31.12.2029
Total long-term loans and borrowings
1 690 730
1 887 001
Atlas Services Belgium RCF (revolving
credit facility)
120 000
120 000
EURIBOR 3M + 0.69
10.03.2026
120 000
0
Cash-pool related credit facility with Orange
150 000
60 000
ESTER + 0.29
on demand
59 682
46 310
Uncommitted credit lines with various
banks
20 900
20 900
determined upon withdrawal
on demand
0
0
Short-term loans MWINGZ
2 000
EURIBOR -0.25
on demand
2 000
2 150
ST within 1 year related to LT
Short-term loans (ex-BKM)
loan
31.12.2026
51
76
ST within 1 year related to LT
Short-term loans (ex-VOO)
loan
31.12.2026
18 082
21 063
Transactions costs on short-term loan
5 212
6 510
Total short-term loans and borrowings
205 027
76 109
\n
Derivatives
As at 31 December 2025, 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 2025 are:
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
\n
Hedge derivative instruments open at the end of the year 2024 are:
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
\n
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.
Interest rate risk
\u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Balance at 1 January -Cash flow hedge reserve
-12 272
-6 658
Change in cash flow hedge reserve
0
0
Gain/loss recognized in other comprehensive income
5 772
-7 486
of which gain/(loss) arising on changes in fair value of hedging instruments during the period
8 686
-17 700
of which (gain)/loss reclassified to profit or loss -hedged item has affected profit or loss
-2 914
10 214
Income tax related to gain/(loss) recognised in other comprehensive income
-1 443
1 872
of which income gain/(losses) recognised in other comprehensive income during the period
-2 172
4 426
of which income tax related to amounts reclassified to profit or loss
729
-2 554
Balance at 31 December -Cash flow hedge reserve
-7 943
-12 272
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00313": { "value": "Note 9: Financial assets, liabilities and financial result
Financial result
in thousand EUR
31.12.2025
31.12.2024
Financial Costs
-96 986
-114 563
Financial Income
2
2
Total Net Financial Costs
-96 984
-114 561
\n
Net financial costs decreased from -\u20ac114.6 million in 2024 to -\u20ac97.0 million in 2025. The decrease is mainly due to lower interest rates
\n
year-over-year.
Cash and cash equivalents, financial liabilities
\u00a0 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Cash and cash equivalents
\u00a0 \u00a0
Cash equivalents
0
-19
Cash
-80 628
-58 226
Total cash and cash equivalents
-80 628
-58 245
Financial liabilities
\u00a0 \u00a0
Intercompany short-term borrowing
186 744
54 697
Third parties short-term borrowing
18 282
21 411
Third parties loans long term
22 689
40 997
Intercompany long-term borrowing
1 668 041
1 846 004
Total borrowings
1 895 757
1 963 110
Net debt (Financial liabilities-Cash and cash equivalents)
1 815 130
1 904 866
\n
Changes in financial liabilities whose cash flows are disclosed in financing activities in the cash flow statement (see 1.3) are presented
below:
\u00a0 \u00a0 \u00a0 \u00a0
in thousand EUR
Other changes with no impact on
\u00a0 \u00a0 \u00a0 \u00a0
cash flows from financing activities
31.12.2024
Cash Flows
Reclassification ****
31.12.2025
Intercompany short-term borrowing *
54 697
12 047
120 000
186 744
Intercompany long-term borrowing **
1 846 005
-57 963
-120 000
1 668 042
Third party borrowing ***
62 408
-21 437
0
40 971
\n
*In the cash flow statement, short-term borrowing with Orange SA entities for 12.0 million euros is included in the headers \u201cIncrease
(decrease) of bank overdrafts and short-term borrowings\u201d for an amount of 13.4 million euros related to cash-pool variation, and -1.4
million euros in the headers \u201cOther net cash out / Interest paid.
**Long-term borrowing with Orange SA entities for -58.0 million euros is included in the header \"Long-term debt redemptions and
repayments\" for an amount of -60.4 million euros related to the repayment of a long-term loan with Atlas Services Belgium S.A., and
2.4 million euros in the headers \u201cOther net cash out / Interest paid.
***Third party borrowing in the amount of -21.4 million euros is included for -18.3 million euros in \"Long-term debt redemptions and
repayments\" and for -3.1 million euros in \"Increase (decrease) in bank overdrafts and short-term borrowings\".
**** Reclassification of 120 million euros RCF loan with Atlas Services Belgium S.A. from long term to short term (maturing on 10
th
of
March 2026).
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 150 million euros
ensured until July 2026 (after which 80 million euros ensured until July 2027) and the refinanced loan with Atlas Services Belgium S.A.
for an amount of 120 million euros (maturity date March 2026 \u2013 to be renewed for another 5 years), 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 2025, the
Group had unused credit lines under the credit facility agreement with Orange SA for an amount of 90.3 million euros (13.7 million
euros as of 31 December 2024). 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 range 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.
Customer 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
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
in thousand EUR
Nominal
Nominal
amount
amount
Interest
end 2025
end 2024
rate
Maturity
31.12.2025
31.12.2024
Atlas Services Belgium RCF (revolving
credit facility)
120 000
120 000
EURIBOR 3M + 0.69
10.03.2026
0
120 000
Atlas Services Belgium CFA (credit facility
1 671
agreement)
1 671 190
190
EURIBOR 6M + 1.90
23.05.2028
1 671 190
1 671 190
Atlas Services Belgium CFA (credit facility
agreement)
60 402
EURIBOR 6M + 1.90
02.08.2028
0
60 402
Transactions costs on long-term loan
-5 588
Long-term loans (ex-BKM)
550
802
5.48%
01.08.2036
499
726
Long-term loans ( ex-VOO)
146 333
164 717
1.06% - 9.5%
31.07.2026 -
22 190
40 271
31.12.2029
Total long-term loans and borrowings
1 690 730
1 887 001
Atlas Services Belgium RCF (revolving
credit facility)
120 000
120 000
EURIBOR 3M + 0.69
10.03.2026
120 000
0
Cash-pool related credit facility with Orange
150 000
60 000
ESTER + 0.29
on demand
59 682
46 310
Uncommitted credit lines with various
banks
20 900
20 900
determined upon withdrawal
on demand
0
0
Short-term loans MWINGZ
2 000
EURIBOR -0.25
on demand
2 000
2 150
ST within 1 year related to LT
Short-term loans (ex-BKM)
loan
31.12.2026
51
76
ST within 1 year related to LT
Short-term loans (ex-VOO)
loan
31.12.2026
18 082
21 063
Transactions costs on short-term loan
5 212
6 510
Total short-term loans and borrowings
205 027
76 109
\n
Derivatives
As at 31 December 2025, 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 2025 are:
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
\n
Hedge derivative instruments open at the end of the year 2024 are:
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
\n
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.
Interest rate risk
\u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Balance at 1 January -Cash flow hedge reserve
-12 272
-6 658
Change in cash flow hedge reserve
0
0
Gain/loss recognized in other comprehensive income
5 772
-7 486
of which gain/(loss) arising on changes in fair value of hedging instruments during the period
8 686
-17 700
of which (gain)/loss reclassified to profit or loss -hedged item has affected profit or loss
-2 914
10 214
Income tax related to gain/(loss) recognised in other comprehensive income
-1 443
1 872
of which income gain/(losses) recognised in other comprehensive income during the period
-2 172
4 426
of which income tax related to amounts reclassified to profit or loss
729
-2 554
Balance at 31 December -Cash flow hedge reserve
-7 943
-12 272
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\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\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\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
\u00a0 \u00a0 \u00a0 \u00a0
in thousand EUR
\u00a0 \u00a0
Within
Within
More than
Year ended December 2025
Amount
1 year
2-5 years
5 years
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0
Non-current financial assets
1 970
\u00a0 \u00a0
1 970
Non-current derivatives assets
\u00a0 \u00a0 \u00a0 \u00a0
Trade receivables
245 012
245 012
\u00a0 \u00a0
Current financial assets
1 998
1 998
\u00a0 \u00a0
Current derivatives assets
463
463
\u00a0 \u00a0
Cash and cash equivalents
80 628
80 628
\u00a0 \u00a0
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0
Non-current financial liabilities
1 805 206
67 748
1 787 195
263
Non-current derivatives liabilities
11 089
\u00a0
11 089
\u00a0
Current financial liabilities
205 014
205 014
\u00a0 \u00a0
Current derivatives liabilities
463
463
\u00a0 \u00a0
Trade payables
335 679
335 679
\u00a0 \u00a0
\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\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\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
\u00a0 \u00a0 \u00a0 \u00a0
in thousand EUR
\u00a0 \u00a0
Within
Within
More than
Year ended December 2024
Amount
1 year
2-5 years
5 years
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0
Non-current financial assets
1 678
\u00a0 \u00a0
1 678
Non-current derivatives assets
0
\u00a0 \u00a0 \u00a0
Trade receivables
220 771
220 771
\u00a0 \u00a0
Current financial assets
2 125
2 125
\u00a0 \u00a0
Current derivatives assets
203
203
\u00a0 \u00a0
Cash and cash equivalents
58 245
58 245
\u00a0 \u00a0
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0
Non-current financial liabilities
2 177 172
84 311
2 092 359
502
Non-current derivatives liabilities
16 861
\u00a0
16 861
\u00a0
Current financial liabilities
76 109
76 109
\u00a0 \u00a0
Current derivatives liabilities
203
203
\u00a0 \u00a0
Trade payables
286 070
286 070
\u00a0 \u00a0
\n
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 1,791.2 million euros in 2025 (of which 875 million euros is covered by the IRS described above), a 1% variation of the
floating rate would have 9.2 million euros impact on the financing costs of the non-hedged portion of the long-term debt.
Considering an average long-term debt of 1,851.6 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.
Non-current derivatives liabilities
In 2025 non-current derivatives liabilities amount to 11.1 million euros and correspond to the fair value of financial derivatives
instruments set in place in the context of the interests hedging strategy.
In 2024 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:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
in thousand EUR
\u00a0\u00a0\u00a0\u00a0
Level 1
\u00a0\u00a0
\u00a0
Classification under
Book
Estimated
and
\u00a0 \u00a0
31.12.2025
IFRS 9
(*)
value
fair value
cash
Level 2
Level 3
Trade receivables
AC
245 012
245 012
\u00a0
245 012
\u00a0
Financial assets
\u00a0
3 968
3 968
\u00a0\u00a0
3 968
Equity securities
FVR
1 970
1 970
\u00a0\u00a0
1 970
Financial assets at amortized cost
AC
1 998
1 998
\u00a0\u00a0
1 998
Cash and cash equivalents
\u00a0
80 628
80 628
\u00a0
80 628
\u00a0
Cash
AC
80 628
80 628
\u00a0
80 628
\u00a0
Cash equivalents
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Trade payables
AC
335 679
335 679
\u00a0
335 679
\u00a0
Financial debts
AC
1 895 744
1 856 460
\u00a0
1 856 460
\u00a0
Derivatives (net amount)
(**)
\u00a0
11 089
10 848
\u00a0
10 848
\u00a0
\n
* 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)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
in thousand EUR
\u00a0
Classification under
Book
Estimated
Level 1 and
\u00a0\u00a0
31.12.2024
IFRS 9
(*)
value
fair value
cash
Level 2
Level 3
Trade receivables
AC
220 771
220 771
\u00a0
220 771
\u00a0
Financial assets
\u00a0
3 803
3 803
\u00a0\u00a0
3 803
Equity securities
FVR
1 678
1 678
\u00a0\u00a0
1 678
Financial assets at amortized cost
AC
2 125
2 125
\u00a0\u00a0
2 125
Cash and cash equivalents
\u00a0
58 245
58 245
\u00a0
58 245
\u00a0
Cash
AC
58 226
58 226
\u00a0
58 226
\u00a0
Cash equivalents
AC
19
19
\u00a0
19
\u00a0
Trade payables
AC
286 070
286 070
\u00a0
286 070
\u00a0
Financial debts
AC
1 963 110
1 912 043
\u00a0
1 912 043
\u00a0
Derivatives (net amount)
(**)
\u00a0
16 861
16 327
\u00a0
16 327
\u00a0
\n
*\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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00315": { "value": "Financial result
in thousand EUR
31.12.2025
31.12.2024
Financial Costs
-96 986
-114 563
Financial Income
2
2
Total Net Financial Costs
-96 984
-114 561
\n
Net financial costs decreased from -\u20ac114.6 million in 2024 to -\u20ac97.0 million in 2025. The decrease is mainly due to lower interest rates
\nyear-over-year.Interest-bearing loans and borrowings
in thousand EUR
Nominal
Nominal
amount
amount
Interest
end 2025
end 2024
rate
Maturity
31.12.2025
31.12.2024
Atlas Services Belgium RCF (revolving
credit facility)
120 000
120 000
EURIBOR 3M + 0.69
10.03.2026
0
120 000
Atlas Services Belgium CFA (credit facility
1 671
agreement)
1 671 190
190
EURIBOR 6M + 1.90
23.05.2028
1 671 190
1 671 190
Atlas Services Belgium CFA (credit facility
agreement)
60 402
EURIBOR 6M + 1.90
02.08.2028
0
60 402
Transactions costs on long-term loan
-5 588
Long-term loans (ex-BKM)
550
802
5.48%
01.08.2036
499
726
Long-term loans ( ex-VOO)
146 333
164 717
1.06% - 9.5%
31.07.2026 -
22 190
40 271
31.12.2029
Total long-term loans and borrowings
1 690 730
1 887 001
Atlas Services Belgium RCF (revolving
credit facility)
120 000
120 000
EURIBOR 3M + 0.69
10.03.2026
120 000
0
Cash-pool related credit facility with Orange
150 000
60 000
ESTER + 0.29
on demand
59 682
46 310
Uncommitted credit lines with various
banks
20 900
20 900
determined upon withdrawal
on demand
0
0
Short-term loans MWINGZ
2 000
EURIBOR -0.25
on demand
2 000
2 150
ST within 1 year related to LT
Short-term loans (ex-BKM)
loan
31.12.2026
51
76
ST within 1 year related to LT
Short-term loans (ex-VOO)
loan
31.12.2026
18 082
21 063
Transactions costs on short-term loan
5 212
6 510
Total short-term loans and borrowings
205 027
76 109
\n
Derivatives
As at 31 December 2025, 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 2025 are:
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
\n
Hedge derivative instruments open at the end of the year 2024 are:
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
\n
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.
Interest rate risk
\u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Balance at 1 January -Cash flow hedge reserve
-12 272
-6 658
Change in cash flow hedge reserve
0
0
Gain/loss recognized in other comprehensive income
5 772
-7 486
of which gain/(loss) arising on changes in fair value of hedging instruments during the period
8 686
-17 700
of which (gain)/loss reclassified to profit or loss -hedged item has affected profit or loss
-2 914
10 214
Income tax related to gain/(loss) recognised in other comprehensive income
-1 443
1 872
of which income gain/(losses) recognised in other comprehensive income during the period
-2 172
4 426
of which income tax related to amounts reclassified to profit or loss
729
-2 554
Balance at 31 December -Cash flow hedge reserve
-7 943
-12 272
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00316": { "value": "Financial result
in thousand EUR
31.12.2025
31.12.2024
Financial Costs
-96 986
-114 563
Financial Income
2
2
Total Net Financial Costs
-96 984
-114 561
\n
Net financial costs decreased from -\u20ac114.6 million in 2024 to -\u20ac97.0 million in 2025. The decrease is mainly due to lower interest rates
\nyear-over-year.Interest-bearing loans and borrowings
in thousand EUR
Nominal
Nominal
amount
amount
Interest
end 2025
end 2024
rate
Maturity
31.12.2025
31.12.2024
Atlas Services Belgium RCF (revolving
credit facility)
120 000
120 000
EURIBOR 3M + 0.69
10.03.2026
0
120 000
Atlas Services Belgium CFA (credit facility
1 671
agreement)
1 671 190
190
EURIBOR 6M + 1.90
23.05.2028
1 671 190
1 671 190
Atlas Services Belgium CFA (credit facility
agreement)
60 402
EURIBOR 6M + 1.90
02.08.2028
0
60 402
Transactions costs on long-term loan
-5 588
Long-term loans (ex-BKM)
550
802
5.48%
01.08.2036
499
726
Long-term loans ( ex-VOO)
146 333
164 717
1.06% - 9.5%
31.07.2026 -
22 190
40 271
31.12.2029
Total long-term loans and borrowings
1 690 730
1 887 001
Atlas Services Belgium RCF (revolving
credit facility)
120 000
120 000
EURIBOR 3M + 0.69
10.03.2026
120 000
0
Cash-pool related credit facility with Orange
150 000
60 000
ESTER + 0.29
on demand
59 682
46 310
Uncommitted credit lines with various
banks
20 900
20 900
determined upon withdrawal
on demand
0
0
Short-term loans MWINGZ
2 000
EURIBOR -0.25
on demand
2 000
2 150
ST within 1 year related to LT
Short-term loans (ex-BKM)
loan
31.12.2026
51
76
ST within 1 year related to LT
Short-term loans (ex-VOO)
loan
31.12.2026
18 082
21 063
Transactions costs on short-term loan
5 212
6 510
Total short-term loans and borrowings
205 027
76 109
\n
Derivatives
As at 31 December 2025, 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 2025 are:
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
\n
Hedge derivative instruments open at the end of the year 2024 are:
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
\n
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.
Interest rate risk
\u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Balance at 1 January -Cash flow hedge reserve
-12 272
-6 658
Change in cash flow hedge reserve
0
0
Gain/loss recognized in other comprehensive income
5 772
-7 486
of which gain/(loss) arising on changes in fair value of hedging instruments during the period
8 686
-17 700
of which (gain)/loss reclassified to profit or loss -hedged item has affected profit or loss
-2 914
10 214
Income tax related to gain/(loss) recognised in other comprehensive income
-1 443
1 872
of which income gain/(losses) recognised in other comprehensive income during the period
-2 172
4 426
of which income tax related to amounts reclassified to profit or loss
729
-2 554
Balance at 31 December -Cash flow hedge reserve
-7 943
-12 272
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00314": { "value": "Financial result
in thousand EUR
31.12.2025
31.12.2024
Financial Costs
-96 986
-114 563
Financial Income
2
2
Total Net Financial Costs
-96 984
-114 561
\n
Net financial costs decreased from -\u20ac114.6 million in 2024 to -\u20ac97.0 million in 2025. The decrease is mainly due to lower interest rates
\nyear-over-year.Interest-bearing loans and borrowings
in thousand EUR
Nominal
Nominal
amount
amount
Interest
end 2025
end 2024
rate
Maturity
31.12.2025
31.12.2024
Atlas Services Belgium RCF (revolving
credit facility)
120 000
120 000
EURIBOR 3M + 0.69
10.03.2026
0
120 000
Atlas Services Belgium CFA (credit facility
1 671
agreement)
1 671 190
190
EURIBOR 6M + 1.90
23.05.2028
1 671 190
1 671 190
Atlas Services Belgium CFA (credit facility
agreement)
60 402
EURIBOR 6M + 1.90
02.08.2028
0
60 402
Transactions costs on long-term loan
-5 588
Long-term loans (ex-BKM)
550
802
5.48%
01.08.2036
499
726
Long-term loans ( ex-VOO)
146 333
164 717
1.06% - 9.5%
31.07.2026 -
22 190
40 271
31.12.2029
Total long-term loans and borrowings
1 690 730
1 887 001
Atlas Services Belgium RCF (revolving
credit facility)
120 000
120 000
EURIBOR 3M + 0.69
10.03.2026
120 000
0
Cash-pool related credit facility with Orange
150 000
60 000
ESTER + 0.29
on demand
59 682
46 310
Uncommitted credit lines with various
banks
20 900
20 900
determined upon withdrawal
on demand
0
0
Short-term loans MWINGZ
2 000
EURIBOR -0.25
on demand
2 000
2 150
ST within 1 year related to LT
Short-term loans (ex-BKM)
loan
31.12.2026
51
76
ST within 1 year related to LT
Short-term loans (ex-VOO)
loan
31.12.2026
18 082
21 063
Transactions costs on short-term loan
5 212
6 510
Total short-term loans and borrowings
205 027
76 109
\n
Derivatives
As at 31 December 2025, 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 2025 are:
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
\n
Hedge derivative instruments open at the end of the year 2024 are:
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
\n
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.
Interest rate risk
\u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Balance at 1 January -Cash flow hedge reserve
-12 272
-6 658
Change in cash flow hedge reserve
0
0
Gain/loss recognized in other comprehensive income
5 772
-7 486
of which gain/(loss) arising on changes in fair value of hedging instruments during the period
8 686
-17 700
of which (gain)/loss reclassified to profit or loss -hedged item has affected profit or loss
-2 914
10 214
Income tax related to gain/(loss) recognised in other comprehensive income
-1 443
1 872
of which income gain/(losses) recognised in other comprehensive income during the period
-2 172
4 426
of which income tax related to amounts reclassified to profit or loss
729
-2 554
Balance at 31 December -Cash flow hedge reserve
-7 943
-12 272
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00317": { "value": "Financial result
in thousand EUR
31.12.2025
31.12.2024
Financial Costs
-96 986
-114 563
Financial Income
2
2
Total Net Financial Costs
-96 984
-114 561
\n
Net financial costs decreased from -\u20ac114.6 million in 2024 to -\u20ac97.0 million in 2025. The decrease is mainly due to lower interest rates
\nyear-over-year.Interest-bearing loans and borrowings
in thousand EUR
Nominal
Nominal
amount
amount
Interest
end 2025
end 2024
rate
Maturity
31.12.2025
31.12.2024
Atlas Services Belgium RCF (revolving
credit facility)
120 000
120 000
EURIBOR 3M + 0.69
10.03.2026
0
120 000
Atlas Services Belgium CFA (credit facility
1 671
agreement)
1 671 190
190
EURIBOR 6M + 1.90
23.05.2028
1 671 190
1 671 190
Atlas Services Belgium CFA (credit facility
agreement)
60 402
EURIBOR 6M + 1.90
02.08.2028
0
60 402
Transactions costs on long-term loan
-5 588
Long-term loans (ex-BKM)
550
802
5.48%
01.08.2036
499
726
Long-term loans ( ex-VOO)
146 333
164 717
1.06% - 9.5%
31.07.2026 -
22 190
40 271
31.12.2029
Total long-term loans and borrowings
1 690 730
1 887 001
Atlas Services Belgium RCF (revolving
credit facility)
120 000
120 000
EURIBOR 3M + 0.69
10.03.2026
120 000
0
Cash-pool related credit facility with Orange
150 000
60 000
ESTER + 0.29
on demand
59 682
46 310
Uncommitted credit lines with various
banks
20 900
20 900
determined upon withdrawal
on demand
0
0
Short-term loans MWINGZ
2 000
EURIBOR -0.25
on demand
2 000
2 150
ST within 1 year related to LT
Short-term loans (ex-BKM)
loan
31.12.2026
51
76
ST within 1 year related to LT
Short-term loans (ex-VOO)
loan
31.12.2026
18 082
21 063
Transactions costs on short-term loan
5 212
6 510
Total short-term loans and borrowings
205 027
76 109
\n
Derivatives
As at 31 December 2025, 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 2025 are:
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
\n
Hedge derivative instruments open at the end of the year 2024 are:
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
\n
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.
Interest rate risk
\u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Balance at 1 January -Cash flow hedge reserve
-12 272
-6 658
Change in cash flow hedge reserve
0
0
Gain/loss recognized in other comprehensive income
5 772
-7 486
of which gain/(loss) arising on changes in fair value of hedging instruments during the period
8 686
-17 700
of which (gain)/loss reclassified to profit or loss -hedged item has affected profit or loss
-2 914
10 214
Income tax related to gain/(loss) recognised in other comprehensive income
-1 443
1 872
of which income gain/(losses) recognised in other comprehensive income during the period
-2 172
4 426
of which income tax related to amounts reclassified to profit or loss
729
-2 554
Balance at 31 December -Cash flow hedge reserve
-7 943
-12 272
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00318": { "value": "Cash and cash equivalents, financial liabilities
\u00a0 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Cash and cash equivalents
\u00a0 \u00a0
Cash equivalents
0
-19
Cash
-80 628
-58 226
Total cash and cash equivalents
-80 628
-58 245
Financial liabilities
\u00a0 \u00a0
Intercompany short-term borrowing
186 744
54 697
Third parties short-term borrowing
18 282
21 411
Third parties loans long term
22 689
40 997
Intercompany long-term borrowing
1 668 041
1 846 004
Total borrowings
1 895 757
1 963 110
Net debt (Financial liabilities-Cash and cash equivalents)
1 815 130
1 904 866
\n
Changes in financial liabilities whose cash flows are disclosed in financing activities in the cash flow statement (see 1.3) are presented
below:
\u00a0 \u00a0 \u00a0 \u00a0
in thousand EUR
Other changes with no impact on
\u00a0 \u00a0 \u00a0 \u00a0
cash flows from financing activities
31.12.2024
Cash Flows
Reclassification ****
31.12.2025
Intercompany short-term borrowing *
54 697
12 047
120 000
186 744
Intercompany long-term borrowing **
1 846 005
-57 963
-120 000
1 668 042
Third party borrowing ***
62 408
-21 437
0
40 971
\n
*In the cash flow statement, short-term borrowing with Orange SA entities for 12.0 million euros is included in the headers \u201cIncrease
(decrease) of bank overdrafts and short-term borrowings\u201d for an amount of 13.4 million euros related to cash-pool variation, and -1.4
million euros in the headers \u201cOther net cash out / Interest paid.
**Long-term borrowing with Orange SA entities for -58.0 million euros is included in the header \"Long-term debt redemptions and
repayments\" for an amount of -60.4 million euros related to the repayment of a long-term loan with Atlas Services Belgium S.A., and
2.4 million euros in the headers \u201cOther net cash out / Interest paid.
***Third party borrowing in the amount of -21.4 million euros is included for -18.3 million euros in \"Long-term debt redemptions and
repayments\" and for -3.1 million euros in \"Increase (decrease) in bank overdrafts and short-term borrowings\".
**** Reclassification of 120 million euros RCF loan with Atlas Services Belgium S.A. from long term to short term (maturing on 10
th
of
March 2026).", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00319": { "value": "Changes in financial liabilities whose cash flows are disclosed in financing activities in the cash flow statement (see 1.3) are presented
below:
\u00a0 \u00a0 \u00a0 \u00a0
in thousand EUR
Other changes with no impact on
\u00a0 \u00a0 \u00a0 \u00a0
cash flows from financing activities
31.12.2024
Cash Flows
Reclassification ****
31.12.2025
Intercompany short-term borrowing *
54 697
12 047
120 000
186 744
Intercompany long-term borrowing **
1 846 005
-57 963
-120 000
1 668 042
Third party borrowing ***
62 408
-21 437
0
40 971
\n
*In the cash flow statement, short-term borrowing with Orange SA entities for 12.0 million euros is included in the headers \u201cIncrease
(decrease) of bank overdrafts and short-term borrowings\u201d for an amount of 13.4 million euros related to cash-pool variation, and -1.4
million euros in the headers \u201cOther net cash out / Interest paid.
**Long-term borrowing with Orange SA entities for -58.0 million euros is included in the header \"Long-term debt redemptions and
repayments\" for an amount of -60.4 million euros related to the repayment of a long-term loan with Atlas Services Belgium S.A., and
2.4 million euros in the headers \u201cOther net cash out / Interest paid.
***Third party borrowing in the amount of -21.4 million euros is included for -18.3 million euros in \"Long-term debt redemptions and
repayments\" and for -3.1 million euros in \"Increase (decrease) in bank overdrafts and short-term borrowings\".
**** Reclassification of 120 million euros RCF loan with Atlas Services Belgium S.A. from long term to short term (maturing on 10
th
of
March 2026).", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00320": { "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 150 million euros
ensured until July 2026 (after which 80 million euros ensured until July 2027) and the refinanced loan with Atlas Services Belgium S.A.
for an amount of 120 million euros (maturity date March 2026 \u2013 to be renewed for another 5 years), 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 2025, the
Group had unused credit lines under the credit facility agreement with Orange SA for an amount of 90.3 million euros (13.7 million
euros as of 31 December 2024). 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 range 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.
Customer 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00321": { "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 150 million euros
ensured until July 2026 (after which 80 million euros ensured until July 2027) and the refinanced loan with Atlas Services Belgium S.A.
for an amount of 120 million euros (maturity date March 2026 \u2013 to be renewed for another 5 years), 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 2025, the
Group had unused credit lines under the credit facility agreement with Orange SA for an amount of 90.3 million euros (13.7 million
euros as of 31 December 2024). We refer to the following pages for the maturity analysis.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00322": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00323": { "value": "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 range 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.
Customer 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00324": { "value": "Interest-bearing loans and borrowings
in thousand EUR
Nominal
Nominal
amount
amount
Interest
end 2025
end 2024
rate
Maturity
31.12.2025
31.12.2024
Atlas Services Belgium RCF (revolving
credit facility)
120 000
120 000
EURIBOR 3M + 0.69
10.03.2026
0
120 000
Atlas Services Belgium CFA (credit facility
1 671
agreement)
1 671 190
190
EURIBOR 6M + 1.90
23.05.2028
1 671 190
1 671 190
Atlas Services Belgium CFA (credit facility
agreement)
60 402
EURIBOR 6M + 1.90
02.08.2028
0
60 402
Transactions costs on long-term loan
-5 588
Long-term loans (ex-BKM)
550
802
5.48%
01.08.2036
499
726
Long-term loans ( ex-VOO)
146 333
164 717
1.06% - 9.5%
31.07.2026 -
22 190
40 271
31.12.2029
Total long-term loans and borrowings
1 690 730
1 887 001
Atlas Services Belgium RCF (revolving
credit facility)
120 000
120 000
EURIBOR 3M + 0.69
10.03.2026
120 000
0
Cash-pool related credit facility with Orange
150 000
60 000
ESTER + 0.29
on demand
59 682
46 310
Uncommitted credit lines with various
banks
20 900
20 900
determined upon withdrawal
on demand
0
0
Short-term loans MWINGZ
2 000
EURIBOR -0.25
on demand
2 000
2 150
ST within 1 year related to LT
Short-term loans (ex-BKM)
loan
31.12.2026
51
76
ST within 1 year related to LT
Short-term loans (ex-VOO)
loan
31.12.2026
18 082
21 063
Transactions costs on short-term loan
5 212
6 510
Total short-term loans and borrowings
205 027
76 109
\n
Derivatives
As at 31 December 2025, 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 2025 are:
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
\n
Hedge derivative instruments open at the end of the year 2024 are:
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
\n
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.
Interest rate risk
\u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Balance at 1 January -Cash flow hedge reserve
-12 272
-6 658
Change in cash flow hedge reserve
0
0
Gain/loss recognized in other comprehensive income
5 772
-7 486
of which gain/(loss) arising on changes in fair value of hedging instruments during the period
8 686
-17 700
of which (gain)/loss reclassified to profit or loss -hedged item has affected profit or loss
-2 914
10 214
Income tax related to gain/(loss) recognised in other comprehensive income
-1 443
1 872
of which income gain/(losses) recognised in other comprehensive income during the period
-2 172
4 426
of which income tax related to amounts reclassified to profit or loss
729
-2 554
Balance at 31 December -Cash flow hedge reserve
-7 943
-12 272
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\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\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\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
\u00a0 \u00a0 \u00a0 \u00a0
in thousand EUR
\u00a0 \u00a0
Within
Within
More than
Year ended December 2025
Amount
1 year
2-5 years
5 years
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0
Non-current financial assets
1 970
\u00a0 \u00a0
1 970
Non-current derivatives assets
\u00a0 \u00a0 \u00a0 \u00a0
Trade receivables
245 012
245 012
\u00a0 \u00a0
Current financial assets
1 998
1 998
\u00a0 \u00a0
Current derivatives assets
463
463
\u00a0 \u00a0
Cash and cash equivalents
80 628
80 628
\u00a0 \u00a0
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0
Non-current financial liabilities
1 805 206
67 748
1 787 195
263
Non-current derivatives liabilities
11 089
\u00a0
11 089
\u00a0
Current financial liabilities
205 014
205 014
\u00a0 \u00a0
Current derivatives liabilities
463
463
\u00a0 \u00a0
Trade payables
335 679
335 679
\u00a0 \u00a0
\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\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\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
\u00a0 \u00a0 \u00a0 \u00a0
in thousand EUR
\u00a0 \u00a0
Within
Within
More than
Year ended December 2024
Amount
1 year
2-5 years
5 years
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0
Non-current financial assets
1 678
\u00a0 \u00a0
1 678
Non-current derivatives assets
0
\u00a0 \u00a0 \u00a0
Trade receivables
220 771
220 771
\u00a0 \u00a0
Current financial assets
2 125
2 125
\u00a0 \u00a0
Current derivatives assets
203
203
\u00a0 \u00a0
Cash and cash equivalents
58 245
58 245
\u00a0 \u00a0
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0
Non-current financial liabilities
2 177 172
84 311
2 092 359
502
Non-current derivatives liabilities
16 861
\u00a0
16 861
\u00a0
Current financial liabilities
76 109
76 109
\u00a0 \u00a0
Current derivatives liabilities
203
203
\u00a0 \u00a0
Trade payables
286 070
286 070
\u00a0 \u00a0
\n
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 1,791.2 million euros in 2025 (of which 875 million euros is covered by the IRS described above), a 1% variation of the
floating rate would have 9.2 million euros impact on the financing costs of the non-hedged portion of the long-term debt.
Considering an average long-term debt of 1,851.6 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00325": { "value": "Interest-bearing loans and borrowings
in thousand EUR
Nominal
Nominal
amount
amount
Interest
end 2025
end 2024
rate
Maturity
31.12.2025
31.12.2024
Atlas Services Belgium RCF (revolving
credit facility)
120 000
120 000
EURIBOR 3M + 0.69
10.03.2026
0
120 000
Atlas Services Belgium CFA (credit facility
1 671
agreement)
1 671 190
190
EURIBOR 6M + 1.90
23.05.2028
1 671 190
1 671 190
Atlas Services Belgium CFA (credit facility
agreement)
60 402
EURIBOR 6M + 1.90
02.08.2028
0
60 402
Transactions costs on long-term loan
-5 588
Long-term loans (ex-BKM)
550
802
5.48%
01.08.2036
499
726
Long-term loans ( ex-VOO)
146 333
164 717
1.06% - 9.5%
31.07.2026 -
22 190
40 271
31.12.2029
Total long-term loans and borrowings
1 690 730
1 887 001
Atlas Services Belgium RCF (revolving
credit facility)
120 000
120 000
EURIBOR 3M + 0.69
10.03.2026
120 000
0
Cash-pool related credit facility with Orange
150 000
60 000
ESTER + 0.29
on demand
59 682
46 310
Uncommitted credit lines with various
banks
20 900
20 900
determined upon withdrawal
on demand
0
0
Short-term loans MWINGZ
2 000
EURIBOR -0.25
on demand
2 000
2 150
ST within 1 year related to LT
Short-term loans (ex-BKM)
loan
31.12.2026
51
76
ST within 1 year related to LT
Short-term loans (ex-VOO)
loan
31.12.2026
18 082
21 063
Transactions costs on short-term loan
5 212
6 510
Total short-term loans and borrowings
205 027
76 109
\n
Derivatives
As at 31 December 2025, 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 2025 are:
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
\n
Hedge derivative instruments open at the end of the year 2024 are:
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
\n
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.
Interest rate risk
\u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Balance at 1 January -Cash flow hedge reserve
-12 272
-6 658
Change in cash flow hedge reserve
0
0
Gain/loss recognized in other comprehensive income
5 772
-7 486
of which gain/(loss) arising on changes in fair value of hedging instruments during the period
8 686
-17 700
of which (gain)/loss reclassified to profit or loss -hedged item has affected profit or loss
-2 914
10 214
Income tax related to gain/(loss) recognised in other comprehensive income
-1 443
1 872
of which income gain/(losses) recognised in other comprehensive income during the period
-2 172
4 426
of which income tax related to amounts reclassified to profit or loss
729
-2 554
Balance at 31 December -Cash flow hedge reserve
-7 943
-12 272
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\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\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\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
\u00a0 \u00a0 \u00a0 \u00a0
in thousand EUR
\u00a0 \u00a0
Within
Within
More than
Year ended December 2025
Amount
1 year
2-5 years
5 years
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0
Non-current financial assets
1 970
\u00a0 \u00a0
1 970
Non-current derivatives assets
\u00a0 \u00a0 \u00a0 \u00a0
Trade receivables
245 012
245 012
\u00a0 \u00a0
Current financial assets
1 998
1 998
\u00a0 \u00a0
Current derivatives assets
463
463
\u00a0 \u00a0
Cash and cash equivalents
80 628
80 628
\u00a0 \u00a0
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0
Non-current financial liabilities
1 805 206
67 748
1 787 195
263
Non-current derivatives liabilities
11 089
\u00a0
11 089
\u00a0
Current financial liabilities
205 014
205 014
\u00a0 \u00a0
Current derivatives liabilities
463
463
\u00a0 \u00a0
Trade payables
335 679
335 679
\u00a0 \u00a0
\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\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\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
\u00a0 \u00a0 \u00a0 \u00a0
in thousand EUR
\u00a0 \u00a0
Within
Within
More than
Year ended December 2024
Amount
1 year
2-5 years
5 years
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0
Non-current financial assets
1 678
\u00a0 \u00a0
1 678
Non-current derivatives assets
0
\u00a0 \u00a0 \u00a0
Trade receivables
220 771
220 771
\u00a0 \u00a0
Current financial assets
2 125
2 125
\u00a0 \u00a0
Current derivatives assets
203
203
\u00a0 \u00a0
Cash and cash equivalents
58 245
58 245
\u00a0 \u00a0
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0
Non-current financial liabilities
2 177 172
84 311
2 092 359
502
Non-current derivatives liabilities
16 861
\u00a0
16 861
\u00a0
Current financial liabilities
76 109
76 109
\u00a0 \u00a0
Current derivatives liabilities
203
203
\u00a0 \u00a0
Trade payables
286 070
286 070
\u00a0 \u00a0
\n
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 1,791.2 million euros in 2025 (of which 875 million euros is covered by the IRS described above), a 1% variation of the
floating rate would have 9.2 million euros impact on the financing costs of the non-hedged portion of the long-term debt.
Considering an average long-term debt of 1,851.6 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00326": { "value": "Interest-bearing loans and borrowings
in thousand EUR
Nominal
Nominal
amount
amount
Interest
end 2025
end 2024
rate
Maturity
31.12.2025
31.12.2024
Atlas Services Belgium RCF (revolving
credit facility)
120 000
120 000
EURIBOR 3M + 0.69
10.03.2026
0
120 000
Atlas Services Belgium CFA (credit facility
1 671
agreement)
1 671 190
190
EURIBOR 6M + 1.90
23.05.2028
1 671 190
1 671 190
Atlas Services Belgium CFA (credit facility
agreement)
60 402
EURIBOR 6M + 1.90
02.08.2028
0
60 402
Transactions costs on long-term loan
-5 588
Long-term loans (ex-BKM)
550
802
5.48%
01.08.2036
499
726
Long-term loans ( ex-VOO)
146 333
164 717
1.06% - 9.5%
31.07.2026 -
22 190
40 271
31.12.2029
Total long-term loans and borrowings
1 690 730
1 887 001
Atlas Services Belgium RCF (revolving
credit facility)
120 000
120 000
EURIBOR 3M + 0.69
10.03.2026
120 000
0
Cash-pool related credit facility with Orange
150 000
60 000
ESTER + 0.29
on demand
59 682
46 310
Uncommitted credit lines with various
banks
20 900
20 900
determined upon withdrawal
on demand
0
0
Short-term loans MWINGZ
2 000
EURIBOR -0.25
on demand
2 000
2 150
ST within 1 year related to LT
Short-term loans (ex-BKM)
loan
31.12.2026
51
76
ST within 1 year related to LT
Short-term loans (ex-VOO)
loan
31.12.2026
18 082
21 063
Transactions costs on short-term loan
5 212
6 510
Total short-term loans and borrowings
205 027
76 109
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00327": { "value": "Derivatives
As at 31 December 2025, 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 2025 are:
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
\n
Hedge derivative instruments open at the end of the year 2024 are:
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
\n
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.
Interest rate risk
\u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Balance at 1 January -Cash flow hedge reserve
-12 272
-6 658
Change in cash flow hedge reserve
0
0
Gain/loss recognized in other comprehensive income
5 772
-7 486
of which gain/(loss) arising on changes in fair value of hedging instruments during the period
8 686
-17 700
of which (gain)/loss reclassified to profit or loss -hedged item has affected profit or loss
-2 914
10 214
Income tax related to gain/(loss) recognised in other comprehensive income
-1 443
1 872
of which income gain/(losses) recognised in other comprehensive income during the period
-2 172
4 426
of which income tax related to amounts reclassified to profit or loss
729
-2 554
Balance at 31 December -Cash flow hedge reserve
-7 943
-12 272
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\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\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\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
\u00a0 \u00a0 \u00a0 \u00a0
in thousand EUR
\u00a0 \u00a0
Within
Within
More than
Year ended December 2025
Amount
1 year
2-5 years
5 years
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0
Non-current financial assets
1 970
\u00a0 \u00a0
1 970
Non-current derivatives assets
\u00a0 \u00a0 \u00a0 \u00a0
Trade receivables
245 012
245 012
\u00a0 \u00a0
Current financial assets
1 998
1 998
\u00a0 \u00a0
Current derivatives assets
463
463
\u00a0 \u00a0
Cash and cash equivalents
80 628
80 628
\u00a0 \u00a0
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0
Non-current financial liabilities
1 805 206
67 748
1 787 195
263
Non-current derivatives liabilities
11 089
\u00a0
11 089
\u00a0
Current financial liabilities
205 014
205 014
\u00a0 \u00a0
Current derivatives liabilities
463
463
\u00a0 \u00a0
Trade payables
335 679
335 679
\u00a0 \u00a0
\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\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\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
\u00a0 \u00a0 \u00a0 \u00a0
in thousand EUR
\u00a0 \u00a0
Within
Within
More than
Year ended December 2024
Amount
1 year
2-5 years
5 years
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0
Non-current financial assets
1 678
\u00a0 \u00a0
1 678
Non-current derivatives assets
0
\u00a0 \u00a0 \u00a0
Trade receivables
220 771
220 771
\u00a0 \u00a0
Current financial assets
2 125
2 125
\u00a0 \u00a0
Current derivatives assets
203
203
\u00a0 \u00a0
Cash and cash equivalents
58 245
58 245
\u00a0 \u00a0
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0
Non-current financial liabilities
2 177 172
84 311
2 092 359
502
Non-current derivatives liabilities
16 861
\u00a0
16 861
\u00a0
Current financial liabilities
76 109
76 109
\u00a0 \u00a0
Current derivatives liabilities
203
203
\u00a0 \u00a0
Trade payables
286 070
286 070
\u00a0 \u00a0
\nNon-current derivatives liabilities
In 2025 non-current derivatives liabilities amount to 11.1 million euros and correspond to the fair value of financial derivatives
instruments set in place in the context of the interests hedging strategy.
In 2024 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00328": { "value": "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.Fair value of financial assets and liabilities
The table below is presented according to IFRS 9:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
in thousand EUR
\u00a0\u00a0\u00a0\u00a0
Level 1
\u00a0\u00a0
\u00a0
Classification under
Book
Estimated
and
\u00a0 \u00a0
31.12.2025
IFRS 9
(*)
value
fair value
cash
Level 2
Level 3
Trade receivables
AC
245 012
245 012
\u00a0
245 012
\u00a0
Financial assets
\u00a0
3 968
3 968
\u00a0\u00a0
3 968
Equity securities
FVR
1 970
1 970
\u00a0\u00a0
1 970
Financial assets at amortized cost
AC
1 998
1 998
\u00a0\u00a0
1 998
Cash and cash equivalents
\u00a0
80 628
80 628
\u00a0
80 628
\u00a0
Cash
AC
80 628
80 628
\u00a0
80 628
\u00a0
Cash equivalents
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Trade payables
AC
335 679
335 679
\u00a0
335 679
\u00a0
Financial debts
AC
1 895 744
1 856 460
\u00a0
1 856 460
\u00a0
Derivatives (net amount)
(**)
\u00a0
11 089
10 848
\u00a0
10 848
\u00a0
\n
* 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)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
in thousand EUR
\u00a0
Classification under
Book
Estimated
Level 1 and
\u00a0\u00a0
31.12.2024
IFRS 9
(*)
value
fair value
cash
Level 2
Level 3
Trade receivables
AC
220 771
220 771
\u00a0
220 771
\u00a0
Financial assets
\u00a0
3 803
3 803
\u00a0\u00a0
3 803
Equity securities
FVR
1 678
1 678
\u00a0\u00a0
1 678
Financial assets at amortized cost
AC
2 125
2 125
\u00a0\u00a0
2 125
Cash and cash equivalents
\u00a0
58 245
58 245
\u00a0
58 245
\u00a0
Cash
AC
58 226
58 226
\u00a0
58 226
\u00a0
Cash equivalents
AC
19
19
\u00a0
19
\u00a0
Trade payables
AC
286 070
286 070
\u00a0
286 070
\u00a0
Financial debts
AC
1 963 110
1 912 043
\u00a0
1 912 043
\u00a0
Derivatives (net amount)
(**)
\u00a0
16 861
16 327
\u00a0
16 327
\u00a0
\n
*\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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00329": { "value": "Fair value of financial assets and liabilities
The table below is presented according to IFRS 9:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
in thousand EUR
\u00a0\u00a0\u00a0\u00a0
Level 1
\u00a0\u00a0
\u00a0
Classification under
Book
Estimated
and
\u00a0 \u00a0
31.12.2025
IFRS 9
(*)
value
fair value
cash
Level 2
Level 3
Trade receivables
AC
245 012
245 012
\u00a0
245 012
\u00a0
Financial assets
\u00a0
3 968
3 968
\u00a0\u00a0
3 968
Equity securities
FVR
1 970
1 970
\u00a0\u00a0
1 970
Financial assets at amortized cost
AC
1 998
1 998
\u00a0\u00a0
1 998
Cash and cash equivalents
\u00a0
80 628
80 628
\u00a0
80 628
\u00a0
Cash
AC
80 628
80 628
\u00a0
80 628
\u00a0
Cash equivalents
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Trade payables
AC
335 679
335 679
\u00a0
335 679
\u00a0
Financial debts
AC
1 895 744
1 856 460
\u00a0
1 856 460
\u00a0
Derivatives (net amount)
(**)
\u00a0
11 089
10 848
\u00a0
10 848
\u00a0
\n
* 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)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
in thousand EUR
\u00a0
Classification under
Book
Estimated
Level 1 and
\u00a0\u00a0
31.12.2024
IFRS 9
(*)
value
fair value
cash
Level 2
Level 3
Trade receivables
AC
220 771
220 771
\u00a0
220 771
\u00a0
Financial assets
\u00a0
3 803
3 803
\u00a0\u00a0
3 803
Equity securities
FVR
1 678
1 678
\u00a0\u00a0
1 678
Financial assets at amortized cost
AC
2 125
2 125
\u00a0\u00a0
2 125
Cash and cash equivalents
\u00a0
58 245
58 245
\u00a0
58 245
\u00a0
Cash
AC
58 226
58 226
\u00a0
58 226
\u00a0
Cash equivalents
AC
19
19
\u00a0
19
\u00a0
Trade payables
AC
286 070
286 070
\u00a0
286 070
\u00a0
Financial debts
AC
1 963 110
1 912 043
\u00a0
1 912 043
\u00a0
Derivatives (net amount)
(**)
\u00a0
16 861
16 327
\u00a0
16 327
\u00a0
\n
*\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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00330": { "value": "Fair value of financial assets and liabilities
The table below is presented according to IFRS 9:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
in thousand EUR
\u00a0\u00a0\u00a0\u00a0
Level 1
\u00a0\u00a0
\u00a0
Classification under
Book
Estimated
and
\u00a0 \u00a0
31.12.2025
IFRS 9
(*)
value
fair value
cash
Level 2
Level 3
Trade receivables
AC
245 012
245 012
\u00a0
245 012
\u00a0
Financial assets
\u00a0
3 968
3 968
\u00a0\u00a0
3 968
Equity securities
FVR
1 970
1 970
\u00a0\u00a0
1 970
Financial assets at amortized cost
AC
1 998
1 998
\u00a0\u00a0
1 998
Cash and cash equivalents
\u00a0
80 628
80 628
\u00a0
80 628
\u00a0
Cash
AC
80 628
80 628
\u00a0
80 628
\u00a0
Cash equivalents
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Trade payables
AC
335 679
335 679
\u00a0
335 679
\u00a0
Financial debts
AC
1 895 744
1 856 460
\u00a0
1 856 460
\u00a0
Derivatives (net amount)
(**)
\u00a0
11 089
10 848
\u00a0
10 848
\u00a0
\n
* 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)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
in thousand EUR
\u00a0
Classification under
Book
Estimated
Level 1 and
\u00a0\u00a0
31.12.2024
IFRS 9
(*)
value
fair value
cash
Level 2
Level 3
Trade receivables
AC
220 771
220 771
\u00a0
220 771
\u00a0
Financial assets
\u00a0
3 803
3 803
\u00a0\u00a0
3 803
Equity securities
FVR
1 678
1 678
\u00a0\u00a0
1 678
Financial assets at amortized cost
AC
2 125
2 125
\u00a0\u00a0
2 125
Cash and cash equivalents
\u00a0
58 245
58 245
\u00a0
58 245
\u00a0
Cash
AC
58 226
58 226
\u00a0
58 226
\u00a0
Cash equivalents
AC
19
19
\u00a0
19
\u00a0
Trade payables
AC
286 070
286 070
\u00a0
286 070
\u00a0
Financial debts
AC
1 963 110
1 912 043
\u00a0
1 912 043
\u00a0
Derivatives (net amount)
(**)
\u00a0
16 861
16 327
\u00a0
16 327
\u00a0
\n
*\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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00331": { "value": "Note 10: Shareholders\u2019 equity
Share capital
In 2025; There were no changes in capital.
\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\n
\u00a0 \u00a0
\u00a0
Share capital
Number of ordinary shares
\u00a0
(in thousand EUR)
(in units)
As at 1 January 2025
148 149
67 412 205
As at 31 December 2025
148 149
67 412 205
\n
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.
Treasury shares
No Treasury shares were held at 31 December 2025 and at 31 December 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00332": { "value": "Share capital
In 2025; There were no changes in capital.
\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\n
\u00a0 \u00a0
\u00a0
Share capital
Number of ordinary shares
\u00a0
(in thousand EUR)
(in units)
As at 1 January 2025
148 149
67 412 205
As at 31 December 2025
148 149
67 412 205
\nAll 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00333": { "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.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00334": { "value": "Treasury shares No Treasury shares were held at 31 December 2025 and at 31 December 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00335": { "value": "Note 11: Commitments and contingencies
Operational activities commitments
\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
\u00a0 \u00a0 \u00a0 \u00a0
in thousand EUR
\u00a0
31.12.2025
Less than one year
From one to five years
More than five years
Handsets purchases
89 313
89 313
0
0
Other goods and services purchases
64 030
23 264
20 052
20 714
Investment commitments
75 664
73 838
1 826
0
Operational activities commitments
229 007
186 415
21 878
20 714
\n
The investment commitments consist mainly of investments into tangible fixed assets for 38.3 million euros and intangible fixed assets
for 22.5 million euros.
Guarantees granted
\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\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
in thousand EUR
\u00a0
31.12.2025
Less than one year
From one to five years
More than five years
Guarantees granted
260 045
1 169
1 132
257 744
\n
In 2025, the guarantees granted are mainly related to the pledge agreement with Enodia ( 250M\u20ac). As part of the demerger of VOO
S.A., Orange Belgium signed a pledge agreement with Enodia to replace the one initially signed between VOO SA and Enodia (in
accordance with the subcontracting agreement concluded on June 2, 2023).
The remaining of 10m\u20ac consists of bank guarantees.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00336": { "value": "Note 11: Commitments and contingencies
Operational activities commitments
\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
\u00a0 \u00a0 \u00a0 \u00a0
in thousand EUR
\u00a0
31.12.2025
Less than one year
From one to five years
More than five years
Handsets purchases
89 313
89 313
0
0
Other goods and services purchases
64 030
23 264
20 052
20 714
Investment commitments
75 664
73 838
1 826
0
Operational activities commitments
229 007
186 415
21 878
20 714
\n
The investment commitments consist mainly of investments into tangible fixed assets for 38.3 million euros and intangible fixed assets
for 22.5 million euros.
Guarantees granted
\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\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
in thousand EUR
\u00a0
31.12.2025
Less than one year
From one to five years
More than five years
Guarantees granted
260 045
1 169
1 132
257 744
\n
In 2025, the guarantees granted are mainly related to the pledge agreement with Enodia ( 250M\u20ac). As part of the demerger of VOO
S.A., Orange Belgium signed a pledge agreement with Enodia to replace the one initially signed between VOO SA and Enodia (in
accordance with the subcontracting agreement concluded on June 2, 2023).
The remaining of 10m\u20ac consists of bank guarantees.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00337": { "value": "Note 11: Commitments and contingencies
Operational activities commitments
\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
\u00a0 \u00a0 \u00a0 \u00a0
in thousand EUR
\u00a0
31.12.2025
Less than one year
From one to five years
More than five years
Handsets purchases
89 313
89 313
0
0
Other goods and services purchases
64 030
23 264
20 052
20 714
Investment commitments
75 664
73 838
1 826
0
Operational activities commitments
229 007
186 415
21 878
20 714
\n
The investment commitments consist mainly of investments into tangible fixed assets for 38.3 million euros and intangible fixed assets
for 22.5 million euros.
Guarantees granted
\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\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
in thousand EUR
\u00a0
31.12.2025
Less than one year
From one to five years
More than five years
Guarantees granted
260 045
1 169
1 132
257 744
\n
In 2025, the guarantees granted are mainly related to the pledge agreement with Enodia ( 250M\u20ac). As part of the demerger of VOO
S.A., Orange Belgium signed a pledge agreement with Enodia to replace the one initially signed between VOO SA and Enodia (in
accordance with the subcontracting agreement concluded on June 2, 2023).
The remaining of 10m\u20ac consists of bank guarantees.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00338": { "value": "Note 13: Related parties
Relationships with affiliated enterprises
Balance sheet and income statement
\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\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 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
ASSETS
\u00a0 \u00a0
Current receivables
-36 010
-41 774
LIABILITIES
\u00a0 \u00a0
Current interest-bearing loan
183 589
49 130
Non-current interest-bearing loan
1 671 190
1 851 592
Current trade payables
1 634
1 449
INCOME AND CHARGES
\u00a0 \u00a0
Sales
35 699
35 235
Purchases
-102 570
-91 494
Interests
-80 352
-107 849
\n
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\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\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
\u00a0 \u00a0 \u00a0 \u00a0
in thousand EUR
\u00a0
Sales to
Purchases from
Amounts owed by
Amounts owed to
31.12.2025
related parties
related parties
related parties
related parties
Orange Group* -Traffic and services
24 506
-48 907
\u00a0 \u00a0
Orange S.A.-Cash pool
\u00a0
-415
-36 327
62 014
Orange Group Affiliates -Traffic and services
10 565
-22 494
-1 430
5 252
Atlas Services Belgium -Loan
10
-79 958
28
1 785 829
Brand fees to Orange S.A.
531
-21 146
\u00a0 \u00a0
Mwingz
87
-10 002
1
2 005
Total
35 699
-182 922
-36 010
1 856 413
\n
* Any entity within the Groupe Orange S.A
\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\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
\u00a0 \u00a0 \u00a0 \u00a0
in thousand EUR
\u00a0
Sales to
Purchases from
Amounts owed by
Amounts owed to
31.12.2024
related parties
related parties
related parties
related parties
Orange Group* -Traffic and services
24 906
-39 619
0
0
Orange S.A.-Cash pool
0
129
-40 287
48 391
Orange Group Affiliates -Traffic and services
9 574
-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
0
0
Mwingz
94
-9 841
1
2 175
Total
35 235
-199 343
-41 774
1 902 171
\n
* 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.
Relationships with Board of Directors members and senior management
\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 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Short-term employees benefits
4 892
3 905
Post-employment benefits
507
503
Other long-term benefits
1 474
997
Termination benefits
0
0
Total
6 873
5 405
\n
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\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\n
\u00a0 \u00a0
\u00a0 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Total Remuneration
345
318
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00339": { "value": "Relationships with Board of Directors members and senior management \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 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Short-term employees benefits
4 892
3 905
Post-employment benefits
507
503
Other long-term benefits
1 474
997
Termination benefits
0
0
Total
6 873
5 405
\n
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\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\n
\u00a0 \u00a0
\u00a0 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Total Remuneration
345
318
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00341": { "value": "Note 14: Liabilities related to contracts with customers and other assets
related to contracts with customers
Customer contract net assets and liabilities
\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\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 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Customer contract net assets (1)
120 384
109 703
Costs of obtaining a contract
7 056
8 164
Costs to fulfill a contract
23
27
Total customer contract net assets
127 463
117 894
Prepaid telephone cards
-8 984
-10 309
Connection fees
-388
-561
Other deferred revenue (2)
-60 570
-54 238
Other customer contract liabilities
-560
-512
Total deferred revenue related to customer contracts
-70 502
-65 620
Total customer contract net assets and liabilities
56 961
52 274
\n
(1) Assets net of remaining performance
(2) Includes subscription fees
The amount of contract related net assets and liabilities (IFRS 15), in the balance sheet as at 31 December 2024 and taken into profit
& loss during 2025, amounts to -80.8 million euros (-62.1 million euros in profit & loss of 2024, on balance sheet as at 31 December
2023).
This is due to the increase in contracts in 2025.
The following tables give an analysis of the balances of customer contract net assets:
\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\n
\u00a0 \u00a0
\u00a0 \u00a0
in thousand EUR
\u00a0
2025
2024
Customer contract net assets -in the opening balance
(1)
109 703
88 653
Business related variations
10 681
21 050
Changes in the scope of consolidation
0
0
Customer contract net assets -in the closing balance
120 384
109 703
\n
(1) Mainly includes the new customer contract assets net of related liabilities, the transfer of the net contract assets directly to trade receivables and
impairment of the period.
Recoverability of contract assets is assessed using a churn rate based on the ageing of the contract.
The change in deferred income on customer contracts (prepaid telephone cards, service access fees and other unearned income) in
the statement of financial position is presented below.
\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\n
\u00a0 \u00a0
\u00a0 \u00a0
in thousand EUR
\u00a0
2025
2024
Deferred revenue related to customer contracts -in the opening balance
65 620
67 571
Business related variations
4 882
-1 951
Changes in the scope of consolidation
\u00a0 \u00a0
Deferred revenue related to customer contracts -in the closing balance
70 502
65 620
\n
Trade receivables presented in the consolidated statement of financial position represent an unconditional right to receive
consideration (primarily cash), i.e. the services and goods promised to the customer have been transferred.
By contrast, contract assets mainly refer to amounts allocated per IFRS 15 as compensation for goods or services provided to
customers for which the right to collect payment is subject to providing other services or goods under that same contract (or group
of contracts). This is the case in a bundled offer combining the sale of a mobile phone and mobile communication services for a fixed
period, where the mobile phone is invoiced at a reduced price leading to the reallocation of a portion of amounts invoiced for telephone
communication services to the supply of the mobile phone. The excess of the amount allocated to the mobile phone over the price
invoiced is recognized as a contract asset and transferred to trade receivables as the service is invoiced.
Contract assets, like trade receivables, are subject to impairment for credit risk. The recoverability of contract assets is also verified,
especially to cover the risk of impairment should the contract be interrupted. Recoverability may also be impacted by a change in the
legal environment governing offers.
Contract liabilities represent amounts paid by customers to Orange before receiving the goods and/or services promised in the
contract. This is typically the case for advances received from customers or amounts invoiced and paid for goods or services not yet
transferred, such as contracts payable in advance or prepaid packages.
Customer contract assets and liabilities are presented, respectively, in current assets and current liabilities since they are normal part
of the Group\u2019s operations.
\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\n
\u00a0 \u00a0
\u00a0 \u00a0
in thousand EUR
\u00a0
2025
2024
Costs of obtaining a contract -in the opening balance
8 164
11 969
Business related variations
-1 108
-3 805
Costs of obtaining a contract -in the closing balance
7 056
8 164
\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 2025. 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.
\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\n\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\n\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\n\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\n\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\n\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 \u00a0 \u00a0
in thousand EUR
\u00a0 \u00a0
Total
Total
\u00a0 \u00a0
2025.12
2024.12
Less than one year
Y01
95 872
106 150
Between 1 and 2 years
Y02
34 181
38 609
Between 2 and 3 years
Y03
231
162
Between 3 and 4 years
Y04
25
20
Between 4 and 5 years
Y05
0
\u00a0
More than 5 years
Y99
0
\u00a0
Total
\u00a0
130 309
144 941
\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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00340": { "value": "Note 14: Liabilities related to contracts with customers and other assets
related to contracts with customers
Customer contract net assets and liabilities
\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\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 \u00a0
in thousand EUR
\u00a0
31.12.2025
31.12.2024
Customer contract net assets (1)
120 384
109 703
Costs of obtaining a contract
7 056
8 164
Costs to fulfill a contract
23
27
Total customer contract net assets
127 463
117 894
Prepaid telephone cards
-8 984
-10 309
Connection fees
-388
-561
Other deferred revenue (2)
-60 570
-54 238
Other customer contract liabilities
-560
-512
Total deferred revenue related to customer contracts
-70 502
-65 620
Total customer contract net assets and liabilities
56 961
52 274
\n
(1) Assets net of remaining performance
(2) Includes subscription fees
The amount of contract related net assets and liabilities (IFRS 15), in the balance sheet as at 31 December 2024 and taken into profit
& loss during 2025, amounts to -80.8 million euros (-62.1 million euros in profit & loss of 2024, on balance sheet as at 31 December
2023).
This is due to the increase in contracts in 2025.
The following tables give an analysis of the balances of customer contract net assets:
\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\n
\u00a0 \u00a0
\u00a0 \u00a0
in thousand EUR
\u00a0
2025
2024
Customer contract net assets -in the opening balance
(1)
109 703
88 653
Business related variations
10 681
21 050
Changes in the scope of consolidation
0
0
Customer contract net assets -in the closing balance
120 384
109 703
\n
(1) Mainly includes the new customer contract assets net of related liabilities, the transfer of the net contract assets directly to trade receivables and
impairment of the period.
Recoverability of contract assets is assessed using a churn rate based on the ageing of the contract.
The change in deferred income on customer contracts (prepaid telephone cards, service access fees and other unearned income) in
the statement of financial position is presented below.
\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\n
\u00a0 \u00a0
\u00a0 \u00a0
in thousand EUR
\u00a0
2025
2024
Deferred revenue related to customer contracts -in the opening balance
65 620
67 571
Business related variations
4 882
-1 951
Changes in the scope of consolidation
\u00a0 \u00a0
Deferred revenue related to customer contracts -in the closing balance
70 502
65 620
\n
Trade receivables presented in the consolidated statement of financial position represent an unconditional right to receive
consideration (primarily cash), i.e. the services and goods promised to the customer have been transferred.
By contrast, contract assets mainly refer to amounts allocated per IFRS 15 as compensation for goods or services provided to
customers for which the right to collect payment is subject to providing other services or goods under that same contract (or group
of contracts). This is the case in a bundled offer combining the sale of a mobile phone and mobile communication services for a fixed
period, where the mobile phone is invoiced at a reduced price leading to the reallocation of a portion of amounts invoiced for telephone
communication services to the supply of the mobile phone. The excess of the amount allocated to the mobile phone over the price
invoiced is recognized as a contract asset and transferred to trade receivables as the service is invoiced.
Contract assets, like trade receivables, are subject to impairment for credit risk. The recoverability of contract assets is also verified,
especially to cover the risk of impairment should the contract be interrupted. Recoverability may also be impacted by a change in the
legal environment governing offers.
Contract liabilities represent amounts paid by customers to Orange before receiving the goods and/or services promised in the
contract. This is typically the case for advances received from customers or amounts invoiced and paid for goods or services not yet
transferred, such as contracts payable in advance or prepaid packages.
Customer contract assets and liabilities are presented, respectively, in current assets and current liabilities since they are normal part
of the Group\u2019s operations.
\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\n
\u00a0 \u00a0
\u00a0 \u00a0
in thousand EUR
\u00a0
2025
2024
Costs of obtaining a contract -in the opening balance
8 164
11 969
Business related variations
-1 108
-3 805
Costs of obtaining a contract -in the closing balance
7 056
8 164
\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 2025. 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.
\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\n\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\n\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\n\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\n\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\n\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 \u00a0 \u00a0
in thousand EUR
\u00a0 \u00a0
Total
Total
\u00a0 \u00a0
2025.12
2024.12
Less than one year
Y01
95 872
106 150
Between 1 and 2 years
Y02
34 181
38 609
Between 2 and 3 years
Y03
231
162
Between 3 and 4 years
Y04
25
20
Between 4 and 5 years
Y05
0
\u00a0
More than 5 years
Y99
0
\u00a0
Total
\u00a0
130 309
144 941
\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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00342": { "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 2025, lease liabilities amount to 192.2 million euros, including non-current lease liabilities of 162.7 million euros
and current lease liabilities of 29.5 million euros.
\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\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
in thousand EUR
\u00a0
2025
2024
Lease liabilities \u2013 in the opening balance
180,073
204 769
Increase with counterpart in right-of-use
37 820
29 461
Changes in the scope of consolidation
\u00a0 \u00a0
Decrease in liabilities following rental payments
-54 697
-57 003
Impact of changes in assessments
12 730
2 836
Translation adjustment
\u00a0 \u00a0
Lease liabilities \u2013 in the closing balance
192 229
180 073
O/w non-current lease liabilities
162 717
150 351
O/w current lease liabilities
29 512
29 723
\n
The increase 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 interests on finance leases decreased from 5.8 million
euros to 5.4 million euros.
The following table details the undiscounted future cash flows of lease liabilities:
\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\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 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
in thousand EUR
\u00a0
31 December
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2031 and
\u00a0
2025
2026
2027
2028
2029
2030
beyond
Undiscounted lease liabilities
190 393
40 813
32 437
26 713
18 431
14 365
57 634
Right-of-use assets
\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\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
\u00a0\u00a0 \u00a0 \u00a0
in thousand EUR
\u00a0
Gross
Accumulated
Accumulated
Net book
31.12.2025
value
depreciation
impairment
value
Land and buildings
367 737
-211 538
\u00a0
156 199
Networks and terminals
3 273
-2 488
\u00a0
785
IT equipment
0
0
\u00a0
0
Other right-of-use
50 860
-25 175
\u00a0
25 685
Total right-of-use assets
421 870
-239 201
\u00a0
182 669
\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\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
\u00a0\u00a0 \u00a0 \u00a0
in thousand EUR
\u00a0
Gross
Accumulated
Accumulated
Net book
31.12.2024
value
depreciation
impairment
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\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\n
\u00a0 \u00a0
\u00a0 \u00a0
in thousand EUR
\u00a0
2025
2024
Net book value of right-of-use assets -in the opening balance
188 693
200 805
Increase (new right-of-use assets)
39 568
29 989
Impact of changes in the scope of consolidation
\u00a0 \u00a0
Depreciation
-58 877
-60 982
Impact of changes in the assessments
13 285
2 579
Net book value of right-of-use assets -in the closing balance
182 669
172 391
\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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00343": { "value": "Note 16: Significant changes to the consolidation scope
There were no significant changes in the consolidation scope for the year 2025 that have an impact on the financial statements
compared to the consolidation scope of 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00344": { "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;
\n
\n
-
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:
\n
-
Exclusion of leases with a residual term expiring within 12 months of the first application data. This practical expedient is
\n
applied for all contracts, including those with a tacit renewal clause at the transition date. In applying this practical expedient,
\n
the Group calls on its judgment and experience gained in the previous years to determine whether it is reasonably certain to
\n
exercise a renewal option, taking account of the relevant facts and circumstances.
\n
-
Exclusion of leases of assets with a replacement value of less than approximately 5,000 euros;
\n
-
Exclusion of initial direct costs from the measurement of the right-of-use asset at the date of first-time application; and
\n
-
The inclusion in the opening balance sheet of provisions for onerous contracts measured as of 31 December 2018 pursuant
\n
to IAS 37, as an alternative to impairment testing of right-of-use assets in the opening balance sheet.
\n
d.
Accounting policies Lease Liabilities:
\n
The Company recognizes a liability (i.e. a lease liability) at the date the underlying asset is made available. This lease liability is equal
\n
to the present value of fixed and fixed in-substance payments not paid at that date, plus any amounts that Orange is reasonably
\n
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),
\n
or penalties payable to the lessor for terminating the lease (where the termination option is reasonably certain to be exercised).
\n
The Company only takes into account the lease component of lease when measuring the lease liability. For certain asset classes
\n
where the lease includes service and lease components, the Group may recognize a single contract classified as a lease (i.e. without
\n
distinction between the service and lease component).
\n
Orange systematically determines the lease term as the period during which leases cannot be canceled, plus periods covered by any
\n
extension options that the lessee is reasonably certain to exercise and by any termination options that the lessee is reasonably certain
\n
not to exercise.
\n
For open-ended leases, the Company generally adopts the notice period as the enforceable period. The Group nonetheless assesses,
\n
based on the circumstances of each lease, the enforceable period taking account of certain indicators such as the existence of non-
\n
insignificant penalties in the event of termination by the lessee. The Group considers in particular the economic importance of the
\n
leased asset when determining this enforceable period.
\n
For each contract, the Company applies a discount rate determined based on the loan yield specific to each contract, according to
\n
its term plus the Group's credit spread if the interest rate can\u2019t be readily determined from the contract.
\n
In order to determine the loan yield specific to each contract, the Company applies the following method:
\n
-
Determination of a risk-free rate curve according to the currency and maturity based on government bond yields.
\n
-
Application of the Company\u2019s credit spread according to the currency and maturity.
\n
-
Selection of the applicable rate for each lease contract, corresponding to the average maturity of the contract.
\n
After the lease commencement date, the amount of the lease liability may be reassessed to reflect changes introduced in the following
\n
main cases:
\n
-
A change in term resulting from a contract amendment or a change in assessment of the reasonable certainty that a renewal
\n
option will be exercised, or a termination option will not be exercised;
\n
-
a change in the amount of lease payments, for example following application of a new index or rate in the case of variable
\n
payments; and
\n
-
any other contractual change, for example a change to the scope of the lease or the underlying asset.
\n
e.
Accounting policies ROU assets:
\n
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
\n
liability at inception.
\n
Work performed by the lessee and modifications to the leased asset, as well as guarantee deposits, are not components of the right-
\n
of-use asset and are recognized in accordance with other standards.
\n
Finally, the right-of-use asset is depreciated in the consolidated income statement on a straight-line basis over the lease term adopted
\n
by the Group.
f.
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 and
consumed by the customer beyond the specific scope (e.g. additional consumption, options, etc.) generally reflect their standalone
selling prices. Service obligations transferred to the customer at the same pace are treated as a single obligation.
When contracts include contractual clauses covering commercial discounts (initial discount on signature of the contract or conditional
on attaining a consumption threshold) or free offers (e.g. three months of subscription free of charge), the Company defers these
discounts or free offers over the enforceable period of the contract (period during which the Company and the customer have a firm
commitment). Where applicable, the consideration payable to the customer is recognized as a deduction from revenue in accordance
with the specific terms and conditions of each contract.
2.
Separate equipment sales
The Company proposes to Mass market and Corporate market customers several ways to buy their equipment (primarily mobile
phones): equipment sales may be separate from or bundled with a service offer. When separate from a service offer, the amount
invoiced is recognized in revenue on delivery and receivable immediately or in instalment over a period of up to 24 months. Where
payments are received in instalments, the offer comprises a financial component and interest is calculated and deducted from the
amount invoiced and recognized over the payment period in net finance costs. Such transactions are however limited.
When the equipment sale is combined with a service offer, the amount allocated to the equipment (bundled sale \u2013 see below) is
recognized in revenue on delivery and received over the service contract.
Where Orange purchases and sells equipment to indirect channels, the Group generally considers that Orange maintains control until
final resale to the end-customer (the distributor acts as an agent), even where ownership is transferred to the distributor. Sales
proceeds are therefore recognized when the end-customer takes possession of the equipment (on activation).
3.
Bundled equipment and service offers
Orange proposes numerous offers to its Mass market and Corporate market customers comprising equipment and services (e.g. a
communications contract).
Equipment revenue is recognized separately if the two components are distinct (i.e. if the customer can receive the services
separately). Where one of the components in the offer is not at its separate selling price, revenue is allocated to each component in
proportion to their individual selling prices. This is notably the case in offers combining the sale of a mobile phone at a reduced price,
where the individual selling price of the mobile phone is considered equal to its purchase cost plus a commercial margin based on
market practice.
The provision of Modems and decoders (For Internet / TV offers) is neither a separate component of the Cable access service nor a
lease, as Orange maintains control of the box and modems.
4.
Service offers to carriers (wholesale)
The Group has mainly the following possible types of commercial agreements entered into with Operator customers for domestic
wholesale activities and International carrier offers:
-
Pay-as-you-go model: contract generally applied to \u201clegacy\u201d regulated activities (roaming, data solution contracts,\u2026), where
contract services are not covered by a firm volume commitment. Revenue is recognized as the services are provided (which
corresponds to transfer of control) over the contractual term; and
-
Send-or-pay model: contract where the price, volume and term are defined. The customer has a commitment to pay the
amount indicated in the contract irrespective of actual traffic consumed over the commitment period. This contract category
notably includes certain MVNO contracts. The related revenue is recognized progressively based on actual traffic during the
period, to reflect transfer of control to the customer. In case MVNO contracts are structured with a minimum commitment,
minimum commitments are recognized as revenue unless usage exceeds the minimum commitment.
Specific revenue streams and related recognition criteria are as follows:
Sales of equipment
Sales of equipment to the distribution channels and to the final customers are recognized in revenue upon delivery. Consignment
sales are recognized in revenue upon sale to the final customer.
Revenue from the sale of prepaid cards
Sales of prepaid cards are recognized at facial value as deferred income at the time of sale and released in the profit and loss statement
as revenue upon usage.
Interconnection revenue
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00346": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00347": { "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;
\n
\n
-
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00348": { "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;
\n
\n
-
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00349": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00350": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00356": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00351": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00352": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00353": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00354": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00355": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00357": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00358": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00359": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00360": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00361": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00362": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00363": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00364": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00365": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00366": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00367": { "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.
\n
Finally, the Company applies the following authorized practical expedients:
\n
-
Exclusion of leases with a residual term expiring within 12 months of the first application data. This practical expedient is
\n
applied for all contracts, including those with a tacit renewal clause at the transition date. In applying this practical expedient,
\n
the Group calls on its judgment and experience gained in the previous years to determine whether it is reasonably certain to
\n
exercise a renewal option, taking account of the relevant facts and circumstances.
\n
-
Exclusion of leases of assets with a replacement value of less than approximately 5,000 euros;
\n
-
Exclusion of initial direct costs from the measurement of the right-of-use asset at the date of first-time application; and
\n
-
The inclusion in the opening balance sheet of provisions for onerous contracts measured as of 31 December 2018 pursuant
\n
to IAS 37, as an alternative to impairment testing of right-of-use assets in the opening balance sheet.
\n
d.
Accounting policies Lease Liabilities:
\n
The Company recognizes a liability (i.e. a lease liability) at the date the underlying asset is made available. This lease liability is equal
\n
to the present value of fixed and fixed in-substance payments not paid at that date, plus any amounts that Orange is reasonably
\n
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),
\n
or penalties payable to the lessor for terminating the lease (where the termination option is reasonably certain to be exercised).
\n
The Company only takes into account the lease component of lease when measuring the lease liability. For certain asset classes
\n
where the lease includes service and lease components, the Group may recognize a single contract classified as a lease (i.e. without
\n
distinction between the service and lease component).
\n
Orange systematically determines the lease term as the period during which leases cannot be canceled, plus periods covered by any
\n
extension options that the lessee is reasonably certain to exercise and by any termination options that the lessee is reasonably certain
\n
not to exercise.
\n
For open-ended leases, the Company generally adopts the notice period as the enforceable period. The Group nonetheless assesses,
\n
based on the circumstances of each lease, the enforceable period taking account of certain indicators such as the existence of non-
\n
insignificant penalties in the event of termination by the lessee. The Group considers in particular the economic importance of the
\n
leased asset when determining this enforceable period.
\n
For each contract, the Company applies a discount rate determined based on the loan yield specific to each contract, according to
\n
its term plus the Group's credit spread if the interest rate can\u2019t be readily determined from the contract.
\n
In order to determine the loan yield specific to each contract, the Company applies the following method:
\n
-
Determination of a risk-free rate curve according to the currency and maturity based on government bond yields.
\n
-
Application of the Company\u2019s credit spread according to the currency and maturity.
\n
-
Selection of the applicable rate for each lease contract, corresponding to the average maturity of the contract.
\n
After the lease commencement date, the amount of the lease liability may be reassessed to reflect changes introduced in the following
\n
main cases:
\n
-
A change in term resulting from a contract amendment or a change in assessment of the reasonable certainty that a renewal
\n
option will be exercised, or a termination option will not be exercised;
\n
-
a change in the amount of lease payments, for example following application of a new index or rate in the case of variable
\n
payments; and
\n
-
any other contractual change, for example a change to the scope of the lease or the underlying asset.
\n
e.
Accounting policies ROU assets:
\n
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
\n
liability at inception.
\n
Work performed by the lessee and modifications to the leased asset, as well as guarantee deposits, are not components of the right-
\n
of-use asset and are recognized in accordance with other standards.
\n
Finally, the right-of-use asset is depreciated in the consolidated income statement on a straight-line basis over the lease term adopted
\n
by the Group.
f.
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00368": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00369": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00370": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00371": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00372": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00373": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00374": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00385": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00386": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00387": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00388": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00389": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00390": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00391": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00400": { "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.
Contracts with customers generally do not include a material right, as the price invoiced for contracts and the services purchased and
consumed by the customer beyond the specific scope (e.g. additional consumption, options, etc.) generally reflect their standalone
selling prices. Service obligations transferred to the customer at the same pace are treated as a single obligation.
When contracts include contractual clauses covering commercial discounts (initial discount on signature of the contract or conditional
on attaining a consumption threshold) or free offers (e.g. three months of subscription free of charge), the Company defers these
discounts or free offers over the enforceable period of the contract (period during which the Company and the customer have a firm
commitment). Where applicable, the consideration payable to the customer is recognized as a deduction from revenue in accordance
with the specific terms and conditions of each contract.
2.
Separate equipment sales
The Company proposes to Mass market and Corporate market customers several ways to buy their equipment (primarily mobile
phones): equipment sales may be separate from or bundled with a service offer. When separate from a service offer, the amount
invoiced is recognized in revenue on delivery and receivable immediately or in instalment over a period of up to 24 months. Where
payments are received in instalments, the offer comprises a financial component and interest is calculated and deducted from the
amount invoiced and recognized over the payment period in net finance costs. Such transactions are however limited.
When the equipment sale is combined with a service offer, the amount allocated to the equipment (bundled sale \u2013 see below) is
recognized in revenue on delivery and received over the service contract.
Where Orange purchases and sells equipment to indirect channels, the Group generally considers that Orange maintains control until
final resale to the end-customer (the distributor acts as an agent), even where ownership is transferred to the distributor. Sales
proceeds are therefore recognized when the end-customer takes possession of the equipment (on activation).
3.
Bundled equipment and service offers
Orange proposes numerous offers to its Mass market and Corporate market customers comprising equipment and services (e.g. a
communications contract).
Equipment revenue is recognized separately if the two components are distinct (i.e. if the customer can receive the services
separately). Where one of the components in the offer is not at its separate selling price, revenue is allocated to each component in
proportion to their individual selling prices. This is notably the case in offers combining the sale of a mobile phone at a reduced price,
where the individual selling price of the mobile phone is considered equal to its purchase cost plus a commercial margin based on
market practice.
The provision of Modems and decoders (For Internet / TV offers) is neither a separate component of the Cable access service nor a
lease, as Orange maintains control of the box and modems.
4.
Service offers to carriers (wholesale)
The Group has mainly the following possible types of commercial agreements entered into with Operator customers for domestic
wholesale activities and International carrier offers:
-
Pay-as-you-go model: contract generally applied to \u201clegacy\u201d regulated activities (roaming, data solution contracts,\u2026), where
contract services are not covered by a firm volume commitment. Revenue is recognized as the services are provided (which
corresponds to transfer of control) over the contractual term; and
-
Send-or-pay model: contract where the price, volume and term are defined. The customer has a commitment to pay the
amount indicated in the contract irrespective of actual traffic consumed over the commitment period. This contract category
notably includes certain MVNO contracts. The related revenue is recognized progressively based on actual traffic during the
period, to reflect transfer of control to the customer. In case MVNO contracts are structured with a minimum commitment,
minimum commitments are recognized as revenue unless usage exceeds the minimum commitment.
Specific revenue streams and related recognition criteria are as follows:
Sales of equipment
Sales of equipment to the distribution channels and to the final customers are recognized in revenue upon delivery. Consignment
sales are recognized in revenue upon sale to the final customer.
Revenue from the sale of prepaid cards
Sales of prepaid cards are recognized at facial value as deferred income at the time of sale and released in the profit and loss statement
as revenue upon usage.
Interconnection revenue
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00401": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00402": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00345": { "value": "Note 18: Subsequent events
Following the end of the fiscal year, Antoine Chouc, Chief Financial Officer (CFO), announced his decision to step down from his
position, effective April 1, 2026, to assume the role of Chief Financial and Strategy Officer at Orange France. Matthieu Bouchery has
been appointed as the next CFO and will start his role from 1 July 2026.
The Revolving Credit Facility (RCF) between Orange Belgium S.A. and Atlas Services Belgium S.A. for 120 million euros, signed in
2021 and maturing on 10
th
March 2026 will be renewed and is currently pending governance process.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5493007JS0ZHJVBUWP18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }