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Employee benefits
 12 Months Ended
Dec. 31, 2023
Employee Benefits [Abstract]  
Employee benefits Employee benefits
The amounts recognized in the balance sheet are as follows:
(in thousands of USD)December 31, 2023December 31, 2022December 31, 2021
NET LIABILITY AT BEGINNING OF PERIOD(1,635)(6,839)(7,987)
Recognized in profit or loss140 2,594 (621)
Recognized in other comprehensive income(116)942 1,453 
Foreign currency translation differences(57)184 316 
Reclassification equity-settled LTIPs— 1,484 — 
NET LIABILITY AT END OF PERIOD(1,669)(1,635)(6,839)
Present value of funded obligation(5,330)(4,595)(4,865)
Fair value of plan assets5,173 4,434 4,224 
 (157)(161)(641)
Present value of unfunded obligations(1,512)(1,474)(6,198)
NET LIABILITY(1,669)(1,635)(6,839)
Amounts in the balance sheet:
Liabilities(1,669)(1,635)(6,839)
Assets— — — 
NET LIABILITY(1,669)(1,635)(6,839)

Liability for defined benefit obligations

The Group makes contributions to three defined benefit plans that provide pension benefits for employees upon retirement. One plan - the Belgian plan - is fully insured through an insurance company. The second and third - French and Greek plans - are uninsured and unfunded. The unfunded obligations at December 31, 2021 also include provisions in respect of LTIP 2017, LTIP 2018, TBIP 2019, LTIP 2019 and LTIP 2020 (see Note 24). At December 31, 2022, the unfunded obligations related to LTIP 2020 and LTIP 2021 were reclassified to equity because these obligations are equity-settled incentive plans (see Note 24).

The Group expects to contribute the following amount to its defined benefit pension plans in 2024: $45,870.
The valuation used for the defined contribution plans is the Projected Unit Credit Cost as prescribed by IAS 19 R.

The Group expects to contribute the following amount to its defined contribution pension plans in 2024: $328,132.