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Deferred tax assets and liabilities | 12 Months Ended
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Dec. 31, 2024
Deferred tax expense (income) [abstract] |
Deferred tax assets and liabilities | Income tax benefit (expense)
(in thousands of USD) |  | 2024 |  | 2023 |  | 2022
Current tax |  |  |  |  |  |
Current period |  | (7,660) |  |  | (4,889) |  |  | (1,736) |
Changes related to prior years |  | 1,616 |  |  | 7 |  |  | 57 |
Total current tax |  | (6,044) |  |  | (4,881) |  |  | (1,680) |
Deferred tax |  |  |  |  |  |
Recognition of unused tax losses/(use of tax losses) |  | (243) |  |  | (1,146) |  |  | (137) |
Other |  | 4,394 |  |  | 18 |  |  | (987) |
Total deferred tax |  | 4,151 |  |  | (1,128) |  |  | (1,124) |
Total tax benefit/(expense) |  | (1,893) |  |  | (6,009) |  |  | (2,804) |
Reconciliation of effective tax |  | 2024 |  | 2023 |  | 2022
Profit (loss) before tax |  |  |  | 872,722 |  |  |  |  | 864,036 |  |  |  |  | 206,055 |
Tax at domestic rate |  | (25.00) | % |  | (218,181) |  |  | (25.00) | % |  | (216,009) |  |  | (25.00) | % |  | (51,514) |
Effects on tax of : |  |  |  |  |  |  |  |  |  |  |  |
Losses not subject to tax |  |  |  | (2,879) |  |  |  |  | — |  |  |  |  | — |
Tax exempt profit / loss |  |  |  | (502) |  |  |  |  | (4,535) |  |  |  |  | 2,642 |
Tax adjustments for previous years |  |  |  | 1,979 |  |  |  |  | 7 |  |  |  |  | 57 |
Loss for which no DTA (*) has been recognized |  |  |  | 28,686 |  |  |  |  | 7,586 |  |  |  |  | 4,481 |
Non-deductible expenses |  |  |  | (7,605) |  |  |  |  | (1,602) |  |  |  |  | (315) |
Use of previously unrecognized tax losses and tax credits |  |  |  | — |  |  |  |  | 5,283 |  |  |  |  | 4,431 |
Effect of Tonnage Tax regime |  |  |  | 185,784 |  |  |  |  | 195,768 |  |  |  |  | 40,670 |
Effect of share of profit of equity-accounted investees |  |  |  | 94 |  |  |  |  | (5) |  |  |  |  | 4,389 |
Effects of tax regimes in foreign jurisdictions |  |  |  | 10,731 |  |  |  |  | 7,498 |  |  |  |  | (7,645) |
Total taxes |  | (0.22) | % |  | (1,893) |  |  | (0.70) | % |  | (6,009) |  |  | (1.36) | % |  | (2,804) |
* Deferred Tax Asset In application of an IFRIC agenda decision on ‘IAS 12 Income taxes', tonnage tax is not accounted for as income taxes in accordance with IAS 12 and is not presented as part of income tax expense in the consolidated statement of profit or loss but has been shown as an administrative expense under the heading General and administrative expenses. The amount paid for tonnage tax in the year ended December 31, 2024 was $2.2 million (2023: $3.6 million and 2022: $4.3 million) (see Note 5). The Group operates mainly in the international shipping industry. Pillar II provides an exclusion for relevant shipping income (= profits earned from the transportation of cargo in international traffic). The Pillar II exercise will be subject to further guidance from the OECD. Based on the current state of play, we expect to be able to benefit from the shipping exclusion for the majority of our activities. Therefore, the Group concluded the impact of Pillar II to be limited. Please refer to item 19 in Note 1 for additional information. Deferred tax assets and liabilities Recognized deferred tax assets and liabilities Deferred tax assets and liabilities are attributable to the following:
(in thousands of USD) |  | ASSETS |  | LIABILITIES |  | NET
Employee benefits |  | 44 |  |  | — |  |  | 44 |
Unused tax losses & tax credits |  | 42,178 |  |  | — |  |  | 42,178 |
Unremitted earnings |  | — |  |  | (41,942) |  |  | (41,942) |
|  | 42,222 |  |  | (41,942) |  |  | 280 |
Offset |  | (41,942) |  |  | 41,942 |  |  |
Balance at December 31, 2023 |  | 280 |  |  | — |  |  |
Tangible assets |  | 16,176 |  |  | (6,579) |  |  | 9,597 |
Employee benefits |  | 46 |  |  | — |  |  | 46 |
Unused tax losses & tax credits |  | 22,284 |  |  | (426) |  |  | 21,858 |
Unremitted earnings |  | — |  |  | (21,865) |  |  | (21,865) |
|  | 38,506 |  |  | (28,870) |  |  | 9,636 |
Offset |  | (28,432) |  |  | 28,432 |  |  |
Balance at December 31, 2024 |  | 10,074 |  |  | (438) |  |  |
Unrecognized deferred tax assets and liabilities Total unrecognized tax losses amount to $160.6 million for 2024 ($114.3 million for 2023) and unused taxable temporary differences amount to $48.6 million (both 2024 and 2023). Deferred tax assets and liabilities have not been recognized in respect of the following items:
(in thousands of USD) |  | December 31, 2024 |  | December 31, 2023
|  | ASSETS |  | LIABILITIES |  | ASSETS |  | LIABILITIES
Deductible temporary differences |  | 12,226 |  |  | — |  |  | 270 |  |  | — |
Taxable temporary differences |  | — |  |  | (12,162) |  |  | — |  |  | (12,162) |
Tax losses & tax credits |  | 39,622 |  |  | — |  |  | 28,299 |  |  | — |
|  | 51,848 |  |  | (12,162) |  |  | 28,569 |  |  | (12,162) |
Offset |  | (12,162) |  |  | 12,162 |  |  | (12,162) |  |  | 12,162 |
Total |  | 39,686 |  |  | — |  |  | 16,407 |  |  | — |
The unrecognized deferred tax assets in respect of tax losses and tax credits relates to tax losses carried forward, investment deduction allowances and excess dividend received deduction. Tax losses and tax credits have no expiration date. A deferred tax asset (DTA) is recognized for unused tax losses and tax credits carried forward, to the extent that it is probable that future taxable profits will be available. The Group considers future taxable profits as probable when it is more likely than not that taxable profits will be generated in the foreseeable future. When determining whether probable future taxable profits are available the probability threshold is applied to portions of the total amount of unused tax losses or tax credits, rather than the entire amount. Given the nature of the tonnage tax regime, the Group has a substantial amount of unused tax losses and tax credits for which no future taxable profits are probable and therefore no DTA has been recognized. No deferred tax liabilities have been recognized for temporary differences related to vessels for which the Group expects that the reversal of these differences will not have a tax effect. Movement in deferred tax balances during the year
(in thousands of USD) |  | Balance at Jan 1, 2022 |  | Recognized in income |  | Recognized in equity |  | Other movements |  | Translation Differences |  | Balance at Dec 31, 2022
Employee benefits |  | 23 |  |  | 4 |  |  | — |  |  | — |  |  | (2) |  |  | 25 |
Unused tax losses & tax credits |  | 66,304 |  |  | (5,988) |  |  | — |  |  | — |  |  | (8) |  |  | 60,308 |
Unremitted earnings |  | (64,781) |  |  | 5,851 |  |  | — |  |  | — |  |  | — |  |  | (58,930) |
Reclassification |  | — |  |  | (991) |  |  | — |  |  | 991 |  |  | — |  |  | — |
Total |  | 1,546 |  |  | (1,124) |  |  | — |  |  | 991 |  |  | (10) |  |  | 1,403 |
|  | Balance at Jan 1, 2023 |  | Recognized in income |  | Recognized in equity |  | Other movements |  | Translation Differences |  | Balance at Dec 31, 2023
Employee benefits |  | 25 |  |  | 18 |  |  | — |  |  | — |  |  | 1 |  |  | 44 |
Unused tax losses & tax credits |  | 60,308 |  |  | (18,134) |  |  | — |  |  | — |  |  | 4 |  |  | 42,178 |
Unremitted earnings |  | (58,930) |  |  | 16,988 |  |  | — |  |  | — |  |  | — |  |  | (41,942) |
Total |  | 1,403 |  |  | (1,128) |  |  | — |  |  | — |  |  | 5 |  |  | 280 |
|  | Balance at Jan 1, 2024 |  | Recognized in income |  | Recognized in equity |  | Other movements |  | Translation Differences |  | Balance at Dec 31, 2024
Tangible assets |  | — |  |  | 4,388 |  |  | — |  |  | 5,303 |  |  | (94) |  |  | 9,597 |
Employee benefits |  | 44 |  |  | 6 |  |  | — |  |  | — |  |  | (4) |  |  | 46 |
Unused tax losses & tax credits |  | 42,178 |  |  | (20,320) |  |  | — |  |  | — |  |  | — |  |  | 21,858 |
Unremitted earnings |  | (41,942) |  |  | 20,077 |  |  | — |  |  | — |  |  | — |  |  | (21,865) |
Total |  | 280 |  |  | 4,151 |  |  | — |  |  | 5,303 |  |  | (98) |  |  | 9,636 |
The other movements in 2024 relate to the recognition of the deferred tax assets and liabilities when control of CMB.TECH Enterprises was obtained.

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