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Segment reporting | 12 Months Ended
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Dec. 31, 2024
Disclosure of operating segments [abstract] |
Segment reporting | Segment reporting The Group distinguishes three divisions: the Marine division, the H2 Infra division and the H2 Industry division. These three divisions operate in different markets and eight operating segments are identified. •Marine: the Marine division is the largest division in the Group. It builds, owns, operates and designs a wide range of low and zero-carbon ships and features a fleet with hydrogen-powered vessels such as Crew Transfer Vessels, ferries, Commissioning Service Operations Vessels and tugboats, alongside large bulk carriers, container ships, chemical and crude oil tankers. The Marine division consists of 6 operating segments: Euronav, Bocimar, Delphis, Bochem, Windcat, and Port vessels. For the content of these operating segments, please see item 20 in Note 1. •H2 Infra: the H2 Infra division is developing and securing the green molecule supply. The Company integrates and manages key technology and infrastructure for the production and distribution of green hydrogen and ammonia. •H2 Industry: H2 Industry is a provider of scalable dual-fuel industrial applications. Its proven combustion technology enables the company to develop heavy-duty hydrogen-powered applications. Although not all operating segments meet the definition of a reportable segment in IFRS 8, the Group voluntarily discloses the related information since reported in this way to the CODM. The segment profit or loss figures and key assets as set out below are presented to the Chief Operating Decision Maker (CODM) and the Management Board on at least a quarterly basis to help the key decision makers in evaluating the respective segments. Following the acquisition of CMB.TECH Enterprises in February 2024, the markets in which the Group operates have expanded. Consequently, the Group has decided to update its segment reporting to reflect these changes. Additionally, please note that the Floating Storage Units (FSOs) have been incorporated into the Euronav segment under the Euronav brand name. The Group has two clients in the Marine division that each represented 8% (of which one is on timecharter contract) of the Marine division's total revenue in 2024 (2023: one client which represented 6% (timecharter contract), in 2022 one client which represented 8% (timecharter contract)). All the other clients represent less than 7% of total revenues of the Marine division. The Group's internal organizational and management structure does not distinguish any geographical segments. Consolidated statement of financial position
(in thousands of USD) | December 31, 2024
| Marine | H2 Infra | H2 Industry | Less: Eliminations | Total
| Euronav | Bocimar | Delphis | Bochem | Windcat | Port vessels | Total |  |  |  |
ASSETS |  |  |  |  |  |  |  |  |  |  |
Vessels | 1,456,324 |  | 648,600 |  | 220,935 |  | 244,259 |  | 47,023 |  | 343 |  | 2,617,484 |  | — |  | — |  | — |  | 2,617,484 |
Assets under construction | 129,332 |  | 272,292 |  | 4,055 |  | 26,217 |  | 189,706 |  | 6,803 |  | 628,405 |  | — |  | — |  | — |  | 628,405 |
Right-of-use assets | 761 |  | — |  | — |  | — |  | 543 |  | — |  | 1,304 |  | 176 |  | 430 |  | — |  | 1,910 |
Other tangible assets | 391 |  | — |  | — |  | — |  | 372 |  | 12,328 |  | 13,091 |  | 6,613 |  | 1,924 |  | — |  | 21,628 |
Prepayments | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 948 |  | 709 |  | — |  | 1,657 |
Intangible assets | 13,080 |  | — |  | — |  | — |  | — |  | 2,837 |  | 15,917 |  | — |  | 270 |  | — |  | 16,187 |
Receivables | 49,762 |  | — |  | — |  | — |  | 8,727 |  | 37,161 |  | 95,650 |  | 225 |  | — |  | (20,799) |  | 75,076 |
Investments | 45,919 |  | — |  | — |  | — |  | 3,417 |  | 61 |  | 49,397 |  | 9,610 |  | 2,799 |  | — |  | 61,806 |
Deferred tax assets | 465 |  | — |  | 7,531 |  | — |  | — |  | 2,078 |  | 10,074 |  | — |  | — |  | — |  | 10,074 |
Total non-current assets | 1,696,034 |  | 920,892 |  | 232,521 |  | 270,476 |  | 249,788 |  | 61,611 |  | 3,431,322 |  | 17,572 |  | 6,132 |  | (20,799) |  | 3,434,227 |
Total current assets | 393,114 |  | 31,856 |  | 7,403 |  | 5,455 |  | 40,383 |  | 540,216 |  | 1,018,427 |  | 1,444 |  | 18,711 |  | (567,763) |  | 470,819 |
TOTAL ASSETS | 2,089,148 |  | 952,748 |  | 239,924 |  | 275,931 |  | 290,171 |  | 601,827 |  | 4,449,749 |  | 19,016 |  | 24,843 |  | (588,562) |  | 3,905,046 |
EQUITY and LIABILITIES |  |  |  |  |  |  |  |  |  |  |
Total equity | 504,775 |  | 5,162 |  | 53,150 |  | 4,711 |  | 30,355 |  | 557,748 |  | 1,155,901 |  | 17,320 |  | 19,103 |  | — |  | 1,192,324 |
Bank and other loans | 945,286 |  | 248,482 |  | 64,539 |  | 25,406 |  | 159,842 |  | 7,314 |  | 1,450,869 |  | — |  | — |  | — |  | 1,450,869 |
Other notes | 198,887 |  | — |  | — |  | — |  | — |  | — |  | 198,887 |  | — |  | — |  | — |  | 198,887 |
Other borrowings | 133,916 |  | 304,323 |  | 79,512 |  | 149,611 |  | — |  | 11,678 |  | 679,040 |  | — |  | — |  | (11,679) |  | 667,361 |
Lease liabilities | 520 |  | — |  | — |  | — |  | 412 |  | — |  | 932 |  | 159 |  | 360 |  | — |  | 1,451 |
Employee benefits | 1,060 |  | — |  | — |  | — |  | — |  | — |  | 1,060 |  | — |  | — |  | — |  | 1,060 |
Deferred tax liabilities | — |  | — |  | — |  | — |  | 12 |  | — |  | 12 |  | — |  | 426 |  | — |  | 438 |
Total non-current liabilities | 1,279,669 |  | 552,805 |  | 144,051 |  | 175,017 |  | 160,266 |  | 18,992 |  | 2,330,800 |  | 159 |  | 786 |  | (11,679) |  | 2,320,066 |
Total current liabilities | 304,704 |  | 394,781 |  | 42,723 |  | 96,203 |  | 99,550 |  | 25,087 |  | 963,048 |  | 1,537 |  | 4,954 |  | (576,883) |  | 392,656 |
TOTAL EQUITY and LIABILITIES | 2,089,148 |  | 952,748 |  | 239,924 |  | 275,931 |  | 290,171 |  | 601,827 |  | 4,449,749 |  | 19,016 |  | 24,843 |  | (588,562) |  | 3,905,046 |
(in thousands of USD) | December 31, 2023
| Marine | Less: Eliminations | Total
| Euronav |  |
ASSETS |  |  |
Vessels | 1,629,570 |  | — |  | 1,629,570 |
Assets under construction | 106,513 |  | — |  | 106,513 |
Right-of-use assets | 32,936 |  | — |  | 32,936 |
Other tangible assets | 644 |  | — |  | 644 |
Prepayments | — |  | — |  | — |
Intangible assets | 14,194 |  | — |  | 14,194 |
Receivables | 2,888 |  | — |  | 2,888 |
Investments | 518 |  | — |  | 518 |
Deferred tax assets | 280 |  | — |  | 280 |
Total non-current assets | 1,787,543 |  | — |  | 1,787,543 |
Total current assets | 1,631,737 |  | — |  | 1,631,737 |
TOTAL ASSETS | 3,419,280 |  | — |  | 3,419,280 |
EQUITY and LIABILITIES |  |  |
Total equity | 2,357,373 |  | — |  | 2,357,373 |
Bank and other loans | 362,235 |  | — |  | 362,235 |
Other notes | 198,219 |  | — |  | 198,219 |
Other borrowings | 71,248 |  | — |  | 71,248 |
Lease liabilities | 3,363 |  | — |  | 3,363 |
Other payables | 146 |  | — |  | 146 |
Employee benefits | 1,669 |  | — |  | 1,669 |
Provisions | 274 |  | — |  | 274 |
Total non-current liabilities | 637,154 |  | — |  | 637,154 |
Total current liabilities | 424,753 |  | — |  | 424,753 |
TOTAL EQUITY and LIABILITIES | 3,419,280 |  | — |  | 3,419,280 |
Consolidated statement of profit or loss
(in thousands of USD) | December 31, 2024 |
| Marine | H2 Infra | H2 Industry | Less: Eliminations | Total |
| Euronav | Bocimar | Delphis | Bochem | Windcat | Port vessels | Total |  |  |  |  |
Revenue | 742,342 |  | 98,428 |  | 26,513 |  | 32,200 |  | 39,668 |  | 1,498 |  | 940,649 |  | — |  | — |  | (403) |  | 940,246 |  |
Gains on disposal of vessels/other tangible assets | 619,398 |  | — |  | 15,621 |  | — |  | — |  | — |  | 635,019 |  | — |  | — |  | — |  | 635,019 |  |
Other operating income | 49,510 |  | — |  | — |  | — |  | 17 |  | 1,615 |  | 51,142 |  | 389 |  | 11,424 |  | (12,295) |  | 50,660 |  |
Total shipping income | 1,411,250 |  | 98,428 |  | 42,134 |  | 32,200 |  | 39,685 |  | 3,113 |  | 1,626,810 |  | 389 |  | 11,424 |  | (12,698) |  | 1,625,925 |  |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |
Raw materials and consumables | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | (3,735) |  | — |  | (3,735) |  |
Voyage expenses and commissions | (132,107) |  | (38,776) |  | (246) |  | (1,538) |  | (1,637) |  | (6) |  | (174,310) |  | — |  | — |  | — |  | (174,310) |  |
Vessel operating expenses | (150,252) |  | (12,367) |  | (5,720) |  | (9,828) |  | (21,304) |  | (175) |  | (199,646) |  | — |  | — |  | — |  | (199,646) |  |
Charter hire expenses | (98) |  | — |  | — |  | — |  | (40) |  | — |  | (138) |  | — |  | — |  | — |  | (138) |  |
Loss on disposal of vessels/other tangible assets | (2) |  | — |  | — |  | — |  | — |  | — |  | (2) |  | — |  | — |  | — |  | (2) |  |
Depreciation tangible assets | (120,892) |  | (15,446) |  | (6,051) |  | (7,537) |  | (9,759) |  | (1,917) |  | (161,602) |  | (774) |  | (772) |  | — |  | (163,148) |  |
Depreciation intangible assets | (1,586) |  | — |  | — |  | — |  | — |  | (1,267) |  | (2,853) |  | — |  | (28) |  | — |  | (2,881) |  |
Impairment losses | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | (1,847) |  |  | (1,847) |  |
General and administrative expenses | (44,679) |  | (2,050) |  | (734) |  | (372) |  | (9,406) |  | (17,324) |  | (74,565) |  | (4,206) |  | (11,693) |  | 12,698 |  | (77,766) |  |
Total operating expenses | (449,616) |  | (68,639) |  | (12,751) |  | (19,275) |  | (42,146) |  | (20,689) |  | (613,116) |  | (4,980) |  | (18,075) |  | 12,698 |  | (623,473) |  |
RESULT FROM OPERATING ACTIVITIES | 961,634 |  | 29,789 |  | 29,383 |  | 12,925 |  | (2,461) |  | (17,576) |  | 1,013,694 |  | (4,591) |  | (6,651) |  | — |  | 1,002,452 |  |
Finance income | 31,173 |  | 43 |  | (7) |  | — |  | 11,738 |  | (1,758) |  | 41,189 |  | (5) |  | 10 |  | (2,505) |  | 38,689 |  |
Finance expenses | (126,165) |  | (19,931) |  | (8,652) |  | (9,224) |  | (5,814) |  | (1,771) |  | (171,557) |  | (8) |  | (279) |  | 2,505 |  | (169,339) |  |
Net finance expenses | (94,992) |  | (19,888) |  | (8,659) |  | (9,224) |  | 5,924 |  | (3,529) |  | (130,368) |  | (13) |  | (269) |  | — |  | (130,650) |  |
Share of profit (loss) of equity accounted investees (net of income tax) | 398 |  | — |  | — |  | — |  | (354) |  | — |  | 44 |  | (302) |  | 1,178 |  | — |  | 920 |  |
Profit (loss) before income tax | 867,040 |  | 9,901 |  | 20,724 |  | 3,701 |  | 3,109 |  | (21,105) |  | 883,370 |  | (4,906) |  | (5,742) |  | — |  | 872,722 |  |
Income tax expense | (7,431) |  | (61) |  | 2,118 |  | (2) |  | 261 |  | 3,846 |  | (1,269) |  | 59 |  | (683) |  | — |  | (1,893) |  |
Profit (loss) for the period | 859,609 |  | 9,840 |  | 22,842 |  | 3,699 |  | 3,370 |  | (17,259) |  | 882,101 |  | (4,847) |  | (6,425) |  | — |  | 870,829 |  |
Attributable to: |  |  |  |  |  |  |  |  |  |  |  |
Owners of the company | 859,609 | 9,840 | 22,842 | 3,699 | 3,370 | (17,259) | 882,101 | (4,847) | (6,425) | — | 870,829 |
(in thousands of USD) | December 31, 2023 | December 31, 2022
| Marine | Less: Eliminations | Total | Marine | Less: Eliminations | Total
| Euronav |  |  | Euronav |  |
Revenue | 1,235,127 | — |  | 1,235,127 | 854,669 | — |  | 854,669
Gains on disposal of vessels/other tangible assets | 372,444 | — |  | 372,444 | 96,160 | — |  | 96,160
Other operating income | 23,316 | — |  | 23,316 | 15,141 | — |  | 15,141
Total shipping income | 1,630,887 |  | — |  | 1,630,887 |  | 965,970 |  | — |  | 965,970 |
Operating expenses |  |  |  |  |  |
Voyage expenses and commissions | (142,090) |  | — |  | (142,090) |  | (175,187) |  | — |  | (175,187) |
Vessel operating expenses | (231,033) |  | — |  | (231,033) |  | (216,094) |  | — |  | (216,094) |
Charter hire expenses | (4,500) |  | — |  | (4,500) |  | (5,769) |  | — |  | (5,769) |
Losses on disposal of vessels/other tangible assets | — |  | — |  | — |  | (347) |  | — |  | (347) |
Depreciation tangible assets | (219,428) |  | — |  | (219,428) |  | (221,576) |  | — |  | (221,576) |
Depreciation intangible assets | (1,612) |  | — |  | (1,612) |  | (1,021) |  | — |  | (1,021) |
General and administrative expenses | (62,532) |  | — |  | (62,532) |  | (51,702) |  | — |  | (51,702) |
Total operating expenses | (661,195) |  | — |  | (661,195) |  | (671,696) |  | — |  | (671,696) |
RESULT FROM OPERATING ACTIVITIES | 969,692 |  | — |  | 969,692 |  | 294,274 |  | — |  | 294,274 |
Finance income | 67,168 |  | — |  | 67,168 |  | 27,140 |  | — |  | 27,140 |
Finance expenses | (171,897) |  | — |  | (171,897) |  | (133,009) |  | — |  | (133,009) |
Net finance expenses | (104,729) |  | — |  | (104,729) |  | (105,869) |  | — |  | (105,869) |
Share of profit (loss) of equity accounted investees (net of income tax) | (927) |  | — |  | (927) |  | 17,650 |  | — |  | 17,650 |
Profit (loss) before income tax | 864,036 |  | — |  | 864,036 |  | 206,055 |  | — |  | 206,055 |
Income tax expense | (6,009) |  | — |  | (6,009) |  | (2,804) |  | — |  | (2,804) |
Profit (loss) for the period | 858,027 |  | — |  | 858,027 |  | 203,251 |  | — |  | 203,251 |
Attributable to: |  |  |  |  |  |
Owners of the company | 858,027 | — |  | 858,027 | 203,251 | — |  | 203,251
Overview of capital expenses per segment
(in thousands of USD) | December 31, 2024
| Marine | H2 Infra | H2 Industry | Less: Eliminations | Total
| Euronav | Bocimar | Delphis | Bochem | Windcat | Port vessels | Total |  |  |  |
Capital expenses | 262,320 |  | 463,274 |  | 135,339 |  | 147,959 |  | 100,172 |  | 7,993 |  | 1,117,057 |  | 3,016 |  | 1,397 |  | — |  | 1,121,470 |
(in thousands of USD) | December 31, 2023 | December 31, 2022
| Marine | Less: Eliminations | Total | Marine | Less: Eliminations | Total
| Euronav |  |  | Euronav |  |
Capital expenses | 338,662 |  | — |  | 338,662 |  | 540,240 |  | — |  | 540,240 |

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