Integrated Annual Report 2024
Fluxys Belgium

With Fluxys we transport today’s energy
while building tomorrow. As an essential infrastructure
partner, we are pioneering for an efficient and reliable
energy system. To shape a sustainable future,
we integrate flows of renewable and low-carbon
molecules and captured CO₂ streams.
With our infrastructure, we lay the foundation for the
market. For consumers, producers, and suppliers.
Infrastructure that helps us transition to a carbon-neutral
society. Infrastructure that we develop at the pace of the
market, open to as many sources as possible for the
strongest possible supply security.
Our colleagues are at the heart of this transformation.
They shoulder the hybrid energy future in which
renewable and low-carbon molecules and electricity
optimally combine with the capture and reuse or
storage of CO₂.
Tirelessly, we work with our teams to write
the story of tomorrow. With every project and every
innovation, we proudly say #HiToTheFuture.
Join us on this exciting journey
and say #HiToTheFuture with us!

1
Contents
Looking to the future .................................................2
Our position ............................................................... 16
Our business model ........................................................... 18
Why, what and how: ........................................................... 20
our strategic framework
Key trends for our activities ............................................ 24
Howe we are helping to speed up .............................. 26
the energy transition
How we are reducing our own climate impact ........ 28
How we are preserving biodiversity ........................... 32
Our sustainability path: fluxtainable ............................ 34
A forward-looking organisation .................................... 38
Our digital ambition targets long-term value ........... 42
Our key financial data ....................................................... 44
Our structure and governance ...................................... 48
Our risk management ....................................................... 54
Legal and regulatory framework .................................. 60
Our strategy in practice ......................................... 66
Secure .................................................................................... 68
Expand ................................................................................... 74
Connect ................................................................................. 86
Our ESG performance ............................................ 90
ESG dashboard ........................................................... 92
Basis for preparation ................................................. 94
Double materiality assessment ............................... 98
Environment ................................................................ 102
Transition plan for climate change mitigation ........ 103
and adaptation
Reduce our own greenhouse gas emissions .......... 107
Transport of molecules for a ......................................... 112
carbon-neutral future
EU taxonomy for sustainable ........................................ 115
economic activities
Biodiversity ........................................................................... 121
Social ........................................................................... 122
Safe and reliable infrastructure .................................... 123
Employee safety and working conditions ................. 129
Diversity and inclusion .................................................... 132
Employee engagement .................................................. 135
Learning and talent development ............................... 139
Governance ................................................................ 144
Customer Care .................................................................. 145
Ethics, integrity and efforts ........................................... 148
to comabt corruption
Annexes ...................................................................... 152
Annex I: Methodology to calculate ............................ 153
greenhouse gas emissions
Annex II: CSRD overview table ................................... 155
Annex III: Limited assurance review .......................... 157
of our ESG statements
Corporate governance declaration .................... 162
Financial situation ...................................................182
Statutory auditor's report and .............................291
declaration by responsible persons
Glossary ....................................................................301
Shareholder's guide .............................................. 307

2
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Looking to the future
Looking
to the future

3
Looking
to the future
3

4
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Looking to the future
Making agile progress
as the market develops
Andries Gryffroy
Chairman of the Board of Directors
Pascal De Buck
Managing Director and CEO

5
What has 2024 brought that matters for
the future?
Pascal De Buck First and foremost: with our
Belgian network, we remain a key pillar when it
comes to supporting security of the natural gas
supply in North-West Europe, especially
Germany. At the same time, we note that high
energy prices in Europe are a crucial factor for
market competitiveness. In addition, the question
arises to what extent global political and
geopolitical developments will impact Europe's
priorities, including the energy transition. Climate
neutrality remains the goal, but its pace and
implementation are a subject of discussion today.
Milestones 2024
So, we have a difficult road ahead of us, but
we're ready for it. Together with parent company
Fluxys and our various partners, we have a wide
range of projects on the drawing board that will
allow us to respond agilely at the pace of the
market.
Andries Gryffroy We scrutinised our strategy
in light of the recent changes in the context in
which we work. Our strategy definitely passed
that stress test. At the same time, we remain
particularly alert to new developments so that
we can align the rollout of new infrastructure with
the direction the market is taking.
Belgium remains the
essential hub for energy
supplies in NW Europe
As in previous years, our teams
once again made every effort to
supply the Belgian network with
natural gas. We also continued
to transport large volumes to
our neighbouring countries,
with Germany as the main
destination.
Since the start of the conflict
in Ukraine, an EU regulation
has imposed a requirement
that European gas reserves
be adequately replenished by
1 November every year. Our
storage facility in Loenhout was
already completely filled by 1
August, three months before
the EU’s deadline.
With Zeebrugge serving as
a crossroads, our Belgian
network continues to play its
role as an energy hub in North-
West Europe.
Switch to high-calorific
gas successfully
completed
Until 2017, about half of Belgian
households and SMEs used
low-calorific gas from a produc-
tion field in the Netherlands.
With the depletion of that field in
sight, the Netherlands decided
to gradually reduce the export
of low-calorific gas. Since 2018,
Fluxys Belgium has been adapting
its network to gradually replace
the supply of low-calorific gas
with high-calorific natural gas
from other sources. In 2024, we
successfully completed the switch
to high-calorific gas. Belgium no
longer uses low-calorific gas, but
Fluxys Belgium continues to trans-
port it to France until the switch is
also completed there.

6
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Looking to the future
How does Fluxys Belgium see the
hydrogen and CO
2
market developing?
Pascal De Buck In 2024, we saw the hydrogen
market picking up less rapidly than expected. At
the same time, CO
2
capture and storage gained
stronger recognition as an indispensable
decarbonisation solution. In both areas,
transmission systems are an essential link
between supply and demand. They lay the
foundations for the market to develop. As an
infrastructure company, it is therefore an inherent
part of our job to invest proactively when
necessary and with an acceptable risk profile,
ending the 'chicken-or-the-egg' standstill. This
way, we ensure that the market keeps the option
to pursue sustainability. Thus, in early 2025,
based on the available info and a number of
hypotheses, we made the investment decision
for the first hydrogen and CO
2
infrastructure.
Green Logix: first
biomethane plant
directly connected to
the Fluxys network
On 23 October 2024, the
first volumes of biomethane
were injected directly into
our transmission system. The
molecules are produced by
Green Logix Biogas in Lommel.
During the initial phase, the
plant produces a volume of
biomethane equivalent to the
consumption of some 7,000
households.
Fluxys hydrogen
appointed operator of
hydrogen transmission
network in Belgium
On 26 April 2024, the Federal
Energy Minister appointed
Fluxys hydrogen, a subsidiary
of Fluxys Belgium, as the
operator for the development
and operation of the hydrogen
network in Belgium.
In line with the federal hydrogen
strategy, Fluxys hydrogen is
responsible for developing a
hydrogen pipeline network
which will form part of the
European Hydrogen Backbone.
This will allow the necessary
low-carbon energy and
feedstock to be transported
both for the Belgian market and
neighbouring countries at the
pace of market development.
Partner in the hydrogen
link with Luxembourg,
France and Germany
With a view to developing
cross-border hydrogen trans-
mission infrastructure, Fluxys
hydrogen is stepping up its
cooperation with our part-
ners Creos (Grand Duchy of
Luxembourg) and GRTgaz
(France) in the HY4 Link project.
Making proactive
investments so that the
market keeps the option
to pursue sustainability
Pascal De Buck
Managing Director
and CEO

7
We adopt a modular approach in our work.
The initial infrastructure has a limited scope that
takes into account initial anticipated market
demand. Further roll-out will then follow as we
gain more clarity about the appointment of
transmission system operators for CO
2
and about
solutions to reduce investment risks to an
acceptable level during the start-up phase of the
hydrogen and CO
2
markets.
Taking the lead means taking risks.
How far will Fluxys Belgium go?
Andries Gryffroy Infrastructure investments
required for the energy transition are significant.
We are anticipating to enable the required
decarbonisation solutions for the market.
Although we do so carefully, that does not take
away from the fact that we are taking risks.
HY4 Link is an infrastructure
project aiming to connect
industrial clusters requiring
hydrogen in France, Germany
and Luxembourg to import
hubs in Antwerp, Zeebrugge,
Rotterdam and Dunkirk.
This future infrastructure can
help accelerate the decar-
bonisation of industry in
North-West Europe. We are
also exploring cross-border
connections with trans-
mission system operators
(TSOs) in Germany (OGE),
the Netherlands (HyNetwork
Services) and the United
Kingdom (National Gas).
Working with industry
to cut CO
2
in Belgium
Capturing CO
2
, then trans-
porting it and finally using or
storing it (CCUS): for some
industrial players, there is
no other way to make their
operations carbon-neutral.
During Princess Astrid’s
royal mission to Oslo, sev-
eral stakeholders, includ-
ing Fluxys, signed a joint
declaration to fully commit to
CCUS. The declaration calls
for work on decarbonisation
including through an appropri-
ate regulatory framework.
Infrastructure must be fit to carry
incrementally growing volumes while we must be
able to offer affordable tariffs to the first users.
2025 will be a crucial year for us to work with
public authorities and regulators in Belgium to
find solutions to mitigate risk in the start-up
phase of the new markets. The first movers on
the market also need major efforts when it
comes to policy. The competitiveness of
businesses is under considerable pressure, and
initiatives are needed to keep industry in Europe
while not losing sight of decarbonisation targets.
The new European Commission's Clean Industrial
Deal initiative shows that this concern is at the
top of the policy agenda.

8
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Looking to the future
North Sea Integration
Model: working
together towards net
zero emissions
The energy landscape will
change radically in the years to
come. How can we design an
affordable energy system and
ensure that all solutions work
together to achieve net zero
CO
2
emissions? To answer this
question, in 2024 we devised
the North Sea Integration
Model: a computational model
that simulates all interac-
tions between electricity,
hydrogen, methane and CO
2
infrastructure in Belgium and
all other countries bordering
the North Sea.
The model is a tool that, based
on future consumption sce-
narios, shows how the entire
chain from production to
transport to consumption can
be optimised in terms of costs,
CO
2
emissions and preserva-
tion of security of supply.
Good results towards
our ESG targets
In 2024, we started meas-
uring our progress towards
the Environment, Social, and
Governance (ESG) targets we
set in 2023, for each of our
material ESG topics. With
our 2024 ESG results we
are on track to achieve our
targets. Cf. the ESG perfor-
mance dashboard in “Our ESG
performance”.
An increasingly complex context
for climate targets that have always been
ambitious. What do we need to bear in
mind?
Andries Gryffroy The climate challenge is more
urgent than ever and the redesign of the energy
system is a key element. It is absolutely vital that
all stakeholders adopt a holistic approach to the
energy system as a whole. All decarbonisation
solutions should be optimally integrated to
successfully respond to the climate challenge.
Collaboration throughout the energy system is
the key, with all sectors, public authorities and
regulators working together towards the same
goal.
2025 will be a crucial year
for reaching solutions
with the public authorities
and regulators in Belgium
to mitigate risk during
the start-up phase of the
new markets
Andries Gryffroy
Chairman of the Board of Directors

9
91 new colleagues hired
Fluxys is growing! In 2024, no
fewer than 91 new colleagues
joined our ranks, meaning that
982 employees are working
at Fluxys Belgium. 108
colleagues were given the
opportunity to take on new
responsibilities and other
roles; such internal mobility
is particularly encouraged at
Fluxys.
Pascal De Buck I am particularly proud that
Fluxys Belgium can contribute to this
coordination and collaboration thanks to our
unique simulation model for infrastructure
development in the countries bordering the North
Sea. The model provides a clear understanding
of the key factors for an energy ecosystem that
supplies energy where it is needed at the lowest
possible cost at any time and with net zero
emissions.
What assets does Fluxys Belgium have to
help shape that vision?
Pascal De Buck As an industrial infrastructure
company, we have a team of employees
who have earned special recognition among the
market, partners and our other stakeholders in
the energy transition for their foresight and
commitment to the transition, as well as their
enthusiasm for cooperation. In 2024, together
with parent company Fluxys we overhauled our
organisational structure to allow us to be even
stronger. In our new operational model, our
in-house expertise and experience will have
maximum impact.
Andries Gryffroy Our international perspective is
also a key asset. Together with parent company
Fluxys, we work across borders. Moreover, with
our infrastructure we are strategically located
between the North Sea and the major industrial
zones in Belgium and western Germany. We are
on the path between supplies of renewable
and low-carbon molecules from the North
Sea and the market in one direction and, in the
opposite direction, between emitters needing to
remove CO
2
and the sites for safe permanent
storage in the North Sea.

Fluxys Belgium
in a nutshell
Who we are
focus on speeding up
the energy transition
independent
infrastructure company
open access to our
infrastructure and services
100%
Our talents
17/83 ratio women/men
91 new employees
9 average number of training days per full-time equivalent
108 number of employees taking on a new role within the company
What we are doing
to help accelerate
the energy transition
Terminalling
Transmission
Storage
982
employees
Key figures
Natural gas transit to neighbouring
countries: 259 TWh
Key financial data
Consolidated turnover: 609m
Net profit: 82m
Gross dividend per share: 1,40
(subject to approval by
the Annual General Meeting)
Natural gas consumption
in Belgium: 149 TWh
4 Distribution System Operators:
Fluvius, Ores, Resa, Sibelga
3.15 millions households
450,000 SMEs
209 industrial end users
17 cross-border interconnection points
to 6 transmission system operators in
neighbouring countries
Direct and indirect network users
Fluxys Belgium is a Euronext-listed subsidiary of infrastructure group Fluxys headquartered in Belgium.
With 982 employees, we operate 4,000 kilometres of pipeline, a liquefied natural gas terminal with an
annual regasification capacity of 197 TWh and an underground storage facility.
As a key infrastructure partner, we are working to realise an efficient, reliable and realistic energy
system, with green and low-carbon molecules and with CO
2
capture as a supporting and additional
solution. An energy system open to the necessary import and export flows of those molecules to and
from other areas. All for an energy system that strives for carbon neutrality and provides security of
supply at the lowest possible cost.
Thanks to our infrastructure, we are building a bridge to the future. We currently transport natural
gas which, as a low-emission fossil energy source, offers security of supply in the transition to a
carbon-neutral society.
Where the market is ready to make the green transition, Fluxys is also ready to go. Ready for the
transition to a hybrid energy future in which carbon-neutral molecules, renewable electricity and
the capture and reuse or storage of CO
2
complement each other optimally.
Fluxys Belgium
in a nutshell
Who we are
focus on speeding up
the energy transition
independent
infrastructure company
open access to our
infrastructure and services
100%
Our talents
17/83 ratio women/men
91 new employees
9 average number of training days per full-time equivalent
108 number of employees taking on a new role within the company
What we are doing
to help accelerate
the energy transition
Terminalling
Transmission
Storage
982
employees
Key figures
Natural gas transit to neighbouring
countries: 259 TWh
Key financial data
Consolidated turnover: 609m
Net profit: 82m
Gross dividend per share: 1,40
(subject to approval by
the Annual General Meeting)
Natural gas consumption
in Belgium: 149 TWh
4 Distribution System Operators:
Fluvius, Ores, Resa, Sibelga
3.15 millions households
450,000 SMEs
209 industrial end users
17 cross-border interconnection points
to 6 transmission system operators in
neighbouring countries
Direct and indirect network users
10
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Looking to the future
Fluxys Belgium
in a nutshell

Fluxys Belgium is a Euronext-listed subsidiary of infrastructure group Fluxys headquartered in Belgium.
With 982 employees, we operate 4,000 kilometres of pipeline, a liquefied natural gas terminal with an
annual regasification capacity of 197 TWh and an underground storage facility.
As a key infrastructure partner, we are working to realise an efficient, reliable and realistic energy
system, with green and low-carbon molecules and with CO
2
capture as a supporting and additional
solution. An energy system open to the necessary import and export flows of those molecules to and
from other areas. All for an energy system that strives for carbon neutrality and provides security of
supply at the lowest possible cost.
Thanks to our infrastructure, we are building a bridge to the future. We currently transport natural
gas which, as a low-emission fossil energy source, offers security of supply in the transition to a
carbon-neutral society.
Where the market is ready to make the green transition, Fluxys is also ready to go. Ready for the
transition to a hybrid energy future in which carbon-neutral molecules, renewable electricity and
the capture and reuse or storage of CO
2
complement each other optimally.
Fluxys Belgium
in a nutshell
Who we are
focus on speeding up
the energy transition
independent
infrastructure company
open access to our
infrastructure and services
100%
Our talents
17/83 ratio women/men
91 new employees
9 average number of training days per full-time equivalent
108 number of employees taking on a new role within the company
What we are doing
to help accelerate
the energy transition
Terminalling
Transmission
Storage
982
employees
Key figures
Natural gas transit to neighbouring
countries: 259 TWh
Key financial data
Consolidated turnover: 609m
Net profit: 82m
Gross dividend per share: 1,40
(subject to approval by
the Annual General Meeting)
Natural gas consumption
in Belgium: 149 TWh
4 Distribution System Operators:
Fluvius, Ores, Resa, Sibelga
3.15 millions households
450,000 SMEs
209 industrial end users
17 cross-border interconnection points
to 6 transmission system operators in
neighbouring countries
Direct and indirect network users
11

to
France)
points
Storage
LNG terminal
4 000 km
pipelines
High
calorific
gas
Low
calorific
gas (transit from
The Netherlands
Compressor
stations
Blending stations
Physical
interconnection
France
DILSEN
ZANDVLIET
HILVARENBEEK
‘S-GRAVENVOEREN
EYNATTEN
BRAS
ZEEBRUGGE
ZELZATE
ALVERINGEM
Norway/Netherlands/Germany
United Kingdom
Netherlands
Netherlands
Norway/Netherlands/Germany
Germany
Grand Duchy of
Luxembourg
Grand Duchy of
Luxembourg
LNG
Norway
France
Spain
Italy
BLAREGNIES
Kortrijk
Tournai
Brugge
Gent
Aalst
Genk
Berneau
Namur
Verviers
Bastogne
Arlon
Libramont
Loenhout
Liège
Winksele
Sint
-
Niklaas
Mons
Mechelen
Brussels
Charleroi
PÉTANGE
Where Fluxys Belgium
is active
Our ambition
For the market
30x30x30
By 2030 provide capacity for annual transport:
30 TWh of hydrogen and 30 million tonnes of CO
2
In our own activities
Be climate neutral in 2050
2025
-50%
2030
-67%
2035
-80%
2050
net
0
Our contribution
to prosperity
4,000-km-long pipe network connected to five 5 neighbouring countries
Zeebrugge zone including the LNG terminal
Loenhout underground storage
Development of the hydrogen and CO
2
pipe network
2024
EUR 495m
in added value
Society
(taxes)
Suppliers
Personnel
Shareholders
(dividend)
Financial institutions
(interest)
Consolidated figures 2024
25
30
199
142
98
12
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Looking to the future

to
France)
points
Storage
LNG terminal
4 000 km
pipelines
High
calorific
gas
Low
calorific
gas (transit from
The Netherlands
Compressor
stations
Blending stations
Physical
interconnection
France
DILSEN
ZANDVLIET
HILVARENBEEK
‘S-GRAVENVOEREN
EYNATTEN
BRAS
ZEEBRUGGE
ZELZATE
ALVERINGEM
Norway/Netherlands/Germany
United Kingdom
Netherlands
Netherlands
Norway/Netherlands/Germany
Germany
Grand Duchy of
Luxembourg
Grand Duchy of
Luxembourg
LNG
Norway
France
Spain
Italy
BLAREGNIES
Kortrijk
Tournai
Brugge
Gent
Aalst
Genk
Berneau
Namur
Verviers
Bastogne
Arlon
Libramont
Loenhout
Liège
Winksele
Sint
-
Niklaas
Mons
Mechelen
Brussels
Charleroi
PÉTANGE
Where Fluxys Belgium
is active
Our ambition
For the market
30x30x30
By 2030 provide capacity for annual transport:
30 TWh of hydrogen and 30 million tonnes of CO
2
In our own activities
Be climate neutral in 2050
2025
-50%
2030
-67%
2035
-80%
2050
net
0
Our contribution
to prosperity
4,000-km-long pipe network connected to five 5 neighbouring countries
Zeebrugge zone including the LNG terminal
Loenhout underground storage
Development of the hydrogen and CO
2
pipe network
2024
EUR 495m
in added value
Society
(taxes)
Suppliers
Personnel
Shareholders
(dividend)
Financial institutions
(interest)
Consolidated figures 2024
25
30
199
142
98
13

Number of vessels in Zeebrugge
242
Number of trucks loaded with liquefied
natural gas (LNG) at Zeebrugge
7,592
Loenhout storage already
100% full in August
Number of kilometers
of pipelines inspected:
• On foot: patrols of the entire
4,000-km-long pipe network
• By helicopter: 192,000 km
246 km of pipelines inspected from the inside
using state-of-the-art technology to monitor
their integrity
14 route studies started or completed for
482 km of hydrogen and/or CO
2
pipelines
For approximately 5,900 worksites near our
pipelines, our inspectors reviewed the safety
regulations with the involved contractors to
prevent any damage to our pipelines
Some operational
figures
Our investments
Indicative
investment plan
2025-2034
EUR 8.3bn
Other
investments
Hydrogen infrastructure
CO
2
-infrastructure
Facilitating green gas
in the natural gas network
Reducing our own
greenhouse gas emissions
3 763
3 549
258
662
50
14
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Looking to the future

Number of vessels in Zeebrugge
242
Number of trucks loaded with liquefied
natural gas (LNG) at Zeebrugge
7,592
Loenhout storage already
100% full in August
Number of kilometers
of pipelines inspected:
• On foot: patrols of the entire
4,000-km-long pipe network
• By helicopter: 192,000 km
246 km of pipelines inspected from the inside
using state-of-the-art technology to monitor
their integrity
14 route studies started or completed for
482 km of hydrogen and/or CO
2
pipelines
For approximately 5,900 worksites near our
pipelines, our inspectors reviewed the safety
regulations with the involved contractors to
prevent any damage to our pipelines
Some operational
figures
Our investments
Indicative
investment plan
2025-2034
EUR 8.3bn
Other
investments
Hydrogen infrastructure
CO
2
-infrastructure
Facilitating green gas
in the natural gas network
Reducing our own
greenhouse gas emissions
3 763
3 549
258
662
50
15

16
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our position

17
Our
position
17

18
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our position
Our business model
Natural gas infrastructure services
• We will transport natural gas for as long as
necessary.
• We provide infrastructure that offers access
to as many sources as possible to support
security of supply.
• In this way, we help society make the
transition to carbon-neutral energy and
raw materials. We are already able to
transport large volumes of carbon-neutral
biomethane.

19
Hydrogen infrastructure services
CO
2
infrastructure services
• We get renewable and low-carbon
hydrogen to customers in the form of
energy and raw material.
• We provide infrastructure that offers
access to as many sources as possible to
support security of supply.
• In this way, we help decarbonise industry,
power generation and the transport sector.
• We transport CO
2
to sites where it can be
reused or exported to permanent storage.
• We provide infrastructure that offers as many
removal options as possible.
• In this way, we help decarbonise industry that
engages in carbon capture.

20
shaping together
a bright energy
future
fluxtainable
WHY
connect
expand
secure
HOW
WHAT
speed up
green energy
transition
respect
open
reliable
HOW
HOW
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our position
Why, what and how:
our strategic framework

21
together bright
future
Our purpose: why we
matter
As a key infrastructure partner, we are building
a sustainable and cleaner energy future. That
is our purpose. With our terminalling,
transmission and storage infrastructure for
different molecules, we bring energy where it
is needed – today and tomorrow.
The energy ecosystem is complex and
the demand for energy as a driver of
human progress combined with a global
need to make energy more sustainable
is a challenge that requires everyone’s
commitment. Redesigning the energy
system will not be easy, yet it can be done if
we work together. Together refers to all our
stakeholders: our employees, shareholders,
industrial partners, customers, the general
public and all actors in the energy system.
At Fluxys Belgium we firmly believe in this
collaboration.
bright – Our infrastructure, with its storage capacity
and capacity to handle molecules for a low-carbon
future such as hydrogen and CO
2
, will play a major
role in the transition to a bright energy future for all.
The word future entails responsibility. With our
unique assets as an infrastructure company, we
owe it to ourselves to contribute to a greener
energy future for generations to come.
Shaping together a
bright energy future
What we want to achieve:
our ambition
As a key infrastructure partner, we want to help
accelerate the energy transition with infrastructure for
different molecules. By 2023, we aim to offer our
customers the necessary capacity to transport 30 TWh
of hydrogen and 30 million tonnes of CO₂ per year.
We roll out infrastructure in line with market demand and
to the extent that the investment risk in the market
start-up phase is reduced to an acceptable level of risk
by government mechanisms.

22
1
our values
We value the uniqueness of every
individual.
We look out for each other, keeping
our employees safe and well.
We make our decisions consciously
for the environment, communities
and future generations.
respect
We foster teamwork and open
communication to create a workplace
where different perspectives are
embraced, and employees are
empowered to shape the future.
With an open mind, we take action,
we adapt swiftly, and we seize
opportunities with a can-do attitude to
drive the energy transition.
open
We are committed to earning and
building trust in all our partnerships.
We go above and beyond for our
customers and partners.
We are in it for the long term
and society can count on us for
affordable, sustainable and safe
infrastructures.
reliable
How we do it: three pillars
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our position

23
2
an inspiring
vision of
sustainability
3
a clear
strategy
we accelerate the
energy transition
with multi-molecule
infrastructure, today
and tomorrow
we become a net
zero company and
we preserve the
natural capital
we keep high
safety standards
in an evolving
business
we encourage
diversity, talent
development
and employee
engagement
we conduct
our business in
a responsible
way
Fluxtainable is our ESG compass (Environment – Social – Governance). How do we ensure
we develop our activities sustainably while taking a long-term view for us and for all our
stakeholders? We are moving forward in five areas on our sustainability path.
contribute to
a sustainable and
secure energy supply
secure
develop, scale-up and
operate multi-molecule
infrastructure
expand
create low-carbon energy
value chains through partnerships
connect
moving green people responsiblesafe

24
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our position
Key trends
for our activities
What we are doing
We have fully commissioned a first
additional pipeline section on the
Zeebrugge-Brussels axis. This allows
us to bring larger volumes inland from
the west and maintain high transit
flows to Germany. Construction of the
second section of the pipeline will
start in 2025. The infrastructure is
completely future-proof and can be
used to carry hydrogen as soon as the
market is ready for it.
Continued new
configurations of natural
gas import flows
• The configuration of import flows to Europe are
being redrawn due to geopolitical developments.
• The sharp decline in pipeline gas supplies from the
east led to the maximum deployment of LNG as an
alternative source of supply.
• In response to Europe’s rising need for LNG imports,
several countries, including Germany and the
Netherlands, rapidly built or are in the process of
building floating LNG terminals.
• As a result of the additional inflow of LNG and new
gas transit configurations via pipeline, greater west-
east flows are significantly replacing traditional east-
west flows.

25
What we are doing
We are working with industry to build in Belgium,
in line with demand, the necessary hydrogen and
CO
2
infrastructure that companies need for their
decarbonisation projects. We are also aiming for
maximum volumes to and from neighbouring
countries in order to expand Belgium’s role as an
energy crossroads by making the country
a hydrogen and CO
2
hub for the economy in
Belgium and North-West Europe. This is how we
develop infrastructure with economies of scale that
we can offer at competitive rates. Together with
industry, we are pushing for the necessary
mechanisms to support hydrogen and CO
2
logistics
chains during construction and thus mitigate
investment risk.
European industry’s
transition to hydrogen
and CO
2
capture slows
• Decarbonisation is high on European industry’s
agenda, but the global economic context is forcing
numerous companies to put their decarbonisation
plans on hold.
• In Europe, investment in the hydrogen economy in
2024 showed a declining trend overall, with more
favourable prospects in southern Europe than
elsewhere.
• For CO
2
storage, investment decisions have been
made or construction has started on several
projects in the North Sea.
• However, the CO
2
emission cost in the EU Emissions
Trading Scheme remains too low to leverage
investments in the conversion to hydrogen or CO
2
capture.
What we are doing
Developments in climate and energy policy,
geopolitical and geo-economic developments and
many other elements render the context in which
we operate complex and, to a large extent,
unpredictable. The pace and manner in which
Europe transitions to net zero could take various
forms. As such, our strategy to help accelerate the
energy transition remains solid and we are ready to
respond agilely to the changing context at the pace
of demand evolutions.
Evolving European climate
and energy policy
• Geopolitical developments are
increasingly having major economic implications
for the industry.
• At the same time, the cost of energy remains
a key factor: in Europe, natural gas costs up to
five times more than in the United States.
• Therefore, the new European Commission has set
its sights on the challenge of reconciling
European climate and energy policy with the
economic realities of industry and creating
a support framework to make that transition.
• Meanwhile, several initiatives are in the pipeline
to equalise the competitiveness and
decarbonisation of industry.

26
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our position
As a key infrastructure partner,
we are working to realise an
energy system with renewable
and low-carbon molecules and
with CO
2
capture as a supporting
and additional solution. An
energy system open to the
necessary import and export
flows of those molecules to and
from our country. All for an
energy system that contributes
to carbon neutrality, security of
supply and affordability.
We deliver key solutions
for large-scale
decarbonisation
The common thread in European energy and climate
policy is the need for a combination of solutions to
achieve climate neutrality. Energy efficiency must
be greatly increased, significantly more electricity is
required, which must also be renewable or low-
carbon, large quantities of renewable and low-carbon
molecules such as hydrogen and biomethane are also
required and it must be possible to capture large
quantities of CO
2
for reuse or storage.
With our infrastructure, we play a key role in the
combination of solutions for the energy transition. We
are doing everything we can to develop our
infrastructure and gradually transform it into a multi-
molecule system. In so doing, we are preparing the
energy system to not only carry natural gas,
biomethane and synthetic methane to consumers, but
also to facilitate the inflow of hydrogen and other
renewable and low-carbon molecules and CO
2
expected to increase incrementally at the pace of
market developments.
How we are helping
to speed up the energy
transition
In European energy and climate
policy, the need for a mix of
solutions to achieve climate
neutrality runs as a common
thread.

27
Crucial role for renewable and low-carbon molecules
raw materials for industry
Numerous companies need renewable and low-
carbon molecules as raw materials for their
processes. Products such as fertiliser, which is crucial
for the food and agricultural industry, or plastics, for
the manufacturing industry, among others, require
molecules during the production process.
fuel for industry
Some industrial processes require very high
temperatures. While electrification cannot always make
these processes efficiently sustainable, in some cases
the use of renewable and low-carbon molecules can.
fuel for long-distance transport
Heavy goods traffic, commercial shipping and aviation
are difficult to electrify. Renewable and low-carbon
molecules can also play a role here, directly or as raw
materials for synthetic fuels (such as e-fuels).
fuel for power stations
Renewable and low-carbon molecules can be used to
generate electricity at any time; this is doubly
important. Indeed, increasing electrification will sharply
boost both base and peak consumption while there are
times and periods when there is too little wind or sun to
generate the necessary green power and imported
power is also insufficient. Power plants with renewable
and low-carbon molecules are flexibly controllable and
help keep the lights on.
Sectors that are difficult
to decarbonise rely on CO
2
capture
In some sectors, such as the cement and lime
industries, significant amounts of CO
2
are inevitably
released via chemical reactions during the production
process itself. CO
2
capture is the only option if those
sectors are to sustainably maintain their activity and
employment. CO
2
capture is an alternative for industrial
processes that require high temperatures in those
cases where, for example, electricity does not currently
offer an alternative. With infrastructure to remove
captured CO
2
, industry has a way to direct CO
2
to safe
storage locations or to companies that reuse CO
2
as
a raw material.

28
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our position
We are working hard to help
accelerate the transition to
a climate-neutral society with our
infrastructure. We are working just
as hard on the climate impact of
our own activities. Our Go4 Net0
project, which includes the
Methane Emission Reduction
(MethER) programme, was put in
place to achieve our targets: in
2025 we aim to halve
our greenhouse gas emissions
compared to 2017, and we aim to
be carbon-neutral in our activities
1
by 2050. We are working to
reduce our emissions across
Scopes 1, 2 and 3.
How we are reducing
our own climate impact
Scope 1
Reduce CO
2
emissions
In 2024, the following initiatives intended to reduce our
own emissions were rolled out:
• The three additional open-rack vaporisers,
commissioned in late 2023, experienced their first
full year of operation at Zeebrugge LNG Terminal.
Using the heat from seawater to regasify LNG
significantly reduces natural gas consumption, and
thereby allowed us to avoid 157,000 tonnes of CO
2
eq emissions at the terminal.
• In 2024, we began preparations for the
electrification of our compression facilities at our
storage site in Loenhout, including the construction
of buildings and procurement of equipment. The
replacement of the gas engines is scheduled to start
in 2025.
• Research into and follow-up of technology to further
reduce emissions currently considered as locked-in
(see chapter ‘Our ESG performance’ under ‘Actions
related to reducing our own GHG emissions’).
1. For Scope 1 and Scope 2 (market-based) emissions.

29
The Methane Emission
Reduction (MethER)
programme has
overachieved its targets
The MethER project focuses on
mitigating measures to reduce
methane emissions linked to our
own activities. This programme has
exceeded its targets and has
allowed us to reduce our methane
emissions by two thirds since 2017
(base year).
Reduce methane emissions
(focus of the MethER programme)
Our teams are working on four tracks to further
systematically tackle methane emissions:
Reduce emissions from control
equipment
We are replacing control equipment that generates
emissions with equipment with zero emissions. In 2024,
we continued our progress in replacing equipment in
our pressure-reducing stations to cut emissions from
pneumatic equipment.
Limit emissions during works on
the network
For planned maintenance, we remove natural gas from
the relevant pipeline sections in a controlled manner.
We have various ways of preventing natural gas from
being released into the air.
• An additional Clean Enclosed Burner (CEB) has
been delivered, which will be utilised to combust the
methane (CH₄) that cannot be recovered during
interventions. This ensures that the gas is burned in
a controlled manner, thereby significantly
reducing greenhouse gas emissions, by emitting
CO
2
(which has a lower global warming potential)
instead of methane.
• Four mobile recompression units have been
ordered and are expected to be delivered in 2026,
enhancing our flexibility during interventions. These
units enable gas to be extracted from one section of
a pipeline and injected into another part of our
network.
• Similarly, for minor interventions, several small
mobile flares have been purchased and are used to
reduce methane emissions.
Reduce fugitive methane emissions
We conducted our periodic Leak Detection and Repair
(LDAR) campaigns. During these campaigns, we detect
micro leaks, which are subsequently repaired.
Reduce operational emissions
We continuously work on various initiatives to minimise
or eliminate methane emissions from the use of our
compressors.

30
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our position
In 2025 we aim to
halve our greenhouse
gas emissions
compared to 2017, and
we aim to be carbon-
neutral in our activities.
Using seawater for
regasification: 157,000
fewer tonnes of CO
2
eq in
2024
The three additional ORVs
commissioned in late 2023
experienced their first full year of
operation at Zeebrugge LNG Terminal.
Using the heat from seawater to
regasify liquefied natural gas
significantly reduces the LNG
terminal’s CO
2
footprint. In 2024, we
consequently avoided 157,000 tonnes
of CO
2
eq emissions.
Scope 2
In 2024, Fluxys Belgium contracted green electricity to
cover the electricity consumed by its core activities.
These contracts allow us to limit our Scope 2 market-
based emissions.
In addition, we also aim to generate our own renewable
electricity thanks to solar panels that we installed at
some of our installations, as well as the project
currently being prepared concerning the installation of
a solar panel field at our storage site in Loenhout.
Scope 3
We are engaging with our suppliers to obtain more
accurate data on our Scope 3 emissions and
encourage them to reduce their own emissions.

31

32
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our position
We take great care to ensure the preservation of
biodiversity in those areas where we build and operate
infrastructure. We take actions to prevent and minimise
our impact on biodiversity whenever we build new
infrastructure and to enhance biodiversity on our
existing sites.
How we are preserving
biodiversity
Our actions
Environmental Management System
Our environmental coordinators use Fluxys Belgium’s
Environmental Management System as a framework for
steering, monitoring and improvement measures. They
advise on and recommend ways to minimise the impact
of Fluxys’ activities on biodiversity and on the
environment in general.
Environmental studies and
monitoring
During the design phase, we take care to limit the
impact on the environment and nearby area during the
construction and operation of new facilities, in
particular with the help of environmental studies.
The impact on the environment and local ecosystems
is assessed each time an application is submitted for
a permit to build or operate a new facility or when an
environmental permit is renewed. These environmental
studies estimate a project’s potential impact in various
areas, including air, water and soil pollution, ambient
noise, the production of waste, spatial integration,
mobility and the impact on biodiversity.
Alongside these studies, we regularly
monitor greenhouse gases and atmospheric emissions
(see also the section ‘How we are reducing our
own climate impact’). Noise levels as well as any air, soil
and wastewater pollution are also monitored through
a range of measurements and analyses.
Measures to prevent negative
impacts
When laying new pipelines, we always take care to
ensure that work causes as little disruption to the
environment as possible, for instance:
• In certain circumstances, the routes of new pipelines
are revised to minimise disruption to certain
ecosystems and protected areas.
• In certain situations, directional drilling is used to
cross nature reserves in order to protect these
areas.
• The topsoil excavated during construction is
carefully managed. This topsoil can be enriched
with organic seeds and/or fertiliser to maintain its
fertility and to preserve its integrity.
• Work sites are sized and planned according to the
natural resources to be preserved (e.g. specific
standalone trees, specific nesting period).
• We use a range of techniques to limit the noise
generated by our pressure-reducing stations,
compressor stations and other facilities. When
building new infrastructure, a lot of attention is paid
to potential noise pollution from the design phase
onwards.

33
Compensation
When it comes to compensation for the trees that need
to be cut down in connection with the construction of
new main pipelines (backbones), we go beyond
the legal requirements.
Our target
Target definition Status Result 2024 Result 2023
For every kilometre of backbone
(a)
laid,
Fluxys Belgium will plant 500 m² of
vegetation in addition to the legal
compensation provided for in cases of
deforestation and felling, until 2026
(b)
.
Achieved
Planting already carried out in
2023 for the backbone2 section
commissioned in the first half of
2024 (as part of
Desteldonk-Opwijk)
30,000 m
2
By 2028, Fluxys Belgium will implement
an action plan to foster biodiversity at
a number of these sites.
In progress
First step in conducting
a biodiversity audit completed
in 2024
New
(a) A backbone is defined as a pipeline spanning more than 10 km, with a diameter of at least 600 mm.
(b) Calculation method: Fluxys Belgium is financing the nature restoration carried out by a third party.
Biodiversity audit to identify
biodiversity-enhancing actions
In 2024, a team of ecologists conducted a biodiversity
audit at a representative selection of Fluxys
sites, leading to a series of recommendations. We have
already implemented some of these recommendations,
such as sowing two additional flower fields at two
compressor stations and trimming hedgerows outside
the nesting period
2
(as a continuation of our 2023
actions).
2. Nesting season depends on the region: Brussels-Capital:
from 1 April to 15 August; Wallonia: from 1 April to 31 July; Flanders: from 15 March to 15 July.

34
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our position
Our sustainability path:
fluxtainable
With our 2024 ESG results
we are on track to achieve
our targets.

35
In 2023, we identified our ESG material topics and defined targets for each of them.
This year, we are reporting in full compliance with the Corporate Sustainability Reporting Directive (CSRD).
In 2024, we started measuring progress towards our targets: with our 2024 ESG results we are on track to
achieve our targets. (For additional details, see ‘Our ESG performance’)
Fluxtainable is our ESG strategy. How do we ensure that we develop
our activities sustainably in a long-term perspective for us and for all our
stakeholders? Fluxtainable is also our dashboard for communicating
transparently about the progress we are making in our sustainability
performance.
What is our impact on the environment and society?
And what financial impact do external factors have on
our company? On this basis, together with our
stakeholders, we identified the ten material ESG topics
that form the core of our path towards sustainability.
We group the ten material ESG topics into five key
domains.
moving
we accelerate the energy transition
with multi-molecule infrastructure,
today and tomorrow
both today and tomorrow, our core business is building and operating
infrastructure for a reliable and uninterrupted flow of molecules
our focus is on innovative projects and substantial investments in
infrastructure for hydrogen, CO
2
and other molecules to make the
transition to a low-carbon economy
green
we become a net-zero company
and we preserve the natural capital
we aim to reduce our greenhouse gas emissions
3
by 50% by 2025,
by 67% by 2030 and achieve carbon neutrality by 2050
when building new infrastructure and in our daily activities, we are
committed to preserving and promoting the biodiversity of our sites
safe
we keep high safety standards in
an evolving business
our top priority is the safety of our employees and local residents in the
areas in which we operate
transporting, terminalling and storing molecules safely is our core
business, today and tomorrow
people
we encourage diversity, talent
development and employee
engagement
well-being is our priority.
we foster an inclusive working environment where everyone feels
respected and valued
we encourage continuous learning and personal growth
our values, feedback culture, the safety of our employees, learning and
engagement are all crucial drivers for a successful energy transition
responsible
we conduct our business in
a responsible way
our Ethical Code, which we share with our stakeholders, is the basis for
our daily actions
our commitment to meeting the needs of our customers and ensuring
their satisfaction drives us to improve continuously
3. Scope 1 and Scope 2 market-based.

36
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our position
ESG dashboard
ESG Material topic Target definition Status Result (full year 2024)
1
Transport of
the molecules
of a carbon
neutral future
As from 2024, on top of new H
2
and CO
2
pipeline projects, 90% of the total length
of our new major CH
4
pipeline projects
(a)
should be designed and built for the
transport of low-carbon gases or CO
2
.
Achieved: 100%
(23,5km of multi-molecules
pipelines put in service,
between Zele and Opwijk
and ~10km Fexhe-Les Awirs).
2
Reduce our
own GHG
emissions
Scopes 1& 2: Our ambition is to reduce
our scopes 1 & 2 emissions
(b)
by 50% by
2025, by 67% by 2030 & by 80% by 2035
and reach net zero by 2050 compared to
the base year of 2017 (250 ktCO
2
e).
On track:
131 ktCO
2
, i.e. -48%
compared to our base year
(2017).
Scope 3: Our ambition is to reduce our
scope 3 emissions (excluding categories
directly linked to the development of our
infrastructure
(c)
) by 50% by 2030,
compared to the base year of 2023
(60 ktCO
2
e).
Achieved:
More than 50% reduction
compared to our reference
year (2023).
3 A
Safe and
reliable
infrastructure
100% of confirmed shippers nominations
in firm capacity (transport & storage) are
respected.
Achieved:
0 reduction or interruption
of firm transmission capacity.
3 B
Safe and
reliable
infrastructure
Zero industrial incidents having a major
impact on the safety of employees,
residents and anyone else connected to
our infrastructure
(d)
.
Achieved:
0 industrial incident with
major safety impact.
4
Customer
care
Roll out appropriate communication for all
our changes to provide our customers
with information and ensure transparency,
in accordance with local legal
requirements3
(e)
.
Achieved: 100%
Appropriate communications
were carried for all of the
3 changes in 2024.
5
Safety of
employees
Même objectif que 3B. Same target as 3B.
(a) Total length of 5 km or more.
(b) Émissions basée sur le marché.
(c) i.e. excluding categories 3.1 Purchases of goods and services, and 3.2 Capital goods; that are directly linked to the development of our infrastructure.
(d) By industrial incident having a major impact on safety, we refer to explosions, fires, uncontrolled gas venting, pollution, etc. that have serious
consequences for the safety (life-threatening injuries or injuries resulting in permanent disability/death) of employees and local residents.
(e) Scope: Fluxys Belgium (transmission) and Fluxys LNG.

37
ESG Material topic Target definition Status Result (full year 2024)
6
Employee
engagement
Keep the proportion of engaged
employees above 70%.
Achieved: more than 80%
engaged employees.
7
Learning and
Talent
Development
Each year, at least 90% of our employees
will increase their knowledge and skills in
at least 2 of the following areas: digital,
soft, safety & technics, business.
Achieved: more than 90%
of employees have increased
their knowledge in at least
2 key domains.
8
Diversity and
Inclusion
Raise awareness of diversity and inclusion
among all employees every two years,
with a first campaign in 2024 and a
second in 2026.
In progress: The campaign
was successfully launched
in 2024 (for directors and
senior managers. The rollout
to all employees is planned
for 2025.
Ensure that all managers have undergone
training on diversity and inclusion by the
end of 2025.
In progress: A first version
of the training material was
developed, and a pilot session
took place at the end of 2024,
with a group of managers.
9
Ethics,
integrity
and efforts
to combat
corruption
100% of Fluxys Group employees trained
in the Code of Ethics every 3 years,
including new hires.
Note: next deadline is having all
employees trained by end 2026.
In progress: In 2024
we updated the ethical code
and developed the associated
training.
Our goal is for all employees
to have completed the course
by the end of 2026.
10
Biodiversity For each km of backbone
(f)
pipeline built,
Fluxys Group will ensure the planting of
500 m² of vegetation, in addition to the
mandatory legal deforestation
compensation, until 2026.
Achieved: Planting already
occurred in 2023 for the
Backbone section put in
service in first half year
2024
(g)
(as part of
Desteldonk-Opwijk).
Action plan achieved by 2028 to stimulate
biodiversity on selected Fluxys sites.
In progress: Target for 2028;
first step i.e. conducting
a biodiversity audit
completed.
On track Action needed to reach target Unable to reach target
(f) Total length above 10 km and diameter of 600 mm or more.
(g) Planting already occured in 2023 for the full Desteldonck-Opwijk pipeline, incl. the section between opwijk (hollestraat) station – dendermonde
(oudegem paalstraat) station of ~16
km
that was put in service early 2024.

38
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our position
A forward-looking
organisation
We are facing a range of
exciting challenges that affect
our human capital and
organisational resilience.
These challenges include
attracting and retaining
talent, fostering a culture
of learning,
strengthening leadership, and
cultivating a forward-looking
digital and artificial-
intelligence-inspired
environment.
Our strategy for our people and our organisation helps
us respond flexibly to changing circumstances and pro-
vide buffers where needed. In this strategy we focus
on three key areas:
• Our transformation journey as a company
• Developing future-proof employees
• Offering meaningful work as an attractive employer
Team spirit at the top
of the Brussels Ekiden
Fluxys was amply represented at the
20
th
edition of the DHL Ekiden in
Brussels. No fewer than eight teams
of six runners each lined up at the
starting line in the King Baudouin
Stadium for a relay race over the
mythical marathon distance of
42.195 km. In the stands, supporters
and volunteers created a great
atmosphere. Sport, fun and team spirit
at its best!
We harness societal challenges
and turn them into levers in our
transition. Intergenerational
collaboration, support for lifelong
development and long-term
employability, and the power of
artificial intelligence are examples
that strengthen us. Our growth
is inspirational, and our positive
change experience is contagious -
we see this every day.

39
Our transformation journey as a company
Through various initiatives, we worked towards
our goal in 2024.
Adjusting our operating model was an important
step in our evolution. We are now organised in
a matrix model through parent company Fluxys,
which operates as an international, integrated
industrial group with four business and five
functional divisions, consequently laying the
foundation for future growth. This model makes it
possible to accelerate the development of new
assets for the energy transition worldwide, enhance
transparency in decision-making and prepare for
future developments.
During 2026, headquarters staff will move back into
the newly renovated buildings of the historic
headquarters in the heart of Brussels. In the
meantime, we temporarily moved to three locations
in the Brussels area and introduced the concept of
activity-based working under the name work@
fluxys. Early signs indicate that this approach
promotes connectivity and collaboration. Our new
HQ plays a crucial role in the future work
experience, focusing on the diverse preferences of
current and future generations. We are gradually
applying these principles to other locations.
Our company values (respect, open, reliable) were
reviewed in 2023 and integrated into processes
such as performance reviews, onboarding and team
performance. From this, we launched initiatives
around diversity and inclusion. These shored up our
values and provided a framework in which
employees feel psychologically safe and can fulfil
their potential.
Developing future-proof employees
Talent is scarce, and the scale of this scarcity calls for
creative approaches that respond to various
challenges. Moreover, to ensure our
organisation’s growth we need to encourage
employees to develop and retrain. We need to
challenge them to make choices that have the greatest
impact on productivity or social interest.
Expectations and guidance
for leadership
Leadership is evolving. Our leaders need to have an
increasingly wide range of skills to lead and guide
others more effectively. Diversity within teams and
generational dynamics pose additional challenges
for leaders. So we are asking three fundamental
questions: what type of leadership do we need? What
do we expect from our leaders? And how do we
prepare them for these changes? We will guide
our leadership based on the answers to these and
other questions.
Lifelong learning
Moreover, in a dynamic talent landscape, we have
continued to focus on continuous development, both to
keep our organisation resilient and to make employees
more flexible for internal mobility. Therefore, we have
already gone even further (9 days per FTE) than the
standard used by the federal government (5 days
per FTE).
Supporting performance
and development
We integrated regular feedback on how a job is being
done into our (formal and informal) performance
reviews. In this way, we want to integrate how individual
and team performance is delivered. We will continue on
this path in the coming years, with an emphasis on
personal development plans in all areas. For instance,
we emphasise the importance of a growth mindset and
are committed to engaging employees in their career
and personal development.
Transformation is
our choice.
The result of it will
be our success.

40
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our position
Diversification of learning resources
and platforms
We offer various learning opportunities through
multiple channels, catering to different learning styles.
Our e-learning platforms offer a wide range of topics
for the development of soft skills, and we use digital
coaches for customised coaching too. We are also
expanding collective learning experiences, such as the
Digital Café and Lunch & Learn, and organising physical
activities to enhance the connection between
employees.
Understanding and incorporating
artificial intelligence
It is essential that we embrace new digital
technologies. Our priority is to ensure that every
employee has a basic knowledge of artificial
intelligence (AI). We also supported leaders and
managers in the transition to AI integration, focusing on
retraining and upskilling.
Competency model to drive
a growth mindset
Our competency model, consisting of seven core
competences, is aligned with our aims. The model
focuses on skills such as impact, leadership and agility
and was integrated into the recruitment process and
training initiatives from 2024 onwards. It helped us
identify and integrate the future competences needed.
As such, we are continuing on this path and are using
the model to guide employees and identify the right
way to direct their personal development.
Our recruiters soar
at the Love Tomorrow
Job Fair
At Fluxys, we continue to innovate,
including in our search for the best talents.
Our first participation in the Love Tomorrow
Job Fair was an original way to meet
candidates outside their - and our - comfort
zone. In the festival’s iconic Ferris wheel,
our recruiters spoke to promising talent
while enjoying the enchanting setting of
Tomorrowland.

41
Offering meaningful work as an attractive employer
A purpose-driven company,
attractive on a tight labour market
Our purpose, ‘Shaping together a bright energy future’,
gives employees a sense of meaning and satisfaction
in their work and cements our position as an attractive
employer. We got to experience that again in 2024.
On a competitive labour market, authenticity remains
key: our employer branding, our image as an employer,
must match the real experience of our employees. With
different generations having different preferences, such
as green mobility and greater flexibility, we adapted our
approach to recruit, retain and develop talent.
Recruiting talent
We rolled out an internal communication campaign to
inform, motivate and engage our employees, focusing
on the message ‘Your talent makes the difference - be
yourself’, coupled with training on diversity and
inclusion. Our experience shows how difficult it is to
recruit for specific roles, so we laid the groundwork for
a streamlined employer branding campaign to support
our recruitment needs. We commissioned a new
recruitment tool to make hiring new employees more
efficient. New employees are quickly and easily
onboarded using an improved online system.
Improve employees’ experience
Our new organisation introduced in 2024 strengthens
internal career opportunities. Over the past year, we
adapted our benefits to meet various needs, including
those of Gen Z. This includes the greening of mobility.
Innovation and AI projects combining learning and AI
boosted our productivity and digital appeal.
Our employees are at the heart of
our company
Our employees are at the heart of everything we do,
which is why we once again gauged the well-being and
engagement of our colleagues through our vibeS
survey. There was an impressive 84% participation rate.
Fluxys colleagues remain involved and appreciate the
many efforts made with regard to well-being and
engagement. There are still areas for improvement, and
we, alongside all our colleagues, are committed to
working on these in 2025.
Connectivity and collaboration remain essential. Also in
2024, we organised live events such as a New Year’s
reception and a summer party, and initiatives such as
Bright Talks and Bright Connections. At group level, we
strengthened cooperation during Branch Management
Seminars.
Cooperation with social partners and associations such
as the Circle of Friends was again central to our
approach. These relationships, based on mutual
respect and appreciation, have had impressive results,
such as the high turnout in social elections.
Together,
we continue to build
an organisation
where people come
into their own.

42
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our position
Our digital ambition targets
long-term value
Our digital ambition is key
to creating long-term
value for our company,
customers and the energy
system of the future.
Our four focus areas
Planning and building new networks for
hydrogen and CO
2
. Examples include the
automation of engineering workflows and the
initial analysis of the optimum pipeline routes.
Simultaneous operation of the natural gas,
hydrogen and CO
2
networks. Examples
include digital support for our dispatching
teams and our network inspections.
Digitalisation of the employee journey
(i.e. the journey that employees take within our
company). Examples include AI-assisted
recruitment and knowledge transfer, as well as
digital assistants to stay on track within the
company.
Boosting our daily productivity
thanks to AI and digitalisation.
Accelerator
Accelerator is our innovation lab
approach to quickly and flexibly
developing digital solutions for our
customers, employees and other
stakeholders. We always work with ad
hoc cross-cutting Accelerator teams to
address a very specific challenge
facing our business. In 2024,
Accelerator teams developed solutions
for faster network simulations and to
quickly adjust allocations of capacity to
customers. Other teams worked on AI
solutions for more efficient knowledge
sharing across departments.

43
Relying on solid digital foundations
To fully engage in our four focus areas, we are
investing in our digital foundations:
Smart Data Factory is a data analytics platform
that will standardise data reporting and conduct
thorough analyses. To this end, we brought
together data from different sources and
systems. This is just the first step in a journey to
streamline data and their use.
Cloud architecture: we make cloud applications
and storage systems work together to aid our
business applications. A key example is our B2
B
messaging system, the heart of our commercial
dispatching applications, which is fully run in
the cloud.
Gas flow evolutions: we are accelerating the
further development of our gas flow management
applications. This allows us to respond efficiently
to legal and market changes and prepare for the
introduction of H
2
and CO
2
pipelines.
Cybersecurity: we are expanding our technical
maturity in detecting and responding to cyber
attacks. We are getting ready for the Network
and Information Systems (NIS2) Directive
intended to introduce cybersecurity measures
for organisations providing services in critical
sectors.
Field applications:
working smoothly in
the field
In 2024, we took the first major step
towards the future-proof, extensive
digitalisation of our field operations.
Our metering officers now use
a new, intuitive mobile application
that has a flexible architecture and in
which new functionalities can be
developed quickly.

44
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our position
Consolidated turnover and net profit
Fluxys Belgium generated turnover of EUR 608.8 million
in 2024. This represents an increase of EUR 16.0 million
compared with 2023, when turnover stood
at EUR 592.8 million. This change is in line with the
2024-2027 tariff methodology.
The consolidated net profit increased
by EUR 77.4 million in 2023 to EUR 82.1 million in 2024,
a rise of EUR 4,7 million.
Efficiency efforts in line with
regulated tariff model
The 2024-2027 tariff methodology (established by the
regulator, CREG) applies the principle that all
reasonable costs, including interest and fair
compensation, are covered by the regulated income.
In addition, there are various incentives to control costs
and guide and control aspects of company
performance. By strictly controlling its operating costs,
combined with significant efforts to improve efficiency,
Fluxys Belgium has managed to achieve most
regulatory objectives and to book those incentives in
a period of major operational challenges.
Investments totalling
EUR 92.1 million
In 2024 investments in property, plant and equipment
totalled EUR 92.1 million, compared with EUR 167.7 million
in 2023. Of this amount, EUR 4.6 million was spent on
LNG infrastructure projects, EUR 3.6 million on storage-
related projects and EUR 83.9 million on transmission-
related projects, including EUR 10.3 million for the
Desteldonk-Opwijk pipeline, which is ready to be used
to carry hydrogen as soon as the market is ready.
Contributing to ever greater
prosperity
Fluxys Belgium creates prosperity by contributing to
the economic growth of the society and environment in
which it operates. This contribution is measured
through the added value we generate and distribute to
our stakeholders.
In 2024 the added value generated by our ongoing
activities totalled EUR 495.0 million, up EUR 3.7 million
compared with 2023.
Outlook for 2025
The net result of regulated Belgian activities will be
determined, in accordance with the tariff methodology,
based on various regulatory parameters, in particular
invested equity capital, financial structure, interest rates
(OLO) and incentives. The result will continue to evolve
according to the evolution of these four parameters.
Current financial markets do not allow for an accurate
projection of the evolution of interest rates and
therefore of the yield of regulated activities.
In June 2024, the Council of the European Union
adopted a 14
th
sanctions package against Russia.
Income statement (in thousands of EUR) 31.12.2024 31.12.2023
Operating revenue 608,789 592,788
EBITDA* 302,283 285,809
EBIT* 133,931 129,570
Net profit 82,061 77,423
Balance sheet (in thousands of EUR) 31.12.2024 31.12.2023
Investments in property, plant and equipment for the period 92,122 167,654
Total property, plant and equipment 1,804,302 1,873,286
Equity 603,813 613,413
Net financial debt* 159,750 219,404
Total consolidated balance sheet 3,310,096 3,358,616
* See glossary on pages 46-47.
Consolidated key financial data
Our key financial data

45
The package bans from 27 March 2025 the
transshipment of LNG from Russia for export to
countries outside the EU.
The Zeebrugge LNG terminal is underpinned by
the legal principle of open access. This means that any
company interested in the supply of LNG can book
capacity at the terminal, and therefore no customer can
be discriminated against, by law. As an essential
service provider Fluxys ensures that its infrastructure is
operational at all times for the overall security of supply.
As before, we continue to operate in full compliance
with applicable international, European and Belgian
regulations. A Royal Decree sets the implementation
modalities for the 14
th
sanctions package.
The LNG terminal has adjusted its operational rules
accordingly and the existing contracts are currently
being continued in accordance with the sanctions
regime.without any negative impact on the financial
performance of Fluxys Belgium.
In the first quarter of 2025, based on the available info
and a number of hypotheses, Fluxys Belgium made the
investment decision for the first hydrogen and CO
2
infrastructure. The initial infrastructure has a limited
scope that takes into account initial anticipated market
demand. Further roll-out will follow as we gain
more clarity about the appointment of transmission
system operators for CO
2
and about solutions to
reduce investment risks to an acceptable level during
the start-up phase of the hydrogen and CO
2
markets.
Subsidiary activities
and statutory profits
Fluxys LNG
Fluxys LNG (a consolidated subsidiary in which Fluxys
Belgium holds a 99.9% stake and Flux Re a 0.01% stake)
is the owner and operator of the Zeebrugge LNG
terminal and sells terminalling capacity and associated
services in accordance with the regulatory framework.
Fluxys LNG’s equity totalled EUR 126.2 million as at
31 December 2024, compared with EUR 133.9 million the
previous year. Net profit for financial year 2024 totalled
EUR 22.5 million, compared to EUR 20.3 million 2023.
Flux Re
Flux Re (consolidated subsidiary – wholly owned by
Fluxys Belgium). Flux Re is a reinsurance company under
Luxembourg law and was established in October 2007.
Flux Re’s statutory equity, before appropriation, raised
from EUR 5.7 million as at 31 December 2023
to EUR 7.9 million as at 31 December 2024. Net profit for
financial year 2024 totalled EUR 8.5 million, compared
with EUR 7.2 million in 2023.
Balansys
Balansys (stake consolidated using the equity method
– Fluxys Belgium holds a 50% stake). As part of the
integration of the Belgian and Luxembourg gas
markets, on 7 May 2015 Fluxys Belgium and the
Luxembourg transmission system operator Creos
Luxembourg set up the company Balansys, a joint
venture in which Fluxys Belgium and Creos
Luxembourg each have a 50% stake. On 1 June 2020,
the company took over the commercial balancing
activities of the integrated Belgian-Luxembourg gas
market.
Fluxys hydrogen & Fluxys c-grid
Fluxys hydrogen (a consolidated subsidiary wholly
owned by Fluxys Belgium) was established as
a subsidiary in 2023 with a view to becoming Belgium’s
hydrogen transmission network operator and thus
support industry in its efforts to make the transition to
a low-carbon economy. In 2024, Fluxys hydrogen was
officially appointed operator of the hydrogen transport
network in Belgium by the Council of Ministers.
Fluxys c-grid (a consolidated subsidiary in which Fluxys
Belgium holds a 77.5% stake) was established as
a subsidiary in 2023 with a view to becoming Belgium’s
CO
2
transmission network operator and thus support
industry in its efforts to make the transition to a low-
carbon economy.
Fluxys Belgium NV – 2024 results
(Belgian GAAP): proposed allocation
of profits
Fluxys Belgium NV’s net profit totalled EUR 84.1 million,
compared with EUR 79.5 million in 2023.
At the Annual General Meeting on 13 May 2025, Fluxys
Belgium will propose a gross dividend of EUR 1.40 per
share.
Taking into account a profit of EUR 101.7 million carried
over from the previous financial year and a withdrawal
of EUR 24.4 million from the reserves, the Board of
Directors will propose to the Annual General Meeting
that the profits be allocated as follows:
• EUR 98.4 million as a dividend payout and
• EUR 111.8 million as profit to be carried forward.
If this profit allocation proposal is adopted, the
total gross dividend for financial year 2023 will
be EUR 1.40 per share. This amount will be payable as
of 21 May 2025.

46
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our position
Indicators
Prosperity contribution (in millions of EUR) 2024 2023 2022 2021
Added value from continuing opera-tions 495.0 491.3 477.0 438.9
Personnel 141.9 135.2 132.9 112.5
Shareholders (dividend) 98.4 98.4 97.0 96.3
Society (taxes) 30.3 31.1 35.1 36.9
Suppliers 199.1 194.3 176.7 155.6
Financial institutions (interest) 25.3 32.3 35.3 36.3
Financial ratios 2024 2023 2022 2021
Solvency
Ratio of (i) net financial debt and (ii) the sum of equity and
net financial debt
21% 26% 43% 57 %
Interest coverage
Ratio of (i) the sum of FFO* and interest expenses and
(ii) interest expenses
9.96 17.07 21.39 6.75
Net financial debt*/extended RAB*
Ratio of (i) net financial debt and (ii) extended RAB
5% 7% 17% 28 %
FFO*/net financial debt
Ratio of (i) FFO and (ii) net financial debt
183% 251% 144% 25 %
RCF*/net financial debt
Ratio of (i) RCF and (ii) net financial debt
121% 206% 125% 13 %
Glossary
EBIT: Earnings Before Interest and Taxes or operating
profit/loss, plus earnings from associates and joint
ventures and dividends received from unconsolidated
entities. EBIT is used as a reference to monitor the
operational performance of the group over time.
EBITDA: Earnings Before Interest, Taxes, Depreciation
and Amortisation or operating profit/loss, before
depreciation, amortisation, impairment and provisions,
plus earnings from associates and joint ventures and
dividends received from unconsolidated entities.
EBITDA is used as a reference to monitor the
operational performance of the group over time,
without taking non-cash costs into account.
Net financial debt: interest-bearing liabilities
(including lease debts), less regulatory assets,
cash linked to early refinancing transactions and 75% of
the balance of cash, cash equivalents and short-
and long-term cash investments (the remaining 25% is
considered a buffer reserve for operational purposes
(working capital) and is therefore deemed unavailable
for investments). This indicator gives an idea of the
amount of interest-bearing liabilities that would remain
if all available cash were used to repay loans.
Solvency: The ratio between net financial debt and the
sum of equity and net financial debt indicates the
strength of the Fluxys Belgium group’s financial
structure.
Interest coverage: The ratio between FFO before
interest expenses and interest expenses represents
the group’s capacity to cover its interest expenses
via its operating activities.
Net financial debt/Extended RAB: This ratio expresses
the share of the extended RAB financed by external
debt.
FFO/Net financial debt: This ratio is used to determine
the group’s capacity to pay off its debts based on cash
generated by its operating activities.
RCF/Net financial debt: This ratio is used to determine
the group’s capacity to pay off its debts based on cash
generated by its operating activities after payment of
dividends.
FFO: Funds from Operations or profit/loss from
continuing operations, excluding changes in regulatory
assets and liabilities, before depreciation, amortisation,
impairment and provisions, plus dividends received
from associates and joint ventures and unconsolidated
entities, minus net financial expenses and tax payables.
This indicator reflects the cash generated by operating
activities and therefore the group’s ability to repay its
debts, make investments and pay dividends to
investors.

47
Net financial debt (in millions of EUR) 2024 2023 2022 2021
Net financial debt 159.7 219.4 493.8 846.0
Breakdown
Debt capital market 699.3 699.0 700.0 699.1
Bank loans 218.8 240.0 262.3 286.8
Related parties 163.5 187.0 210.3 233.6
75% of cash and other financial as-sets -921.9 -906.2 -678.2 -373.5
Weighted average maturity as at 31 December 5.9 7.0 8.1 9.2
RAB and WACC 2024 2023 2022 2021
RAB* (in millions of EUR)
Transmission 2,044.3 2046.6 2059.1 2047.5
Storage 216.3 228.0 228.0 228.8
LNG terminalling 313.0 311.0 305.7 303.0
Property, plant and equipment outside RAB (in millions of EUR) 426.2 432.9 417.7 410.4
Extended RAB* 2,999.8 3018.6 3010.6 2989.7
WACC* before tax (in %)
Transmission 4.80 4.69 4.88 4.92
Storage 4.91 4.87 5.06 5.09
LNG terminalling 5.13 5.36 4.83 4.99
RCF: Retained Cash-Flow or FFO, less dividends paid.
This indicator reflects the cash generated by operating
activities, but after payment of dividends, and thus
reflects the group’s net capacity to repay its debts, as
well as to make investments.
RAB: Average Regulated Asset Base or average value
of the regulated asset base for the year. The RAB is
a regulatory concept that corresponds to the basis of
regulated assets on which the regulatory return is
allocated, as regulated by CREG.
Other investments in property, plant and equipment
outside the RAB: The average of the cumulative
investments in the Zeebrugge LNG terminal expansions
and in the non-regulated activities.
Extended RAB: Total RAB and other investments in
plant, property and equipment outside RAB.
WACC: Weighted Average Cost of Capital, reflects the
return allowed by the regulation on the RAB.

48
Middle East
Europe
Latin America
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our position
We are a Fluxys Group company
Our structure and
governance

49
frequently asked slides
1
Listed
shares
(Euronext)
Fluxys
Belgium
10.00%
Golden share
Belgian State
3.44% 1.97%15.22% 0.67%
Federal holding
and Investment
Company
Publigas
AG
Insurance
Ethias
Energy
Infrastructure
Partners (EIP)
Personnel
and
management
77.38% 1.31%
Fluxys
Belgium
10.00%
Golden share
Belgian State
3.44% 1.97%15.22% 0.62%
Federal holding
and Investment
Company
Publigas
AG
Insurance
Ethias
Personnel
and
management
77.43% 1.31%
Fluxys
90.00%
Our shareholders
Shareholding as at 27 March 2025
Fluxys Belgium is a public limited liability company
and is part of Fluxys Group. Fluxys Belgium’s capital
is held by the following entities:
• Fluxys, a public limited liability company under
Belgian law, holds a capital interest of 90%. This
stake is divided between class B shares (83.29%)
and class D shares (6.71%).
• The public holds 10% of the shares in Fluxys
Belgium (class D).
• The Belgian State holds one share (the ‘golden
share’).
The total number of shares is 70,263,501.
All shares are entitled to dividends.
The shares are issued in the following classes: B, D
and the golden share.
• Class B shares are and will remain registered shares.
• Class D shares are registered or dematerialised at
the discretion of the shareholder who will bear any
conversion charges.
• Class B shares are automatically converted
into class D shares when they are transferred to
a third party.
• 16.71% of the shares are listed on Euronext, 6.71% of
them being held by Fluxys and the remaining 10% by
the public.
• The golden share held by the Belgian State gives
the federal government special rights should Fluxys
Belgium consider selling strategic infrastructure
whose sale would – in the opinion of the Minister of
Energy, who represents the Belgian State –
compromise the country’s energy interests.
• For more details of the rights attached to the
Belgian State’s golden share, please refer to the
Corporate Governance Declaration, ‘Voting rights
and special powers’.
The shareholder structure of parent company Fluxys
is as follows:
• Publigas manages the interests of Belgian
municipalities in Fluxys.
• Energy Infrastructure Partners (EIP), through its
Luxembourg subsidiary Neon Holding I Sàrl, is
a Switzerland-based asset manager focusing
on long-term investments in high-quality large-scale
renewable energy projects and in system-critical
energy infrastructure.
• AG Insurance is a Belgian insurance company that
is part of the international insurance group Ageas.
• Ethias is a Belgian insurance group whose main
shareholders are the Belgian Federal State, the
Walloon Region, the Flemish Region and the
cooperative society EthiasCo.
• The Federal Holding and Investment Company
(SFPIM) is a Belgian federal holding company set up
to manage, on behalf of the Belgian State,
shareholdings in public and private companies of
strategic economic importance to Belgium.
• Since 2012, Fluxys Group employees and
management have had multiple opportunities to
become Fluxys shareholders

50
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our position
100% 100%99.99%
Fluxys
hydrogen
Flux ReFluxys LNG
Fluxys c-grid (consolidated subsidiary – 77.5% held by
Fluxys Belgium, 10% by Pipelink, 10% by Socofe, 2.5%
by SFPIM). Fluxys c-grid was established as
a subsidiary in 2023 with a view to becoming Belgium’s
CO
2
transmission network operator and thus
supporting industry in its efforts to transition to a low-
carbon economy.
Fluxys hydrogen (consolidated subsidiary – wholly
owned by Fluxys Belgium). Fluxys hydrogen was
appointed as hydrogen network operator by the
Belgian government on 26 April 2024, and as such will
support industry in its efforts to transition to a low-
carbon economy.
Fluxys LNG (consolidated subsidiary – Fluxys Belgium
holds a 99.99% stake and Flux Re a 0.01% stake).
Fluxys LNG is the owner and operator of the
Zeebrugge LNG terminal and sells terminalling capacity
and associated services.
Flux Re (consolidated subsidiary – wholly owned by
Fluxys Belgium). Flux Re is a reinsurance company
under Luxembourg law.
Balansys (stake consolidated using the equity method
– Fluxys Belgium holds a 50% stake). As part of the
2015 integration of the Belgian and Luxembourg gas
markets, Fluxys Belgium and Creos Luxembourg (the
Luxembourg transmission system operator) set up the
company Balansys, a joint venture in which Fluxys
Belgium and Creos Luxembourg each have a 50%
stake. Balansys has been the operator responsible for
balancing activities for the integrated Belgian-
Luxembourg gas market since 2020.
77.50%
Fluxys c-grid
50%
Balansys
Our subsidiaries
Fluxys
Belgium

51
Our governance
Governance structure
A number of advisory bodies have been established
within the Board of Directors to assist the Board in its
tasks: the Audit and Risk Committee, the Corporate
Governance Committee, and the Appointment and
Remuneration Committee.
The Board of Directors has delegated the day-to-day
management of Fluxys Belgium and has granted
special powers to one of its members, who is named
the Managing Director and is also the company’s Chief
Executive Officer (CEO). The Managing Director is
authorised to entrust certain aspects of the day-to-day
management or their specific powers to an Operational
Management Team.
Commitment to sustainability
Integral part of our strategic framework.
Fluxys Belgium’s commitment to sustainability is an
integral part of our integrated strategic framework to
accelerate the energy transition as an essential
infrastructure company.
In 2023, Fluxys Belgium deepened and formalised its
ESG sustainability approach with its stakeholders on
the basis of a double materiality assessment in line with
the EU Corporate Sustainability Reporting Directive.
This process established indicators and time-bound
targets for each material ESG domain. In 2024, we
reassessed the material topics in light of the current
context (updated perimeter and business processes).
We established that they are still relevant. We are now
monitoring progress towards our targets.
Creating value in a long-term perspective.
In our sustainability approach, we take a long-term
view, setting out the path to value creation in its various
forms within the ecosystem in which we operate.
Specifically with regard to the energy transition, we
build on our substantial experience to develop new
business activities driven by the opportunities the
transition offers.
Company-wide project. The development of our
sustainability approach took shape as a company-wide
project in intensive interaction between the
management, the departments involved, our
stakeholders, the business owners of the material ESG
domains, the Audit and Risk Committee and the Board
of Directors. The Board of Directors, as the company’s
most senior management body, is responsible for the
sustainability approach as an integral component of the
company’s strategic framework.
Fleshed out in corporate objectives. Fluxys Belgium
fleshes out its strategy and commitment to
sustainability through corporate objectives in the
various material ESG domains, which are translated
every year into personal objectives in the performance
management cycle.
The performance-related remuneration of the
Managing Director and CEO and of the Operational
Management Team is based on the extent to which
these objectives are achieved. This is evaluated by the
Board of Directors based on an opinion from the
Appointment and Remuneration Committee. The
achievement of objectives also determines the
performance-related remuneration paid to Fluxys
Belgium employees. The current collective bargaining
agreement CAO/CCT 90, which applies to employees,
also includes incentives aimed at reducing Fluxys
Belgium’s greenhouse gas emissions and improving
energy efficiency, for instance.
More information about corporate governance at
Fluxys Belgium can be found in the Corporate
Governance Declaration.

52
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our position
Audit and Risk Committee
• Daniël Termont, Chairman
• Sabine Colson
• Laurent Coppens
• Cécile Flandre
• Anne Leclercq
• Wim Vermeir
• Sandra Wauters
• Pascal De Buck, Managing Director and CEO,
invited in an advisory capacity
Head of Corporate Legal, acts as secretary to the Audit
and Risk Committee.
Corporate Governance Committee
• Sabine Colson, Chairman
• Laurent Coppens
• Valentine Delwart
• Sandra Gobert
• Roberte Kesteman
• Anne Leclercq
• Josly Piette
• Pascal De Buck, Managing Director and CEO,
invited in an advisory capacity
Julie Van de Velde, Head of Corporate Legal, acts as
secretary to the Corporate Governance Committee.
Composition of the corporate bodies as at 27 March 2025
Board of Directors
• Andries Gryffroy, Chairman of the Board
of Directors
• Jean-Claude Marcourt, Vice-Chairman
of the Board of Directors
• Pascal De Buck, Managing Director and CEO
• Abdellah Achaoui
• Sabine Colson*, Chairman of the Corporate
Governance Committee
• Laurent Coppens
• Valentine Delwart*
• Patrick Dewael
• Leen Dierick
• Cécile Flandre*
• Sandra Gobert*
• Gianni Infanti
• Ludo Kelchtermans
• Roberte Kesteman*
• Anne Leclercq*
• Josly Piette
• Daniël Termont, Chairman of the Audit and
Risk Committee
• Koen Van den Heuvel, Chairman of the
Appointment and Remuneration Committee
• Wim Vermeir
• Sandra Wauters*
• Tom Vanden Borre, federal government
representative acting in an advisory capacity
• Julien Simon, federal government representative
acting in an advisory capacity
Nicolas Daubies, Group General Counsel & Company
Secretary, acts as secretary to the Board of Directors.
* Independent director within the meaning of the Gas Act and as per the Belgian Code on Corporate Governance.

53
Appointment and Remuneration
Committee
• Koen Van den Heuvel, Chairman
• Valentine Delwart
• Cécile Flandre
• Sandra Gobert
• Gianni Infanti
• Roberte Kesteman
• Pascal De Buck, Managing Director and CEO,
invited in an advisory capacity
Anne Vander Schueren, Sr VP People & Organisation,
acts as secretary to the Appointment and
Remuneration Committee.
Operational Management Team
The Operational Management Team is responsible
for the day-to-day and operational management of
the company.
The Operational Management Team is composed
as follows:
• Pascal De Buck, Managing Director and CEO
• Ben De Waele, Sr VP Belgian Operations
• Christian Leclercq, Chief Financial Officer
• Erik Vennekens, Sr VP Asset Delivery & Digital
The Operational Management Team is assisted by
an Executive Committee composed as follows:
• Damien Adriaens, Director Commercial
Regulated
• Nicolas Daubies, Group General Counsel
& Company Secretary
• Raphaël De Winter, Sr VP Business development
& M&A
• Jan Van de Vyver, Director Installations & Grid
• Rafaël Van Elst, Director Construction,
Engineering & Gas Flow Ops
• Anne Vander Schueren, Sr VP People
& Organisation
• Leen Vanhamme, Sr VP Strategy & Sustainability
Nicolas Daubies, Group General Counsel &
Company Secretary, acts as secretary to the
Operational Management Team and the Executive
Committee.
Operational Management Team
From left to right : Nicolas Daubies,
Erik Vennekens, Rafaël Van Elst,
Leen Vanhamme, Ben De Waele,
Raphaël De Winter, Pascal De Buck,
Damien Adriaens, Anne Vander
Schueren, Jan Van de Vyver,
Christian Leclercq

54
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our position
Enterprise Risk Management
Fluxys Belgium’s Enterprise Risk Management (ERM)
system is based on ISO 31000 and is integrated into
the company’s strategy, business decisions and
activities. The risk management system covers all
business risks, including risks related to the material
ESG domains for the company. The system maps the
impact that risks can have from different perspectives
in the short, medium and long term: the impact on
people and the environment and the impact on Fluxys
Belgium’s value creation, operational performance and
reputation.
The risk management system assesses the risks and
opportunities arising from climate change by translating
the 2030 - 2050 deadlines into three timeframes: the
short term (0-1 years), the medium term (2-5 years) and
the long term (5 -10 years).
In this way, risks in Fluxys Belgium’s own activities and
in the value chain, risks related to natural disasters or
adverse weather conditions and related to CO
2
emission volumes and prices, as well as reputational
risks are identified and quantified.
In addition, opportunities linked to new market
developments for hydrogen and CO
2
capture and
storage are analysed for the impact they can have on
the company’s financial performance. Risks and
opportunities are assessed based on a combination of
the magnitude of the impact and the likelihood that the
impact will materialise.
The risks and opportunities associated with the
material ESG domains for Fluxys Belgium are
documented in the ‘Our ESG performance’ section.
Our risk management
Process actors
Risk Management organises the risk management
system and reports annually to the Audit and Risk
Committee. All our departments identify, analyse and
evaluate their risks and report on how risks are
managed. They work with management to map out the
main risks, controls and mitigating measures. The Audit
and Risk Committee examines the risk management
system and all key risks, controls and mitigating
measures every year.

55
Internal control process
The three lines of defence model is the internal control model used to manage our risks and carry out controls.
First line Second line Third line
The first line of defence: the
departments themselves.
The departments are responsible
for their risks and ensure effective
controls and measures.
The second line of defence: the
Risk and Compliance teams as
well as, in certain cases, the
Finance, Health, Safety and
Environment, and ICT Security
departments.
They guide those in the first line
in risk management, compliance
with regulations, guidelines and
internal rules, budget monitoring
and the security of staff, facilities,
ICT systems and information.
The independent third line of
defence: Internal Audit, which
is responsible for monitoring
business processes.
Internal Audit performs risk-
based audits to monitor the
effectiveness and efficiency of
the internal control system and
processes. The department also
performs compliance audits
to ensure that guidelines and
processes are consistently
applied.

56
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our position
Our biggest risks and opportunities
Risks (R) and
opportunities (O) Description Measures
R Declining role of
natural gas in the
energy mix and the
impact on the value
of our assets
The declining role of natural gas
in the future energy mix may
result in some of Fluxys Belgium's
infrastructure no longer being used.
Develop new activities to help accelerate the
energy transition.
Invest in adapting the existing transport network
to a multi-molecule transport network
Invest in the development of a hydrogen network
and a CO
2
network
R Global geopolitical
developments
Geopolitical instability that
could have an impact on the gas
transmission sector, resulting in
political, social and economic
instability that could evolve into a
crisis scenario.
See the 'Global geopolitical developments'
section
O
O
O
Development of the
hydrogen market
Development of the
CO
2
market
Development of the
biomethane market
In Belgium, Fluxys Belgium intends
to play a key role in the energy
transition to a low-carbon economy
by means of innovative projects and
major infrastructure investments.
Invest in:
(a) the terminalling, transport and storage
of low-carbon molecules (e.g. hydrogen,
biomethane);
(b) CO
2
transmission and terminalling
R Development
of the hydrogen
and CO
2
markets
is not geared to
the necessary
investment needs
Fluxys Belgium may fail to achieve
its transition objectives. It may
also face the financial risk of the
hydrogen and CO
2
markets not
developing at the same pace as the
investments made.
See 'Transport of new molecules'
R Failure to achieve our
emission targets
Fluxys Belgium's activities generate
greenhouse gases (methane and
CO
2
), which exacerbate climate
change. The company may run
financial and reputational risks if it
fails to achieve its greenhouse gas
emission reduction targets (methane
and CO
2
).
Go4Net0 programme (incl. MethER programme)
to achieve the reduction targets
(see 'Transition plan for climate change mitigation
and adaptation')
R Industrial incidents
on facilities
Industrial incidents can damage
Fluxys Belgium's infrastructure,
endanger people's safety, cause
unavailability impacting service
continuity, and have financial
consequences.
Preventive measures in the design, construction,
operation and end-of-life of infrastructure
Drone detection
Thorough maintenance and inspection of our
facilities
Certified and audited Safety Management
System
Emergency plan and procedures
Crisis drills involving the police and fire brigade
Actions to ensure good neighbourly relations
Health and safety training
Certified information security policy

57
Risks (R) and
opportunities (O) Description Measures
R Cyber attacks on our
industrial facilities
Certain cyber incidents can damage
Fluxys Belgium's infrastructure,
endanger people's safety, cause
unavailability impacting service
continuity, and have financial
consequences.
Cyber security programme
NIS certification
Back-up facilities
Barriers against cyber threats
Operational monitoring and continuity
Training and raising awareness
See also ‘Safe and reliable infrastructure’ -
‘Cyber security measures’
R Damage to the
ecosystems and
biodiversity in and
around our facilities
Some of Fluxys Belgium's activities
may damage ecosystems and
biodiversity. This can lead to
financial risks (specifically fines) and
reputational risks.
Environmental Management System
Environmental studies and monitoring
Internal and external audits
Reducing noise pollution
Handling environmental complaints
Tree-planting initiatives in addition to legal
provisions when laying backbones
(See also ‘How we are preserving biodiversity’)
R Failure to comply
with regulations,
underlying
frameworks and
standards
Increasing regulations requiring
the introduction of underlying
frameworks and standards -
Financial and reputational impact of
failure to meet these requirements.
Monitoring of legislation, drafting and adaptation
of procedures, incorporation into internal
processes. Systematic monitoring through
internal audits
R Human capital
management: risks
related to employee
health, diversity,
equal opportunities
and talent
development
The inability to attract, retain and
secure future talents in a changing
environment and a lack of skills and
knowledge in new developments
may have a negative impact on the
company's efficiency.
Continuous adjustments to development and
training policies
Alignment of competence development with the
business strategy
Workforce planning to map out future needs
A forward-looking approach to recruitment
Encouraging diversity in recruitment
Fair processes
In-house survey on engagement and feedback
Fostering digital inclusion through various
initiatives
Confidential counsellors
(see ' Employee engagement')
R Risks related to
ethical and honest
conduct and
corruption
A lack of ethics or proven corruption
within Fluxys Belgium and its value
chain may have a negative impact
on the commercial reputation and/or
financial results of the company.
Ethical Code (and associated training)
Procedure for reporting unethical behaviour
Whistleblowing Policy (and associated training)
General terms and conditions of purchase:
respect for human rights in the supply chain
(see 'Ethics, integrity and efforts to combat
corruption')

58
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our position
Global geopolitical developments
Since the outbreak of war in Ukraine in February 2022,
various sanctions have been imposed against
Russia and Belarus, as well as against Russian and
Belarussian companies. In this context, Fluxys Belgium
is not active on the Russian market and has no
investments in Russian companies. Fluxys Belgium
therefore sees no indications of impairment losses.
In its activities, Fluxys Belgium conducts business with
Russian companies in accordance with applicable
international, European and Belgian regulations and we
operates in full compliance with the European
sanctions regime.
Subsidiary Fluxys LNG is the company at Fluxys
Belgium most exposed to a Russian-controlled
counterparty through long-term contracts.
In June 2024, the Council of the European Union
adopted a 14
th
sanctions package against Russia.
The package bans from 27 March 2025 the
transshipment of LNG from Russia for export to
countries outside the EU.
The Zeebrugge LNG terminal is underpinned by
the legal principle of open access. This means that any
company interested in the supply of LNG can book
capacity at the terminal, and therefore no customer can
be discriminated against, by law. As an essential
service provider Fluxys ensures that its infrastructure is
operational at all times for the overall security of supply.
As before, we continue to operate in full compliance
with applicable international, European and Belgian
regulations. A Royal Decree sets the implementation
modalities for the 14
th
sanctions package. The LNG
terminal has adjusted its operational rules accordingly
and the existing contracts are currently being
continued in accordance with the sanctions regime.

59
Insurance
Fluxys Belgium’s risk management process assesses
the likelihood of the main risks connected to its
activities and estimates the potential financial impact
thereof.
Depending on the possibilities and the market
conditions, the group mainly covers these risks via the
insurance market. The comprehensive cover is in line
with European best practices in the field and includes
the different areas in which risks may materialise:
• protection of facilities against various types of
material damage; in specific cases, facilities
also have additional cover for loss of earnings as
a result of unavailability due to damage;
• protection against third-party liability by means of
comprehensive, multi-level cover;
• staff programme: mandatory insurance cover
(occupational accidents) and staff healthcare
programme;
• protection of the vehicle fleet by means of
appropriate insurance.
In some cases, risks are partially reinsured by Flux Re,
a wholly-owned subsidiary of Fluxys Belgium, or are
partially self-retained, for example by applying
appropriate deductibles. Flux Re mainly reinsures
material and financial risks and, to a limited extent,
general and environmental liability (not life or health
risks).
The fact that Flux Re is fully consolidated in the group’s
accounts means that the cost of damage claims
covered by the group’s reinsurance policy are booked
to the consolidated result. Flux Re also reinsures
certain risks facing other Fluxys Group companies.
Where appropriate, compensation paid in the event of
damages involving these parties will impact Fluxys
Belgium’s IFRS consolidated result.
Non-insurable risks are covered by appropriate
contractual clauses, financial guarantees and
regulatory mechanisms.

60
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our position
Europe
Regulation of the natural gas and
hydrogen markets
DSince 3 March 2011, the European natural gas
market has been regulated by the EU’s Third Energy
Package:
• Directive 2009/73/EC of the European Parliament
and of the Council of 13 July 2009 concerning
common rules for the internal market in natural gas
and repealing Directive 2003/55/EC (Third Gas
Directive)
• Regulation (EC) No 715/2009 of the European
Parliament and of the Council of 13 July 2009 on
conditions for access to the natural gas transmission
networks and repealing Regulation (EC) No
1775/2005 (Second Gas Regulation)
• Regulation (EU) 2019/942 of the European
Parliament and of the Council of 5 June 2019
establishing a European Union Agency for the
Cooperation of Energy Regulators (recast of the
ACER Regulation)
In July 2024, this package was amended through the
publication of:
• Directive (EU) 2024/1788 of the European Parliament
and of the Council of 13 June 2024 on common rules
for the internal markets for renewable gas, natural
gas and hydrogen, amending Directive (EU)
2023/1791 and repealing the aforementioned
Directive 2009/73/EC;
• Regulation (EU) 2024/1789 of the European
Parliament and of the Council of 13 June 2024 on
the internal markets for renewable gas, natural gas
and hydrogen, amending Regulations (EU) No
1227/2011, (EU) 2017/1938, (EU) 2019/942 and (EU)
2022/869 and Decision (EU) 2017/684 and repealing
the aforementioned Regulation (EC) No 715/2009.
These texts shall replace respectively the Third Gas
Directive (following the Directive’s transposition into
national legislation by 4 August 2026 at the latest) and
the Second Gas Regulation (from 4 February 2025) by
introducing a regulated framework for the European
renewable gas and hydrogen market, similar to the
existing framework for natural gas. The latter will also
be amended in a number of respects, more specifically
with regard to the network development plan, the
transparency of the authorised income of the system
operator and gas quality.
Regulations adopted against the
backdrop of the European energy
crisis in 2022
Against the backdrop of the gas market in 2022,
a number of legislative texts were adopted at
European Union level to ensure security of supply for
the EU and its Member States:
• Regulation (EU) 2022/1032 of the European
Parliament and of the Council of 29 June 2022
amending Regulations (EU) 2017/1938 and (EC) No
715/2009 with regard to gas storage (in this
connection, it is worth noting that in late 2022,
Fluxys Belgium was certified as a storage facility
operator in accordance with Article 2 of this
Regulation)
• Council Regulation (EU) 2022/2576 of
19 December 2022 (whose period of application
was extended to 31 December 2024 by Regulation
(EU) 2023/2919) enhancing solidarity through better
coordination of gas purchases, reliable price
benchmarks and exchanges of gas across borders
• Council Regulation (EU) 2022/2578 of
22 December 2022 (whose period of application
was extended to 31 January 2025 by Regulation
(EU) 2023/2920) establishing a market correction
mechanism to protect Union citizens and the
economy against excessively high prices
All of these regulations are still applicable in 2024.
One of the aims of these various EU regulations is to
optimise the use of natural gas infrastructure with
a view to contributing to the security of the natural gas
supply. The Fluxys Belgium group supports this
objective and has made the appropriate adjustments
to the regulated contracts in order to transpose the
various measures provided for by these regulations.
Legal and regulatory
framework

61
Belgium
Natural gas
Within the current legal and regulatory framework,
a regulated system is applied to natural gas
transmission (both domestic and border-to-border),
natural gas storage and LNG terminalling. As required
by EU legislation, the Belgian market is supervised and
overseen by independent regulators. The supervisory
authority for the regulated activities of the Fluxys
Belgium group is the federal regulator, the Commission
for Electricity and Gas Regulation (CREG).
The Act of 12 April 1965 concerning the transmission of
gaseous and other products by pipelines (Gas Act)
serves as the general basis of the regulatory
framework for natural gas transmission, natural gas
storage and LNG terminalling.
The Gas Act:
• provides for a procedure for certifying operators of
the transmission system, natural gas storage
facilities and LNG terminalling facilities. The aim of
this certification is to verify compliance with the
requirements that operators be vertically unbundled
from energy suppliers or producers (ownership
unbundling). On 27 September 2012, CREG certified
Fluxys Belgium as a transmission system operator
that works entirely separately from natural gas
suppliers and producers. In early 2023, CREG
confirmed that, provided certain conditions are met,
Energy Infrastructure Partners becoming
a shareholder in the parent company Fluxys did not
give rise to a recertification procedure;
• sets out the procedure for appointing operators of
the transmission system, natural gas storage facility
and LNG terminalling facility by Ministerial Decree,
which remains unchanged. As a result, on
23 February 2010 Fluxys Belgium was appointed
operator of the natural gas transmission system and
of the natural gas storage facility, and Fluxys LNG
was appointed operator of the LNG facility, each for
a renewable 20-year term;
• authorises CREG to develop the tariff methodology
for natural gas transmission and storage and LNG
terminalling after having undertaken a public
consultation on the subject. Operators’ tariff
proposals must be approved by CREG.
Hydrogen
On 11 July 2023, a law on the transmission of hydrogen
by pipelines (and on the production of hydrogen in
marine areas under Belgian jurisdiction) was passed.
This then entered into force on 4 August 2023. This
Hydrogen Act sets out the procedure for certifying and
appointing a hydrogen transmission system operator
responsible for planning, developing and operating the
future Belgian hydrogen transmission system featuring
third-party access and that is regulated.
The Hydrogen Act:
• provides for the vertical unbundling of hydrogen
transmission from the production and supply of
hydrogen, natural gas, biogas, biomethane, other
forms of synthetic methane and electricity;
• guarantees non-discriminatory access to the
hydrogen transmission system for all interested
parties;
• sets out, among other things, the rules and
procedures for the preparation of the network
development plan and the setting of regulated
network tariffs;
• designates CREG as the regulator for hydrogen
transmission;
• establishes the procedure for granting hydrogen
transmission permits;
• provides for exemptions for hydrogen networks
existing on the date on which it entered into force;
and
• tasks the hydrogen transmission system operator
with establishing quality standards for the
transmission of hydrogen via the hydrogen
transmission system, standards to be validated by
the Minister of Energy, taking into account all
relevant European standards, and after consulting
the relevant stakeholders.
In late November 2023, Fluxys hydrogen SA, a wholly
owned subsidiary of Fluxys Belgium, submitted its
application to be certified and appointed as hydrogen
transmission system operator.
In February 2024, CREG certified Fluxys hydrogen SA
as the operator of a hydrogen transmission system
based on the model of total ownership unbundling in
accordance with Article 10 of the Hydrogen Act. A
favourable opinion was also issued on the assessment
criteria to be met by Fluxys hydrogen SA, as provided
for in Article 11 of the same act.
On 26 April 2024, Fluxys hydrogen SA was appointed
hydrogen transmission system operator by Ministerial
Decree with effect from 21 May 2024 for a renewable
term of 20 years.

62
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our position
Carbon dioxide
On 29 March 2024, the Flemish Parliament approved
a Decree on the transmission of carbon dioxide by
pipelines in the Flemish Region, the provisions of
which will come into force from the date set by
a Decree of the Flemish Government and no later than
30 June 2025.
This decree:
• provides for the appointment of an operator of the
CO
2
transmission system in the Flemish Region, the
possible appointment of local cluster operators for
CO
2
transmission (should the market make such
a request) and operator(s) of CO
2
liquefaction
terminals, all of which must be unbundled, at least
as regards their legal form, from any legal entity
whose activities are covered by the greenhouse gas
emissions trading system (ETS), with the exception
of emission activities linked to their own activities, or
that operates a CO
2
consumption site;
• provides for exemptions for closed industrial CO
2
transmission systems and direct CO
2
pipelines;
• designates the energy regulator in Flanders (VREG)
as the regulator of the market for the transmission of
carbon dioxide by pipelines;
• guarantees non-discriminatory access for all users
to the Flemish Region’s CO
2
transmission system, to
any local clusters for CO
2
transmission and to
CO
2
liquefaction terminals, as well as respect for the
confidentiality of all commercial data obtained in the
performance of their tasks;
• provides for access to the Flemish Region’s CO
2
transmission system for any local clusters on the
basis of tariffs approved by VREG;
• sets out, among other things, the rules and
procedures for drafting the indicative development
plan for the CO
2
transmission system in the Flemish
Region and any local clusters;
• provides for the possibility to declare the
construction of pipelines on or under undeveloped
private land to be in the public interest, and grants
the operators of the CO
2
transmission system and
any local clusters the right to occupy public property
and municipal roads;
• lays down the conditions for granting a greenhouse
gas emissions permit to the operator of a carbon
dioxide transmission facility and details reporting
obligations; and
• tasks the operators of the CO
2
transmission system
and local clusters with establishing, after
consultation with users, standards for the quality of
the carbon dioxide flow, to be approved by the
Flemish Government based on VREG’s advice.
The procedure and conditions for the designation of
the operator of the CO
2
transport network and an
operator for a local cluster at the port of Antwerp have
also been published. Fluxys c-grid submitted its
candidacy in February 2025 as the operator of the CO
2
transmission grid in Flanders.
On 28 March 2024, the Walloon Parliament adopted
a Decree on the transmission of carbon dioxide by
pipelines in the Walloon Region. This Decree:
• provides for the appointment of an operator for the
CO
2
transmission system in the Walloon Region and
the possible appointment of operators
of local clusters of the CO
2
system (following an
assessment of needs, consultation with the operator
of the CO
2
transmission system and the opinion of
CWaPE) - the operator of the CO
2
transmission
system must be unbundled, as regards its legal form
and shareholding, from companies that perform
a CO
2
emission activity in a competitive sector or
a CO
2
reuse activity;
• provides for public shareholding requirements
within the CO
2
transmission system operator;
• appoints CWaPE as the regulator of the market for
the transmission of carbon dioxide (CO
2
) by
pipelines;
• lays down the conditions and procedure for
authorising the construction and management of
direct pipelines;
• guarantees non-discriminatory access for all users
to the CO
2
system, local CO
2
clusters
and liquefaction terminals;
• provides for access to the CO
2
system and
any local clusters on the basis of tariffs approved by
CWaPE (based on a tariff methodology approved by
the Walloon Government);
• determines, among other things, the rules and
procedures for drawing up the development plan for
the CO
2
system and any local clusters;
• provides for the possibility of declaring the
construction of a CO
2
system or a local CO
2
cluster
under, on or over undeveloped private land to be in
the public interest, and grants the CO
2
system
operator and the local CO
2
cluster operator the right
to occupy public property and lays down the
conditions for doing so;
• lays down the conditions for granting a greenhouse
gas emissions permit to the operator of a carbon
dioxide transmission facility.
The procedure and conditions for appointing the CO
2
system operator have been published.
In February 2025 Fluxys c-grid has submitted its
application as a CO
2
system operator in Wallonia.

63
4. On 16 March 2017, a network code for tariffs (TAR-NC) was adopted by European Commission Regulation (EU) No 2017/460. This aims to achieve
a harmonised transmission tariff methodology for gas transmission in Europe and lays down a range of requirements regarding publication of data and
consultation on tariffs.
Setting tariffs and
independence measures
specific to natural gas
General remarks
The decisions laying down the tariff methodology for
the period 2024-2027 for the natural gas transmission
system, the natural gas storage facility and the LNG
facility were adopted by CREG on 30 June 2022. This
methodology includes the rules which system
operators must comply with when preparing,
calculating and submitting tariffs and which the
regulator itself will use for processing these tariff
proposals.
The 2024-2027 tariff proposal for transmission
services, submitted by Fluxys Belgium on
22 December 2022 and based on that methodology
and the network code for tariffs (TAR-NC)
4
, was
amended and the amended version was approved by
CREG on 6 April 2023. The approved tariffs are valid
for a period of four years, subject to a revision due to
the regulatory assets and liabilities not developing in
the way forecast in the tariff proposal.
The 2024-2027 amended tariff proposal for storage
services was approved by CREG on
21 December 2023. It includes a 20% tariff reduction.
The last updated tariff proposal for terminalling
services was approved by CREG on 22 June 2023.
This tariff proposal made it possible to introduce a new
pricing approach for truck loading operations.
Agreement between Fluxys Belgium
and CREG on the fair margin
In February 2024, Fluxys Belgium and CREG agreed to
propose to the market via a public consultation (which
ran from 14 March to 14 April 2024) adaptations to the
tariff methodology for the natural gas transmission
system, the natural gas storage facility and the LNG
facility for the 2024-2027 regulatory period.
The tariff methodology, adopted in June 2022,
provides for the use of a risk-free rate of 1.68% to
calculate the margin for the four years of the 2024-
2027 regulatory period. Against the backdrop of
volatility in interest rates, an overall upward trend over
the previous two years and particularly high inflation in
2022, a number of changes were needed in order to
guarantee operators a fair remuneration on capital
invested in regulated assets, and to enable them to
make the investments necessary to carry out their
missions.
The changes to the 2024-2027 tariff
methodology have been fully accepted by the market.
They ensure a fair return on the capital invested in
regulated assets. The impact of these changes is
covered by the adjustment account. The tariffs set by
CREG for the period 2024-2027 therefore remain
unchanged at this stage.
Principles
The tariffs must cover the estimated authorised costs
necessary to be able to efficiently provide the
regulated services. The basis for this calculation is
accounting according to the Belgian accounting rules
(Belgian GAAP). The estimated authorised costs
include the operating costs, financing expenses and
regulated return.
Operating costs
The operating costs are divided into:
• manageable costs, for which efficiency gains
or losses are distributed proportionately between
Fluxys Belgium (rise or fall in authorised profits) and
regulatory assets or liabilities (increase or decrease
in future tariffs), based on a decreasing scale;
• non-manageable costs, for which deviations from
the estimated value are fully allocated to the
regulatory assets or liabilities.
This encourages Fluxys Belgium to perform its
activities in the most efficient way possible. Every
saving vis-à-vis the estimated and authorised budget
for manageable costs has a positive impact on pre-
tax gross profits. On the other hand, exceeding
budgets negatively affects the profit for the period.
The following are considered non-manageable costs:
depreciation, costs relating to other regulated
activities, subsidies, taxes, duties and expenses
relating to the purchase of commodity products for the
operation of the system.
Personnel expenses, business expenses and
miscellaneous goods and services are considered to
be manageable costs

64
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our position
Financing expenses
Financing expe nses relate to net financial costs, i.e.
after deduction of financial revenue. Therefore, all
actual and reasonable encountered financing
expenses relating to debt financing for regulated
activities are incl uded in the tariffs.
Regulated return
The regulated return is the return on equity invested
authorised by the regulation. This is calculated using
a remuneration rate applied to the average annual
value of the regulated asset (average Regulatory Asset
Base, or RAB). This RAB, based on the calculations
under Belgian accounting standards, varies from year
to year, taking into account new investments,
assignments and decommissioning, authorised
depreciation and changes in operating capital.
This remuneration rate for the period 2024-2027 is
made up of two components determined by the
equity/RAB ratio (= factor S).
1. For the part of the equity up to and including 40%
of the RAB, the following applies: average RAB in
year n x S5 x [(OLO n)+(ß x risk premium)].
5
The remuneration rate (in %) as established by CREG
for year n is equal to the sum of the risk-free interest
rate (based on 10-year Belgian linear bonds (OLO)) and
a premium for the risk of the shares market, weighted
with the applicable beta factor. The reference financial
ratio of 40% is applied to the average value of the
Regulatory Asset Base (RAB) to calculate the reference
equity.
The parameters for the tariff period 2024-2027 are as
follows:
– OLO n = for year n, the risk-free interest rate (RFIR)
varies according to the arithmetic average yield
published by the National Bank of Belgium on
10-year linear bonds issued during year n by the
Belgian authorities, and more specifically the daily
data on the secondary market (OLO10 years):
• If OLO10 years is less than 1.68%, then RFIR = 1.68%
• If OLO10 years is between 1.68% and 2.87%,
then RFIR = OLO10 years
• If OLO10 years is above 2.87%, then RFIR = 2.87%
+ (OLO10 years - 2.87%) x (100% x RABnew + 50% x
RABold)/RAB
– ß (system operator risk vis-à-vis global market risk)
= 0.83 for transmission, 0.96 for storage and
terminalling
– Risk premium = 3.5%
2. For the part of the equity that exceeds 40%,
the following applies: average RAB in year n x
(S - 40%) x (OLO n + 70 basis points).
CREG encourages a ratio between equity and
regulated asset base that is as close as possible to
40%. As a result, the part of the reference equity that
exceeds 40% of the regulated asset base is
remunerated at a lower rate: the risk-free interest rate,
as determined in point 1, plus a premium of 70 basis
points.
The methodology also provides for a specific level of
fair margin for new facilities or extensions to facilities
to promote security of supply, or for new facilities or
extensions to storage or LNG facilities. The
remuneration of the LNG facilities combines a RAB x
WACC formula for the initial and replacement
investments of the terminal with an IRR (Internal Rate of
Return) formula for extension investments undertaken
since 2004. CREG establishes a maximum IRR per
investment, which Fluxys LNG may not exceed to
ensure the attractiveness and competitiveness of the
LNG terminal.
The principles of the IRR model for the extension
investments by Fluxys LNG were approved by CREG
and confirmed in its subsequent decisions.
Finally, in addition to the incentive relating to
controlling manageable costs, incentives for the tariff
period 2024-2027 may be granted to operators to
encourage them to:
• cut the methane and CO
2
emitted by their
operations;
• boost energy efficiency and the production of green
energy for their own needs;
• make the investments necessary for the L/H
conversion, the connection of new gas-fired power
stations, the reinforcement of transit requirements or
the reallocation of available pipelines to other
activities;
• promote security of supply;
• enhance their performance; and
• improve the quality of their services and make
additional sales of capacity.
5. Capped at 40%.

65
Annual settlement
Every year, a settlement is made which compares the
estimated amounts with the actual ones. These
differences, excluding incentives positively or
negatively affecting the margin, are recognised as
a regulatory asset or liability in the year in which they
occur. This settlement applies to the various aspects of
the tariff calculation, namely:
• the estimated sales volumes used to determine the
unit tariff;
• operating costs;
• financing expenses;
• the regulated return.
This results in a regulatory liability (if for example the
actual volumes exceed the estimates or if the
operating costs, financing expenses or regulated
return are lower than expected) or a regulatory asset
(in the opposite case).
This regulatory liability or asset is taken into account in
accordance with the tariff methodology to set the
tariffs for the next regulatory periods.
When devising the 2024-2027 tariff proposal, the
natural gas transmission system operator identified the
expected development in the adjustment account for
the relevant regulatory period. This includes an
expected gradual decrease in the adjustment account
towards zero by the end of 2027.
If the actual development varies considerably from that
expected, whether positively or negatively, this
deviation will result in an automatic correction of the
tariffs for the gas transmission system.
A specific regulatory liability for auction premiums has
been created. This regulatory liability is allocated in
accordance with the Network Code.
Code of conduct
The code of conduct determines the terms and
conditions of access to natural gas infrastructure.
These terms and conditions constitute a set of
operational and commercial rules that form the
framework within which Fluxys Belgium and Fluxys
LNG enter into contracts with users of the
transmission, storage and LNG infrastructure.
Following a public consultation, CREG adopted, by
decision of 31 August 2022, a new natural gas code of
conduct that came into force in 2022.
That code of conduct states that operators (for
transmission, storage and LNG terminalling) must draw
up a range of documents which are subject to CREG’s
approval: the access code, the services programme,
the standard agreements and the connection
agreements. When drawing up these documents, the
system users concerned are consulted to ensure that
the services offered are aligned as closely as possible
with market needs. Only after this consultation can the
documents be submitted to CREG for approval.
Compliance officer
A compliance officer was appointed at Fluxys Belgium
and Fluxys LNG as part of ensuring compliance with
their commitments regarding non-discriminatory
access to the system. A compliance programme was
drawn up with the specific details of the rules of
conduct that members of staff must comply with
regarding non-discrimination, transparency
and handling of confidential information. Fluxys
Belgium’s Board of Directors and management
approved the compliance programme.
Every year, a compliance report is prepared for both
Fluxys Belgium and Fluxys LNG and the results are
published on the website: https://www.fluxys.com/en/
about-us/fluxys-belgium/investors

Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our strategy in practice

67
Our strategy
in practice

68
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our strategy in practice
Secure
Our transport, storage and terminalling services keep society
strong. In this challenging transition to climate neutrality,
we are going all out to ensure the essential inflow of energy.
Both now and in the future, we are ready 24/7 to support
security of supply.
Our network as
an essential hub for
the energy supply
in North-West
Europe
Entire Belgian
market converted
to high-calorific gas
Necessary
additional transmission
capacity completely
future-proof
Additional long-
term capacity
booked at
Zeebrugge LNG
Terminal
Storage
already full by
1 August

69
Our network as an essential hub for the energy supply
in North-West Europe
The geopolitical situation in Ukraine has significantly
changed the dynamics of the gas markets and the
direction of flows. With Zeebrugge serving as
a crossroads, our Belgian network continues to play its
role as an energy hub in North-West Europe.
Although demand for natural gas flows from Belgium to
Germany declined in 2024 (154 TWh compared to 212
TWh in 2023), it still accounted for almost 20% of our
eastern neighbour’s consumption. Flows to the
Netherlands returned to levels seen prior to the war in
Ukraine (66 TWh compared to 102 TWh in 2023).
Volumes for consumption on the Belgian market fell
slightly to 149 TWh (from 152 TWh in 2023):
consumption from households, SMEs and industry rose
while offtake from power plants fell sharply.
Total belgium Consumption Domestic and SMEs Industry Power plants
2024 149 TWh 82 TWh 44 TWh 23 TWh
2023 152 TWh 80 TWh 40 TWh 32 TWh
Storage already full by 1 August
The European Union requires Belgium and the other
EU Member States to ensure, by 1 November each year,
that their gas storage facilities are at least 90% full so
they can go into the winter with buffers filled as much
as possible. Thanks in part to the high flexibility of
Fluxys Belgium’s storage services, our customers had
already filled 100% of their storage at Loenhout by
1 August, one month earlier than in 2023.

70
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our strategy in practice
At the Zeebrugge LNG terminal, tankers load LNG
for various destinations: to supply LNG truck
refuelling stations, to refuel ships running on LNG
and to supply companies not connected to the
pipeline network. Demand for LNG as a low-
emission fuel is growing rapidly, especially among
transport companies that are increasingly
switching to (bio-)LNG to power their fleet of
trucks. This allows them to stay within the emission
standards imposed on them.
Given this sharp increase in demand, the two
existing Fluxys loading bays in Zeebrugge have
reached the maximum capacity of 8,000 loading
operations per year. As such, Fluxys decided to
invest in the construction of four new
automated loading bays. These were finished and
tested during 2024 and will gradually be made
available to the market in 2025. Thanks to these
four new bays, we can initially offer 14,000 loading
operations. The goal is to eventually increase
this to 20,000 loading operations.
Four new loading bays for trucks
at LNG terminal

71
Additional long-term
capacity booked at
Zeebrugge LNG Terminal
The sharp decline in the Russian supply of gas by
pipeline to Europe led to the maximum deployment of
LNG as an alternative source of supply. In recent years,
the Zeebrugge LNG terminal has therefore optimised
the use of its infrastructure and focused on even better
scheduling of ships. This allowed the terminal to offer
additional short-term capacity on top of the
existing long-term capacity.
As quite a few shippers expressed an interest in
additional long-term capacity, the terminal converted
its short-term offer into capacity for 24 additional
unloading slots per year for the long-term period 2027-
2044. The market responded positively and all the
capacity offered was booked by early July.
Entire Belgian market
converted to high-calorific
gas
Until 2017, around half of Belgium’s households and
SMEs consumed low-calorific gas (L-gas) imported from
the Groningen production field, in the north of the
Netherlands. However, those gas reserves were
running out. Therefore, the Dutch government decided
to gradually reduce L-gas exports.
Since 2018, Fluxys Belgium has been adapting its
network to gradually switch from L-gas to high-calorific
natural gas (H-gas) from other sources.
In 2024, together with distribution system operators
Fluvius and Ores, we completed the final phase of the
switch to H-gas. In 2024, this involved approximately
475,000 connections, mainly in the Kempen region,
Leuven-Diest, and the provinces of Hainaut, Walloon
Brabant and Flemish Brabant. Belgium no longer uses
L-gas. Fluxys Belgium will continue to transport L-gas to
France in the coming years until the country has been
completely converted to H-gas.
Pipelines laid for the new
Les Awirs and Seraing
power plants
Electricity producers Engie and Luminus
plan to commission new natural-gas-fired
power plants in Les Awirs and Seraing by
2025. To supply the new power plants, in
2024 Fluxys completed the construction
of two new high-pressure pipelines: the
Fexhe-Le-Haut-Clocher - Flémalle
pipeline (9.4 km) and the Engis-Flémalle
pipeline (3.8 km).

Brussels
Ghent
72
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our strategy in practice
Necessary additional transmission capacity
completely future-proof
Additional capacity is needed on the Belgian network
to offset the loss of L-gas from the Netherlands, supply
the new power plants to be commissioned in 2025 and
maintain substantial flows to Germany. As such, we
are laying a new pipeline on the Zeebrugge-Brussels
axis. The pipeline is a multi-molecule pipeline, allowing
it to transport both natural gas and hydrogen. This
makes it fully future-proof in light of the energy
transition. It can be used to transport hydrogen as soon
as the market is ready for it.
In late 2023 and early 2024, we commissioned the first
pipeline section between Ghent (Desteldonk) and
Brussels (Opwijk). This extension will increase
transmission capacity from Zeebrugge by 15 GWh/h,
equivalent to the energy generated by 15 nuclear
reactors. Construction of the second pipeline section
running between Zeebrugge (Knokke) and Ghent
(Evergem) will start in 2025, for an estimated
investment of over €180 million. The additional pipeline
will expand transmission capacity from Zeebrugge by
another 5 GWh/h.
The pipeline is a multi-
molecule pipeline, allowing
it to transport both natural
gas and hydrogen.
This makes it fully future-
proof in light of the energy
transition.

73
In June 2024, the Council of the European Union adopted
a 14
th
sanctions package against Russia. The package
bans from 27 March 2025 the transshipment of LNG from
Russia for export to countries outside the EU.
The Zeebrugge LNG terminal is underpinned by the legal
principle of open access. This means that any company
interested in the supply of LNG can book capacity at the
terminal, and therefore no customer can be discriminated
against, by law. As an essential service provider Fluxys
ensures that its infrastructure is operational at all times for
the overall security of supply.
As before, we continue to operate in full compliance with
applicable international, European and Belgian
regulations. A Royal Decree sets the implementation
modalities for the 14
th
sanctions package. The LNG
terminal has adjusted its operational rules accordingly
and the existing contracts are currently being continued
in accordance with the sanctions regime.
Zeebrugge LNG Terminal
operates in full compliance with
the sanctions regime

74
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our strategy in practice
Expand
CO
2
emissions must drop drastically. We are therefore
expanding our infrastructure into a multi-molecule system
with hydrogen and CO
2
highways to decarbonise the
economy. This is how we make an essential contribution
to the climate targets.
We support the
biomethane market
We develop
open-access
infrastructure
for CO
2
We develop
open-access
infrastructure for
hydrogen
We explore the
best possible
infrastructure mix
for the entire
energy system

75
We support the biomethane market
Production is taking off
The LNG terminal in Zeebrugge makes bio-LNG
available for the market, and in 2024, the first large
biomethane installation in Lommel was connected to
our network.
Operational biomethane units
Projects under research,
development or construction
Bio-LNG
The production of biomethane in Belgium is getting off
the ground. Eight biomethane units are currently
operational and about 20 projects are in various stages
of research, development or construction.
First biomethane facility directly
connected to our network
Until recently, Belgium’s various smaller biomethane
units had all been connected to distribution systems.
Large-scale facilities can connect to Fluxys Belgium’s
high-pressure network. In 2024, the first molecules of
biomethane from Green Logix Biogas in Lommel were
injected directly into our transmission system.
Innovative approach in research
Fluxys is working with the distribution system operators
and CREG on an innovative approach for connecting
biomethane facilities. The aim is to connect multiple
producers to low-pressure clusters of the distribution
system operators. Fluxys will then carry out common
recompression from low to high pressure, allowing
biomethane to automatically flow into the Fluxys
Belgium network. This will result in lower investment
costs for individual producers.
Greater demand for bio-LNG
at terminal
Fluxys LNG has offered a biomethane liquefaction
service since 2020. This allows terminal users to have
biomethane converted into bio-LNG. This liquefaction
service promotes the development of the biomethane
market by making biofuels accessible to the heavy
transport sector.
Registrations for this liquefaction service have
fluctuated sharply since its launch in 2021. They rose
significantly from 136 GWh/year in 2021 to 348 GWh/
year in 2022 before dropping to 169 GWh/year in 2023.
In 2024, demand rose sharply again to 1,448 GWh,
more than eight times the 2023 total.
This increase is mainly due to greater demand from the
German market, where a court ruled that bio-LNG of
foreign origin is eligible for biofuel quotas. This led
several shippers supplying the German biofuel market
to Zeebrugge.
The use of bio-LNG for ship bunkering also began in
2024 and is expected to grow further due to the
upcoming maritime fuel obligations in the EU.
Fluxys LNG is certified as a processing unit under the
ISCC framework, a European Union certification
scheme.

76
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our strategy in practice
We develop open-access infrastructure for hydrogen
Long-term vision of the hydrogen network: Belgium as a hub
for hydrogen import and transit
Developing together
Since early 2021, we have been preparing the
necessary hydrogen infrastructure in cooperation with
industry, partners, the public authorities, neighbouring
operators abroad, distribution system operators and
other stakeholders.
New natural gas infrastructure ready for
future hydrogen demand
In late 2023 and early 2024, we commissioned the new
Ghent (Desteldonk) - Brussels (Opwijk) pipeline, the first
phase of the reinforcement of the Zeebrugge-Brussels
axis. Through this, we are creating additional capacity
to simultaneously offset the loss of L-gas from the
Netherlands, supply the new power plants due to be
commissioned in 2025 and maintain substantial flows
to Germany. The pipeline is a multi-molecule pipeline
and is fully future-proof in light of the energy transition..
It can be used to transport hydrogen as soon as the
market is ready for it, forming the first part of the
national hydrogen network.
In line with needs and connected to
neighbouring countries
We are planning the infrastructure for hydrogen
transport in line with the needs of industrial zones in
Belgium and neighbouring countries. In doing so, we
are establishing connections, at the pace of market
demand, between industrial zones and with
neighbouring countries to build an interconnected
system. With this in mind, we cooperate with operators
in Germany, the Netherlands, Luxembourg, France, and
the UK for cross-border hydrogen connections.
] With the gradual development of a nationwide open-access hydrogen network, we are establishing the connection between
industrial zones and to neighbouring countries. In this way, we are laying the foundations to expand Belgium’s role as an energy
crossroads into a hydrogen hub for the economy in Belgium and North-West Europe.
Hydrogen pipeline
Import terminal
(different carriers)

77
German and French markets positive
about cross-border hydrogen
connections
In 2024, we organised Calls for Market Interest (CMIs)
among all potential users of bidirectional hydrogen
connections at the border points with France in
Alveringem (between GRTgaz and Fluxys hydrogen)
and with Germany in Eynatten (between OGE and
Fluxys hydrogen).
The aim was to gain sufficient insight into the timings
and volumes to be transported for the potential users’
hydrogen projects. The German and French markets
responded positively and bilateral discussions are now
under way to align the further development of our
infrastructure with market needs.
On 26 April 2024, Federal Energy Minister appointed Fluxys
hydrogen, a subsidiary of Fluxys Belgium, as the operator for
the development and operation of the hydrogen network in
Belgium.
This appointment is a milestone on the path towards the
energy transition. Fluxys hydrogen was established in 2023
to develop the necessary infrastructure to transport
hydrogen, an essential molecule in the energy mix that will
help us meet climate targets.
In line with the federal hydrogen strategy, Fluxys hydrogen
deals with the development and operation of a hydrogen
pipeline network, which will form part of the future European
hydrogen backbone. This will allow the necessary low-
carbon energy and feedstock to be transported both for the
Belgian market and neighbouring countries at the pace of
market development.
Fluxys hydrogen appointed hydrogen
network operator in Belgium
Embedded in Europe’s hydrogen
backbone
Since 2020, we have worked with other energy
infrastructure companies within the European
Hydrogen Backbone initiative. The initiative has
now grown into a joint approach for developing specific
hydrogen infrastructure in 28 European countries
that largely consists of repurposed infrastructure that
currently carries natural gas.
Recognised as a Project of Common
Interest
In 2024, the European Commission recognised
Belgium’s nationwide open-access hydrogen network
as a Project of Common Interest (PCI). PCI status
is granted to infrastructure projects that the European
Commission considers essential for improving energy
infrastructure within the European Union. PCIs can
benefit from accelerated permit procedures and are
eligible for European funding.

78
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our strategy in practice
Support during the startup phase is
crucial
As an infrastructure operator, we play a facilitating role
in the development of new molecules in the energy
transition. As a responsible operator, we also
continuously and carefully monitor market
developments to determine the right time for
investments. Since these are capital-intensive
investments, support during the startup phase remains
crucial. At the end of March 2024, the Minister of
Energy formally adopted the royal decree granting
support to Fluxys Belgium for the development of the
first phase of the hydrogen backbone for an amount of
95 million euros under the Recovery and Resilience
Facility (RRF). The final amount of this grant will depend
on the formal signing of a grant agreement and the
actual construction of the backbone by mid-2026.
Renewable hydrogen in
the spotlight at Nerdland
Festival
For the second year in a row, Fluxys
sponsored Nerdland Festival,
Belgium’s biggest science festival.
This year, we made sure that the
food court ran on renewable
hydrogen. This gave festival-goers
a taste of sustainability - literally.
This collaboration is a tangible
example of how we are highlighting
the energy transition.
Projects of Common Interest
(PCIs)
The European Commission grants PCI
status to infrastructure projects it considers
essential for improving energy infrastructure
within the European Union. PCIs can benefit
from accelerated permit procedures and are
eligible for European funding.
Quickly achieving large volumes
with low-carbon hydrogen
Belgium and Western Europe have only limited potential
to quickly scale up the production of renewable
hydrogen from renewable electricity. Low-carbon
hydrogen is one alternative. This is hydrogen produced
from natural gas, where the released CO
2
is captured
and reused or stored.
ENGIE and Equinor are developing the H₂BE project in
Ghent for the large-scale production of low-carbon
hydrogen. The project is an important link to provide
reliably large volumes of low-carbon hydrogen in
Belgium in line with market demand. Fluxys Belgium is
working with ENGIE and Equinor to connect the project
to the hydrogen and CO
2
networks in the Ghent
industrial zone.

79
Terminals for hydrogen import
Zeebrugge multi-molecule hub:
hydrogen import
• Open-access facilities
• Importing hydrogen or derivatives for
injection into the hydrogen network and
then transmission within Belgium and to
neighbouring countries
• Status: preparatory studies
• Planning: to be commissioned by
2030-2035
• Recognised as a Project of Common
Interest
Import terminal for green
ammonia in Antwerp
• Open-access terminal
• Project of parent company Fluxys with Advario
• Import terminal for ammonia as a renewable or low-
carbon raw material and fuel. Ability to convert
ammonia back to hydrogen for transport via the
hydrogen network.
• Status: feasibility study
• Planning: to be commissioned in 2029
• Recognised as a Project of Common Interest

80
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our strategy in practice
CO
2
pipeline
CO
2
pipeline -
extension/alternative route
CO
2
terminal
CO
2
shipping
Intermodal
We develop open-access infrastructure for CO
2
Long-term vision of the CO
2
network: Belgium as a hub
for CO
2
transit and export
Developing together
Since early 2021, we have been preparing the
necessary CO
2
infrastructure together with industry,
partners, the public authorities, neighbouring operators
abroad and other stakeholders.
In line with needs and connected to
neighbouring countries
We are planning the infrastructure for CO
2
transport
in line with the needs of industrial zones in Belgium and
neighbouring countries. As such, we are establishing,
at the pace of market demand, connections between
industrial zones and with neighbouring countries to
build an interconnected system. With this in mind, for
cross-border CO
2
connections, we cooperate with
operators in Germany, Norway and the UK.
With the gradual development of open-access CO
2
transport networks in the regions, we are establishing the connection between industrial
zones and to neighbouring countries. In this way, we are laying the foundations to expand Belgium’s role as an energy crossroads
by launching it as a CO
2
hub for the economy in Belgium and North-West Europe.
Emitters in Germany, Belgium and the
Netherlands show particular interest in
CO
2
exit points in Belgium
In 2024, we organised a Call for Market Interest (CMI)
among all potential users of our CO
2
export projects in
Zeebrugge, Ghent and Antwerp. The aim was to gain
sufficient insight into the timings and volumes to be
transported for potential users’ CO
2
capture projects.
The CO
2
exit points aroused particular interest among
CO
2
emitters from Belgium, Germany as well as the
Netherlands and bilateral discussions are now under
way to align the further development of our
infrastructure with market needs.

81
Belgium’s regions are frontrunners in Europe to
devise a regulatory framework for CO
2
.
In March 2024, the Walloon and Flemish
parliaments approved a decree on the transport of
CO
2
via pipelines. In line with the decrees,
in February 2025 subsidiary Fluxys c-grid applied
to be the operator of the CO
2
transmission
networks in the regions.
Fluxys c-grid was established in 2023 together
with partners Pipelink, Socofe and SFPIM to plan,
develop and manage CO
2
transmission
infrastructure on Belgian territory.
Fluxys c-grid as potential
operator of CO
2
transmission
networks
Partner in innovative circular
CO
2
project CO
2
ncreat
Co₂ncreat is an innovative initiative based in
Hermalle aimed at capturing, transporting and
reusing CO₂ to make sustainable concrete blocks for
use in the construction industry. The project is
a collaboration between Fluxys Belgium and three
other Belgian industrial players, namely Prefer, Lhoist
and Orbix, and is supported by the EU’s Innovation Fund.
The project intends to produce more than 100,000
tonnes of eco-friendly masonry blocks per year while at
the same time capturing and recycling around 12,000
tonnes of CO₂. Moreover, it will avoid 8,000 tonnes of
CO₂ emissions annually through the use of recycled raw
materials.
In this circular project, Fluxys, as infrastructure partner, is
providing a two-km-long pipeline that will transport flue
gases from Lhoist to Prefer’s production unit to recycle
and permanently store the CO
2
in these flue gases in
ecological masonry blocks.
Support during start-up phase
crucial
As an infrastructure operator, we play a facilitating
role in the development of new molecules in the
energy transition. As a responsible operator, we
also constantly carefully screen market
developments to determine the right moment for
investments. As these are capital-intensive
investments, support during the start-up phase
remains crucial. With this in mind, European CEF
(Connecting Europe Facility) grants were
awarded for (i) the works for the CO
2
export
terminal project in Antwerp (grant amount up to
25.6 million euros) and (ii) the studies for the CO
2
export terminal project in Ghent (grant amount up
to 8.9 million euros).

82
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our strategy in practice
CO
2
export facilities
Zeebrugge multi-molecule hub:
CO
2
terminalling
• Open-access facilities
• Receiving captured CO
2
from the CO
2
network for
transfer to the offshore pipeline and transmission
to safe and permanent offshore storage
(see ‘Offshore CO
2
pipeline Zeebrugge)
• Status: feasibility study
• Planning: to be commissioned by 2030-2035
• Recognised as a Project of Common Interest
Offshore CO
2
pipeline in
Zeebrugge
• Open-access pipeline
• Equinor project
• Subsea CO
2
pipeline from Zeebrugge to
storage sites in Norway’s North Sea waters
• Capacity of 27 million tonnes of CO
2
per year
• Status: feasibility study
• Planning: to be commissioned in 2030
• Recognised as a Project of Common Interest
Projects of Common Interest
(PCIs)
The European Commission grants PCI status
to infrastructure projects it considers essential
for improving energy infrastructure within
the European Union. PCIs can benefit from
accelerated permit procedures and are eligible
for European funding.

83
CO
2
export terminal in Antwerp
• Open-access terminal
• Project with Air Liquide
• Multimodal terminal for receiving
(via pipeline, ship or train), liquefying and
temporarily storing CO
2
and loading it
onto ships to be taken to permanent
offshore storage
• Initial capacity of 2.5 million tonnes of CO
2
per year, with the possibility of expansion
to 10 million tonnes of CO
2
per year
• Status: permitting and design
• Planning: to be commissioned in 2028
CO
2
export terminal in Ghent
• Open-access terminal
• Project with Arcelor Mittal Belgium and North
Sea Port
• Multimodal terminal for receiving (via pipeline,
ship or train), liquefying and temporarily storing
CO
2
and loading it onto ships to be taken to
permanent offshore storage
• Capacity up to 4 million tonnes of CO
2
per year
• Status: feasibility study
• Planning: to be commissioned in 2030

84
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our strategy in practice
We explore the best possible infrastructure mix
for the entire energy system
North Sea Integration Model:
working together towards net zero
emissions
Oil, natural gas and electricity currently account for
a large proportion of the energy mix. Greater energy
efficiency is expected to significantly reduce the
consumption of Belgian homes and businesses. At the
same time, the energy mix must evolve towards a low-
carbon combination of electricity, molecules and
biofuels.
A low-carbon energy mix in itself is not enough. How
can we develop an affordable energy system with net
zero emissions? How can we ensure that the right
amount of energy goes to the right place at any time?
What transport and storage infrastructure is needed to
keep supply and demand in balance at all times? In
short: how do we ensure that all solutions best work
together to achieve net zero?
This is only possible if we consider the energy system
as a whole, with all the interactions between its various
components. In 2024, we took an important step
forward through the development of the North
Sea Integration Model, a computational model that
simulates all interactions between electricity, hydrogen,
methane and CO
2
infrastructures in Belgium and all
other countries bordering the North Sea.
Key initial findings
The North Sea Integration Model is not a crystal ball for
making predictions but rather a tool that, based on
future consumption scenarios, shows how the entire
chain from production to transport to consumption can
be optimised in terms of costs, CO
2
emissions and
maintenance of security of supply. In this way, the
model also helps to better understand the key factors
in the development of an integrated energy system that
is carbon-neutral and provides the energy needed at
any time at the lowest possible cost.
To run the simulations, the model uses a series of
assumptions on technology costs, CO
2
storage
potential and key technology parameters such as
efficiency and flexibility, among others. Public reference
data is used for all assumptions.
As consumption scenarios to run the model, we used
the Global Ambition and Distributed Energy scenarios
jointly developed by the transmission system operators
for gas and electricity in Europe as part of the
European 10-year network planning.
Final energy demand
scenarios
Maximum potential renewables
Hourly profiles for solar PV and
wind production
Import availabilities and cost
Cost to build and use a technology
Technology efficiencies and
technical parameters
CO
2
reduction target
Inputs
Outputs
What is the optimum combination
of infrastructure and technology?
What is the utilisation rate of
each technology in its optimum use?
What is the total system cost?
Is the entire demand met
at every hour of the year?
Scope
North Sea
Countries 2050,
hour per hour
simulation
How?
Optimisation
investments
& dispatch
North Sea Integration Model
Goal: simulate the interactions between electricity and
molecules in a carbon-neutral energy system

85
Collaboration is paramount
The North Sea Integration Model naturally
continues to evolve. Several further
developments are under way and we are taking
into account new developments in technology
and energy and climate policy on an ongoing
basis.
Moreover, Belgium has the advantage of having
many top-level experts who have developed
powerful multi-energy models, each of which has
its own merits and specific features. We are sure
that the complementarity of these models,
together with close cooperation between
stakeholders, provides a solid basis for policy and
will enable public authorities to develop an
energy vision that is in line with Belgium's social
and economic objectives.
Below is an overview of the main initial insights based
on the Global Ambition and Distributed Energy
scenarios with the North Sea Integration Model.
A net zero energy
system in the North
Sea countries in
2050 is realistic
and requires both
electrons and
molecules
Renewable electricity
generation gets
massively built
Electrolysers boost
offshore wind
deployment
Dispatchable power
generation is needed
in winter
CO
2
capture,
transport and
storage are key to
achieve net zero
Biomethane, biogas
and biomass are
also powerful allies
in achieving carbon
neutrality
Energy storage is
essential to provide
energy at the right
time
Interconnection
capacities optimise
the energy system
and ensure security
of supply
Solid academic preparations
The North Sea Integration Model builds on the
methodologies developed by Fluxys Belgium and the
University of Liège in a project to determine the best
way to plan and operate, with regard to infrastructure,
a multi-energy system. The project ran from 2020 to
early 2024 and was supported by the Energy Transi-
tion Fund of the Belgian federal government.
The initial model for Belgium showed that by 2050,
Belgium would be highly dependent on energy
imports from neighbouring countries. To better sim-
ulate these imports, in 2024 we expanded the scope
of the model to all countries around Belgium and
bordering the North Sea. By developing the model
and incorporating it into the North Sea Integration
Model, we also take into account the commitment of
the North Sea countries to make the North Sea the
largest green energy power plant in Europe.
4321
5 6 7 8

86
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our strategy in practice
Connect
Openness to as many sources as possible is crucial, also in
the future. Together with our partners, we are working
towards the same goal: we are exploring new horizons,
initiating new logistics chains and connecting our
infrastructure to new sources. In this way, we are laying
additional foundations for the climate-neutral future.
Parent company
Fluxys is joining
forces on overseas
imports of
hydrogen
We help build the
bridge to CO
2
storage in the
North Sea
We work
together to facilitate
maximum local
hydrogen from
North Sea wind

87
The projects for terminals and installations for CO
2
export that we are preparing in Belgium together with
partners are all part of a logistics chain with storage in
the North Sea as the end point. In this regard, the
federal government and the regional authorities have
already concluded bilateral agreements with Norway,
the Netherlands and Denmark to enable cross-border
CO
2
transport for permanent storage in the North Sea.
A similar bilateral agreement is also expected to be
concluded with the United Kingdom.
We help build the bridge to CO
2
storage in the North Sea
The North Sea is not only a gigantic source of
renewable energy; it also offers enormous potential for
CO
2
storage deep beneath the seabed. The empty gas
fields in the North Sea have the right geological
structure for the safe and permanent storage of CO
2
.
In operations
Sleipner
Longship
(includes Northen Lights)
Greensand
Norway
UK
The Netherlands
Denmark

88
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our strategy in practice
We work together to facilitate maximum local hydrogen
from North Sea wind
The countries bordering the North Sea want to
increase their combined offshore wind farm capacity
from 33 GW to 300 GW by 2050. In this way, they want
to turn the North Sea into the largest green energy
power plant in Europe. Offshore wind farms are
a source of both renewable electricity and renewable
hydrogen: wind power can be converted into
renewable hydrogen via electrolysis.
Through the Hydrogen Networks for the Northern Seas
(HyNOS) partnership, we are joining forces with eight
other gas transmission system operators to identify the
role to be played by offshore hydrogen infrastructure.
This joint planning of network development for
hydrogen and electricity allows us to maximise the
complementarity of the different networks and to make
maximum use of the energy potential of the North
Sea at the lowest possible system cost. With this in
mind, we have developed our simulation model for an
integrated energy system into one that considers
Belgium along with all other countries bordering the
North Sea as a whole (see ‘North Sea Integration
Model: working together towards net zero emissions’).
Offshore wind
Offshore H
2
pipeline early 2030s
Offshore H
2
pipeline early 2040s
Onshore H
2
flows

89
In addition to hydrogen from North Sea wind, overseas
imports are another pillar to ensure sufficient
renewable hydrogen. To help build the logistics chains
for this purpose, parent company Fluxys is exploring
the possibilities with various partners in particularly
windy and sunny areas where large quantities of
renewable hydrogen can be produced from renewable
electricity. Renewable hydrogen can then be exported
by ship to import terminals in Europe, for example in the
form of renewable ammonia.
Parent company Fluxys is joining forces on overseas imports
of hydrogen
Wind rich
Wind and sun rich
Sun rich
North
America
South America
Europe
energy import
North Africa
Gulf Countries

Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our ESG performance

9191
Our ESG
performance

92
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our ESG performance
ESG dashboard
With our 2024 ESG results we are on track to achieve
our targets.
ESG Material topic Target definition Status Result (full year 2024)
Transport of
molecules for
a carbon neu-
tral future
As from 2024, on top of new H
2
and CO
2
pipeline projects, 90% of the total length
of our new major CH
4
pipeline projects
(a)
should be designed and built for the
transport of low-carbon molecules or CO
2
.
Achieved: 100%
(23,5km of multi-molecules
pipelines put in service,
between Zele and Opwijk
and ~10km Fexhe-Les Awirs).
Reduce our
own GHG
emissions
Scopes 1 & 2: Our ambition is to reduce
our scopes 1 & 2 emissions
(b)
by 50% by
2025, by 67% by 2030 & by 80% by 2035
and reach net zero by 2050 compared to
the base year of 2017 (250 ktCO
2
eq).
On track:
131 ktCO
2
eq, i.e. -48%
compared to our base year
(2017).
Scope 3: Our ambition is to reduce our
scope 3 emissions (excluding categories
directly linked to the development of our
infrastructure
(c)
) by 50% by 2030,
compared to the base year of 2023
(60 ktCO
2
eq).
Achieved:
More than 50% reduction
compared to our reference
year (2023).
Safe and
reliable
infrastructure
100% of confirmed shippers nominations
in firm capacity (transport & storage) are
respected.
Achieved:
0 reduction or interruption
of firm transmission capacity.
Safe and
reliable
infrastructure
Zero industrial incidents having a major
impact on the safety of employees,
residents and anyone else connected to
our infrastructure
(d)
.
Achieved:
0 industrial incident with
major safety impact.
Customer
care
Roll out appropriate communication for all
our changes to provide our customers
with information and ensure transparency,
in accordance with local legal
requirements
(e)
.
Achieved: 100%
Appropriate communications
were carried for all of the
3 changes in 2024.
Employee
safety and
working
conditions
Same target as 3B. Same target as 3B.
(a) Total length of 5 km or more.
(b) Market-based emissions.
(c) i.e. excluding categories 3.1 Purchases of goods and services, and 3.2 Capital goods; that are directly linked to the development of our infrastructure.
(d) By industrial incident having a major impact on safety, we refer to explosions, fires, uncontrolled gas venting, pollution, etc. that have serious
consequences for the safety (life-threatening injuries or injuries resulting in permanent disability/death) of employees and local residents.
(e) Scope: Fluxys Belgium (transmission) and Fluxys LNG.
1
2
3 A
3 B
4
5

93
ESG Material topic Target definition Status Result (full year 2024)
Employee
engagement
Keep the proportion of engaged
employees above 70%.
Achieved: more than 80%
engaged employees.
Learning and
talent
development
Each year, at least 90% of our employees
will increase their knowledge and skills in
at least 2 of the following areas: digital,
soft, safety & technics, business.
Achieved: more than 90%
of employees have increased
their knowledge in at least
2 key domains.
Diversity and
inclusion
Raise awareness of diversity and inclusion
among all employees every two years,
with a first campaign in 2024 and a
second in 2026.
In progress: The campaign
was successfully launched
in 2024 (for directors and
senior managers). The rollout
to all employees is planned
for 2025.
Ensure that all managers have undergone
training on diversity and inclusion by the
end of 2025.
In progress: A first version
of the training material was
developed, and a pilot session
took place at the end of 2024,
with a group of managers.
Ethics,
integrity
and efforts
to combat
corruption
100% of Fluxys Group employees trained
on the Ethical Code every 3 years,
including new hires.
Note: next deadline is having all
employees trained by end 2026.
In progress: In 2024
we updated the Ethical Code
and developed the associated
training.
Our goal is for all employees
to have completed the course
by the end of 2026.
Biodiversity For each km of backbone
(f)
pipeline built,
Fluxys Group will ensure the planting of
500 m² of vegetation, in addition to the
mandatory legal deforestation
compensation, until 2026.
Achieved: Planting already
occurred in 2023 for the
backbone section put in
service in first half year
2024
(g)
(as part of
Desteldonk-Opwijk).
Action plan achieved by 2028 to stimulate
biodiversity on selected Fluxys sites.
In progress: Target for 2028;
first step i.e. conducting
a biodiversity audit
completed.
On track Action needed to reach target Unable to reach target
(f) Total length above 10 km and diameter of 600 mm or more.
(g) Planting already occured in 2023 for the full Desteldonk-Opwijk pipeline, incl. the section between Opwijk (Hollestraat) station – Dendermonde
(Oudegem Paalstraat) station of ~16
km
that was put in service early 2024.
6
7
8
9
10

94
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our ESG performance
Basis for preparation
(ESRS 2, BP-1)
The purpose of Fluxys’ reporting is to provide stakeholders with
a fair and balanced picture of relevant aspects, engagements,
practices and results for 2024. The ESG statement is prepared
on the same consolidated basis as the financial statements. Our
Fluxtainable ESG strategy is embedded and aligned with our
overall strategy (including in terms of time horizons).
Frameworks and
data selection
This report has been prepared in line with the
European Sustainability Reporting Standards (ESRS)
framework. It is divided into three sustainability areas:
Environmental (E), Social (S) and Governance (G). All
subjects covered in this report have been deemed
material through our double materiality assessment
(DMA). More details on our DMA are provided below.
The Greenhouse Gas Protocol has been used to
account for the greenhouse gas emissions.
Measurement basis and
threshold for restatement
The methods for calculating ESG metrics are described
in the relevant sections further in this document. These
include information on whether the metrics are
measured directly or estimated based on sources such
as third-party data or sector averages. The financial
numbers cited in this ESG section are consistent with
the financial section of this report. Should
adjustments have been made to ESG metrics (e.g.
updated calculation method) compared to last year, this
will be indicated in the relevant section.
Scope
The scope of this report is aligned with the financial
report and encompasses all entities of Fluxys Belgium
fully consolidated in our financial statements: Fluxys
Belgium NV/SA, Fluxys LNG NV/SA, Flux Re NV/SA,
Fluxys c-grid NV/SA and Fluxys hydrogen NV/SA
(more information can be found in Note 3. Acquisitions,
disposals and restructuring in the ‘Financial situation’
section). All these entities are subsequently jointly
referred to as ‘Fluxys Belgium’.
In our DMA, our value chain is considered with regard
to all impacts, risks and opportunities. Value chain
metrics are only included in the calculation
of greenhouse gas equivalents in Scope 3 for ESRS E1
and the reporting of the customer-specific topic
‘Customer care’.
Internal and external
controls over sustainability
reporting
Internal controls in connection with the audit plan are
assessed by Internal Audit and reported twice a year to
the Fluxys Belgium NV/SA Audit and Risk Committee.
For more information on internal and external controls,
see the section ‘Our governance’.
Governance
Link between sustainability and our
overall strategy and business model
(ESRS 2, SBM-1, SBM-3 and IRO-1)
Fluxys Belgium’s ESG strategy and goals are fully
embedded in our overall strategy and business model
and are described in the section ‘Fluxys Belgium in
a nutshell’.

95
Governance framework (ESRS 2,
GOV-1 and MDR-P)
The Board of Directors, as the company’s most senior
management body, is responsible for the overall and
strategic management of Fluxys Belgium’s activities,
including its ESG strategy. Based on the Gas Act,
specific advisory bodies have been established to
assist the Board in its tasks. The key results in terms of
sustainability are presented on a yearly basis to the
Audit and Risk Committee and the Board of Directors,
along with the financial results. More information on our
Board of Directors and their expertise can be found in
the ‘Our governance’ section and the ‘Corporate
Governance Declaration’ section.
The implementation of the ESG strategy (policies,
actions, targets) is driven by experts within each
domain, and overall the CEO and his management hold
the highest accountability for its implementation.
Composition of the Board of Fluxys Belgium NV/SA:
Conseil d’administration
Male 60%
Female 40%
Executive 1
Non-executive 19
Independent 35%
Integration of sustainability-related
performance in incentive schemes
(ESRS 2, E1 and GOV-3)
Information on incentive schemes is provided in the
section ‘Corporate Governance Declaration –
Remuneration report’.
Statement on sustainability due
diligence (ESRS 2, GOV-4 and IRO-1)
Fluxys Belgium’s commitment to sustainability is an
integral part of our integrated strategic framework to
accelerate the energy transition as an essential
infrastructure company (see section ‘Our governance’).
Mapping of information provided in sustainability statements
about the due diligence process
Embedding due
diligence in
governance, strategy
and the business
model
Due Diligence Statement
Corporate Governance
Declaration section
Material topic section on
ethics, integrity and efforts
to combat corruption
p. 95
p. 158 -
177
p. 148 -
150
Engaging with
affected stakeholders
in all key steps of the
due diligence process
Interests and views of our
stakeholders
p. 96-
97
Identifying and
assessing adverse
impacts
Double materiality
assessment and in the
respective material topic
sections
p. 98-
150
Taking action to
address those
adverse impacts
In the respective material
topic sections
p. 102-
150
Tracking the
effectiveness of
these efforts and
communicating on
said efforts
In the respective material
topic sections
p. 102-
150
Risk management and internal
controls over sustainability reporting
(ESRS 2, GOV-5 and IRO-1)
Fluxys Belgium’s Enterprise Risk Management (ERM)
system is based on ISO 31000 and is integrated into
the company’s strategy, business decisions and
activities. The risk management system covers all
business risks, including risks related to the material
ESG domains for the company (see the ‘Risk
management’ section).
In this report, all ESG data in relation to impacts, risks
and opportunities as found in our double materiality
assessment are presented according to the related
ESRS and within the scope of the external
auditors’ limited assurance (see ‘Limited assurance
review of our ESG statements’).

96
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our ESG performance
Interests and views of our stakeholders (ESRS 2, SBM-2)
Our stakeholder engagement showcases our
commitment to actively listening to and engaging with
our stakeholders. Through ongoing dialogue, we strive
to understand their positions, concerns and
expectations.
This table summarises Fluxys Belgium’s key
interactions with its main stakeholders. Key outcomes
of engagement with stakeholders are relayed to the
Board of Directors whenever they impact matters that
are discussed at Board level (e.g. a significant change
in strategy) as part of the yearly strategic review
process.
Stakeholder
group
How engagement is organised Purpose of
engagement
Topics important to
stakeholders
Examples of
outcomes of
engagement
Employees Social dialogue with staff
representatives
Engagement survey
Public email address to raise concerns:
ethics@fluxys.com or whistleblowing@
fluxys.com
Gaining information on
employees’ percep-
tions and experiences
Contributing to a sus-
tainable workplace and
working life
Building trust
Working conditions/
health and safety
Employee engage-
ment/motivation
Diversity and inclusion:
equal treatment and
opportunities for all
Training and skills
development
Ethics and integrity
Internal policy
updates
Improvements
and action plans
Communica-
tions from
management
Talent
development
Customers &
end users
Market consultations and information
sessions
Call for Market Interest (CMI)
Various events (e.g. End User Day, DSO
Day, International Shipper Meeting)
Regular direct contact between our
sales team (Account Managers) and
our clients, attendance at energy con-
ferences/summits
Public email address to raise concerns:
ethics@fluxys.com or whistleblowing@
fluxys.com
Capture customer feed-
back and market intelli-
gence to inform our
strategy and service
offering
Climate change (transi-
tion, emissions)
Customer care
Safe and reliable
infrastructure
Ethics and integrity
Product/service
improvements,
new service
offerings
Suppliers &
contractors
Bilateral meetings and overall supplier
engagement with the most emitting
suppliers/contractors
Public email address to raise concerns:
ethics@fluxys.com or whistleblowing@
fluxys.com
Investigate how to
reduce our Scope 3
emissions
Ensure that our con-
tractors respect their
workers’ human and
labour rights
Climate change (transi-
tion and emissions)
Ethics and integrity
Working conditions:
safety (especially for
contractors)
Informed selec-
tion of suppliers,
including sus-
tainability
criteria
Financial
institutions &
investors
Direct contact with financial institutions
Sustainability-linked financing
Investor calls, questionnaires, and
emails
Periodic investor updates
Public email address to raise concerns:
ethics@fluxys.com or whistleblowing@
fluxys.com
Understanding the
expectations of finan-
cial institutions regard-
ing sustainability
targets
Climate change (transi-
tion, emissions)
Ethics and integrity
Secured sus-
tainability-linked
financing
Responses to
investor queries

97
Stakeholder
group
How engagement is organised Purpose of
engagement
Topics important to
stakeholders
Examples of
outcomes of
engagement
Authorities &
regulators
Interactions with our regulator on the
application of the Gas Act (incl. Code of
Conduct)
Dialogue with policymakers at national
and regional level
Public email address to raise concerns:
ethics@fluxys.com or whistleblowing@
fluxys.com
Regulatory compliance
Security of supply
Climate change (transi-
tion and emissions)
Ethics and integrity
Customer care and
respect for the regula-
tions (e.g. Code of
Conduct)
Safe and reliable
infrastructure
Development of
regulatory
framework for
new molecules
(H
2
, CO
2
)
New invest-
ments/subsidies
to support the
energy
transition
NGOs Interactions with NGOs (e.g.
Natuurpunt)
Public email address to raise concerns:
ethics@fluxys.com or whistleblowing@
fluxys.com
Contributing to local
initiatives
Addressing communi-
ties’ concerns
Climate change
(emissions)
Biodiversity
Safe and reliable
infrastructure
Ethics and integrity
Collaboration
with Natuurpunt
on the voluntary
planting of
vegetation
External biodi-
versity audit on
selected sites
Affected
communities
Ongoing dialogue with local residents
and operators in the vicinity of our
infrastructure
Designated points of contact
Information sessions for local residents
Public email address to raise concerns:
ethics@fluxys.com or whistleblowing@
fluxys.com
Ensure good neigh-
bourly relations
Addressing community
concerns, questions
and feedback
Pollution (specifically
noise)
Safe and reliable
infrastructure
Compensation
for affected
communities
(e.g. farmers,
horticulturists,
foresters and
hunters)
Changes in
design/ adapta-
tions to our
infrastructure to
minimise disrup-
tion (e.g. to
reduce noise)
where possible
Board
members
Board of Directors meetings
Audit and Risk Committee meetings
Corporate Governance Committee
meetings
Appointment and Remuneration Com-
mittee meetings
Expert sessions
Continuous dialogue
Public email address to raise concerns:
ethics@fluxys.com or whistleblowing@
fluxys.com
Societal value creation Climate change (transi-
tion and emissions)
Ethics and integrity
Customer care
Safe and reliable
infrastructure
Diversity and inclusion
Employee safety and
working conditions
Support for
strategy

98
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our ESG performance
Double materiality
assessment
DMA introduction
In 2024, we reviewed the material topics that were
identified in our double materiality assessment
performed in 2023 (in accordance with the Corporate
Sustainability Reporting Directive) in light of the current
context, including by examining our updated perimeter
and business processes, and found them still relevant.
The concept of double materiality involves considering
two perspectives, namely inside-out and outside-in.
The Fluxys ESG Department, alongside the Internal
Audit & Risk Department, took the lead in the double
materiality assessment. The business owners, the
Management Team and the Board of Directors were all
involved in this process.
• The ESG Department and the Risk Department
developed the sustainability framework, held
workshops, analysed the value chain and engaged
with Fluxys’ stakeholders.
• The business owners and executives identified and
evaluated the impacts, risks and opportunities
(IROs).
• The Management Team worked with the business
owners to validate the workshop results as well as
the results of the value chain analysis. The material
topics were chosen on this basis.
• The Board of Directors validated the material topics
chosen.
DMA methodology (ESRS 1, 2; SBM-1, 2, 3 and IRO-1, 2)
Our double materiality assessment consisted of four phases [ESRS 2 IRO 1] with nine supporting steps.
Module A Module B
Understanding Identity
1
Determine the
CSRD perimeter
6
Identify impacts,
risks and
opportunities
2
Understand our
ESG context
3
Identify
and classify
stakeholders
4
Develop
stakeholder
engagement plan
5
Value chain
mapping
Module C Module D
Assess Consolidation
7
Impact materialty
assessement
9
Consolidation
of assessment
results
8
Financial materialty
assessment

99
Step 1: Determine the CSRD
perimeter
The entities falling within the scope of the Corporate
Sustainability Reporting Directive (CSRD) reporting for
the 2024 financial year are Fluxys Belgium NV/SA,
Fluxys LNG NV/SA and Flux Re NV/SA.
The assessment did not include Fluxys hydrogen NV/
SA or Fluxys c-grid NV/SA, as these entities had only
been established in late 2023. In terms of materiality,
these entities do not have to be considered yet in
2024.
Balansys NV/SA is part of Fluxys Belgium’s value chain.
This is in line with the scope of the financial statements.
Step 2: Understand our ESG context
We investigated the Environmental, Social and
Governance (ESG) context in which Fluxys operates (i.e.
regulatory environment, external factors, company
policies, business practices).
We re-evaluated the context in 2024 but did not find
any major shifts.
Step 3: Identify and classify
stakeholders
Stakeholders are individuals or groups who can affect
or be affected by Fluxys’ decisions and actions.
The following stakeholders have been identified:
• Employees (social partners, senior management,
association of executives)
• Directors
• Shareholders
• Financial institutions and investors
• Authorities and regulators
• Suppliers and contractors
• Customers and end users
• NGOs and affected communities
1. By ‘value chain’, we mean all activities, resources and relationships the company uses to create its products or services from design to delivery,
consumption and the end of service life.
Step 4: Develop a stakeholder
engagement plan
In early 2023, we drew up an engagement plan for
each of the stakeholder groups identified. For each
stakeholder group, the engagement plan determined
the following:
• The selection of a representative stakeholder
sample to engage with
• The selection of relevant ESG matters to engage on
• The engagement method. There were two types of
stakeholder engagement:
– Direct engagement through surveys, discussions
and workshops (quantitative and qualitative)
– Indirect engagement through the collection of
material ESG information from reports,
benchmarks and/or websites
Our stakeholders’ expertise and knowledge allowed us
to refine and validate the list of material topics.
Step 5: Map the value chain
1
We mapped our value chain’s activities to flesh out our
own materiality assessment. In this step, we expanded
the materiality assessment to cover our entire value
chain, meaning that it encompassed not only the
impact of our own activities but also the potential
impact of those in our value chain.
Each tier within the value chain, both upstream and
downstream, was analysed to identify important
sectors and/or companies.
The mapping process was implemented as follows:
• Upstream level 2+: analysis of the key sectors that
supply our suppliers, e.g. the steel sector, electrical
materials such as cables
• Upstream level 1: analysis of key suppliers
representing the main categories in our Scope 3
• Level 0: analysis of peers
• Downstream level 1: analysis of key customers/
system users and end users and sector benchmark
This involved material ESG information from reports,
websites and publicly available materials.
This step allowed us to identify the potential material
topics in our value chain.

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Step 6: Identify impacts, risks and
opportunities (IROs)
In this step, using existing business processes as
a starting point, we identified actual and potential as
well as negative and positive sustainability impacts
applicable to our own activities over the short, medium
and long term, covering all affected stakeholders. By
means of an analysis conducted with the business
owners and business experts, we compiled a long list
of topics. Following frequent workshops, this resulted
in a shortlist of key topics.
We also assigned an impact score for the long list of
topics (see Step 7). For the shortlist, we also assessed
the financial risks and opportunities.
Step 7: Conduct an impact materiality
assessment
To systematically assess impacts, we defined a scoring
system with clear criteria for the impacts, risks and
opportunities identified in Step 6.
Depending on the characteristics of the impact (i.e.
positive/negative, actual/potential), the materiality
assessment is based on different components.
Each impact is scored on a scale of 1 to 5 for each of
the scoring components (i.e. scale, scope,
irremediability and likelihood), depending on the
defined criteria. For example, the set criteria for
calculating the scope of an impact goes from 1 (local
impact) to 5 (global impact).
The next step of the impact assessment involved
defining the materiality threshold for each impact, risk
and opportunity. We decided to set the threshold to 3
as according to our internal scoring matrix, the impact
becomes significant when scale, scope, irremediability
and likelihood achieve this score (or higher) and so are
considered material.
With regard to close calls (i.e. IROs falling just below or
just above the threshold), we performed an additional
review and analysis to ensure that these IROs were
included or excluded accordingly.
Step 8: Conduct a financial materiality
assessment
For the shortlist of key topics, we also assessed the
current and anticipated financial risks and
opportunities. This assessment was based on our
existing risk management system. See the ‘Our risk
management’ section.
In line with the European Sustainability Reporting
Standards (ESRS), Fluxys’ existing risk management
system considers the likelihood and potential scale of
financial effects. Moreover, a threshold has been set
above which a risk or opportunity is defined as
financially material. We consider various scenarios that
are likely to materialise and potential financial effects
that may not already be reflected in the financial
statements, including:
• potential situation that a future event may affect the
cash flow generation potential;
• capitals that are not recognised as assets from
accounting and financial reporting perspectives (e.g.
natural, intellectual, social, relationship capitals);
• possible future events that may influence the
evolution of such capitals.
Step 9: Consolidate the assessment
results
In this step, we consolidated and grouped the results of
the materiality assessment. The key outcomes of the
double materiality assessment, including the list of
material topics (and views of stakeholders) were
validated by the Management Team and the Board of
Directors.

101
Double materiality assessment
outcome (ESRS 2; SBM 2, 3)
Material topics
The entire assessment process and materiality list
compiled resulted in the following ten material topics:
• Transport of molecules for a carbon-neutral future
• Reduce our own GHG emissions
• Safe and reliable infrastructure
• Customer care
• Employee safety and working conditions
• Employee engagement
• Diversity and inclusion
• Learning and talent development
• Ethics, integrity and efforts to combat corruption
• Biodiversity
2
Additional information about the scoring of the material
topics can be found in the respective sections on each
material topic.
2. Given the low risk level for biodiversity, this topic is not included in our ESRS reporting. However, it remains an important topic, for which we will
continue pursuing our targets and actions. More information can be found in the section ‘How we are preserving biodiversity’.
Targets set
Targets have been defined for all ESG material topics.
Staff representatives were involved in the double
materiality assessment, and the resulting targets were
subsequently presented to them. Performance tracking
and the identification of lessons to be learned or
improvements as result of performance are driven by
the ESG team, with the involvement of the relevant
stakeholders within Fluxys Belgium. These targets are
explained further in the following sections on our ESG
performance.

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Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our ESG performance
Environment
Material topics linked to the environment:
Transition plan for climate change mitigation ..... p. 103
and adaptation
Reduce our own GHG emissions ................................... p. 107
Transport of molecules for a carbon- .......................... p. 112
neutral future
EU taxonomy for sustainable economic ................... p. 115
activities
Biodiversity .................................................................................... p. 121

103
Transition plan for climate change
mitigation and adaptation
Governance and strategy (ESRS E1-1/SMB-3)
Fluxys Belgium’s commitment to sustainability is an
integral part of our integrated strategic framework to
accelerate the energy transition as an essential
infrastructure company. For more information about our
governance and strategy, see the sections ‘Our
governance’, ‘Our strategic framework’ and ‘How we
are helping to speed up the energy transition’.
Climate transition plan for climate change mitigation (ESRS
E1-1/2/3)
Policy, metrics, targets and actions
For the policies (ESRS E1-2), actions (ESRS E1-3), targets
(ESRS E1-4) and metrics (ESRS E1-5/6/7), see the
dedicated points in the sections ‘Transport of
molecules for a carbon-neutral future’ and ‘Reduce our
own GHG emissions’.
Investment plan and funding (ESRS E1-1)
In 2024, Fluxys Belgium approved its indicative
investment plan (CapEx) for the period 2025-2034. In
total, the programme represents investments
worth €8.3 billion. Over 90% of the 10-year investment
plan focuses on building infrastructure to transport
molecules for a low-carbon future and reducing our
own greenhouse gas emissions, the two key
components of our transition plan.
The funding of the transition plan will be covered by
a mix of equity, external debt and other sources of
funding (e.g. subsidies), as applicable.
Policies and systems to manage risks and monitor the
material impacts of climate change (ESRS E1-2/3/SBM-3)
Climate-related risks encompass both physical and
transition risks.
• Physical risks refer to the direct impacts of climate
change on our assets and operations, such as
extreme weather events and long-term shifts
in climate patterns, which could potentially affect the
integrity and functionality of our infrastructure,
including pipelines.
• Transition risks, on the other hand, arise from the
societal and economic shifts required to move
towards a low-carbon economy. These include
regulatory changes, market dynamics, and
technological advancements that could impact our
business model and asset valuation.
Understanding both types of risk is crucial for
developing robust strategies to ensure the resilience
and sustainability of our operations. In the following
sections, we will analyse both physical and transition
risks in detail to provide a comprehensive assessment.
These risk assessments also constitute our resilience
analysis. More information about the way we
conducted these risk assessments can be found in the
section ‘Our risk management’.
Financial resources (CapEx) allocated to action plans
(2025-2034)
Facilitating green gas in the
natural gas networks
Hydrogen infrastructure
CO
2
infrastructure
Reducing our own green
house gas emissions
8%
43%
45%
3%
1%
Other

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Climate-related physical risks (ESRS E1 IRO-1 and SBM-3)
Assessment of climate-related physical risks
Value chain Time
horizon
Analysis Measures
Physical climate risk - Assets:
In a >4 °C scenario, severe and more
frequent hazards (storms, floods, rising sea
levels, wildfires) could damage pipelines,
installations and storage facilities, impacting
safety, availability and costs.
Direct operations
- downstream
Long
term
Low
(a)
• Processes and construction
standards
• HSE Policy and periodic audits
• General emergency plan and
incident response
(a) Quantification of material climate-related risks is required to address the material climate-related impacts, risks and opportunities. Since Fluxys
Belgium has not identified the energy consumption of its own activities or physical climate hazards as potentially having a material impact,
quantification is not required.
Policies and systems to monitor the
material impacts of climate-related
physical risks
Fluxys Belgium has processes in place and uses
construction standards to mitigate climate-related
impacts on its assets.
Our efforts to manage climate change risks stem from
the Health, Safety and Environment (HSE) Policy. The
Environmental Management System provides the
framework for managing, monitoring and improving
measures. Internal and external audits are also carried
out periodically. Moreover, this system includes
environmental impact assessments listing possible
preventive and mitigating measures to minimise
impacts, a monitoring approach and a complaints
management structure.
Fluxys Belgium’s general emergency plan is also part
of the HSE Policy and documents the overarching
methodology for responding to incidents on its
networks. Among other things, this plan also details the
crisis organisation, sets out the most likely incident
scenarios and provides guidance on the steps to be
taken in the event of an incident. The members of the
crisis team undergo specific training, and emergency
drills are also regularly organised in order to ensure the
team’s responsiveness.
Description of the risk management
process used to assess climate-
related physical risks
Step 1: Identification
The exposure of our assets to physical climate risks is
assessed through an annual impact analysis for each
identified hazard.
Step 2: Assessment
The hazard frequency change and vulnerability were
used to determine the impact score for each hazard
assessed. Mitigation measures help Fluxys reduce its
overall physical risks.
Step 3: Outcome of the risk assessment
According to Fluxys Belgium’s defined materiality
threshold, none of the physical risks assessed
were classified as material in the short (one year),
medium (five years), long (ten years) or longer term (to
2050). Fluxys Belgium has implemented relevant
mitigation actions that reduce the physical risk impact
scores to below the materiality threshold.
Quantification of material physical risks is required (in
terms of monetary value and as a percentage (%) of
total assets as at the reporting date) within three years
of reporting. Since Fluxys Belgium has not identified
any physical risks as material, quantification is not
required.

105
Insight into the process used to
identify and assess climate-related
risks for Fluxys Belgium and its value
chain
Scenarios and sources used for the
physical risk assessment
The high emissions scenario used in this analysis is the
SSP5-8.53 from the IPCC AR6.4 This scenario is
consistent with a future in which there have been no
policy changes to reduce emissions and is
characterised by increasing greenhouse gas emissions
that lead to extreme changes in global weather
patterns. Where information was unavailable, this
scenario was used in conjunction with the
corresponding RCP 8.55 high emissions scenario.
Physical climate risks were identified for the various
timeframes assessed using hazards, vulnerability and
expert insights as input for the climate-related scenario
analysis conducted for Fluxys Belgium.
3. Shared Socioeconomic Pathway
4. Sixth Assessment Report of the United Nations Intergovernmental Panel on Climate Change
5. Representative Concentration Pathway
Physical climate hazards assessed
The hazards assessed are the most
common climate hazards considered globally:
• Floods
• Convective storms/tropical cyclones
• Wildfires
• Rising sea levels
• Heatwaves
• Drought
Those hazards have been analysed in terms of their
impact on the safety of employees and residents living
in the vicinity of gas infrastructure, on the availability of
infrastructure and in terms of financial impact.
This analysis was conducted for the different types of
assets: pipelines and installations.
Scenario timeframe considered
Varying scenario timeframes (2030-2050) were used to
assess the change in climate hazards in the scenario
analysis.
Climate-related transition risks and opportunities
(ESRS E1 IRO-1 and SBM-3)
Assessment of climate-related transition risks and opportunities
Climate-related transition risks
Risk type Value chain Time
horizon
Analysis Measures
Transition – Market
The role of natural gas in the future energy
mix - drop in demand for natural gas could
lead to some Fluxys infrastructure no longer
being used, loss of revenues
Downstream Long
term
High • Development of new activities to
accelerate the energy transition
(see also 'Transition plan for climate
change mitigation and adaptation')
Transition – Technology
Difference in timing between capital
investments needed in new molecules vs
a market that is not yet generating revenues
Direct
operations
Downstream
Long
term
Medium
high
• Investment plan for the development
of a multi-molecule network
Transition – GHG emissions
Failure to meet emissions targets Direct
operations
Long
term
Medium
high
• Go4 Net0 (incl. MethER) programme
to achieve the reduction targets
Climate change – Energy consumption
Fluxys’ activities could require greater
energy consumption
Direct
operations
Medium
term
Low
(a)
• Use of technology to boost energy
efficiency
(a) Quantification of material climate-related risks is required to address the material climate-related impacts, risks and opportunities. Since Fluxys
Belgium has not identified the energy consumption of its own activities or physical climate hazards as potentially having a material impact,
quantification is not required.

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Climate-related transition opportunities
6. International Energy Agency.
7. European Network of Transmission System Operators for Gas.
8. Task Force on Climate-related Financial Disclosures.
Risk type Value chain Time
horizon
Analysis Measures
Transition – H
2
market
Revenues from transmission, terminalling
and storage of hydrogen
Downstream Long
term
High • Objectives and commitment regarding
the transport of new molecules
• Investment plan
Transition – Carbon market
Revenues from transmission and
terminalling of CO
2
Downstream Long
term
Medium
high
• Objectives and commitment regarding
the transport of new molecules
• Investment plan
Transition – Biomethane market
Revenues from biomethane transmission Downstream Medium
term
Medium
low
• Objectives and commitment regarding
the transport of new molecules
• Investment plan
Policies and systems to monitor the
material impacts of physical climate-
related transition risks
See ‘Policies and systems to manage risks and monitor
the material impacts of climate change’ (ESRS E1-2/3/
SBM-3) in the section ‘Transition plan for climate
change mitigation and adaptation’.
Description of the risk management
process used to assess transition
risks and opportunities
Step 1: Identification
Fluxys Belgium identified key climate transition risks
and opportunities by looking at:
• key changes to the gas transport sector (e.g.
technological changes or upcoming regulations, the
region (Belgium), society’s energy consumption and
demand, and the impact of geopolitical events);
• the key mechanisms and driving forces taken into
consideration (e.g. goal of carbon neutrality by
2050, policies (e.g. EU Emissions Trading System
(ETS)) and market interests, e.g. growth of the H
2
and CO
2
market);
• Fluxys Belgium’s existing strategy;
• Fluxys Belgium’s entire value chain (supply chain,
own activities and downstream market).
Step 2: Assessment
With the aid of internal experts, the various transition
risks and opportunities have been analysed to
determine their financial impact on Fluxys. Mitigation
measures help Fluxys reduce these risks.
Step 3: Outcome of the risk and
opportunities assessment
Of the key transition risks and opportunities impacting
Fluxys Belgium identified through the scenario analysis,
three out of four risks are considered material in
the long and longer term. All risks and opportunities
identified were also analysed and quantified, taking
into account existing and planned mitigation measures.
Insight into the process used to
identify and assess climate transition
risks and opportunities
Scenarios and sources used for the
assessment
The climate scenario in line with limiting global warming
to 1.5 °C is the Net Zero Emissions (NZE) by 2050
scenario.
For the purposes of Fluxys Belgium’s assessment of
transition risks and opportunities, three key information
sources were used, namely the IEA,
6
ENTSOG’s
7
TYNDP and Fluxys’ Energy Outlook 2030 and 2050.
These sources were supplemented by additional
research documents when required (e.g. latest IPCC
study, published in April 2022).
The climate-related scenario analysis, alongside expert
insight, aided the assessment of the risks and
opportunities identified for Fluxys Belgium.
Transition events analysed
The transition risks and opportunities were analysed
throughout the value chain using the transition risk
categories from the TCFD,
8
namely:
• Regulation
• Market
• Technology

107
Scenario timeframe considered
• Varying timeframes (2030-2050) were used to
assess the change in transition events in the
scenario analysis.
• Extrapolation was used to analyse the impact in the
short (one year) and long term (ten years) for
integration into Fluxys Belgium’s ERM matrix and
processes.
Reduce our own GHG emissions
Summary
ESG strategy
Topic Impact materiality
(ESRS 2 SBM-3)
Risk
(ESRS 2 SBM-3)
Negative Actual
Become a
net-zero company
that preserves
natural capital
Reduce our own GHG
emissions
Fluxys Belgium’s activities
generate greenhouse gases
(CH
4
and CO
2
), which
exacerbate climate change.
Long term
Fluxys Belgium may run
financial and reputational
risks if it fails to achieve
its greenhouse gas emission
targets (CO
2
and CH
4
).
Impact scores (from DMA) Impact on society: 5 Financial impact: MH
Measures
Policies Actions
Fluxys Health, Safety and Environment Policy • Reduce CO
2
emissions
• Reduce methane emissions (MethER
programme)
• Contract green electricity and produce our
own renewable electricity
• Engagement with suppliers
Target
Target definition Status Result 2024
Scopes 1 and 2: Our ambition is to
reduce our Scope 1 and 2
emissions
(a)
by 50% by 2025, by
67% by 2030 and by 80% by 2035
and reach net zero by 2050
compared to the baseline year of
2017 (250 ktCO
2
eq).
On track
131 ktCO
2
eq (Scope 1 and
2 market-based), i.e. -48%
compared to our reference
year (2017)
Scope 3: Our ambition is to reduce
our Scope 3 emissions (excluding
categories directly linked to the
development of our infrastructure)
(b)
by 50% by 2030 compared to the
base year of 2023 (60 ktCO
2
eq).
Achieved
More than 50% reduction
compared to our reference
year (2023)
(a) Market-based
(b) I.e. excluding categories 3.1 Purchases of goods and services and 3.2 Capital goods that are directly linked to the development of our infrastructure.
For the analysis of climate-related physical and
transition risks, see ‘Transition plan for climate change
mitigation and adaptation’.
rejet AVEC notes bas de page

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rejet AVEC notes bas de page
Policies related to reducing our own GHG emissions
9. Market-based
Fluxys Health, Safety and
Environment Policy (ESRS E1–2)
We have formalised our commitment for Fluxys Belgium
to cut emissions within our Health, Safety and
Environment Policy. This policy covers well-being at
work, the integrity of our assets and commitments to
the climate targets.
Actions related to reducing our own GHG emissions (ESRS
E1-3/7)
The description of our actions across Scopes 1, 2 and 3
can be found in the section ‘How we are reducing our
own climate impact’. More information about the nature
of Scope 1, 2 and 3 emissions are provided in the
annex ‘Methodology for calculating greenhouse gas
emissions’. More information on the financial resources
allocated to the actions to reduce greenhouse gas
emissions can be found in the ‘Transition plan’ section.
The need to offset some of our carbon emissions has
yet to be assessed.
Locked-in emissions
Our assessment identified the following locked-in
Scope 1 emissions:
• CO
2
emissions from heating systems in our
pressure-reducing stations
• CO
2
emissions from small devices such as
emergency generators
• Unavoidable methane emissions as residual
incompressible emissions during interventions such
as emergency interventions and some possible
fugitive emissions identified during Leak Detection
and Repair (LDAR) campaigns. Based on this
assessment, the financial impact of locked-in
emissions is deemed to be below the materiality
thresholds.
Target and other metrics related to reducing our own GHG
emissions
Target (ESRS E1-4)
Fluxys Belgium has set itself the target of
reducing greenhouse gas emissions from its own
operational activities to become net zero by 2050. This
target includes Scope 1 and Scope 2 emissions,9 i.e.
direct emissions linked to our own activities and
indirect emissions linked to the generation of the
electricity we consume respectively.
Specific sub-targets have been defined, i.e. reduce
GHG emissions (compared to 2017 levels, which serves
as the current base year):
• by 50% by the end of 2025;
• by 67% by the end of 2030;
• by 80% by the end of 2035;
• net zero by 2050.
These targets for Scopes 1 and 2 are compatible with
a sustainable economy in line with the Paris Agreement
and with the goal of climate neutrality by 2050. They
are based on the use profile of Zeebrugge LNG
Terminal in 2022 and the expected reduction in CO
2
emissions at the facility through the use of open rack
vaporisers (ORVs) using the heat from seawater, as well
as a combination of other actions under the Go4 Net0
(incl. MethER) programmes. Fluxys has no EU ETS
objectives.
Target definition Status Result 2024 Result 2023
Scopes 1 and 2: Our ambition is to reduce our Scope 1 and 2
emissions
(a)
by 50% by 2025, by 67% by 2030 and by 80%
by 2035 and reach net zero by 2050 compared to the base year
of 2017 (250 ktCO
2
eq).
On track
131 ktCO
2
eq, i.e.
-48% compared to our
base year (2017)
287 ktCO
2
eq
This year, we significantly reduced our Scope 1 and 2
emissions20 compared to 2023, thanks to
a combination of the three additional ORVs
commissioned in late 2023 at our Zeebrugge terminal
and a relatively lower level of activity. We are on track
to meet our 2025 target, even though its achievement
will depend on the level of activity at our terminal.

109
This year, we significantly reduced our Scope 1 and 2
emissions20 compared to 2023, thanks to
a combination of the three additional ORVs
commissioned in late 2023 at our Zeebrugge terminal
and a relatively lower level of activity. We are on track
to meet our 2025 target, even though its achievement
will depend on the level of activity at our terminal.
10. I.e. excluding categories 3.1 Purchases of goods and services and 3.2 Capital goods that are directly linked to the development of our infrastructure.
This year, we decided to set a target to reduce our
Scope 3 emissions (excluding categories directly linked
to the development of our infrastructure)
10
by 50% by
2030 (compared to 2023, which serves as the base
year, where these amounted to 60 ktCO
2
eq). This
target is mainly based on the expected reduction of
natural gas consumption at the terminal, through the
use of ORVs using the heat from seawater.
Target definition Status Result 2024 Result 2023
Scope 3: Our ambition is to reduce our Scope 3 emissions
(excluding categories directly linked to the development of our
infrastructure)
(a)
by 50% by 2030 compared to the base year of
2023 (60 ktCO
2
eq).
Achieved
More than 50%
reduction compared
to our reference year
(2023)
60 ktCO
2
eq
(a) I.e. excluding categories 3.1 Purchases of goods and services and 3.2 Capital goods that are directly linked to the development of our infrastructure.
In 2024, this target was already achieved thanks to
a reduction in our Scope 3 Category 3 emissions (Fuel-
and energy-related activities). This is due to
a combination of the three additional ORVs
commissioned in late 2023 at our Zeebrugge terminal
and a relatively lower level of activity. We will strive to
keep these Scope 3 emissions (excluding categories
directly linked to the development of our
infrastructure)2 low in the coming years, and under 30
ktCO
2
eq/year by 2030 (-50% compared to our base
year of 2023).
Other metrics (ESRS E1-5, 6)
Energy consumption and mix (ESRS E1-5)
KPI Unit 2024 2023
Total energy consumption linked to our own activities MWh 515,837 1,416,017
(1) Fuel consumption from coal and coal products MWh 0 0
(2) Fuel consumption from crude oil and petroleum products MWh 9,465 10,132
(3) Fuel consumption from natural gas MWh 401,210 1,182,975
(4) Fuel consumption from other fossil sources MWh 0 0
(5) Consumption of purchased or acquired electricity, heat, team, and cooling
from fossil sources
MWh 282 128
(6) Total fossil energy consumption (calculated as the sum of lines 1 to 5) MWh 401,956 1,193,235
Share of fossil sources in total energy consumption % 80 84
(7) Consumption from nuclear sources MWh 0 0
Share of consumption from nuclear sources in total energy consumption % 0 0
(8) Fuel consumption from renewable sources, including biomass (also
comprising industrial and municipal waste of biologic origin, biogas, renewable
hydrogen, etc.)
(a)
MWh 645 0
(9) Consumption of purchased or acquired electricity, heat, steam, and cooling
from renewable sources
MWh 104,178 222.767
(10) The consumption of self-generated non-fuel renewable energy MWh 57 15.22
(11) Total renewable energy consumption (calculated as the sum of lines 8 to
10)
MWh 104,881 222,782
Share of renewable sources in total energy consumption % 20 New
Total energy consumption (calculated as the sum of lines 6 and 11) MWh 515,837 1,416,017
Energy intensity based on net revenue
(b)
MWh/M€ 651
(c)
New
(a) Via Green Gas Certificates issued by greengasregister.be
(b) Fluxys operates in a high climate impact sector (transport, terminal and storage of natural gas) for all its activities.
(c) Calculation method:
Total energy consumption from activities in high climate impact sector (MWh)
Net revenue from activities in high climate impact sector (million €)
The net revenue can also be found in the section ‘Financial situation’.

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Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our ESG performance
Gross Scope 1, 2, 3 emissions and total greenhouse gas emissions (ESRS E1-6)
Unit 2024 2023 2017
(base year)
% change
(2024 compared
to base year)
Scope 1 GHG emissions
Gross Scope 1 GHG emissions tCO
2
eq 130,782 286.912 234.259 -44%
Biogenic emissions of CO
2
from the
combustion or bio-degradation of
biomass not included in Scope 1 GHG
emissions
tCO
2
eq 128 New New n/a
Percentage of Scope 1 GHG emissions
from regulated emission trading
schemes
(a)
% 43 68 20 -36%
Scope 2 GHG emissions
Gross location-based Scope 2 GHG
emissions
tCO
2
eq 11,711 28,954 16,155 -60%
Gross market-based Scope 2 GHG
emissions
tCO
2
eq 47 17 16,155 178%
Significant Scope 3 GHG emissions
Total gross indirect (Scope 3) GHG
emissions (tCO
2
eq)
tCO
2
eq 66,944 215,664 New -69%
1. Purchased goods and services tCO
2
eq 39,110
Not published
in 2023 annual
report
New n/a
2. Capital goods tCO
2
eq 7,249
Not published
in 2023 annual
report
New n/a
3. Fuel- and energy-related
Activities (not included in Scope 1 or
Scope 2)
tCO
2
eq 18,467
Not published
in 2023 annual
report
New n/a
4. Upstream transportation and
distribution
tCO
2
eq 967
Not published
in 2023 annual
report
New n/a
5. Waste generated in operations tCO
2
eq 22
Not published
in 2023 annual
report
New n/a
6. Business travel tCO
2
eq 188
Not published
in 2023 annual
report
New n/a
7. Employee commuting tCO
2
eq 941
Not published
in 2023 annual
report
New n/a
8. Upstream leased assets Not applicable
(b)
9. Downstream transportation Not applicable
(c)
10. Processing of sold products Not applicable
(d)
11. Use of sold products Not applicable
(e)
12. End-of-life treatment of sold
products
Not applicable
(f)
13. Downstream leased assets Not applicable
(g)
14. Franchises Not applicable
(h)
15. Investments Not significant
(i)
Total GHG emissions
Total GHG emissions (location-based) tCO
2
eq 209,437 531,530 New -61%
Total GHG emissions (market- based) tCO
2
eq 197,773 502,593 -61%
Intensity of GHG emissions based on
net revenue
(j)
(location-based)
tCO
2
eq/M€ 264 New n/a
Intensity of GHG emissions based on
net revenue
(k)
(market-based)
tCO
2
eq/M€ 250 609 New -59%

111
(a) Calculation method:
GHG emissions in (tCO
2
eq) from EU ETS installations + national ETS installations + non-EU ETS installations
Scope 1 GHG emissions (t CO
2
eq)
(b) Fluxys Belgium does not have upstream leased assets.
(c) Owing to the nature of our activities, there are no GHG emissions linked to downstream transportation that are applicable to Fluxys.
(d) Owing to the nature of the services we offer, there are no GHG emissions linked to the processing of sold products that are applicable to Fluxys.
(e) Fluxys sells transmission, terminalling and storage services; it does not own the gas that flows through its infrastructure. As such, the emissions from
the combustion of the gas by end users cannot be included in the GHG Protocol's GHG Scope 3 Category 11 ‘Use of sold products’ in Fluxys’ GHG
inventory. It is therefore not applicable to Fluxys.
(f) Owing to the nature of the services we offer, there are no emissions linked to the end-of-life treatment of sold products.
(g) Fluxys Belgium does not have downstream leased assets.
(h) Fluxys Belgium does not have franchises.
(i) Fluxys Belgium has very limited investments, and the linked GHG emissions are not significant.
(j) The net revenue can also be found in the section ‘Financial situation’.
(k) The net revenue can also be found in the section ‘Financial situation’.
The GHG calculation methodology is explained in
‘Annex: Methodology for calculating greenhouse gas
(GHG) emissions’.
Unit 2024 2023
Internal carbon pricing: carbon price per tonne of CO
2
emissions € 98.81 116.37
Fluxys uses internal carbon pricing (shadow price, e.g.
applied to CapEx) to help inform specific investment
decisions internally, across its different activities. The
internal carbon price for CO
2
is based on the average
EU ETS price over the previous 50 days’ moving
average (DMA) plus 50%, and it is revised every three
months.

112
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our ESG performance
The results of the National Trends, Distributed Energy
and Global Ambition scenarios for Belgium show
energy demand gradually and partially shifting away
from fossil fuels and being replaced by other energy
vectors including electricity, biomass and biomethane,
synthetic methane, biofuels, e-fuels, hydrogen and
hydrogen derivatives.
2019
500
450
400
350
300
250
200
150
100
50
0
2030-NT 2040-GA 2040-DE 2050-GA 2050-DE
TWh/y
ENTSO TYNPD 2024 Demand Scenarios
Hydrogen MethaneElectricity
Biofuels SolidsHeat Liquids
Transport of molecules for a carbon-
neutral future
Using climate-related scenarios to underpin our
infrastructure transition plan
Thanks to the use of climate-related scenarios and
output from its commercial process, Fluxys Belgium can
propose a tangible infrastructure transition plan (see
‘How we are helping to speed up the energy
transition’).
The ENTSO-E and ENTSOG climate-related scenarios
(the National Trends scenario for 2030 and the
Distributed Energy and Global Ambition scenarios for
2040 and 2050) show different pathways to
achieving climate neutrality in the EU-27 by 2050,
including at least a 55% reduction in emissions by
2030.
• National Trends scenario: this scenario should be
in line with the national energy and climate policies
derived from European targets.
• Distributed Energy scenario: this scenario seeks to
achieve EU energy autonomy based on the
maximisation of indigenous renewable energy
sources and smart sector integration. It translates
into both a societal change in behaviour and
a strong decentralised drive towards
decarbonisation through local initiatives by citizens,
communities and businesses, supported by
authorities. This would maximise renewable energy
generation in Europe and lead to a significant drop
in energy imports.
• Global Ambition scenario: this scenario is driven by
a global approach which translates into the
development of a wide range of renewable and low-
carbon technologies (many being centralised) and
the use of the global energy trade as a tool to
accelerate decarbonisation. Economies of
scale lead to lower costs in technologies such as
offshore wind but imports of decarbonised energy
from various sources are also considered a viable
option.

113
Summary
ESG strategy
Topic Impact materiality
(ESRS 2 SBM-3)
Risk
(ESRS 2 SBM-3)
Positive Potential
Accelerate the
energy transition
with infrastructure
able to transport
various molecules,
both now and
in the future
Climate change mitigation and
adaptation: transporting the
molecules for a carbon-neutral
future
In Belgium, Fluxys Belgium
intends to be an important
partner in society’s energy
transition to a low-carbon
economy by means of
innovative projects and major
investments in:
• the terminalling, transport
and storage of low-carbon
molecules (H
2
, biomethane,
etc.);
• transport for the storage and
reuse of CO
2
and the
terminalling of CO
2
for
export.
Medium term
Fluxys Belgium may fail to
achieve its transition
objectives. It may also face
the financial risk of the H
2
and CO
2
markets not
developing at the same pace
as the investments made.
Impact scores (from DMA) Impact on society: 5 Financial impact: H
Measures
Policies Actions
We are committed to getting ready for future
molecules; this is a core component of our
overall strategy: Secure, Expand and Connect.
• Building pipelines that are fit to transport
the molecules for a carbon-neutral future
• Participation in multiple infrastructure
projects for the terminalling, transport and
storage of molecules for a carbon-neutral
future
• Appointment as hydrogen network operator
in Belgium
• Cooperation with other transmission system
operators (TSOs) on the development of
hydrogen and CO
2
infrastructure
More information about these actions can be found in the section ‘Our strategy in practice
– Expand’.
Target
Target definition Status Result 2024
From 2024 onwards, in addition
to new H
2
and CO
2
pipeline
projects, 90% of the total length
of our new major CH
4
pipeline
projects
(a)
should be designed
and built to transport low-carbon
molecules or CO
2
.
Achieved
100%
(23.5 km of multi-molecule
pipelines commissioned
between Zele and Opwijk
and ~10 km Fexhe-Les
Awirs)
(a) A major pipeline is one that is at least 5 km long.

114
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our ESG performance
Policy related to the transport of molecules for a low-carbon
future
In order to fulfil our transition objectives while
mitigating the uncertainties surrounding the speed of
development of the H
2
and CO
2
markets, we are
building infrastructure fit to transport multiple types of
molecule in the future. The transport of molecules for
a carbon-neutral future is a core component of our
overall strategy: Secure, Expand and Connect.
More information on our strategy can be found in
the ‘Fluxys Belgium in a nutshell’ section.
Actions related to the transport of molecules for a carbon-neutral future
(ESRS E1-3)
While Fluxys Belgium currently transports natural gas
(mainly methane), we are preparing to transport
molecules that support a carbon-neutral future, such as
hydrogen and CO
2
in gaseous form. Our network must
be ready to transport these low-carbon molecules as
well as CO
2
.
In 2024, we successfully completed the construction
and commissioning of the Desteldonk-Opwijk pipeline.
The section linking Desteldonk to Zele (20.5 km) had
already been commissioned in 2023, and the remaining
section linking Zele and Opwijk (23.5 km) was
commissioned in 2024. This is the first pipeline laid by
Fluxys that has been designed to be fit to transport
hydrogen.
Moreover, our second project, connecting Les Awirs to
Fexhe, was commissioned in 2024, spanning a distance
of approximately 10 km. The procedures followed
during the construction of this pipeline will ultimately
make it possible to supply Les Awirs power plant with
hydrogen.
The financial resources allocated to these new
pipelines are included in the taxonomy numbers, see
the section ‘EU taxonomy for sustainable economic
activities’.
Target and other metrics related to the transport of
molecules for a carbon-neutral future
Target (ESRS E1-4, company-specific)
Target definition Status Result 2024 Result 2023
From 2024 onwards, in addition to new H
2
and CO
2
pipeline
projects, 90% of the total length of our new major CH
4
pipeline
projects
(a)
should be designed and built to transport low-carbon
molecules or CO
2
.
Achieved
100 %
(23.5 km of mul-
ti-molecule pipe-
lines commissioned
between Zele and
Opwijk and ~10 km
Fexhe-Les Awirs
New
(a) A major pipeline is one that is at least 5 km long.
Other metrics
The table below sets out the details of the specific
pipelines commissioned in 2024 and 2023 that serve
as the basis for computing the target.
Total length
(km)
(a)
Length compatible with the transport
of low-carbon molecules or CO
2
(km)
Commissioning of major pipelines
(b)
in 2024
Pipeline from Zele to Opwijk 23.5 23.5
Pipeline from Fexhe to Les Awirs 10 10
(a) Calculation method: All pipes are systematically catalogued in a Geographic Information System (GIS) tool, which relies on GPS coordinates.
Using this tool, we extract the total length of the pipeline, ensuring accurate length calculations taking into account the pipeline’s curvature and
terrain variations.
(b) A major pipeline is one that is at least 5 km long.

115
EU taxonomy for sustainable economic
activities
Context
The European Commission has rolled out a sustainable
finance action plan. According to the Taxonomy
Regulation and delegated acts, companies like Fluxys
Belgium must specify which of their activities are
environmentally sustainable.
Companies must indicate what proportion of their
activities contribute to the six environmental objectives
defined by the Commission, namely:
• climate change mitigation;
• climate change adaptation;
• sustainable use and protection of water and marine
resources;
• transition to a circular economy;
• pollution prevention and control;
• protection and restoration of biodiversity and
ecosystems.
Economic activities making a significant contribution
to climate change mitigation
For 2024, Fluxys Belgium first assessed the eligibility of
its economic activities in view of all six objectives.
Only the objective related to climate change mitigation
(CCM) is relevant to our activities.
Secondly, Fluxys Belgium examined which of its
activities could be considered as being eligible under
the EU taxonomy. It has identified the following
economic activities:
• CCM 4.14) Transmission and distribution networks
for renewable and low-carbon gases
• CCM 5.11) Transport of CO
2
Those categories of eligible economic activities
encompass the following Fluxys activities:
CCM 4.14) Transmission and distribution networks for
renewable and low-carbon gases
• Construction and operation of installations related
to the transport of hydrogen and other renewable
and low-carbon gases, and related activities (e.g.
ammonia terminalling and cracking,
regasification, liquefaction)
• Modification of the existing natural gas transmission
system to allow the transport of hydrogen and other
renewable and low-carbon gases
• Research, development and innovation related to
the transport of hydrogen and other renewable
and low-carbon gases, including the modification of
the existing transmission system
• Leak detection activities and other activities to
reduce methane emissions
CCM 5.11) Transport of CO
2
• Construction and operation of installations related
to the transport of CO
2
, and related activities (e.g.
compression)
• Modification of the existing natural gas transmission
system to allow the transport of CO
2
• Research, development and innovation related to
the transport of CO
2
, including modification of the
existing transmission system
All those eligible activities are also aligned as they
meet the technical screening criteria as well as the ‘Do
no significant harm’ and ’Minimum Safeguards’
requirements:
• Technical screening criteria
–CCM 4.14 – We are building new multi-molecule
infrastructure, and we are taking the necessary
measures to transform the existing network into
one able to transport renewable and low-carbon
gases. We also detect and repair methane leaks
and cut greenhouse gas emissions.
–CCM 5.11 – For the transport of CO
2
, we will apply
appropriate leak detection systems and respect
the leakage thresholds, and the CO
2
to be
transported will be delivered to permanent storage
sites.

116
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our ESG performance
• Do no significant harm (DNSH)
–The economic activities related to climate change
mitigation were assessed to ensure that they do not
significantly harm the other five objectives. In this
regard, we refer to the various assessments that
already exist within the company, especially the
environmental impact assessments and the climate
risk assessments.
• Minimum Safeguards – Thanks to a series of
internal policies and control mechanisms, Fluxys
Belgium ensures that appropriate limitations are
placed on risks related to corruption, failure to
respect human rights, unfair competition and tax
fraud. In 2024, Fluxys Belgium was not prosecuted
or convicted for any violation of anti-corruption and
anti-bribery laws, human rights, tax laws or fair
competition practices.
From the above, it can be concluded that the
aforementioned Fluxys activities can be considered as
aligned with the EU taxonomy.

117
Turnover
In 2024, no revenue was generated from the sale of
transmission capacity for renewable or low-carbon
gases. Transmission of biomethane only began in
autumn 2024, so the associated revenues were not
significant that year.
Proportion of turnover from products or services associated with taxonomy-
aligned economic activities
Financial year
N
2024 Substantial contribution
criteria
DNSH criteria
(Do no significant harm)
Economic
activities
Code(s) Turn-
over
Proportion
of
turnover,
year N
Climate change mitigation
Climate change adaptation
Water
Pollution
Circular economy
Biodiversity
Climate change mitigation
Climate change adaptation
Water
Pollution
Circular economy
Biodiversity
Minimum Safeguards
Proportion of taxonomy-
aligned (A.1.) or -eligible (A.2.)
turnover, year N-1
Category enabling activity
Category transitional activity
m€ % Y / N
N/EL
Y / N
N/EL
Y / N
N/EL
Y / N
N/EL
Y / N
N/EL
Y / N
N/EL
Y / N Y / N Y / N Y / N Y / N Y / N Y / N % E T
A. Taxonomy-eligible activities
A.1. Environmentally sustainable activities (taxonomy-aligned)
Transmission and
distribution net-
works for renew-
able
and low-carbon
gases
CCM 4.14 0 0% Y N N N N N Y Y Y Y Y Y Y 0%
Transport of CO
2
CCM 5.11 0 0% Y N N N N N Y Y Y Y Y Y Y 0%
Turnover of environmentally
sustainable activities
(taxonomy-aligned) (A.1)
0 0% Y N N N N N Y Y Y Y Y Y Y 0%
Of which enabling
0 0% 0% E
Of which transitional 0 0% 0% T
A.2. Taxonomy-eligible but not environmentally sustainable activities (non-taxonomy-aligned activities)
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
Turnover of taxonomy-eli-
gible but not environmen-
tally sustainable activities
(non-taxonomy-aligned
activities) (A.2)
0 0% 0% 0% 0% 0% 0% 0% 0%
A. Turnover of taxonomy-
eligible activities (A.1+A.2)
0 0% 0% 0% 0% 0% 0% 0% 0%
B. Non-taxonomy-eligible activities
Turnover of non-taxonomy-
eligible activities
608.8 100%
TOTAL 608.8 100%
The majority of Fluxys Belgium’s 2024 turnover came
from fossil-fuel-related activities, i.e. transmission,
storage and terminalling of natural gas (ESRS E1-1,
SBM-1). Details on Fluxys Belgium’s turnover can be
found in the ‘Financial situation’ section of the annual
report, B. Consolidated income statement and Note 4.
Income statement and operating segments.

118
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our ESG performance
Capital expenditure
In 2024, taxonomy-aligned capital expenditure mainly
included investments in connection with building multi-
molecule infrastructure. We also built the facility for the
injection of biomethane into our pipeline network in
Lommel (Green Logix).
Proportion of CapEx from products or services associated with taxonomy-
aligned economic activities
Financial year N 2024 Substantial contribution
criteria
DNSH criteria
(Do no significant harm)
Economic activities Code(s) CapEx Proportion
of CapEx,
year N
Climate change mitigation
Climate change adaptation
Water
Pollution
Circular economy
Biodiversity
Climate change mitigation
Climate change adaptation
Water
Pollution
Circular economy
Biodiversity
Minimum Safeguards
Proportion of taxonomy-
aligned (A.1.) or -eligible (A.2.)
CapEx, year N-1
Category enabling activity
Category transitional activity
M€ % Y / N
N/EL
Y / N
N/EL
Y / N
N/EL
Y / N
N/EL
Y / N
N/EL
Y / N
N/EL
Y / N Y / N Y / N Y / N Y / N Y / N Y / N % E T
A. Taxonomy-eligible activities
A.1. Environmentally sustainable activities (taxonomy-aligned)
Transmission and
distribution net-
works for renew-
able
and low-carbon
gases
CCM 4.14 28.0 25% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 31%
Transport of CO
2
CCM 5.11 0 0% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0% E
CapEx of environmentally
sustainable activities (taxono-
my-aligned) (A.1)
28.0 25% 25% 0% 0% 0% 0% 0% Y Y Y Y Y Y Y 31%
Of which enabling 0 0% 0% E
Of which transitional 0 0% 0% T
A.2. Taxonomy-eligible but not environmentally sustainable activities (non-taxonomy-aligned activities)
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
CapEx of taxonomy-eligible
but not environmentally
sustainable activities (non-
taxonomy-aligned activities)
(A.2)
0 0% 0%
A. CapEx of taxonomy-
eligible activities (A.1+A.2)
28.0 25% 25% 0% 0% 0% 0% 0% 31%
B. Non-taxonomy-eligible activities
CapEx of non-taxonomy-
eligible activities
84.0 75%
TOTAL 112.0 100%
The proportion of taxonomy-aligned CapEx in 2024
decreased compared to last year owing to lower
investments in pipelines (in 2023, significant CapEx
was allocated to the Desteldonk-Opwijk pipeline).
Details on Fluxys Belgium’s CapEx can be found in the
‘Financial situation’ section of the annual report. The
amounts of the denominator and the nominator can be
found in Note 5. Tangible assets, Note 5.1. Intangible
assets and Note 5.2. Right of use assets.

119
Operating expenses
We work with industrial partners, academic institutions
and public authorities on projects linked to the
transport of renewable or low-carbon molecules. As
such, our operating expenses include staff costs
relating to the performance of maintenance and leak
detection and repairs, including pipeline pigging,
special helicopter flights and the costs of specific
studies into the transport of renewable or low-carbon
molecules.
Proportion of OpEx from products or services associated with taxonomy-
aligned economic activities
Financial year N 2024 Substantial contribution
criteria
DNSH criteria
(Do no significant harm)
Economic activities Code(s) OpEx Proportion
of
OpEx,
year N
Climate change mitigation
Climate change adaptation
Water
Pollution
Circular economy
Biodiversity
Climate change mitigation
Climate change adaptation
Water
Pollution
Circular economy
Biodiversity
Minimum Safeguards
Proportion of taxonomy-
aligned (A.1.) or -eligible (A.2.)
OpEx, year N-1
Category enabling activity
Category transitional activity
mln.
€
% Y / N
N/EL
Y / N
N/EL
Y / N
N/EL
Y / N
N/EL
Y / N
N/EL
Y / N
N/EL
Y / N Y / N Y / N Y / N Y / N Y / N Y / N % H T
A. Taxonomy-eligible activities
A.1. Environmentally sustainable activities (taxonomy-aligned)
Transmission and
distribution net-
works for renew-
able
and low-carbon
gases
CCM 4.14 12.3 24% J N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 16%
Transport of CO
2
CCM 5.11 1.0 2% J N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0% E
OpEx of environmentally sus-
tainable activities (taxono-
my-aligned) (A.1)
13.3 26% 26% 0% 0% 0% 0% 0% Y Y Y Y Y Y Y 16%
Of which enabling 1.0 2% 2% 0% 0% 0% 0% 0% 0% E
Of which transitional 0 0% 0% T
A.2. Taxonomy-eligible but not environmentally sustainable activities (non-taxonomy-aligned activities)
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
OpEx of taxonomy-eligible
but not environmentally
sustainable activities (non-
taxonomy-aligned activities)
(A.2)
0 0% 0%
A. OpEx of taxonomy-eligible
activities (A.1+A.2)
13.3 26% 26% 0% 0% 0% 0% 0% 16%
B. Non-taxonomy-eligible activities
OpEx of non-taxonomy-
eligible activities
38.3 74%
TOTAL 51.6 100%
The increase in the proportion of OpEx in 2024 (26%
compared to 16% in 2023) is driven by additional
studies on H
2
and CO
2
projects that were carried out in
2024.
Details on Fluxys Belgium’s OpEx can be found in the
‘Financial situation’ section of the annual report, see
Note 4.2. Operating expenses.

120
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our ESG performance
Nuclear- and fossil-gas-related activities
The table below summarises the activities relating to
nuclear energy and fossil gas, as per the requirements
of the European Commission delegated regulation
(2021/2178).
Nuclear-energy-related activities
1 The undertaking carries out, funds or has exposures to research, development, demonstration and deployment
of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste
from the fuel cycle.
NO
2 The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear
installations to produce electricity or process heat, including for the purposes of district heating or industrial
processes such as hydrogen production, as well as their safety upgrades, using best available technologies.
NO
3 The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that
produce electricity or process heat, including for the purposes of district heating or industrial processes such
as hydrogen production from nuclear energy, as well as their safety upgrades.
NO
Fossil-gas-related activities
4 The undertaking carries out, funds or has exposures to construction or operation of electricity generation
facilities that produce electricity using fossil gaseous fuels.
NO
5 The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined
heat/cool and power generation facilities using fossil gaseous fuels.
NO
6 The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat
generation facilities that produce heat/cool using fossil gaseous fuels.
NO

121
Biodiversity
Information on our targets and actions related to
biodiversity can be found in the section ‘How we are
preserving biodiversity’.

122
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our ESG performance
Social
Material topics linked to social factors:
Safe and reliable infrastructure ...................................... p. 123
Employee safety and working conditions ............... p. 129
Diversity and inclusion ......................................................... p. 132
Employee engagement ........................................................ p. 135
Learning and talent development ................................ p. 139

123
Safe and reliable infrastructure
Summary
ESG strategy
Topic Impact materiality
(ESRS 2 SBM-3)
Risk
(ESRS 2 SBM-3)
Positive Actual
Accelerate the
energy transition
with infrastructure
able to transport
various molecules,
both now and
in the future
Safe and reliable infrastructure Fluxys provides its customers
with safe and reliable access
to molecules via our
infrastructure in order to
ensure the security of the
energy supply to distribution
systems, industrial customers
and power stations.
Short term
Industrial incidents and
certain cyber incidents can
damage Fluxys Belgium’s
infrastructure, endanger
people’s safety, cause
unavailability impacting
service continuity and result
in financial loss.
Impact scores (from DMA) Impact on society: 5 Financial impact: MH
Measures
Policies Actions
• HSE Policy
• Procedure for communicating with local
residents and neighbouring companies
• Preventive measures in the design,
construction, operation and end-of-life of
infrastructure
• Audited Safety Management System
• Thorough maintenance and inspection
• Emergency plan and procedure
• Health and safety training
• Cyber security measures
• Actions to ensure good neighbourly relations
Target
Target definition Status Result 2024
Zero industrial incidents having
a major impact on the safety of
employees, residents and anyone
else connected to our
infrastructure
Achieved
0 major industrial
incidents
100% of confirmed firm capacity
nominations (transport and
storage)
Achieved
100% of firm capacity
nominations fulfilled

124
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our ESG performance
Policies related to safe and reliable infrastructure
HSE Policy
The Health, Safety and Environment (HSE) Policy
focuses on the safety of employees, residents and
anyone else in the vicinity of our infrastructure. We
pledge to our stakeholders that we will act in a safe,
reliable and sustainable manner.
Fluxys invests in numerous measures, procedures and
actions to prevent incidents and accidents. Our
contractors are also bound by this policy and must live
up to our commitment to making safety our top priority.
Procedure for communicating
with local residents and neighbouring
companies
Fluxys has an information and awareness-raising policy
aimed at organising communications from Fluxys
to local residents about Fluxys infrastructure and
infrastructure projects and to a wide range of
target groups about the obligation to report third-party
works near Fluxys infrastructure.
Actions related to safe and reliable infrastructure (ESRS S1-4)
Preventive measures in the design,
construction, operation and end-of-
life of infrastructure
Preventive measures such as risk assessments and the
monitoring of standards are incorporated from the
design phase onwards.
Fluxys uses only qualified and certified contractors in
its construction projects. Moreover, the company’s
entities involved in construction projects are Safety,
Health and Environment Checklist for Contractors (SCC)
certified.
Prior to commissioning, a series of tests are carried out
under the supervision of an approved inspection body.
The condition of the pipes is then checked regularly as
part of an inspection programme. The pipelines are also
fitted with coatings and a cathodic protection system to
prevent corrosion.
Any infrastructure that will no longer have
a transmission function in the future is safely taken out
of service.
Audited Safety Management System
Fluxys has a planned, structural approach to safety, the
environment and prevention, using a Safety
Management System to ensure the longevity and
reliability of its infrastructure, including a Pipeline
Integrity Management System (PlMS).
The Safety Management System is continuously
updated to take into account the latest developments
and is also subject to periodic internal and external
audits. The Safety Management System for storage and
LNG terminalling activities is covered by the
Seveso legislation. The Federal Public Service
Employment, Labour and Social Dialogue conducts
specific inspections at both Seveso sites with the
Flemish government’s Environment Department. Within
the Safety Management System, risk assessments are
the instrument used to identify and assess the safety
aspects pertaining to the integrity of the infrastructure
and to define the safety-critical checks. The Safety
Management System also integrates in-house training
aspects relating to maintenance, prevention of damage
and work by third parties and the raising of awareness
among stakeholders such as municipalities, the fire
brigade, landowners, architects, contractors and
excavator operators.
Thorough maintenance and
inspection
Patrols (by car, helicopter or on foot) follow the route of
the pipelines to detect any anomalies. During our
patrols, we also make sure that there are no unreported
works near our pipelines in Belgium. With regard to
reported works, the patrols ensure that the planned
safety instructions are being followed.
Our main pipelines are equipped with an acoustic
detection system that makes it possible to detect where
pipelines could have been damaged. Maintenance
programmes specific to each type of facility ensure that
infrastructure remains safe and reliable throughout
its life cycle. All maintenance activities are carried out
by competent internal or external staff. Where possible,
pipelines are periodically inspected internally.
All incidents or near-incidents are investigated
thoroughly, and action is taken immediately to prevent
such incidents from recurring.
Emergency plans and procedures
With a view to limiting the impact of incidents,
Fluxys has a crisis team and emergency plans and
procedures for both its operational and ICT activities.
Central Dispatching also plays a coordinating role
should an incident be reported.
Emergency numbers are available 24 hours a day for
reporting incidents involving, or in the vicinity of, our
natural gas transmission infrastructure.

125
Fluxys’ general emergency plan documents the overall
methodology for responding to incidents. In addition,
there are specific emergency plans that define the crisis
response for different sites and operating risks.
In the event of an incident, all contact with internal and
external stakeholders is fully documented and, for each
stakeholder group, assigned to specific roles within the
crisis organisation.
The emergency plan is part of Fluxys’ Safety
Management System (SMS). The members of this crisis
team undergo specific training. We also organise
regular emergency drills to ensure that our organisation
is responsive. There are different drill types and scopes:
table-top, participation of a limited number of entities,
full-scale internal drills or even full-scale drills involving
external stakeholders. As an example of the latter type,
in 2023 we held a large-scale drill involving the FPS
and National Crisis Center (NCCN) on security of supply.
Health and safety training
Training for excavator operators
Specific training courses have been developed for all
excavator operators to make them aware of the
preventive measures to be adopted when working near
our facilities.
Employee training courses
Training and awareness-raising campaigns are also
organised for employees with a view to preventing
incidents (see section ‘Employee safety and working
conditions’).
Cyber security measures
The availability of ICT systems and industrial control
systems (ICS) is vital to the safe and reliable operation
of our infrastructure. These systems can malfunction for
various reasons. With this in mind, Fluxys implements
technical and organisational measures to ensure the
availability of its IT and ICS systems. We then track their
effectiveness by measuring the cyber maturity of the
systems.
Cyber security programme
Fluxys uses an Information Security Management
System (ISMS) to take care of structured cyber security
management.
The functioning and maturity of the management
aspects of the ISMS are scrutinised at least annually by
Internal Audit, using external specialists to this end. In
addition, each year we carry out various vulnerability
scans of internal systems and the external perimeter.
For attack and penetration testing, we call on the
services of external ethical hackers.
NIS certification
Since 2023, Fluxys has been ISO 27001 certified to
comply with the Network and Information Systems
(NIS) legislation. This certification confirms our
unwavering commitment to securing our data,
embodying a promise of trust and excellence in
information risk management.
Back-up facilities
For several systems such as those used to manage
natural gas flows on the network, back-up facilities are
in place and can be activated as soon as a malfunction
occurs, thus ensuring continued operation. These
contingencies are periodically tested by means of
disaster recovery plan drills.
Barriers against cyber threats
Our ICT approach also pays special attention to ever-
growing cyber threats (attacks, malware, phishing, etc.).
The ICT teams take technical measures to act as
a barrier against the wide variety of cyber risks. In this
context, they call on the external expertise of, for
instance, the Centre for Cybersecurity Belgium and
software suppliers to identify and close new loopholes
in the cyber net.
Operational monitoring and continuity
Operational monitoring and detection of data leaks or
attacks are performed by, among others, security
information and event management (SIEM) and end-
point detection and response (EDR) solutions, which
are monitored 24/7 by a security operations centre
(SOC). If something does go wrong, our ICT approach
focuses on ensuring continuity of service. This is done
using scenarios that are practised regularly by the ICT
teams.
Training and raising awareness
Fluxys also focuses on training and raising awareness.
In 2024, we continued to carry out several phishing
exercises (including phishing via text). We also
organised training courses on cyber hygiene (including
digital footprint) and industrial process security.

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Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our ESG performance
Actions to ensure good neighbourly
relations
At Fluxys, we provide almost a third of the energy used
by Belgium’s households and businesses. We do this
via infrastructure in almost 400 towns, cities and
municipalities, so it is only natural that we want to
establish good neighbourly relations.
Through open and ongoing dialogue, we work
alongside and listen to residents and land users in the
vicinity of our infrastructure, and we intend to be good
neighbours to all those affected by the construction
and operation of our facilities. The company also
ensures that the construction and operation of its
infrastructure cause minimal disruption.
Designated, permanent point of contact
Owners and land users have a designated point of
contact at Fluxys, right from a project’s preliminary
phase to the restoration of a site following the laying of
a pipeline or other works. This allows them to consult
with someone who is familiar with their concerns and
the features of their land from the outset. These points
of contact are members of a dedicated, specific team
specially tasked with understanding the interests
of landowners and users and addressing these in their
dealings with Fluxys.
Infrastructure construction projects
Transparent communication and
community involvement from the outset
In the case of new infrastructure projects, from the
planning phase onwards Fluxys aims to transparently
provide information to and communicate with the
relevant authorities, municipal bodies, local residents
and other parties involved about our intentions in terms
of timing and impact.
Information sessions
In the case of infrastructure projects on a larger scale,
we suggest to municipal authorities that an information
session be held for local residents before the permit
procedures are initiated. This gives residents the
chance to discuss the project and its potential impact
with us and enables us, where possible, to take on
board any feedback at the start of the project.
In addition, residents can formally ask questions about
the project by means of public surveys. During the
consultation sessions that are part of the permit
processes, complaints and comments about the project
are noted and dealt with.
Compensation for farmers, horticulturists,
foresters and hunters
Fluxys Belgium builds the vast majority of its facilities
(pipelines and above-ground stations) in areas used for
agriculture, horticulture or forest management.
However, the purpose of the land crossed remains
unchanged in the regional land-use plan. Fluxys does
not expropriate land but rather establishes easements
with landowners. With long-term good neighbourly
relations in mind, we have signed memorandums of
understanding with regard to compensation (for
agriculture) with the country’s three largest agricultural
organisations (Boerenbond, Algemeen
Boerensyndicaat (ABS) and Fédération Wallonne
de l’Agriculture), Landelijk Vlaanderen and Nature,
Terres et Forêts (NTF) and, for forestry, we have agreed
on a new memorandum of understanding with
Hubertus (the Flemish hunting association) and Saint-
Hubert (the Walloon hunting association).
These agreements set out, based on benchmark
market prices, the compensation due to those in the
agriculture, horticulture, forest management or hunting
industries that encounter disruption or are temporarily
unable to use their land during the construction of
a facility. If any problems attributable to the presence of
our pipelines persist after the work has been carried
out, we will deal with these on a case-by-case basis on
the basis of an expert report. Farmers have their own
designated point of contact to this end.
Infrastructure operating period
Providing information and raising
awareness
Fluxys Belgium has an ongoing programme to
identify local stakeholders: in consecutive five-year
cycles, we visit all owners and operators of land on
which an underground pipeline is located, or which
is located within the immediate vicinity of such
infrastructure. A similar initiative is being undertaken
with representatives of the police and/or fire services in
the towns, cities and municipalities in which we
operate.
During each municipal legislature, we organise an
information session for the mayor and aldermen
concerned in municipalities housing Fluxys pipelines. In
addition, Fluxys organises various information and
awareness-raising initiatives relating to the safety of
works undertaken in the vicinity of our infrastructure.
The initiatives focus on everyone involved in such
works, such as architects, clients, designers,
contractors, owners and operators, municipalities,

127
notaries and emergency services. These initiatives
generally take the form of information sessions,
publications in specialist journals, awareness-raising
campaigns in the media, or participation in
working groups and federations.
Following up on reports of works
Damage by third parties is the main cause of major
incidents involving pipelines. To avoid such damage,
and because good neighbourly relations also depend
above all on the safe operation of our facilities, anyone
wishing to carry out work near natural gas transmission
infrastructure is legally obliged to notify Fluxys in
advance.
Fluxys responds to every such notification, confirming
whether any natural gas transmission infrastructure
11. By this, we refer to explosions, fires, uncontrolled gas venting, pollution, etc. that have a major impact on the safety (life-threatening injuries or injuries
resulting in permanent disability/death) of residents and employees.
is located in the vicinity of the planned work. If this is
the case, the applicant is sent all the relevant
information and details of further procedures to be
followed to carry out the work safely.
Our staff attend preparatory meetings with regard to
sites where third parties plan to work in the vicinity of
our infrastructure. During these meetings, they explain
the measures that need to be taken and document the
safety arrangements in writing before any work can
actually begin. 5,893 such documents were drawn up
in 2024.
Fluxys ensures that the competent authorities are
notified of incidents and violations when work is carried
out near our infrastructure.
Target and other metrics related to safe and reliable
infrastructure
Target
Safety
The very nature of our activities (transport of
molecules, terminalling, storage) poses industrial risks
to the safety of our employees, local residents and
anyone near our infrastructure. Operating in complete
safety is our top priority. We set a target of zero
industrial incidents having a major impact11 on safety.
Reliability
Our reliability is largely measured by the continuity of
our transmission capacity, which guarantees the
security of the energy supply to our customers.
Unannounced capacity interruptions can have
significant impacts on our customers, on their activities
and on the energy supply in Belgium and neighbouring
countries. As such, we have set ourselves the target of
respecting all nominations confirmed by our customers
in terms of firm capacity, both for storage and
transmission.

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Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our ESG performance
Target definition Status Result 2024 Result 2023
Zero industrial incidents having a major impact on the safety of
employees, residents and anyone else connected to our
infrastructure
(a)
.
Achieved
0 major industrial
incidents
0 major industrial
incidents
Fulfil 100% of confirmed firm capacity nominations (transport and
storage)
Achieved
100%
of firm capacity
nominations
fulfilled
100%
of firm capacity
nominations
fulfilled
(a) By ‘industrial incident having a major impact on safety’, we refer to explosions, fires, uncontrolled gas venting, pollution, etc. that have serious
consequences for the safety (life-threatening injuries or injuries resulting in permanent disability/death) of employees and local residents.
These targets were presented to staff representatives.
Other metrics
Metrics Unit 2024 2023
Damage to infrastructure caused by third parties,
resulting in a gas leak
# 0 0

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Employee safety and working conditions
ESG strategy
Topic Impact materiality
(ESRS 2 SBM-3)
Risk
(ESRS 2 SBM-3)
Negative Potential
Ensure the safety
of employees
and residents
in an evolving
company (S)
Employee safety The nature of Fluxys' activities
poses inherent risks to the
safety of employees, which
could impact their health.
Short term
Certain events and
circumstances may
cause harm to employees.
These may include illnesses
or other health problems,
mental health problems or
physical injuries.
Impact scores (from DMA) Impact on society: 4 Financial impact: M
Measures
Policies Actions
• HSE Policy
• Global Prevention Plan
• Absenteeism Policy
• Safety Management System (SMS)
• Safety culture
• Internal structures for monitoring health,
safety and well-being
• Health and safety training
• In-house communication and awareness-
raising campaign on safety
• Preventive measures in design, construction
and operation
• Audited Safety Management System
Target
Target definition Status Result 2024
Zero industrial incidents having
a major impact on the safety of
employees, residents and anyone
else connected to our
infrastructure
Achieved
0
Policies related to employee safety and working conditions
(ESRS S1-1)
HSE Policy
Health, safety, and the environment (HSE) are core
responsibilities and commitments for both Fluxys and
its employees. This policy is founded on principles of
transparency and trust, with Fluxys dedicated to
investing in occupational health and safety and incident
prevention.
Occupational health and safety
• Fluxys is committed to investing in occupational
health and safety and incident prevention.
• Employees and contractors have an individual
responsibility to actively participate in occupational
health and safety.
• We continuously improve to further enhance our
health and safety culture.
Integrity of our infrastructure
• We provide for safe, reliable and sustainable
operations for our stakeholders.
• We actively manage risk through a Quality & Safety
Management System.
• We report incidents and learn from experience.

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Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our ESG performance
Global Prevention Plan (2022-2026)
The 2022-2026 Global Prevention Plan (GPP) focuses
on occupational safety and the associated processes
as well as the prevention of psychosocial risks and on
well-being, moving around at work and road safety.
One of the pillars of the plan is to strengthen the safety
culture throughout the organisation.
In addition, the company is committed
to lifelong learning, especially with regard to the safe
use of our infrastructure to transport other molecules,
such as hydrogen and CO
2
.
Absenteeism Policy
See section ‘Employee engagement’.
Actions (ESRS S1-4)
Fluxys Belgium is proactively taking measures to
mitigate the risk of events and circumstances that
may harm employees, including illnesses, mental health
issues and physical injuries. We track the effectiveness
of these actions by regularly monitoring a series of
health- and safety-related indicators (some of which
can be found in ‘Other metrics’ below).
Safety Management System (SMS)
See ‘Safe and reliable infrastructure’.
Safety culture: ‘See It, Own It, Solve It’
campaign
In 2023, Fluxys conducted an internal safety analysis.
As a result, the ‘See It, Own It, Solve It’ campaign
was launched in 2024. This campaign involves:
• defining 12 essential safety behaviours expected of
everyone, which have been communicated to all
employees;
• providing training on human behaviour to
team leaders, including the management team, to
encourage safe practices;
• initiating the nomination and training of safety
ambassadors, which began at the end of 2024 and
includes both theoretical and practical coaching.
Safety training
In 2024, workshops were organised on our external
sites to raise awareness among our employees
regarding the handling of hazardous substances.
Fluxys Belgium uses various e-learning platforms to
periodically remind contractors’ employees of the
general and specific safety rules. In addition to our own
employees, every employee of a contractor scheduled
to work on a Fluxys site or facility must complete
a training module (available in several languages) and
must demonstrate that they are familiar with our safety
rules.
For more information on training, see ‘Learning and
talent development’. For more information on employee
well-being and engagement, see ‘Employee
engagement’.
Internal structures for monitoring
well being (S1-2)
Fluxys Belgium is home to several structures that sup-
port the safety, well-being and health of employees and
contractors and where actions in this area are taken.
Internal Workplace Health & Safety
Department (SIPPT/IDPBW)
The SIPPT/IDPBW handles the policy on well-being and
prevention and works with the employer to foster
a healthy and safe working environment. It monitors the
proper implementation of well-being legislation, the
health and safety policy and the legal obligations
regarding personal safety.
Committee for Prevention and
Protection at Work (CPPW)
See section ‘Employee engagement’.
Local Joint Consultation Committee
See section ‘Employee engagement’.
Collective bargaining agreement
Collective bargaining agreement CAO/CCT 90
provides financial incentives for employees to achieve
specific collective health and well-being objectives.
In-house communication and
awareness-raising campaign on
safety
Fluxys frequently highlights safety-related topics. In
early 2024, the ‘Bright Prevention - Be Alert’ campaign
was launched, including comprehensive training for all
employees. This training provides valuable information
and raises awareness to cultivate a safer and healthier
workplace.
Preventive measures in design,
construction and operation
See section ‘Safe and reliable infrastructure’.
Audited Safety Management System
See section ‘Safe and reliable infrastructure’.

131
Target and other metrics related to employee safety
and working conditions
Target (ESRS S1-5)
The target has been presented to staff representatives.
Target definition Status Result 2024 Result 2023
Zero industrial incidents having a major impact on the safety of
employees, residents and anyone else connected to our
infrastructure
(a)
Achieved
0 0
(a) By ‘industrial incident having a major impact on safety’, we refer to explosions, fires, uncontrolled gas venting, pollution, etc. that have serious
consequences for the safety (life-threatening injuries or injuries resulting in permanent disability/death) of employees and/or local residents.
Other metrics (ESRS S1-14)
Metrics Unit 2024 2023
Percentage of people in the workforce who are covered by the
company's health and safety management system
% 100% 100%
Number of fatalities as a result of work-related injuries and work-
related ill health
# 0 0
Number of fatalities due to occupational accidents* # 0 New
Number of recordable work-related accidents for employees*:
- Without days away from work # 11 New
- Resulting in days away from work # 7 16
Rate of recordable work-related accidents for employees
(a)
Rate 12.49 11.43
Number of days away from work due to work-related injuries/
fatalities*
# 104 171
(a) Calculation methodology:
(Number of recordable work-related accidents (with and without time off work) x 1,000,000)
Number of hours worked
* The indicators only refer to own employees, within our own workforce.
Due to legal restrictions on the collection of data,
indicators linked to work-related ill health are not
available and are therefore not reported.

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Diversity and inclusion
Summary
ESG strategy
Topic Impact materiality
(ESRS 2 SBM-3)
Risk
(ESRS 2 SBM-3)
Positive Actual
Encourage diversity,
talent development
and employee
engagement (S)
Diversity and inclusion Diversity, inclusion and equal
opportunities at Fluxys foster
innovation and have a
positive impact on
employees.
Short term
A lack of diversity in the
workforce can lead to a
business organisation
that lacks the necessary
skills, talents and experience.
Impact scores (from DMA) Impact on society: 4 Financial impact: M
Measures
Policies Actions
• Diversity and Inclusion Policy • Encouraging diversity in recruitment
• Fostering digital inclusion through various
initiatives
• Confidential counsellors
Target
Target definition Status Result 2024
Raise awareness of diversity and
inclusion among all employees
every two years, with a first
campaign in 2024 and a second in
2026.
In Progress
The campaign was
successfully launched in
2024 and already covered
directors and senior
managers. The rollout to
all employees is planned
for 2025.
Ensure that all managers
(a)
have
undergone training on diversity
and inclusion by the end of 2025.
In Progress
A first version of the train-
ing material was devel-
oped, and a pilot session
was rolled out in late 2024
among a group of
managers.
(a) Calculation method: A manager is defined as a person with at least one person (internal or external) under their responsibility. Participation in training
will be recorded on Fluxys’ internal training platform. .
Policies related to diversity and inclusion (ESRS S1-1)
Diversity and Inclusion Policy
At Fluxys, Open and Respect are fundamental values
that underpin our commitment to equal treatment and
the promotion of diversity and inclusion among our
colleagues. In 2024, we formalised this commitment
into a new diversity and inclusion policy, adopted at
Fluxys Group level.

133
Actions related to diversity and inclusion (ESRS S1-4)
12. In 2023, senior managers and members of the HR community participated in workshops or presentations about our ESG targets. In early 2024, these
targets were presented to staff representatives.
13. The campaign on diversity and inclusion is defined as an action or a coordinated series of actions designed to foster a workplace environment where
all individuals are valued and respected, regardless of their background.
Fluxys is implementing multiple actions to attract and
retain a diverse range of talents. These initiatives are
designed to build a more inclusive and dynamic
organisation, enhance innovation and growth, and
ensure we foster a positive environment for all our
people where they can utilise their unique skills, talents
and expertise. The effectiveness of these actions can
be evaluated by looking at the metrics related to
diversity and inclusion (see below), making sure that
the company’s progress aligns with its goals for an
equitable and dynamic workplace. With a diversity and
inclusion policy, a comprehensive training programme
for leaders and a campaign for all employees, we are
shoring up this ambition.
Encouraging diversity in recruitment
Fluxys Belgium encourages diversity and
complementary profiles so that all candidates feel
welcome, whatever their gender, age, background, and
so on. It is their skills and talents that make the
difference.
Fostering digital inclusion through
various initiatives
Greater digitalisation is opening up new opportunities
for our activities. Fluxys seizes these opportunities and
helps its employees navigate the digital world
via numerous training courses and coaching sessions.
For more information, see section ‘Learning and talent
development’.
Target and other metrics related to diversity and inclusion
(ESRS S1-5)
Target
12
Shore up awareness of diversity and inclusion within
the company by training all managers by 2025 and by
organising an in-house awareness-raising campaign
13
every two years.
Raising awareness of diversity and inclusion among all
employees and training all managers is a key first step
towards supporting and encouraging diversity and
inclusion in the company. The campaign is based on
cascading information from senior management on the
importance of diversity. We highlight the unique
strength that diverse talent brings to our organisation.
Indeed, a lack of awareness can lead to unconscious
biases, which are vectors of discrimination. Fluxys has
set itself a dual target for the years to come:
Target definition Status Result 2024
Raise awareness of diversity and inclusion
among all employees every two years, with
a first campaign in 2024 and a second in
2026.
In Progress
The campaign was successfully launched in 2024
and already covered directors and senior managers.
The rollout to all employees is planned for 2025.
Ensure that all managers
(a)
have undergone
training on diversity and inclusion by the
end of 2025.
In Progress
A first version of the training material was developed,
and a pilot session was rolled out in late 2024 among
a group of managers.
(a) Calculation method: A manager is defined as a person with at least one person under their responsibility. Participation in training will be recorded on
Fluxys’ internal training platform.

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Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our ESG performance
Other metrics
Indicators regarding the company’s own workforce
(ESRS S1-6, S1-9, S1-16, ESRS 2 GOV-1)
14. Calculation method: For the age distribution, the same population is taken as for the total headcount. Note that the indicators related to S1-12 (persons
with disabilities) are not reported because of the unavailability of data, as per Belgian law on non-discrimination.
KPIs Unit
[Headcount]
2024 2023
ESRS indicators:
Total number of employees (all located in Belgium) # 982 968
Male # 818 801
Female # 164 167
Other # n/a n/a
Permanent employees # 968 952
Male # 813 796
Female # 155 156
Temporary employees # 14 16
Male # 5 5
Female # 9 11
Non-guaranteed hours employees # 0 0
Average number of employees
(a)
# 975.4 956.5
Total number of employees who left the company during the
reporting period
# 79 New
Rate of employee turnover (inc. retirement)
(b)
% 8.10 6.27
Total number of non-employees #[FTE] 458.5 436.3
(a) Calculation method: Average number of employees taken on the last day of each month.
(b) Calculation method:
Number of employees who leave voluntarily or due to dismissal, retirement or death in service
Average total headcount
The figures are sourced from the Fluxys Social Balance
Sheet and reflect the situation as at 31 December 2024
(which is the methodology adopted for 2024 data to
improve consistency with other reporting).
For comparison, the 2023 figures have been adjusted
to align with the 2023 Social Balance Sheet. This
includes all employees, including the non-active
employees (e.g. those on long-term sick leave). As
a result, these figures differ slightly from those reported
in the 2023 annual report.
Unless otherwise indicated, the figures refer to the
number of people (headcount) and not full-time
equivalents (FTEs).
Indicators (ESRS S1-9, S1-16)
14
KPIs Unit
[Headcount]
2024 2023
ESRS indicators
Number of employees at top management level (CEO and
members of the Fluxys Belgium Executive Committee)
# 12 New
Male # (%) 10 (83%) New
Female # (%) 2 (17%) New
Fluxys Belgium population
Share of employees under 30 % 10 10
Share of employees aged between 30 and 50 % 50 50
Share of employees over 50 % 40 40
Gender pay gap
(a)
% 14 New
Annual total remuneration ratio
(b)
ratio 5.06 New
(a) Calculation method: As per the ESRS, the gender pay gap is defined as the difference in average pay levels between all female and male employees,
expressed as percentage of the average pay level of male employees. It is not corrected to express the difference in pay between men and women
for the same role.
(b) Calculation method: As per the ESRS, this is the division of the median employee annual total remuneration by the annual remuneration of the highest
paid individual.

135
Employee engagement
Summary
ESG strategy
Topic Impact materiality
(ESRS 2 SBM-3)
Risk
(ESRS 2 SBM-3)
Positive Potential
Encourage diversity,
talent development
and employee
engagement (S)
Employee engagement The engagement and well-
being of our employees are
essential for Fluxys.
Impact: numerous initiatives
and our corporate culture
contribute to the engagement
and well-being of our
employees in their
everyday lives.
Short term
Risk of non-engaged
employees resulting in low
performance and low
productivity
Impact scores (from DMA) Impact on society: 4 Financial impact: M
Measures
Policies Actions
• HSE Policy
• Global Prevention Plan
• Principles of our social dialogue
• Absenteeism Policy
• Telework Policy
• Disconnection Policy
• Whistleblowing Policy
• Salary policy linked to benchmarks
• Survey on engagement
• Recurrent social dialogue
• In-house events and Group-level initiatives to
foster a feeling of belonging
• Encouraging feedback
• Personal coaching and coaching feedback
• Extensive range of training courses on offer
• Measures and processes to deal with
psychosocial risks
• New way of working
• De Vriendenkring/L’Amicale and Connect &
Move
Target
Target definition Status Result 2024
Maintain the proportion of
engaged employees above 70%
Achieved
More than 80%
(a)
of
employees are categorised
as engaged
(a) Calculation method: The survey was distributed to all active Fluxys employees who had been with the company for at least three weeks prior to the
survey launch date. The questionnaire comprised four questions related to employee engagement. More than 80% of respondents gave their
engagement, on average, a minimum score of 5 out of 10.
Policies related to employee engagement (ESRS S1-1,
ESRS S1-2, ESRS S1-3)
Recognising the importance of employee engagement
in a dynamic environment, Fluxys has proactively
adopted several policies to enhance engagement.
Several policies have been discussed with and
approved by the social partners.
HSE Policy
Our HSE Policy comprises three pillars, the first of
which is the well-being of our employees. For more
information, see section ‘Employee safety and working
conditions’.

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Global Prevention Plan (2022-2026)
The 2022-2026 Global Prevention Plan also focuses on
employee well-being and psychosocial risks. Moreover,
it sets great store by hybrid working. Furthermore, the
company is committed to supporting training
and lifelong learning and nurtures a culture in which
feedback is encouraged and contributes to the well-
being and development of employees. For more
information, see ‘Learning and talent development’.
Principles of our social dialogue
Good industrial relations are vital for company cohesion
and business development, which is why Fluxys
Belgium engages in transparent, constructive social
dialogue with all employees, members of the Works
Council, the CPPW, the trade union delegation and staff
representatives. Given the distribution of Fluxys’
activities across different sites, social dialogue is also
held in the field via the Local Joint Consultation
Committee.
In 2024, the trade union election took place and the
mandates were reallocated. With the help of the social
partners, we endeavoured to digitalise the process so
that as many employees as possible were able to
participate.
Absenteeism Policy
Measuring and monitoring absenteeism gives us an
objective view of the general health of employees.
The level of absenteeism in 2024 remained below the
Belgian market average. As part of our Absenteeism
Policy, we actively strive to support employees during
their illness as well as before and after their return to
work. Employees have access to personalised advice
and support in this regard. Support is based on regular
contact and cooperation between the employee in
question, their manager, P&O and the internal and
external services for prevention and protection at work.
We also make sure to pay attention to those teams and
colleagues who ensure the continuity of work and
services when an employee is absent.
Telework Policy
A telework policy supports the balance between
employee flexibility and connectivity. For employees
whose roles do not require their physical presence, we
ask that they work from the office at least three days
per week, in line with established principles. The
resources needed to work from home are provided.
Disconnection Policy
In a constantly online world, disconnecting from time to
time is also important to boost balance and well-being.
Fluxys is evolving, which goes hand in hand with new
digital tools and new ways of working. Technology
allows us to be online anywhere and at any time. At
Fluxys, we advise employees on this matter, with the
support of a disconnection policy. This policy is part of
the work regulations and has been communicated to
employees. It is available on the intranet.
Whistleblowing Policy
In 2024, the Whistleblowing Policy was fine-tuned and
communicated internally and externally (for more
information, see section ‘Ethics, integrity and efforts to
combat corruption’). It outlines the procedures
for handling whistleblowing reports and ensures that
whistleblowers are protected. This policy supports the
culture of openness, feedback and transparency that
Fluxys fosters and encourages.
Confidential counsellors
Fluxys employees dealing with difficulties at work
related to their role and/or inappropriate behaviour can
speak to counsellors during confidential interviews.
External support services are also offered. In addition
to being part of a legal framework, the counsellor can
identify specific current or potential negative impacts
and, with the employee’s consent, alert Fluxys to take
appropriate action, where possible.
Salary policy linked to benchmarks
Fluxys has a salary policy that is regularly
benchmarked.

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Actions related to employee engagement (ESRS S1-2, S1-4)
Our engagement survey (ESRS S1-2)
In 2024, we conducted another employee survey. In
addition to questions about engagement and well-
being, a specific section was dedicated to safety. The
survey achieved a participation rate of 84%.
Results show that 85% of participants are categorised
as engaged. By early 2025, an extensive feedback
campaign had been launched. A targeted action plan
will be implemented from 2025 onwards and for the
following years.
In-house events
In-house events bring colleagues together at key times:
they promote connectivity and the exchange of
information but also foster employee engagement.
Feedback is a gift
Fluxys encourages feedback to aid the performance,
development and well-being of employees. Training
and/or coaching on this subject is offered to employees
and managers to develop their feedback skills (see
section ‘Learning and talent development’).
Extensive range of training on offer
(soft skills, safety, well-being, specific
technical skills, etc.)
Fluxys offers employees numerous training and
development opportunities. Training covers a range of
topics, including soft skills, technical skills and digital
skills. Particular attention is given to well-being and
stress management. A wide range of formats is offered:
from classroom-based training sessions, podcasts and
e-books to Lunch & Learn sessions and virtual reality
sessions. In the summer, Summer Coaching gave
Fluxys employees the opportunity to receive coaching
and advice on feedback and managing conflict, time
and stress.
The online library (e-Bib) was shared with employees,
giving more advice on well-being at work (see section
‘Learning and talent development’).
Measures and processes to deal with
psychosocial risks
The psychosocial burden at work is one of the facets of
well-being. A support process and associated solutions
are also in place in the event of inappropriate
behaviour or psychosocial problems. These solutions
include confidential counsellors, psychosocial
prevention advisors, specific support via external
psychologists, and so on.
Managers are regularly made aware of psychosocial
risks.
New way of working
Given the new ways of working (e.g. telework, the many
forms of hybrid working), the office now serves a new
function, becoming a meeting point and source of
connectivity beyond just work. We are gradually adding
a new dimension to office work according to the new
way of working (NWOW) principles. This is a real
change process involving the redevelopment of the
head office in Brussels, based on an overarching
theme: we are a large team and together we are
making Fluxys the essential infrastructure partner to
accelerate the energy transition.
De Vriendenkring/L’Amicale and
Connect & Move
De Vriendenkring/L’Amicale is a group of employees
who organise sports and cultural activities throughout
the year for their colleagues, partners and children.
This is a form of voluntary engagement that fosters
cohesion and togetherness within the company. Fluxys
actively supports this group and its initiatives.
The Connect & Move initiative encourages colleagues
to exercise together, form teams and take part in sports
events.

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Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our ESG performance
Target and other metrics related to employee engagement
Target
At Fluxys, we prioritise the well-being and engagement
of our employees, recognising their enthusiasm and
motivation as crucial to achieving our mission of
shaping a bright energy future. Our employees are key
to meeting the challenges of the energy transition. See
the above section on our engagement survey.
Target definition Status Result 2024
Maintain the proportion of engaged
employees above 70%
Achieved
More than 80%
(a)
of employees are categorised as engaged
(a) Calculation method: The survey was distributed to all active Fluxys employees who had been with the company for at least three weeks prior to the
survey launch date. The questionnaire comprised four questions related to employee engagement. 85% of respondents demonstrated engagement,
on average, across the four questions.

139
Learning and talent development
Summary
ESG strategy
Topic Impact materiality
(ESRS 2 SBM-3)
Risk
(ESRS 2 SBM-3)
Positive Actual
Encourage diversity,
talent development
and employee
engagement (S)
Learning and development Providing access to different
forms of training and internal
mobility opportunities allows
employees to undergo
continuous training so that
they are able to carry out our
mission today while being
ready to support the energy
transition. It also boosts their
well-being and employability.
Short term
The inability to attract, retain
and secure future talents in a
changing environment and
a lack of skills and
knowledge in new
developments may have a
negative impact on the
company’s efficiency.
Impact scores (from DMA) Impact on society: 4 Financial impact: M
Measures
Policies Actions
• General objective of the Training Plan
2024-2025
• The onboarding process
• Extensive catalogue and range of training
courses offered
• On-the-job training
• Training and networking
• Feedback
• Internal mobility of talents
• Digital coaching
Target
Target definition Status Result 2024
Each year, at least 90% of our
employees will increase their
knowledge and skills in at least
two of the following areas: digital,
soft, safety/technics, business
(a)
.
Achieved
More than 90%
(a) Calculation method: Training recorded on our platform is divided into four areas. It includes informal on-the-job training in the ‘business’ area.
The employee population considered for this indicator is the number of active employees as at 31 December of the reporting year.
Policies related to learning and talent development
(ESRS S1-1)
The general objectives of the Training Plan 2024-2025
highlight different areas including lifelong learning with
a focus on skills, training and preparation for the future
with a more specific focus on new molecules and
digitalisation. Colleagues are encouraged to take
proactive steps in their own development. This plan
covers topics and projects that may have a positive
influence on all Fluxys Belgium employees and is
available on our intranet. Most topics and projects are
defined in consultation between top management, line
management, the SIPPT/IDPBW and staff
representatives.

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Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our ESG performance
Actions related to learning and talent development
(ESRS S1-4)
Fluxys is committed to fostering a culture of
continuous learning and talent development through
diverse initiatives. These efforts aim to attract and
retain top talent, equipping employees with the skills
and knowledge needed to excel in a rapidly changing
environment. By investing in professional growth, the
company ensures its workforce remains adaptable and
well-prepared to drive operational efficiency and
innovation.
The onboarding process
In order to support the inclusion of new employees, an
onboarding process has been developed with days
and events for all new arrivals and other specific
training depending on the role in question. This
process begins before a new hire’s first day of work,
via an Enboarder platform to guide future colleagues.
Colleagues responsible for onboarding new hires also
support these future new employees.
Learning and connection are at the heart of this
process, which is punctuated by discussions with
management.
Extensive catalogue and range of
training courses offered
Fluxys offers its employees an extensive range of
training and learning resources in order to allow them
to continuously enhance their knowledge and skills.
Fluxys also provides for development opportunities. In
our corporate culture, learning and development are
a top priority. Moreover, we are also working on our
knowledge management through our Accelerator
programme. In 2024, we focused on knowledge
sharing with AI-based solutions rolled out in several
departments.
Fluxys sets great store by the development and
acquisition of technical skills linked to core activities. In
addition to this training, employees also have the
opportunity to expand their soft skills (communication,
feedback, etc.) as well as their linguistic and digital
skills. This comes in different formats: welcome and
onboarding programmes, job-related training, online
training, group training, hybrid training, Lunch & Learn,
coaching, etc.
Employees also have access to information at all times
via the intranet and via the three portals available to
them: KeyPoint, OASE and the online library e-Bib.
While some training courses are mandatory, others
are left to the discretion of the manager of the
employee, who is in charge of their own development.
Fluxys regularly updates the training catalogue. This
catalogue supports our strategic aims and is accessible
to all employees.
On-the-job training
On-the-job training refers to all initiatives that aim to
teach employees the skills and/or impart the
knowledge necessary to perform their jobs while the
employees are doing their work. This allows them
to learn through hands-on and active participation.
Training and networking
Meet & Greet as key events in the
onboarding of new colleagues
New hires are invited to a Meet & Greet day during
which they learn about Fluxys’ activities while
networking with each other and with management.
Informal events are also planned to forge and
strengthen connections and put new employees at
ease. The Meet & Greet has become an essential
element in welcoming and inspiring new talent,
ensuring a smooth and enriching start to their journey
at Fluxys.
Visits to Zeebrugge Terminal for all new
employees
In 2024, a total of 86 colleagues had the opportunity to
visit the Zeebrugge terminal and to connect around
a fun activity. During this day, presentations are given
on our operations and business model, there is
a guided tour of the terminal and interactive quiz
sessions that delve deep into strategic and operational
issues. Every participant has the chance to gain an
in-depth understanding of Fluxys and to put questions
to the experts.

141
Lunch & Learn
Lunch & Learn aims to give employees the opportunity
to stay informed about certain key topics while having
fun with colleagues. During these sessions, our
in-house specialists provide insight into a given subject
and participants can ask them questions.
Feedback
At Fluxys, we encourage feedback as a source
of learning and development. Conversations between
managers and their direct reports are key to aiding
employee development.
Training and coaching sessions for managers and/or
employees are also offered to foster the culture of
openness and feedback within the company. All new
colleagues are invited to attend a session on giving
and receiving feedback.
Internal mobility of talents
Fluxys gives internal talents the opportunity to take on
new responsibilities and roles. Internal mobility is
encouraged and specific development actions are
rolled out. In 2024, 108 employees took on new
challenges.
By encouraging internal mobility and offering
development opportunities, we increase the retention
of internal expertise, enabling the organisation to adapt
and thrive.
Digital coaching
Greater digitalisation is opening up new opportunities
for our activities. Fluxys seizes these opportunities and
supports this evolution by helping its employees
navigate the digital world. In addition to conventional
training, digital inclusion is also bolstered by means of
innovative initiatives such as coaching by Digital
Coaches, who are tasked with helping employees
improve their digital skills via on-the-job coaching or
inspiration/training sessions.
Target and other metrics related to learning and talent
development
Target (ESRS S1-5)
We foster and maintain the development of talents at
Fluxys by encouraging lifelong learning and continuous
training throughout our employees’ careers. Every
employee’s talent can be developed through training,
exciting projects and opportunities for internal mobility.
Target definition Status Result 2024 Result 2023
Each year, at least 90% of our employees will increase their
knowledge and skills in at least two of the following areas:
digital, soft, safety/technics, business
(a)
.
Achieved
More than 90% New
(a) Calculation method: Training recorded on our platform is divided into four areas. It includes informal on-the-job training in the ‘business’ area. The
employee population considered for this indicator is the number of active employees as at 31 December of the reporting year.
In 2024, we achieved our target in terms of employees
who enhanced their knowledge and skills in at least
two of our defined areas, thanks to our strong offering
of training courses and our learning culture.
The four areas are:
• Digital: boosting digital skills and mindset through
IT applications, specific ICT tools, software
packages and artificial intelligence;
• Safety & Technics: developing technical and
operational skills related to the molecules that flow
through our infrastructure and the measures to
ensure they are handled safely;
• Business: increasing knowledge and skills related
to the businesses within which Fluxys operates;
• Soft skills: strengthening core competencies such
as leadership, self-knowledge, language skills in
Dutch, French, English, German or other languages
used within Fluxys Group.

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Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our ESG performance
Other metrics (ESRS S1-13)
KPI’s
(a)
Unit 2024 2023
Training and skills development indicators: gender
Percentage of male employees who participated in regular
performance and career development reviews
(b)
% 75 New
Percentage of female employees who participated in regular
performance and career development reviews
(c)
% 75
(d)
New
Number of performance reviews per employee # 1 New
Number of reviews in proportion to the agreed number of
reviews by management
(e)
% 97 New
Average number of training hours by gender
Average number of training days per employee Training days/
employee
8.71 6.24
Average number of training hours per male employee Training days/
employee
67.17 New
Average number of training hours per female employee Training days/
employee
61.52 New
(a) Calculation method: The employee population considered for those indicators is the number of active employees as at 31 December of the reporting
year. Fluxys has an embedded annual performance reviews scheme.
(b) Calculation method: Number of male employees who participated in a performance or career development review within the reporting year divided
by the number of male employees (permanent contract) as at 31 December of the reporting year.
(c) Calculation method: Number of female employees who participated in a performance or career development review within the reporting year divided
by the number of female employees (permanent contract) as at 31 December of the reporting year.
(d) The ‘Percentage of employees who participated in regular performance and career development reviews’ is lower than the ‘Number of reviews in
proportion to the agreed number of reviews’ because the denominator includes the total employee headcount (both active and non-active) as well as
employees who are not eligible for such reviews due to long-term absence or because they are a new hire, for instance.
(e) Calculation method: Number of performance reviews conducted in the reporting year divided by the number of people who were meant to have
a performance review within the reporting year (e.g. excludes employees who started towards the end of the year and therefore were not meant
to have a performance review that year).

143

144
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our ESG performance
Governance
Material topics linked to Governance:
Customer care ............................................................................ p. 145
Ethics, integrity and efforts to combat ..................... p. 148
corruption

145
Customer care
Summary of impact, risk and measures
ESG strategy
Topic Impact matériel
(ESRS 2 SBM-3)
Risque
(ESRS 2 SBM-3)
Actuel
Conduct our
activities
responsibly
Customer care The quality of information
communicated to customers
contributes to the proper
functioning of the market and
security of supply in Belgium
and neighbouring countries.
Short term
Discriminatory treatment of
customers and a lack of
transparency in sharing
information can lead to
dissatisfied customers, which
could have financial
consequences for Fluxys.
Impact scores (from DMA) Impact on society: 4 Financial impact: MH
Measures
Policies Actions
• Code of Conduct • Annual audit of the proper application of
the Code of Conduct
• Transparent service offering
• A sales team that listens to customers
• A service offering tailored to market needs
• Market consultations and information
sessions
• Regular monitoring of compliance with
commitments regarding non-discriminatory
access to the network by the compliance
coordinator
• Points of contact for complaints
Target
Target definition Status Result 2024
Proportion of changes for which
appropriate communications are
rolled out to provide our
customers with information and
ensure transparency, in
accordance with local legal
requirements
(a)
Achieved
100%
Appropriate
communications were
rolled out for all changes
in 2024.
(a) Scope: Fluxys Belgium (transmission) and Fluxys LNG. Cut-off date: should a market consultation start in year Y and end in year Y+1, the market consultation
and its indicator will be calculated for year Y.
Policies related to customer care
Code of Conduct (CREG)
The Code of Conduct is introduced by the Gas Act and
established by the Commission for Electricity and Gas
Regulation (CREG) following consultation. It is available
on the CREG website. It establishes the principle of
non-discriminatory access to the network where the
users of our services, including parties merely
making requests for services, are treated equally.
It is in line with the non-discrimination principle under
Regulation (EC) No 715/2009 of the European
Parliament and of the Council of 13 July 2009 on
conditions for access to the natural gas transmission
networks and repealing Regulation (EC) No 1775/2005.

146
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our ESG performance
Actions related to customer care
To ensure customer satisfaction through non-
discriminatory treatment and transparent
communication, we have implemented the following
actions. These actions apply to all entities within Fluxys
Belgium.
Audit of the correct application of the
Code of Conduct
Fluxys Belgium’s sales teams work in accordance with
the Code of Conduct. An annual audit verifies the
correct application of the Code. The results of this audit
are shared with the Fluxys Belgium Corporate
Governance Committee and with CREG.
Transparent service offering
In accordance with the regulatory framework and in
particular with transparency obligations, information on
Fluxys Belgium’s service offering, standard contracts,
tariffs, etc. is publicly available on our website.
In the event of a modification, in accordance with our
Code of Conduct we consult the market on the planned
modification and collect any comments before officially
requesting approval from CREG. The consultation
results are also published on the website.
A sales team who listens to
customers
Our sales team is the point of contact for our current
and potential customers. The team helps customers
make the best use of our services. The team also
keeps track of customers’ expectations in terms of the
development of new services or adjustments to the
commercial offer.
Market consultations, information
sessions and other events
When adapting existing services, developing new
services, proposing new tariffs or suggesting
amendments to contractual documents, Fluxys always
organises a market consultation in accordance with the
regulatory framework.
Only after this consultation can the documents be
submitted to the regulator, CREG, for approval. Fluxys
regularly holds information sessions to guide
customers through the various planned changes,
explain the associated process to them, collect their
feedback and answer any questions they may have.
Customers can also contact us with any specific
questions.
In 2024, three consultations were held in Belgium and
the associated communication actions were rolled out.
That same year, various events were organised,
including:
• the End User Day (for industrial customers directly
connected to the Fluxys network);
• the DSO Day (for distribution system operators);
• the International Shipper Meeting, including the
organisation of interactive sessions with shippers to
gather their feedback;
• participation in E-world (annual fair for stakeholders
in the energy market where Fluxys Belgium and the
other Fluxys Group subsidiaries have the
opportunity to meet current and potential
customers).
Regular monitoring of compliance
with commitments regarding non-
discriminatory access to the network
by the compliance coordinator
A compliance coordinator has been appointed within
the company to ensure compliance with its
commitments regarding non-discriminatory access to
the network. Each year, the coordinator compiles
a report on compliance with commitments regarding
non-discrimination, transparency and confidentiality.
The report is discussed in the Corporate Governance
Committee and made available on the Fluxys website.
To find out more about the legal and regulatory
framework and the Code of Conduct, see section
‘Legal and regulatory framework’.
Points of contact for complaints
Customers and other market players can contact the
sales team, the Fluxys Belgium compliance coordinator
or CREG to lodge complaints regarding our services.

147
Target and other metrics related to customer care
Target
At Fluxys, we are committed to satisfying our
customers and treating them fairly. Our products,
services and tariffs change regularly. In these
situations, and in accordance with regulatory
requirements, Fluxys consults the market to present
suggested changes and collect any feedback.
Furthermore, transport and storage capacities are
regularly put up for sale by Fluxys, which notifies the
market.
In this context, our objective is to roll out suitable
communication initiatives (e.g. email, one-page
summaries published on the website, information
sessions) in order to fulfil our transparency obligations
and ensure that customers have useful and sufficient
information.
Target definition Status Result 2024 Result 2023
Proportion of changes for which appropriate communications
are rolled out to provide our customers with information and
ensure transparency, in accordance with local legal
requirements
(a)
.
Achieved
100%
Appropriate
communications
were rolled out
for all changes in
2024
New
(a) Scope: Fluxys Belgium (transmission) and Fluxys LNG. Cut-off date: should a market consultation start in year Y and end in year Y+1, the market consultation
and its indicator will be calculated for year Y.
This performance indicator measures the effectiveness
of Fluxys Belgium’s and Fluxys LNG’s communication
and transparency by considering the proportion of
changes that have resulted in at least one website
publication and/or email sent to affected customers.
The measurement method of this indicator was
updated in our 2024 report to ensure it can never
exceed 100%.
Other metrics
KPIs Unit 2024 2023
Number of changes, i.e. revisions to regulated documents (e.g.
change in agreements or access codes, terms and conditions,
etc.)
# 3 New
Number of website publications and/or emails sent to affected
customers related to these revisions to regulated documents
# 3 New
Number of info sessions/shipper meetings organised to discuss a
specific change/provide info to customers
# 1 New

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Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our ESG performance
Ethics, integrity and efforts to combat
corruption
Summary
ESG strategy
Topic Impact materiality
(ESRS 2 SBM-3)
Risk
(ESRS 2 SBM-3)
Negative Potential
We conduct
our activities
responsibly (G)
Ethics, integrity and efforts to
combat corruption
A lack of ethics or proven
corruption can have societal
impacts including on respect
for human rights (e.g. loss of
trust, potential impact on
access to energy for all).
Short term
A lack of ethics or proven
corruption within Fluxys and
its value chain may have a
negative impact on the
commercial reputation and/or
financial results of the
company.
Impact scores (from DMA) Impact on society: 3 Financial impact: M
Measures
Policies Actions
• Ethical Code
• Whistleblowing Policy and Procedure for
reporting unethical behaviour
• General terms and conditions of purchase:
respect for human rights in the supply chain
• Training in the Whistleblowing Policy
• Training in the Ethical Code
Target
Target definition Status Result 2024
Train all employees, including
new hires, in the Ethical Code
every three years.
In Progress
In 2024, we updated the
Ethical Code and
developed the associated
training.
Our goal is for all
employees to have
completed the course by
the end of 2026.
Policies related to ethics, integrity and efforts to combat
corruption (G1-1)
Ethical Code
Fluxys’ commitment to ethical behaviour is embedded
in our values. In 2024, the Ethical Code was updated to
place Fluxys’ values at its core.
The current and updated Fluxys Ethical Code covers all
our commitments, such as:
• our focus on the sustainable energy transition;
• ensuring safety in operations and in the workplace;
• ensuring fair business operations (including anti-
money laundering, conflicts of interest, gifts and the
fight against corruption);
• ensuring respect for human rights;
• being a good neighbour to local communities;
• earning trust through good information and asset
management.

149
This Code applies to all staff members within Fluxys
Group (i.e. broader than the scope of this ESG report),
as well as third parties performing services on Fluxys
premises and all activities carried out by or on behalf of
Fluxys Group. The Code also encourages customers,
suppliers and other partners to comply with equivalent
standards. It aligns with the Universal Declaration of
Human Rights, ILO Conventions and OECD Guidelines,
United Nations Convention against Corruption and is
available on the Fluxys website.
Procedure for reporting unethical
behaviour
We encourage our customers, suppliers, external
service providers, intermediaries, business partners
and other individuals or entities associated with Fluxys
to apply similar rules as set out in this Ethical Code.
In line with our values, we encourage everyone to raise
any concerns about non-compliance with our Ethical
Code.
Our employees can contact their manager or the Ethics
& Compliance Team to raise a concern, for advice on
dilemmas or (problematic) situations or to report
a (potential) violation of the ethics rules.
Employees, customers, suppliers and partners can also
email ethics@fluxys.com to report a (potential) violation
in complete confidentiality or use the whistleblowing
channel: whistleblowing@fluxys.com.
In accordance with our Ethical Code and the European
Whistleblowing Directive, Fluxys Belgium has
developed a formal procedure regarding
whistleblowers and the protection thereof (see below).
Whistleblowing Policy
By means of our Whistleblowing Policy, we are placing
ethical conduct at the top of our priorities and aligning
ourselves with the applicable laws and regulations.
The policy establishes a comprehensive framework for
reporting unlawful activities, which can have significant
implications for Fluxys and its employees. As such, we
want to set out a formal and secure framework for
reporting acts that violate applicable laws or
a company’s ethical principles and commit ourselves to
independently investigating and acting upon them.
This policy applies to all operations conducted by or on
behalf of Fluxys Group entities. It outlines the
procedures for handling whistleblowing reports and
ensures the protection of whistleblowers. The Board is
responsible for the policy’s implementation, which is
in line with EU Directive 2019/1937 on whistleblowing.
Whistleblowing involves the disclosure, based on
a reasonable suspicion, by employees or other
informants regarding misconduct in a work-related
context, with the aim of preventing harm and
addressing threats to the public interest. This policy has
a defined scope and does not address other types of
complaints, such as personal work-related grievances
(which are handled though a separate channel).
Anyone having a reasonable suspicion of misconduct
can email whistleblowing@fluxys.com.
Our Whistleblowing Policy is available on the Fluxys
website.
Functions at risk
For Fluxys Belgium, we consider ‘functions at risk’ to be
those most exposed to corruption and bribery. In
practice, this translates to the CEO and his direct
reports (Senior VPs and directors), which amounts to 11
people.

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Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our ESG performance
Actions related to ethics, integrity and efforts to combat
corruption (ESRS G1-3)
Training on the Ethical Code and
related policies
The Ethical Code and related ethical policies such as
the updated Whistleblowing Policy are shared with
each new hire. They are also made available to all staff
and are a reference tool within the company.
In 2024, we developed e-learning modules to educate
our employees on the Ethical Code and related policies
(including topics such as anti-corruption and anti-
bribery, conflicts of interest and gifts). In 2025, we will
roll out training with a view to achieving a 100% training
rate by the end of 2026.
Target and other metrics related to ethics, integrity and
efforts to combat corruption
Target
We provide for a safe and respectful working
environment, maintain high standards in terms of
human rights and are committed to conducting
business ethically by being responsible in dealings with
our business partners.
Training and regular awareness-raising among
employees are essential levers to ensure knowledge of
and compliance with the Ethical Code and related
policies. This is why we aim to train all employees,
including new hires, in the Ethical Code every three
years.
Target definition Status Result 2024
Train all employees, including new hires, in the Ethical Code
every three years.
In Progress
In 2024, we updated the Ethical
Code and developed the associated
training.
Our goal is for all employees to have
completed the course by the end of
2026.
Other metrics
KPI Unit 2024 2023
Number of convictions for violations of anti-corruption and
anti-bribery laws
# 0 0
Amount of fines for violations of anti-corruption and
anti-bribery laws
# 0 0

151

152
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our ESG performance
Annexes
Annex I: Methodology for calculating ........................ p. 153
greenhouse gas emissions
Annex II: CSRD overview table ....................................... p. 155
Annex III: Limited assurance review ........................... p. 157
of our ESG statements

153
Annex I: Methodology for calculating
greenhouse gas emissions
Purpose
This document describes the methodology for
calculating Fluxys’ Scope 1, 2 and 3 emissions. This
methodology is largely based on the reporting
principles of the GHG Protocol.
Organisational boundaries
Fluxys calculates its carbon footprint using the
operational control approach. This means that the
carbon footprint encompasses all emissions (100%)
from entities under Fluxys Belgium’s operational
control, including Fluxys Belgium, Fluxys LNG, Fluxys
Re, c-grid and Fluxys hydrogen. This methodology
aligns with the financial consolidation practices of
Fluxys Belgium.
Operational boundaries
The GHG Protocol defines three scopes and 15
categories for Scope 3 which vary based on the
reporting company’s activities. Not all categories are
significant for Fluxys Belgium.
Definitions
Scope 1
Scope definition: Direct GHG emissions from sources
that we owned and controlled.
1. Sources of CO
2
CO
2
emissions from gas consumption:
• Stationary combustion: gas turbines, gas engines,
boilers and heaters in facilities where Fluxys
Belgium has the operational control
• Consumption of office buildings (headquarters and
regional operating centres)
• Combustion via flaring on our LNG terminal facility
or during interventions
• Fleet (CNG vehicles)
• CO
2
emissions related to diesel and gasoline
consumption
• Fleet of vehicles
• Emergency generators
2. Sources of CH
4
• Pneumatic emissions: emissions from pneumatic
regulation systems
• Fugitive emissions: emissions due to sealing prob-
lems on some equipment (flanges, pipe equipment,
valves, joints, seals)
• Operational emissions: emissions due to machinery
starting and stopping and incomplete combustion
• Interventions: the volume of residual gas released
into the air during interventions
• Incidents: volume released into the air due to emer-
gency breakdowns/shutdowns or due to pipeline
damage caused by third parties
For the purpose of our calculations, we assume that
1 kg of methane contributes 29.8 times as much
to climate change as 1 kg of CO
2
(GWP100 = 29.8,
according to the sixth IPCC Report).
Scope 2
Scope definition:
CO
2
footprint of the generation of the electricity
purchased by Fluxys Belgium. As stipulated in the
Greenhouse Gas Protocol, Scope 2 emissions
physically occur at the facility where the electricity is
generated.
Reported emissions
With regard to the company fleet: since we do not
know the origin of the electricity used by the cars
(charged at home or via public charging stations), we
conservatively calculated CO2
eq
Scope 2 emissions for
this specific usage based on Belgian residual electricity
production mix.
More than 99.5% of our electricity consumption is
covered by contracts for green electricity. Of this, over
91% is unbundled, involving the purchase of guarantees
of origin from renewable sources. The remaining 9% is
covered by a bundled contract for electricity supply
from renewable sources.

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Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our ESG performance
Scope 3
Scope definition:
This includes the emissions generated within Fluxys
Belgium’s value chain, excluding those already
accounted for in Scope 1 and Scope 2.
Calculation method: mix of secondary
and primary data
Currently, 15% of our Scope 3 emissions is calculated
using primary data. The remainder (85%) of our scope 3
emissions is calculated based on secondary data. This
approach involves estimating emissions based on the
financial expenditure associated with various activities
and services. By applying industry-specific emission
factors to these expenditures, we can derive an
estimate of the associated greenhouse gas emissions.
This method provides a practical and scalable way to
assess emissions across a wide range of categories,
including purchased goods and services, capital goods
and upstream transportation.
For categories where primary data are available
and large purchases are made (e.g. pipelines), such as
employee commuting, fuel- and energy-related
activities, waste generated in operations and business
travel, we are already utilising this primary data to
calculate emissions. Employing primary
data significantly reduces the uncertainty associated
with these emissions.

155
Annex II: CSRD overview table
The table below outlines the transparency obligations
and topics required under the CSRD and ESRS. These
topics were identified through Fluxys Belgium’s double
materiality assessment detailed in the ‘Double
materiality assessment’ section. ESRS topics not listed
below are not material for Fluxys Belgium.
Standard Cross-cutting/
thematic
No. Scope of
reporting
Designation of the DRs Page
number
ESRS 2 General
disclosures
BP-1 General
information
General basis for preparation of sustainability
statements
94-101
ESRS 2 General
disclosures
GOV-1 Governance
(GOV)
The role of the administrative, management and
supervisory bodies
94-101
ESRS 2 General
disclosures
GOV-3 Governance
(GOV)
Integration of sustainability-related performance in
incentive schemes
94-101
ESRS 2 General
disclosures
GOV-4 Governance
(GOV)
Statement on due diligence 94-101
ESRS 2 General
disclosures
GOV-5 Governance
(GOV)
Risk management and internal controls over
sustainability reporting
94-101
ESRS 2 General
disclosures
SBM-1 Strategy (SBM) Strategy, business model and value chain 94-101
ESRS 2 General
disclosures
SBM-2 Strategy (SBM) Interests and views of stakeholders 94-101
ESRS 2 General
disclosures
SBM-3 Strategy (SBM) Material impacts, risks and opportunities and their
interaction with strategy and business model
94-101
ESRS 2 General
disclosures
IRO-1 Impact, risk and
opportunity
management
Description of the processes to identify and assess
material impacts, risks and opportunities
94-101
ESRS 2 General
disclosures
IRO-2 Impact, risk and
opportunity
management
Disclosure requirements in ESRS covered by the
undertaking’s sustainability statement
94-101
ESRS E1 Climate change GOV-3 Governance
(GOV)
Integration of sustainability-related performance in
incentive schemes
103-111
ESRS E1 Climate change E1-1 Strategy (SBM) Transition plan for climate change mitigation 103-111
ESRS E1 Climate change SBM-3 Strategy (SBM) Material impacts, risks and opportunities and their
interaction with strategy and business model
103-111
ESRS E1 Climate change IRO-1 Impact, risk and
opportunity
management (IRO)
Description of the processes to identify and assess
material climate-related impacts, risks and
opportunities
103-111
ESRS E1 Climate change E1-2 Impact, risk and
opportunity
management (IRO)
Policies related to climate change mitigation and
adaptation
103-111
ESRS E1 Climate change E1-3 Impact, risk and
opportunity
management (IRO)
Actions and resources in relation to climate change
policies
103-111
ESRS E1 Climate change E1-4 Metrics and
targets (MT)
Targets related to climate change mitigation and
adaptation
103-111
ESRS E1 Climate change E1-5 Metrics and
targets (MT)
Energy consumption and mix
Energy consumption and mix - Energy intensity per net
turnover
103-111
ESRS E1 Climate change E1-6 Metrics and
targets (MT)
Gross Scope 1, 2, 3 emissions and total GHG emissions
GHG intensity per net turnover
103-111
ESRS E1 Climate change E1-8 Metrics and
targets (MT)
Internal carbon pricing 103-111
ESRS E1 Climate change E1-9 Metrics and
targets (MT)
Potential financial effects from material physical and
transition risks and potential climate-related
opportunities
103-111

156
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Our ESG performance
Standard Cross-cutting/
thematic
No. Scope of
reporting
Designation of the DRs Page
number
ESRS S1 Own workforce SBM-2 Strategy (SBM) Interests and views of stakeholders 123-142
ESRS S1 Own workforce SBM-3 Strategy (SBM) Material impacts, risks and opportunities and their
interaction with strategy and business model
123-142
ESRS S1 Own workforce S1-1 Impact, risk and
opportunity
management (IRO)
Policies related to own workforce 123-142
ESRS S1 Own workforce S1-2 Impact, risk and
opportunity
management (IRO)
Processes for engaging with own workers and
workers’ representatives about impacts
123-142
ESRS S1 Own workforce S1-3 Impact, risk and
opportunity
management (IRO)
Processes to remediate negative impacts and
channels for own workers to raise concerns
123-142
ESRS S1 Own workforce S1-4 Impact, risk and
opportunity
management (IRO)
Taking action on material impacts on own workforce,
and approaches to mitigating material risks and
pursuing material opportunities related to own
workforce, and effectiveness of those actions
123-142
ESRS S1
Own workforce S1-5 Metrics and
targets (MT)
Targets related to managing material negative impacts,
advancing positive impacts, and managing material
risks and opportunities
123-142
ESRS S1
Own workforce S1-6 Metrics and
targets (MT)
Characteristics of the undertaking’s employees 123-142
ESRS S1
Own workforce S1-7 Metrics and
targets (MT)
Characteristics of non-employee workers in the
undertaking’s own workforce
123-142
ESRS S1
Own workforce S1-9 Metrics and
targets (MT)
Diversity metrics 123-142
ESRS S1
Own workforce S1-13 Metrics and
targets (MT)
Training and skills development metrics 123-142
ESRS S1
Own workforce S1-14 Metrics and
targets (MT)
Health and safety metrics 123-142
ESRS S1
Own workforce S1-16 Metrics and
targets (MT)
Compensation metrics (pay gap and total
compensation)
123-142
ESRS G1
Business conduct GOV-1 Governance
(GOV)
The role of the administrative, management and
supervisory bodies
148-150
ESRS G1
Business conduct IRO-1 Impact, risk and
opportunity
management (IRO)
Description of the processes to identify and assess
material impacts, risks and opportunities
148-150
ESRS G1
Business conduct G1-1 Impact, risk and
opportunity
management (IRO)
Corporate culture and business conduct policies 148-150
ESRS G1
Business conduct G1-3 Impact, risk and
opportunity
management (IRO)
Prevention and detection of corruption or bribery 148-150
ESRS G1
Business conduct G1-4 Metrics and
targets (MT)
Confirmed incidents of corruption or bribery 148-150

157
Annexe III: Limited assurance review of
our ESG statements
Statutory Auditor’s limited assurance report on Fluxys Belgium NV’s
Consolidated Sustainability statement for the year ended 31
December 2024
At the attention of the general meeting of the shareholders
As part of the limited assurance engagement on the consolidated sustainability statement of
Fluxys Belgium NV (the “Company” or the “Group”), we are providing you with our report on this
engagement.
We were appointed by the General Meeting of 14 May 2024, in accordance with the proposal of
the Board of Directors of Fluxys Belgium NV, to carry out a limited assurance engagement on the
Company's consolidated sustainability information, included in the annual report of the
Company for the year ended 31 December 2024 (the "sustainability statement").
Our mandate expires on the date of the general meeting deliberating on the annual financial
statements for the year ended 31 December 2024. We have carried out our assurance
engagement on the sustainability statement of Fluxys Belgium NV for 1 year.
Limited assurance conclusion
We have conducted a limited assurance
engagement on the sustainability statement of
NV Bekaert SA.
Based on the procedures we have performed
and the evidence we have obtained, nothing
has come to our attention that causes us to
believe that the sustainability statement, in all
material respects:
• Is not prepared in accordance with the
requirements referred to in Article 3:32/2 of
the Belgian Code of Companies and
Associations, including compliance with
applicable European sustainability
information standards (the European
Sustainability Reporting Standards
(“ESRSs”))
• Is not compliant with the process carried
out by the Company (“the Process”) to
identify the information included in the
sustainability statement in accordance
with the description set out in the Double
materiality assessment section (ESRS 2 IRO-
1); and
• Is not compliant with the requirements of
Article 8 of EU Regulation 2020/852 (the
“Taxonomy Regulation”) as disclosed in
subsection EU Taxonomy for sustainable
economic activities within the
environmental section of the sustainability
statement.
Basis for conclusion
We conducted our limited assurance
engagement in accordance with International
Standard on Assurance Engagements (ISAE)
3000 (Revised), Assurance engagements other
than audits or reviews of historical financial
information
(“ISAE 3000 (Revised)”), applicable
in Belgium and issued by the International
Auditing and Assurance Standards Board.
Our responsibilities under this standard are
further described in the Statutory Auditor’s
responsibilities section of our report related to
our limited assurance engagement under the
section “Statutory Auditor’s responsibilities”.
We have complied with all ethical
requirements relevant to the assurance of
sustainability engagement in Belgium,
including those relating to independence.
The firm applies International Standard on
Quality Management 1 (“ISQM 1”), which
requires the firm to design, implement and
Statutory Auditor’s limited assurance report on Fluxys Belgium NV’s
Consolidated Sustainability statement for the year ended 31
December 2024
At the attention of the general meeting of the shareholders
As part of the limited assurance engagement on the consolidated sustainability statement of
Fluxys Belgium NV (the “Company” or the “Group”), we are providing you with our report on this
engagement.
We were appointed by the General Meeting of 14 May 2024
, in accordance with the proposal of
the Board of Directors of Fluxys Belgium NV, to carry out a limited assurance engagement on the
Company's consolidated sustainability information, included in the annual report of the
Company for the year ended 31 December 2024 (the "sustainability statement").
Our mandate expires on the date of the general meeting deliberating on the annual financial
statements for the year ended 31 December 2024. We have carried out our assurance
engagement on the sustainability statement of Fluxys Belgium NV for 1 year.
Limited assurance conclusion
We have conducted a limited assurance
engagement on the sustainability statement of
NV Bekaert SA.
Based on the procedures we have performed
and the evidence we have obtained, nothing
has come to our attention that causes us to
believe that the sustainability statement, in all
material respects:
• Is not prepared in accordance with the
requirements referred to in Article 3:32/2 of
the Belgian Code of Companies and
Associations, including compliance with
applicable European sustainability
information standards (the European
Sustainability Reporting Standards
(“ESRSs”))
• Is not compliant with the process carried
out by the Company (“the Process”) to
identify the information included in the
sustainability statement in accordance
with the description set out in the Double
materiality assessment section (ESRS 2 IRO-
1); and
• Is not compliant with the requirements of
Article 8 of EU Regulation 2020/852 (the
“Taxonomy Regulation”) as disclosed in
subsection EU Taxonomy for sustainable
economic activities within the
environmental section of the sustainability
statement.
Basis for conclusion
We conducted our limited assurance
engagement in accordance with International
Standard on Assurance Engagements (ISAE)
3000 (Revised), Assurance engagements other
than audits or reviews of historical financial
information (“ISAE 3000 (Revised)”), applicable
in Belgium and issued by the International
Auditing and Assurance Standards Board.
Our responsibilities under this standard are
further described in the Statutory Auditor’s
responsibilities section of our report related to
our limited assurance engagement under the
section “Statutory Auditor’s responsibilities”.
We have complied with all ethical
requirements relevant to the assurance of
sustainability engagement in Belgium,
including those relating to independence.
The firm applies International Standard on
Quality Management 1 (“ISQM 1”), which
requires the firm to design, implement and
Statutory Auditor’s limited assurance report on Fluxys Belgium NV’s
Consolidated Sustainability statement for the year ended 31
December 2024
At the attention of the general meeting of the shareholders
As part of the limited assurance engagement on the consolidated sustainability statement of
Fluxys Belgium NV (the “Company” or the “Group”), we are providing you with our report on this
engagement.
We were appointed by the General Meeting of 14 May 2024, in accordance with the proposal of
the Board of Directors of Fluxys Belgium NV, to carry out a limited assurance engagement on the
Company's consolidated sustainability information, included in the annual report of the
Company for the year ended 31 December 2024 (the "sustainability statement").
Our mandate expires on the date of the general meeting deliberating on the annual financial
statements for the year ended 31 December 2024. We have carried out our assurance
engagement on the sustainability statement of Fluxys Belgium NV for 1 year.
Limited assurance conclusion
We have conducted a limited assurance
engagement on the sustainability statement of
NV Bekaert SA.
Based on the procedures we have performed
and the evidence we have obtained, nothing
has come to our attention that causes us to
believe that the sustainability statement, in all
material respects:
• Is not prepared in accordance with the
requirements referred to in Article 3:32/2 of
the Belgian Code of Companies and
Associations, including compliance with
applicable European sustainability
information standards (the European
Sustainability Reporting Standards
(“ESRSs”))
• Is not compliant with the process carried
out by the Company (“the Process”) to
identify the information included in the
sustainability statement in accordance
with the description set out in the Double
materiality assessment section (ESRS 2 IRO-
1); and
• Is not compliant with the requirements of
Article 8 of EU Regulation 2020/852 (the
“Taxonomy Regulation”) as disclosed in
subsection EU Taxonomy for sustainable
economic activities within the
environmental section of the sustainability
statement.
Basis for conclusion
We conducted our limited assurance
engagement in accordance with International
Standard on Assurance Engagements (ISAE)
3000 (Revised), Assurance engagements other
than audits or reviews of historical financial
information (“ISAE 3000 (Revised)”), applicable
in Belgium and issued by the International
Auditing and Assurance Standards Board.
Our responsibilities under this standard are
further described in the Statutory Auditor’s
responsibilities section of our report related to
our limited assurance engagement under the
section “Statutory Auditor’s responsibilities”.
We have complied with all ethical
requirements relevant to the assurance of
sustainability engagement in Belgium,
including those relating to independence.
The firm applies International Standard on
Quality Management 1 (“ISQM 1”), which
requires the firm to design, implement and
Statutory Auditor’s limited assurance report on Fluxys Belgium NV’s
Consolidated Sustainability statement for the year ended 31
December 2024
At the attention of the general meeting of the shareholders
As part of the limited assurance engagement on the consolidated sustainability statement of
Fluxys Belgium NV (the “Company” or the “Group”), we are providing you with our report on this
engagement.
We were appointed by the General Meeting of 14 May 2024, in accordance with the proposal of
the Board of Directors of Fluxys Belgium NV, to carry out a limited assurance engagement on the
Company's consolidated sustainability information, included in the annual report of the
Company for the year ended 31 December 2024 (the "sustainability statement").
Our mandate expires on the date of the general meeting deliberating on the annual financial
statements for the year ended 31 December 2024. We have carried out our assurance
engagement on the sustainability statement of Fluxys Belgium NV for 1 year.
Limited assurance conclusion
We have conducted a limited assurance
engagement on the sustainability statement of
NV Bekaert SA.
Based on the procedures we have performed
and the evidence we have obtained, nothing
has come to our attention that causes us to
believe that the sustainability statement, in all
material respects:
• Is not prepared in accordance with the
requirements referred to in Article 3:32/2 of
the Belgian Code of Companies and
Associations, including compliance with
applicable European sustainability
information standards (the European
Sustainability Reporting Standards
(“ESRSs”))
• Is not compliant with the process carried
out by the Company (“the Process”) to
identify the information included in the
sustainability statement in accordance
with the description set out in the Double
materiality assessment section (ESRS 2 IRO-
1); and
• Is not compliant with the requirements of
Article 8 of EU Regulation 2020/852 (the
“Taxonomy Regulation”) as disclosed in
subsection EU Taxonomy for sustainable
economic activities within the
environmental section of the sustainability
statement.
Basis for conclusion
We conducted our limited assurance
engagement in accordance with International
Standard on Assurance Engagements (ISAE)
3000 (Revised), Assurance engagements other
than audits or reviews of historical financial
information (“ISAE 3000 (Revised)”), applicable
in Belgium and issued by the International
Auditing and Assurance Standards Board.
Our responsibilities under this standard are
further described in the Statutory Auditor’s
responsibilities section of our report related to
our limited assurance engagement under the
section “Statutory Auditor’s responsibilities”.
We have complied with all ethical
requirements relevant to the assurance of
sustainability engagement in Belgium,
including those relating to independence.
The firm applies International Standard on
Quality Management 1 (“ISQM 1”), which
requires the firm to design, implement and

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2
operate a system of quality management
including policies or procedures regarding
compliance with ethical requirements,
professional standards and applicable legal
and regulatory requirements.
We have obtained from the Company's Board
of Directors and its appointees the
explanations and information necessary for
our limited assurance engagement.
We believe that the evidence we have
obtained is sufficient and appropriate to
provide a basis for our conclusion.
Other matters
The scope of our work is only restricted to the
limited assurance engagement on the
Company's sustainability statement with
respect to the current reporting period. Our
assurance does not extend to information
relating to the comparative figures.
Responsibilities of the Board of Directors
with respect to the preparation of
sustainability information
The Board of Directors of the Company is
responsible for designing and implementing a
process to identify the information reported in
the sustainability statement in accordance
with the ESRS and for disclosing this Process in
the Double materiality assessment section
(ESRS 2 IRO-1) of the sustainability statement.
This responsibility includes:
• understanding the context in which the
Company’s activities and business
relationships take place and developing
an understanding of its affected
stakeholders.
• the identification of the actual and
potential impacts (both negative and
positive) related to sustainability matters,
as well as risks and opportunities that
affect, or could reasonably be expected
to affect, the entity’s financial position,
financial performance, cash flows, access
to finance or cost of capital over the short-
, medium-, or long-term;
• the assessment of the materiality of the
identified impacts, risks and opportunities
related to sustainability matters by
selecting and applying appropriate
thresholds; and
• making assumptions that are reasonable in
the circumstances.
The board of directors of the Company is
further responsible for the preparation of the
sustainability statement, which contains the
sustainability information as determined in the
Process:
• in accordance with the requirements
referred to in Article 3:32/2
of the Belgian
Code of Companies and Associations,
including compliance with applicable
ESRSs;
• in compliance the requirement provided
by Article 8 of EU Regulation 2020/852 (the
“Taxonomy Regulation”) as disclosed in
subsection EU Taxonomy within the
environmental section of the ESG
Statements.
This responsibility includes:
• designing, implementing and maintaining
such internal control that the Board of
Directors determines is necessary to
enable the preparation of the
Sustainability statement that is free from
material misstatement, whether due to
fraud or error; and
• the selection and application of
appropriate sustainability reporting
methods and making assumptions and
estimates that are reasonable in the
circumstances.
The Board of Directors are responsible for
overseeing the Company’s sustainability
reporting process.
Inherent limitations in preparing the
sustainability statement
In reporting forward-looking information in
accordance with ESRS, the board of directors
of the Company is required to prepare the
forward-looking information on the basis of
disclosed assumptions about events that may
occur in the future and possible future actions
by the Company. Actual outcomes are likely
to be different since anticipated events
frequently do not occur as expected. Actual
results are likely to differ from projections

159
Statutory Auditor’s limited assurance report
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3
because the future events will not generally
occur as expected, and such differences
could be material.
Statutory Auditor’s responsibilities relating
the limited assurance engagement on the
sustainability information
Our responsibility is to plan and perform the
assurance engagement to obtain limited
assurance about whether the sustainability
statement is free from material misstatement,
whether due to fraud or error, and to issue a
limited assurance report that includes our
conclusion. Misstatements can arise from fraud
or error and are considered material if,
individually or in the aggregate, they could
reasonably be expected to influence
decisions of users taken on the basis of the
sustainability statement as a whole.
As part of a limited assurance engagement in
accordance with ISAE 3000 (Revised), as
applicable in Belgium, we exercise
professional judgment and maintain
professional skepticism throughout the
engagement. The work performed in an
engagement with a view to obtaining limited
assurance is less extensive than in the case of
an engagement with a view to obtaining
reasonable assurance. The procedures
performed in a limited assurance
engagement for which we refer to the
‘Summary of work carried out’ section which
differ in nature and timing are less extensive
compared to a reasonable assurance
engagement. We therefore do not express a
reasonable audit opinion in the frame of this
engagement.
As the forward-looking information included in
the Sustainability Information, and the
assumptions on which it is based, relate to the
future, they may be affected by events that
may occur and/or by actions taken by the
Company. Actual results are likely to differ
from the assumptions made, as the events
assumed will not necessarily occur as
expected, and such differences could be
material. Accordingly, our conclusion does not
guarantee that the actual results reported will
correspond to those contained in the forward-
looking sustainability information.
Our responsibilities in respect of the
Sustainability statement, in relation to the
Process, include:
• understanding the Process but not for the
purpose of providing a conclusion on the
effectiveness of the Process, including the
outcome of the Process; and
• Designing and performing procedures to
evaluate whether the Process is consistent
with the Company’s description of its
Process, as disclosed in the Double
materiality assessment section (ESRS 2 IRO-
1);
Our other responsibilities in respect of the
Sustainability statement include:
• To understand the Company's control
environment and the processes and
information systems relevant to the
preparation of sustainable information, but
without evaluating the design of specific
control activities, obtaining substantive
information on their implementation or
testing the effectiveness of the internal
control measures in place;
• Identify areas where material
misstatements of sustainability information
are likely to occur, whether due to fraud or
error; and
• Designing and performing procedures
responsive to where material
misstatements are likely to arise in the
sustainability statement. The risk of not
detecting a material misstatement
resulting from fraud is higher than for one
resulting from error, as fraud may involve
collusion, forgery, intentional omissions,
misrepresentations, or the override of
internal control.
Summary of the work performed
A limited assurance engagement involves
performing procedures to obtain evidence
about the Sustainability statement. The
procedures in a limited assurance
engagement vary in nature and timing from,
and are less in extent than for, a reasonable
assurance engagement. Consequently, the
level of assurance obtained in a limited
assurance engagement is substantially lower
than the assurance that would have been

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Statutory Auditor’s limited assurance report
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4
obtained had a reasonable assurance
engagement been performed.
The nature, timing and extent of procedures
selected depend on professional judgement,
including the identification of disclosures
where material misstatements are likely to arise
in the Sustainability statement, whether due to
fraud or error.
In conducting our limited assurance
engagement, with respect to the Process, we:
• Obtained an understanding of the Process
through:
o Requesting information to
understand the sources of the
information used by management
(e.g., stakeholder engagement
documentation), as well as
assessing the Company’s internal
documentation of its Process; and
• Evaluated whether the evidence obtained
from our procedures with respect to the
Process implemented by Fluxys Belgium NV
was consistent with the description of the
Process set out in the Double materiality
assessment section (ESRS 2 IRO-1).
In conducting our limited assurance
engagement, with respect to the sustainability
statement, we:
• Obtained an understanding of the
Company’s reporting processes relevant to
the preparation of its sustainability
statement by:
o interviewing management and
relevant staff responsible for
consolidating and implementing
internal control measures related to
sustainability information;
o when deemed appropriate,
obtaining supporting
documentation for the relevant
reporting processes
• Evaluated whether the information
identified by the Process is included in the
sustainability statement;
• Evaluated the compliance of the structure
and the preparation of sustainability
information with ESRS standards;
• Performed inquires of relevant personnel
and analytical procedures on selected
information in the sustainability statement;
• Performed substantive assurance
procedures on selected information in the
sustainability statement;
• We have carried out limited detailed
testing of the data collection and
calculation processes, as well as validation
procedures related to the quantitative
information in question, based on
professional judgement and on a sample
basis.
• Evaluated assurance information on the
methods for developing estimates and
forward-looking information; evaluated as
described in the section ‘responsibilities of
the statutory auditor regarding the
assurance engagement with limited
assurance regarding sustainability
information;
• Obtained an understanding of the
Company’s process to identify taxonomy-
eligible and taxonomy-aligned economic
activities and the corresponding
disclosures in the Sustainability statement;
• On a sample basis, reconciling the
economic activities with supporting
documentation that substantiates the
substantial contribution, the do not
significant harm contribution, and the
minimum safeguard requirements;
• Reconciling inputs to revenue, capital
expenditure, and operating expenses, with
underlying financial information of the
Company.

161
Statutory Auditor’s limited assurance report
on Fluxys Belgium NV’s Sustainability statement for the year end 31 December 2024 (continued)
5
Statements regarding independence
- Our audit firm and our network have not
performed any engagements that are
incompatible with the limited assurance
engagement, and our audit firm has remained
independent of the company during our term
of office.
Diegem, 27 March 2025
EY Bedrijfsrevisoren BV
represented by
Wim Van Gasse*
Partner
* Handelend in naam van een BV

Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Corporate Governance Declaration

163
Corporate
governance
declaration

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Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Corporate Governance Declaration
Corporate governance
declaration
Fluxys Belgium has adopted the 2020 Belgian Code on
Corporate Governance (the 2020 Code) as its
benchmark code of conduct, the main principles of
which are included in the Articles of Association and
the Corporate Governance Charter. Fluxys Belgium is
also subject to legislation on corporate governance
contained in the Act of 12 April 1965 on the
transmission of gaseous and other products
via pipeline, as subsequently amended (the Gas Act),
and in the European Directive 2009/73/EC concerning
common rules for the internal market in natural gas, as
repealed by Directive (EU) 2024/1788 of the European
Parliament and of the Council of 13 June 2024 on
common rules for the internal markets for renewable
gas, natural gas and hydrogen (the Directive). Details of
the legislation applied by Fluxys Belgium can be found
online:
The 2020 Code: https://www.
corporategovernancecommittee.be/en
The Gas Act: www.just.fgov.be (in French and Dutch)
The Directive: www.eur-lex.europa.eu
In accordance with the principle of transparency, Fluxys
Belgium lists in this chapter of its annual report the
parts of the 2020 Code from which the company
deviates and the justified reasons for doing so:
• The company does not apply the 2020 Code rules
on the term of directorships. Members of the Board
of Directors are appointed for a period of six years
rather than the four years advocated by Principle 5.6
of the 2020 Code. This term is justified in light of the
technical, financial and legal particularity and
complexity of the tasks and responsibilities
entrusted to the natural gas system operator, the
hydrogen transport network operator and the
development of, among others, activities related to
hydrogen and CO
2
. A six-year mandate allows
directors to deepen their expertise and to bring real
added value to the debate over a longer period of
time. This is also in line with the long-term nature of
infrastructure operators’ activities.
• The company also deviates from recommendation
7(6) and 7(9) of the 2020 Code for the reasons set
out in the remuneration report referred to here.
Changes in the composition
of the Board of Directors in
2024
At the Annual General Meeting held on 14 May 2024,
the independent directorships of Sabine Colson and
Anne Leclercq and the directorship of Jean-Claude
Marcourt were renewed for a period of six years, until
the end of the 2030 Annual General Meeting.
The Annual General Meeting also appointed Patrick
Dewael as director, replacing Geert Versnick, for
a directorship expiring on 31 December 2025.
The procedure for the reappointments and for the new
appointment by the Appointment and Remuneration
Committee and the Corporate Governance Committee
was complied with.
Rules governing the
appointment and
replacement of members of
the Board of Directors and
amendments to the Articles
of Association
Appointment and replacement of
directors
Directors are appointed by the General Meeting for no
more than six years and can be dismissed by this body.
Article 10 of the Articles of Association stipulates that
the company shall be managed by a Board of Directors
comprising non-executive directors (except for the
director charged with the day-to-day management of
the company), who are appointed for a maximum term
of six years and may be dismissed by the General
Meeting. The directorships of outgoing directors
who have not been re-elected shall expire immediately
after the Annual General Meeting. In the event that one
or more directorships fall vacant, the remaining
directors may, by a simple majority of votes, temporarily
fill the vacancy. In such cases, the General Meeting
shall make the permanent appointment or
appointments at its first meeting thereafter.

165
If a directorship becomes vacant before the end of the
term, the replacement director appointed shall serve
out the rest of the term in question.
Amendments to the Articles of
Association
The company’s Articles of Association may be
amended by an Extraordinary General Meeting; any
amendments made must be published in the Belgian
Official Gazette. Deliberation and decisions regarding
amendments to the Articles of Association are only
valid if at least half of the group’s share capital is
represented at the Extraordinary General Meeting. No
amendment shall be permitted unless it is passed by
three quarters of the votes.
Board of Directors
Composition of the Board of Directors
Article 10 of the company’s Articles of Association
stipulates that the Board of Directors shall comprise no
fewer than three and no more than 24 non-executive
directors, excluding one or more federal government
representatives.
Principle 3.2 of the 2020 Code recommends that the
Board should be small enough for efficient decision-
making. It should also be large enough for its Board
members to contribute experience and knowledge
from their different fields and for changes to the Board’s
composition to be managed without undue disruption.
The size of the Fluxys Belgium Board of Directors is
justified in light of the technical, financial and legal
particularity and complexity of the tasks and
responsibilities entrusted to the natural gas system
operator and the diversity of interests involved.
In order to comply with the provisions of the Gas Act,
at least one third of directors must be independent
within the meaning of the Gas Act. They are chosen
partly on the basis of their financial management skills
and partly for their useful technical knowledge and in
particular their relevant knowledge of the energy
sector. Independent directors within the meaning of the
Gas Act must meet, among other things, the
independence criteria of the 2020 Belgian Code on
Corporate Governance. One third of directors must be
of a different gender from the other two thirds.
At least half of the directors must be fluent in French
and half in Dutch.
In addition, the golden share grants the federal Energy
Minister the right to appoint two representatives of the
federal government to the Board of Directors.
Directors of the company may not simultaneously be
members of the supervisory board, board of directors
or bodies legally representing the undertaking, of an
undertaking active in the production or supply of
natural gas and may not exercise any rights over such
an undertaking.
Directors
Andries Gryffroy, Director, Chairman of the Board of
Directors
Andries Gryffroy is a qualified industrial
electromechanical engineer and holds a Master’s
degree in marketing. He took a number of additional
training courses in the energy sector and worked in
a range of positions in that sector. He is a consultant in
technology and energy. He is also the Chairman of
Publigas, a member of the Flemish Parliament and
a federated entity senator. He was appointed as
director in May 2015 following his nomination by
Publigas, and his current directorship will expire at the
end of the Annual General Meeting in May 2027.
Jean-Claude Marcourt, Director, Vice-Chairman of the
Board of Directors
Jean-Claude Marcourt holds a degree in law from the
University of Liège and has been a lawyer at the Liège
Bar since 1979, specialising in economic law and
social law. He served as Chief of Staff for various
ministers from 1992 to 2004 and also held various
ministerial posts from 2004 to 2019, and he has served
as a member of the Walloon Parliament and the
Parliament of the Wallonia-Brussels Federation. He was
appointed as director in May 2023 following his
nomination by Publigas, and his current directorship will
expire at the end of the Annual General Meeting
in May 2030.
Pascal De Buck, Managing Director and CEO
Pascal De Buck studied law, specialising in
economic law, before completing several management
training courses, including at the Flemish School of
Higher Education in Economics (VLEKHO) and EHSAL
Management School (EMS) in Brussels and the IESE
Business School’s international Global CEO Program.
After joining Fluxys as a Legal Counsel in 1995, he
became head of the Legal and Commercial
departments before taking on the role of Commercial
Director, where he was responsible for business
development and strategy. Pascal was appointed CEO
and Chairman of the Executive Board of Fluxys Belgium
on 1 January 2015, and he became Managing Director
of Fluxys Belgium in May 2020. His current directorship
will expire at the end of the Annual General Meeting
in May 2026.

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Abdellah Achaoui, Director
Abdellah Achaoui has a degree in finance and is
management manager at Vivaqua. He is Chairman of
the Board of Directors of Interfin and a member of the
Boards of Directors of Sibelga and Publigas. He has
held financial positions in various sectors, both private
and public. He was co-opted as director by the Board
of Directors with effect from 30 March 2022 following
his nomination by Publigas, and his current directorship
will expire at the end of the Annual General Meeting
in May 2027.
Laurent Coppens, Director
Laurent Coppens holds a Master of Business
Administration from the University of Liège and
completed specialised courses in Management
Accounting & Control at Maastricht University before
working as an assistant and researcher in finance. He is
currently CFO of Sibelga and Interfin and Financial
Officer at Publigas and Publi-T. He was appointed as
director by the Annual General Meeting with effect
from 1 July 2021, following his nomination by Publigas,
and his current directorship will expire at the end of the
Annual General Meeting in May 2027.
Patrick Dewael, Director (since 14 May 2024)
Patrick Dewael has a degree in law and a degree in
notarial law from the Vrije Universiteit Brussel (VUB). He
was mayor of Tongeren from 1994 till end 2024 and
currently holds the position of Chairman of the
municipal council. He was a member of the Chamber of
Representatives. He was appointed as director
in May 2024 following his nomination by Publigas, and
his current directorship will expire on 31 December
2025.
Leen Dierick, Director
Leen Dierick studied business administration,
marketing and logistics at EHSAL in Brussels and has
subsequently held various positions at DOMO NV.
She has been the mayor of the city of Dendermonde
since 2024, where she previously served as
a municipal councillor from 2001 to 2023. She was
a Member of the Federal Parliament for CD&V from
2007 till end 2024. In the Chamber she is a permanent
member of both the Parliamentary Committees for
Economy & Energy and the subcommittee for Nuclear
Safety. She was appointed as director in May 2022
following her nomination by Publigas, and her current
directorship will expire at the end of the Annual
General Meeting in May 2028.
Gianni Infanti, Director
Gianni Infanti earned a Master’s degree in management
sciences at UCL Mons. He was appointed as director
in May 2022 following his nomination by Publigas, and
his current directorship will expire at the end of the
Annual General Meeting in May 2028.
Ludo Kelchtermans, Director
Ludo Kelchtermans holds a degree in economics and is
CEO of Nuhma, the Limburg-based climate company.
He is a director at several companies and chairman of
Aspiravi’s audit committee. He was appointed as
director in June 2012 following his nomination by
Publigas, and his current directorship will expire at the
end of the Annual General Meeting in May 2026.
Josly Piette, Director
Josly Piette holds degrees in industrial sociology and
economic and social sciences. He is Honorary General
Secretary of the Confédération des Syndicats
Chrétiens (Confederation of Christian Trade Unions)
and a director at SOCOFE and Publigas. He was
appointed as director in May 2009 following his
nomination by Publigas, and his current directorship will
expire at the end of the Annual General Meeting
in May 2026.
Daniël Termont, Director, Chairman of the Audit and
Risk Committee
Daniël Termont is a member of the Board of Directors
of Publigas. He was appointed as director in May 1998
following his nomination by Publigas, and his current
directorship will expire at the end of the Annual
General Meeting in May 2027.
Koen Van den Heuvel, Director, Chairman of the
Appointment and Remuneration Committee
Koen Van den Heuvel holds a degree in economics
and political science. He has been a member of Puurs
Municipal Council since 1989, and for five years he also
served as the Alderman for Youth, Culture and Finance.
In 1997, he became Mayor of Puurs, and since 2019
he has been the mayor of the merged municipality of
Puurs-Sint-Amands. From 2004 to 2024 he was
a member of the Flemish Parliament, leading his
parliamentary group there from 2012 to 2019. In 2019,
he was the Flemish Minister for the Environment,
Nature and Agriculture. He has been a member of the
Chamber of Representatives since 2024. Following his
nomination by Publigas, he was co-opted as director by
the Board of Directors with effect from
1 December 2019, and his current directorship will
expire at the end of the Annual General Meeting
in May 2025.
Wim Vermeir, Director
Wim Vermeir has a degree in engineering physics from
Ghent University and holds an MBA from Vlerick School

167
of Management. He started his career at Ghent
University and Vlerick School of Management as
a research assistant in corporate finance. Between
1995 and 2006, he held various positions at
Dexia Asset Management and in 2006 he was
appointed Chief Investment Officer for Traditional
Investments and member of the Executive Board of
Dexia Asset Management. He has been Chief
Investment Officer of AG Insurance since April 2011 and
also Group Head of Investments for Ageas
since June 2012. Following his nomination by AG
Insurance, he was co-opted as director by the Board of
Directors with effect from 21 February 2023, and his
current directorship will expire at the end of the Annual
General Meeting in May 2028.
Geert Versnick, Director (until 14 May 2024)
Geert Versnick has a law degree from Ghent University.
He has also participated in study programmes from
GUBERNA, the International Institute for Management
Development (IMD) and INSEAD. He was a lawyer at
the Ghent Bar from 1980 until 2000 and active in
politics from 1989 to 2017. He holds a number of
directorships in both the private and public sectors. He
was appointed as director in May 2018 following his
nomination by Publigas, with effect from 3 October
2018, and his directorship expired at the end of the
Annual General Meeting in May 2024.
Independent directors under the provisions of
the Gas Act
Sabine Colson, Independent Director, Chairman of the
Corporate Governance Committee
Sabine Colson has a degree in business and finance
from HEC Liège. She completed a GUBERNA Certified
Director course and holds a university certificate in
innovation management from UCLouvain. She is
currently Investment Manager (MBO, family
transmission and employee shareholding) at Wallonie
Entreprendre and a consular judge at the Liège
Business Court. She was co-opted as independent
director with effect from 1 October 2018 following her
nomination by the Board of Directors and the
recommendation of the relevant advisory committees.
Her current directorship will expire at the end of the
Annual General Meeting in May 2030.
Valentine Delwart, Independent Director
Valentine Delwart holds a degree in law and a Master’s
degree in European law. She is Alderwoman for
Finance in Uccle and has been General Secretary of
the French-speaking liberal party Mouvement
Réformateur since March 2011. She was appointed as
independent director in May 2013 following her
nomination by the Board of Directors and the
recommendation of the relevant advisory committees.
Her current directorship will expire at the end of the
Annual General Meeting in May 2025.
Cécile Flandre, Independent Director
Cécile Flandre holds a degree in mathematics and
actuarial science from the Université Libre de Bruxelles
(ULB). For nine years she served as CFO and executive
director at two insurance companies, Belfius Insurance
and later Ethias. She has many years of experience in
the insurance sector, including its supervision, and in
financial matters. Until January 2023 she was a director
of Elia Transmission Belgium, Elia Asset and Elia Group,
and is currently an independent director of MS Amlin
Insurance SE, where she chairs the Audit Committee,
and of Monument Assurance Belgium, where she chairs
the Investment Committee, (independent) chair of the
Board of Directors of Synatom, and a member of the
Board of Directors of the non-profit association Belgian
Finance Center. She has been a member or chair of the
boards of directors and audit committees of several
companies. She was co-opted as independent director
with effect from 30 March 2022 following her
nomination by the Board of Directors and the
recommendation of the relevant advisory committees.
Her current directorship will expire at the end of the
Annual General Meeting in May 2025.
Sandra Gobert, Independent Director
Sandra Gobert obtained a Master’s degree in law from
the Vrije Universiteit Brussel (VUB). She has been
a lawyer at the Brussels Bar since 1992 and is a partner
at Andersen in Belgium. After a specialisation and
internship in tax law, she built up her expertise in
corporate law, corporate governance and
sustainability legislation. She has been a GUBERNA
Certified Director since 2010 and has held directorships
in various sectors (distribution and retail, legal, real
estate and energy). She completed the Chapter Zero:
Directors’ Climate Journey in 2021. She is a lecturer on
good governance and ESG in academic and executive
programmes. In early 2019, she was appointed
Executive Director of GUBERNA (Institute of Directors),
where she has been a member of the Board of
Directors since 2016. She is a member of the Belgian
Corporate Governance Committee, a member of the
Board of Directors of ecoDa (European Confederation
of Directors’ Associations) and chair of the
ecoDa Working Group on Sustainability and of the
Remuneration and Nomination Committee. She is
a member of the ESG Exchange Advisory Committee.
She was appointed as independent director

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Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Corporate Governance Declaration
in May 2019 following her nomination by the Board of
Directors and the recommendation of the relevant
advisory committees. Her current directorship will
expire at the end of the Annual General Meeting
in May 2025.
Roberte Kesteman, Independent Director
Roberte Kesteman holds a master’s degree in applied
economics from VLEKHO. She also studied
international corporate finance at INSEAD in France.
She is currently an independent director at
Elia Transmission Belgium, Elia Asset and Elia Group, as
well as a member of the Audit Committee,
Remuneration Committee and Corporate Governance
Committee. Since 4 May 2022, she has been an
independent director, a member of the Audit
Committee and a member of the Remuneration,
Nomination and Corporate Governance Committee at
Aperam SA. On 18 December 2023, she was appointed
independent director at KBVB/RBFA (Royal Belgian
Football Association). She was appointed as
independent director with effect from 1 July 2019
following her nomination by the Board of Directors and
the recommendation of the relevant advisory
committees. Her current directorship will expire at the
end of the Annual General Meeting in May 2029.
Anne Leclercq, Independent Director
Anne Leclercq holds a Master’s degree in law and an
MBA from Vlerick Business School. Many years working
in both the banking sector and as Director of Treasury
and Capital Markets at the Belgian Debt Agency (the
agency in charge of the operational management of
the debt of the Belgian federal government) have
provided her with a wealth of financial expertise and
management experience. Until mid-2019, Anne chaired
a sub-committee of the European Union’s Economic
and Financial Committee comprising debt managers
from the various EU Member States. She is currently
a director at BNP Paribas Fortis, where she also chairs
the Risk Committee, WDP (Warehouses De Pauw) and
Sint-Maria Halle General Hospital. Until the end
of December 2022, she was a director and chair of the
Audit Committee of KULeuven/UZ Leuven. She was
appointed as independent director in May 2018
following her nomination by the Board of Directors and
the recommendation of the relevant advisory
committees. Her current directorship will expire at the
end of the Annual General Meeting in May 2030.
1. Royal Decree of 31 January 2021 on the dismissal and appointment of federal government auditors to the Boards of Directors of the relevant operators,
as provided for in Article 8/3(1/3) of the Act of 12 April 1965 concerning the transmission of gaseous and other products by pipeline (published in the
Belgian Official Gazette on 8 February 2021).
2. Royal Decree of 25 May 2024 on the dismissal and appointment of federal government auditors to the Boards of Directors of the relevant operators, as
provided for in Article 8/3(1/3) of the Act of 12 April 1965 concerning the transmission of gaseous and other products by pipeline (published in the Belgian
Official Gazette on 31 May 2024).
Sandra Wauters, Independent Director
Sandra Wauters holds a PhD in chemical engineering
from Ghent University. She is currently Net Zero
Transition Manager at BASF Antwerp, where she is
responsible for business development and
coordination on climate-neutral growth. She was
appointed as independent director in May 2013
following her nomination by the Board of Directors and
the recommendation of the relevant advisory
committees. Her current directorship will expire at the
end of the Annual General Meeting in May 2025.
Federal government representatives
Maxime Saliez, Julien Simon and Tom
Vanden Borre
Maxime Saliez sat on the Board of Directors in an
advisory capacity as a French-speaking representative
of the federal government until 1 May 2024.
Tom Vanden Borre was appointed as per the Royal
Decree of 31 January 2021 as representative of the
federal government in an advisory capacity for the
Dutch-speaking role. This Royal Decree entered into
force on the date of its publication in the Belgian
Official Gazette, namely 8 February 2021.
1
Tom Vanden
Borre holds a PhD in law.
Julien Simon was appointed as per the Royal Decree of
25 May 2024 as representative of the federal
government in an advisory capacity for the French-
speaking role. This Royal Decree entered into force on
the date of its publication in the Belgian Official
Gazette, namely 31 May 2024.
2
Julien Simon holds
a master’s degree in biological sciences and has more
than ten years’ experience in the field of public policy
on energy and climate. After starting his career as
a consultant in an engineering consultancy, he then
held the position of advisor to the Brussels Minister for
Energy for five years.
Federal government representatives have special
powers as stipulated in the Acts of 26 June 2002 and
29 April 1999 and the Royal Decrees of 16 June 1994
and 5 December 2000, as set out in Article 12 of the
Articles of Association and in the Corporate
Governance Charter.
They attend meetings of the Board of Directors in an
advisory capacity.

169
Secretariat
Nicolas Daubies, Group General Counsel & Company
Secretary, acts as secretary to the Board of Directors.
Activity report
Issues examined
The members of the Board of Directors seek to adopt
decisions by consensus. The Board mainly addressed
the following issues:
• The strategy of Fluxys Belgium;
• The follow-up of the 2024 budget;
• The 10-year investment programme (2025-2034);
• The medium-term financial plan;
• The HSEQ policy;
• Fluxys Group’s New operating model and staffing;
• Risk management;
• The preparation of the company’s annual and half-
yearly accounts and those of its subsidiaries, as well
as associated press releases;
• The drafting and approval of the annual financial
report for the financial year 2023 and the half-yearly
financial report as at 30 June 2024;
• The follow-up of the tariff methodology 2024-2027
and discussions with CREG;
• Projects and research into projects related to the
continuing development of the group’s activities in
Belgium, including:
–market integration projects;
–projects related to the energy transition, especially
those involving biomethane and the transmission of
hydrogen and CO
2
(also discussed in a separate
expert session), including the (draft) Flemish and
Walloon CO
2
decree, and the development and use
of new energy system models;
–the various developments in CO
2
and HNO
activities, including, after the establishment of
Fluxys c-grid in 2023, the establishment of Fluxys
c-grid Antwerp and Fluxys hydrogen’s appointment
as hydrogen network operator;
–orders for critical equipment for projects related to
the development of H
2
and CO
2
networks;
–the Antwerp@C project, a CO
2
export terminal
project and backbone pipeline spanning
approximately 20 km in the port area;
–upgrading of the Zeebrugge-Opwijk pipeline route:
investment decision and progress reporting;
–progress of the LNG capacity expansion and truck-
loading projects;
• Further implementation of ESG, setting ESG
objectives for 2024 and implementation of the ESG
policy and guidelines, including CSRD and CSDDD;
• The approval of the NIS2 Law;
• The revamp of the Zeepipe terminal;
• Contract Award Electricity Supply ‘25-’26;
• Directors’ liability;
• Ethics and compliance framework;
• Changes in the legal and regulatory framework;
• Progress of disputes and legal action brought in
order to safeguard the company’s interests;
• The energy mix, the European Green Deal,
developing a long-term vision for a low-carbon
energy system by 2050 and the European
Commission’s Fit for 55 programme;
• The consequences of the war in Ukraine and the
sanctions on Russian gas;
• Security of supply;
• The sale of additional capacity at Zeebrugge;
• The impact on different domains in terms of cost and
security of supply of various energy vectors in
a decarbonized economy;
• The role of natural gas in Belgium’s future energy
system and in the energy transition;
• Commercial activities and the operation of the
network and the LNG terminal (including demand for
additional regasification capacity at the LNG
terminal);
• The safety culture within the company;
• Convening the Annual General Meeting
• Changes in the composition of the Board of
Directors and the advisory committees;
• Examination of reports by the Audit and Risk
Committee, the Appointment and Remuneration
Committee and the Corporate Governance
Committee;
• Examination of the report of the Board of Directors
of Fluxys LNG.

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Operation
The Board of Directors may only deliberate and adopt
decisions when at least half of the directors are either
present or represented. Decisions made by the Board
of Directors are taken by a simple majority of votes cast
by directors present or represented. In 2024, the Board
of Directors took all of its decisions by unanimous vote
of the directors present or represented.
Frequency of meetings and attendance levels
The Board of Directors met seven times in ordinary
meetings in 2024. Director attendance at Board of
Directors’ meetings in 2024 was as follows:
Attendance
Andries Gryffroy 7 out of 7 meetings
Jean-Claude Marcourt 7 out of 7 meetings
Pascal De Buck 7 out of 7 meetings
Abdellah Achaoui 4 out of 7 meetings
Sabine Colson 5 out of 7 meetings
Laurent Coppens 6 out of 7 meetings
Valentine Delwart 6 out of 7 meetings
Patrick Dewael 4 out of 4 meetings
Leen Dierick 6 out of 7 meetings
Cécile Flandre 7 out of 7 meetings
Sandra Gobert 7 out of 7 meetings
Gianni Infanti 7 out of 7 meetings
Ludo Kelchtermans 7 out of 7 meetings
Roberte Kesteman 7 out of 7 meetings
Anne Leclercq 7 out of 7 meetings
Josly Piette 7 out of 7 meetings
Daniël Termont 7 out of 7 meetings
Koen Van den Heuvel 7 out of 7 meetings
Wim Vermeir 7 out of 7 meetings
Geert Versnick 3 out of 3 meetings
Sandra Wauters 7 out of 7 meetings
Committees formed by the Board of
Directors
Audit and Risk Committee
Composition of the Audit and Risk
Committee
The Audit and Risk Committee comprises seven non-
executive directors, of whom at least one third must be
independent within the meaning of the Gas Act and the
2020 Belgian Code on Corporate Governance. The
Audit and Risk Committee has collective expertise in
the company’s area of activity and at least one
independent director has the required expertise in
accounting and auditing.
Chairman
Daniël Termont
Members
• Sabine Colson*
• Laurent Coppens
• Cécile Flandre*
• Anne Leclercq*
• Wim Vermeir
• Sandra Wauters*
Invited in an advisory capacity
Pascal De Buck, Managing Director and CEO
Secretariat
Julie Van de Velde, Head of Corporate Legal, acts as
secretary to the Audit and Risk Committee.
Accounting and auditing expertise of the
independent directors on the Audit and
Risk Committee
Cécile Flandre
• She holds a degree in mathematics and actuarial
science.
• She has extensive experience, having been
a director since 2012 and currently sitting on several
boards of directors and audit committees.
• She has held the position of Chief Financial Officer,
executive board member and executive director,
with particular responsibility for investments,
accounting, financial planning and control, and
corporate finance.
* Independent directors under the provisions of the Gas Act.

171
Sabine Colson
• She holds a degree in business and finance from
HEC Liège and has been an audit manager at PwC.
• She has experience of audit committees and
appointment and remuneration committees.
• She is a director of various companies, primarily in
the environmental sector.
Anne Leclercq
• She holds a Master’s degree in law and an MBA
from Vlerick Business School.
• Many years working in the financial sector have
provided her with a wealth of financial expertise and
management experience.
• She has extensive market knowledge and insight
into the key drivers of change in financial markets,
such as changes in regulations and economic
factors.
• Until 31 July 2019, she was Director of Treasury and
Capital Markets at the Belgian Debt Agency.
Sandra Wauters
• She has a PhD in chemical engineering.
• In her operations role at BASF Antwerp, she has
acquired experience in HAZOP studies and
technical risk assessments.
Issues examined
The Audit and Risk Committee was set up within the
Board of Directors to assist this body. It has the powers
assigned to an audit and risk committee by law as well
as any other powers that may be assigned to it by the
Board of Directors. In 2024, the Audit and Risk
Committee mainly addressed the following issues:
• The company’s accounts as at 31 December 2023
and 30 June 2024 as well as the associated press
releases (financial part);
• The annual financial report for the 2023 financial
year and the half-yearly report as at 30 June 2024;
• The principles governing the closing of accounts;
• Examination of the auditor’s work, schedule and
additional assignments;
• Examination of the internal control and risk
management system;
• Internal audit goals, schedule and activities in 2024;
• The internal audit schedule for 2025;
• Follow-up on the recommendations made in the
wake of the internal audit in 2023;
• Risk management, including ESG risks and
opportunities;
• The appointment of the statutory auditor for
sustainability reporting in the context of the CSRD;
• The results of the ESG readiness assessment
conducted by EY;
• The audit conducted by the Institute of Internal
Auditors on internal audit activities;
• The renewal of EY’s mandate as statutory auditor;
• Confirmation to the Audit and Risk Committee of the
independence of the internal audit;
• The evaluation of the person in charge of the
internal audit.
Operation
Decisions by the Audit and Risk Committee are
adopted by a simple majority of votes cast by those
members present or represented, in line with their
assigned powers. The members of the Audit and Risk
Committee seek to adopt decisions by consensus. In
2024, the Audit and Risk Committee approved all the
decisions submitted to it. For detailed information on
how the committee works, consult Annex II of the
Corporate Governance Charter – Audit and Risk
Committee Rules of Internal Procedure (https://www.
fluxys.com/en/about-us/fluxys-belgium/investors).
Frequency of meetings and
attendance levels
The Audit and Risk Committee met four times in 2024.
Director attendance at Audit and Risk Committee
meetings in 2024 was as follows:
Attendance
Daniël Termont 4 out of 4 meetings
Sabine Colson 4 out of 4 meetings
Laurent Coppens 4 out of 4 meetings
Cécile Flandre 4 out of 4 meetings
Anne Leclercq 4 out of 4 meetings
Wim Vermeir 4 out of 4 meetings
Sandra Wauters 4 out of 4 meetings

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Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Corporate Governance Declaration
Appointment and Remuneration
Committee
Composition of the Appointment and
Remuneration Committee
The Appointment and Remuneration Committee
comprises six non-executive directors, the majority of
whom must be independent within the meaning of the
Gas Act and the 2020 Belgian Code on Corporate
Governance. The committee has the required expertise
in remuneration policy.
Chairman
Koen Van den Heuvel
Members
• Valentine Delwart*
• Cécile Flandre*
• Sandra Gobert*
• Gianni Infanti
• Roberte Kesteman*
• Geert Versnick (until 14 May 2024)
Invited in an advisory capacity
Pascal De Buck, Managing Director and CEO
Secretariat
Anne Vander Schueren, Sr VP People & Organisation,
acts as secretary to the Appointment and
Remuneration Committee.
Issues examined
The Appointment and Remuneration Committee was
set up within the Board of Directors to assist it in all
matters concerning the appointment and remuneration
of directors and members of the Operational
Management Team. It has the powers assigned to
a remuneration committee by law as well as any other
powers that may be assigned to it by the Board of
Directors. In 2024, the Appointment and Remuneration
Committee mainly addressed the following issues:
• The compilation of the draft remuneration report;
• The compilation of opinions for the Board of
Directors concerning the appointment of a director
and the reappointment of independent directors
and a director;
• Fluxys Belgium’s New operating model;
• The preparation of the objectives for the Managing
Director and the members of the Operational
Management Team;
• The preparation of the evaluation of the Managing
Director and the members of the Management
Team BE;
• The compilation of recommendations on the
remuneration of the Managing Director (fixed and
variable remuneration);
• The compilation of recommendations on the
remuneration of the members of the Management
Team BE (variable remuneration) and the
Operational Management Team (fixed remuneration)
following a proposal by the Managing Director;
• The state of progress and evaluation regarding the
company targets for 2024;
• Monitoring of the remuneration policy.
Operation
Decisions by the Appointment and Remuneration
Committee are adopted by a simple majority of votes
cast by those members present or represented, in line
with their assigned powers. The members of the
Appointment and Remuneration Committee seek to
adopt decisions by consensus. In 2024, the
Appointment and Remuneration Committee approved
all the decisions submitted to it. For detailed
information on how the committee works, consult
Annex III of the Corporate Governance Charter –
Appointment and Remuneration Committee Rules of
Internal Procedure (https://www.fluxys.com/en/
about-us/fluxys-belgium/investors).
Frequency of meetings and
attendance levels
The Appointment and Remuneration Committee met
three times in 2024 and, on one occasion, took
a decision with unanimous written agreement of the
directors. Director attendance at Appointment and
Remuneration Committee meetings in 2024 was as
follows:
Attendance
Koen Van den Heuvel 3 out of 3 meetings
Valentine Delwart 1 out of 3 meetings
Cécile Flandre 2 out of 3 meetings
Sandra Gobert 3 out of 3 meetings
Gianni Infanti 3 out of 3 meetings
Roberte Kesteman 3 out of 3 meetings
Geert Versnick 1 out of 1 meeting
* Independent directors under the provisions of the Gas Act.

173
Corporate Governance Committee
Composition of the Corporate Governance
Committee
The Corporate Governance Committee comprises
seven non-executive directors, of whom at least two
thirds must be independent under the provisions of the
Gas Act.
Chairman
Sabine Colson*
Members
• Laurent Coppens
• Valentine Delwart*
• Sandra Gobert*
• Roberte Kesteman*
• Anne Leclercq*
• Josly Piette
Invited in an advisory capacity
Pascal De Buck, Managing Director and CEO
Secretariat
Julie Van de Velde, Head of Corporate Legal, acts as
secretary to the Corporate Governance Committee.
Issues examined
The Corporate Governance Committee was set up
within the Board of Directors in order to carry out the
tasks conferred upon it by the Gas Act. In 2024, the
Corporate Governance Committee mainly addressed
the following issues:
• Preparation of the 2023 annual report by the
Corporate Governance Committee, drafted on the
basis of Article 8/3 section 5(3) of the Gas Act;
• The compilation of the opinion to be returned to the
Board of Directors concerning the reappointment of
independent directors.
Operation
Decisions by the Corporate Governance Committee
are adopted by a simple majority of votes cast by those
members present or represented, in line with their
assigned powers. The members of the Corporate
Governance Committee seek to adopt decisions by
consensus. In 2024, the Corporate Governance
Committee approved all the decisions submitted to it.
For detailed information on how the committee works,
consult Annex I of the Corporate Governance Charter
– Corporate Governance Committee Rules of Internal
Procedure (https://www.fluxys.com/en/about-us/fluxys-
belgium/investors).
Frequency of meetings and
attendance levels
The Corporate Governance Committee met once in
2024 and, on one occasion, took a decision with
unanimous written agreement of the directors. Director
attendance at Corporate Governance Committee
meetings in 2024 was as follows:
Attendance
Sabine Colson 1 out of 1 meeting
Laurent Coppens 0 out of 1 meeting
Valentine Delwart 1 out of 1 meeting
Sandra Gobert 1 out of 1 meeting
Roberte Kesteman 0 out of 1 meeting
Anne Leclercq 1 out of 1 meeting
Josly Piette 1 out of 1 meeting
Managing Director & CEO and
management in 2024
Composition
Pascal De Buck is the Managing Director of Fluxys
Belgium. He is also the company’s Chief Executive
Officer.
The Managing Director can delegate some of his
powers to management.
Until 31 October 2024, the Managing Director was
assisted by a Management Team BE composed as
follows:
• Arno Büx, Chief Commercial Officer
• Christian Leclercq, Chief Financial Officer
• Peter Verhaeghe, Chief Technical Officer
Since 1 November 2024, the Managing Director has
been assisted by an Operational Management Team
composed as follows:
• Ben De Waele, Sr VP Belgian Operations
• Christian Leclercq, Chief Financial Officer
• Erik Vennekens, Sr VP Asset Delivery & Digital
Deliberations
The Operational Management Team assists the
Managing Director in the tasks assigned to him and
meets as often as it deems necessary.
The Operational Management Team is assisted in its
decision-making by an Executive Committee
composed as follows:
• Damien Adriaens, Director Commercial Regulated
• Nicolas Daubies, Group General Counsel &
Company Secretary
* Independent directors under the provisions of the Gas Act.

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• Raphaël De Winter, Sr VP Business Development &
M&A
• Jan Van de Vyver, Director Installations & Grid
• Rafaël Van Elst, Director Construction,
Engineering & Gas Flow Ops
• Anne Vander Schueren, Sr VP People &
Organisation
• Leen Vanhamme, Sr VP Strategy & Sustainability
Remuneration report
Introduction
Fluxys Belgium’s remuneration policy is submitted to
the General Meeting pursuant to the Code of
Companies and Associations. It is then published on
the company’s website at https://www.fluxys.com/en/
company/fluxys-belgium/management-governance.
This report provides information on the implementation
of this policy over the past financial year.
By way of introduction, the remuneration policy aims to
contribute to the company’s mission and objective,
namely to serve as the designated operator of
Belgium’s natural gas network, the Loenhout storage
facility and the Zeebrugge LNG terminal; to be a key
player in a sustainable energy future; and to offer
reliable, affordable energy flows on the market. In
addition, the company’s new objectives are to be the
essential infrastructure partner with a view to
accelerating the energy transition and to be designated
as the as the hydrogen transport network operator and
as the operator for CO
2
transmission networks (for CO
2
in joint venture).
The remuneration policy applicable to the Managing
Director and CEO and the Operational Management
Team (which replaced the Management Team BE as of
01/11/2024) has been devised as per the remuneration
policy for the entire company. This policy is based on an
objective, transparent classification system intended to:
• ensure that the salary package offered is in line with
the market in order to attract and retain staff with the
required expertise;
• provide for performance-related remuneration that
varies according to each individual’s responsibilities
and contribution to Fluxys Belgium’s objectives, with
the amount of this remuneration being based on the
extent to which company, transversal and individual
objectives are achieved;
• encourage professionalism, commitment as well as
a consistent, cross-functional and sustainable
approach, while fully respecting and supporting the
company’s values.
The remuneration of non-executive Board members is
based on market practice and takes into account their
role, specific tasks, the associated responsibilities and
time commitment.
The remuneration awarded in 2024 is in line with the
company’s remuneration policy, the company’s
performance (with the company continuing to perform
extremely well throughout this specific year) and its
short- and long-term goals. More specifically, the
company was able to ensure the continuity of its
operations and provide maximum support for supply in
North-West Europe, despite the particularly complex
challenge due to the impact of the conflict in Ukraine. It
continues to take important steps in the transition to
a sustainable energy future.
It should be noted that, by way of derogation from
Principles 7.6 and 7.9 of the 2020 Belgian Code on
Corporate Governance, directors and members of the
executive management do not receive any
remuneration in the form of Fluxys Belgium shares. This
derogation is justified in light of the regulated nature of
the company’s activities, which are characterised by
other mechanisms intended to ensure the creation of
value in the long term and a very relative correlation
between performance and share price.
Remuneration of non-executive
directors
During the previous financial year, Fluxys Belgium set
the non-executive directors’ remuneration at the
same level as the previous financial year in line with the
principles outlined in the Articles of Association, the
Corporate Governance Charter and the remuneration
policy.
Remuneration comprises a fixed total amount, set by
the General Meeting, that the Board of Directors
distributes between the non-executive directors on the
basis of the workload involved in their individual roles
within the company (maximum indexed annual amount
of €360,000 as at 1 July 2007 or €550.503,79 as at
31 December 2024). Non-executive directors and
government representatives also receive an
attendance fee of €250 for each Board and committee
meeting they attend.
Non-executive directors shall receive neither
remuneration for performance, e.g. bonuses and long-
term incentive schemes, nor benefits in kind or pension
plan benefits. The remuneration of non-executive
directors comprises solely a fixed amount.

175
At the end of the first six-month period, directors are
paid an advance on their remuneration and attendance
fees. This advance is calculated on the basis of the
indexed base remuneration and in proportion to the
duration of the directorship over the six-month period.
A final payment (full settlement) is made in December of
the year in question.
Remuneration of non-executive
directors
For their work on Fluxys Belgium’s Board of Directors
and its various committees, the non-executive directors
received the following gross remuneration and
attendance fees in 2024.
Directors and government
representative Gross total in euro
Andries Gryffroy 26,216.84
Abdellah Achaoui (1) 13,483.42
Sabine Colson (2) 27,216.84
Laurent Coppens (3) 27,216.84
Valentine Delwart (4) 13,416.57
Patrick Dewael 8,971.09
Leen Dierick 13,983.42
Cécile Flandre 27,966.84
Sandra Gobert 27,466.84
Gianni Infanti 21,100.13
Ludo Kelchtermans (5) 13,983.42
Roberte Kesteman 27,216.84
Anne Leclercq 27,716.84
Jean-Claude Marcourt 14,233.42
Josly Piette (6) 20,600.13
Daniël Termont 21,350.13
Koen Van den Heuvel 21,100.13
Wim Vermeir (7) 21,100.13
Geert Versnick 7,768.49
Sandra Wauters 21,100.13
Maxime Saliez 4,544.38
Julien Simon 8,436.30
Tom Vanden Borre 13,483.42
Total 429,672.59
The total amount of € 429,672.59
comprises €380,422.59 in directors’ fees and €
49,250.00 in attendance fees.
At their request, notification is hereby given that some
directors have transferred their remuneration and
attendance fees:
(1) This director transferred their remuneration and
attendance fees to Interfin.
(2) This director transferred their remuneration and
attendance fees to Wallonie Entreprendre.
(3) This director transferred their remuneration and
attendance fees to Interfin.
(4) This director renounced their remuneration and
attendance fees as from 1 July 2024.
(5) This director transferred their remuneration and
attendance fees to Nuhma, Het Limburgs klimaatbedrijf.
(6) This director transferred their remuneration and
attendance fees to SOCOFE.
(7) This director transferred their remuneration and
attendance fees to AG Insurance.
Fluxys Belgium’s non-executive directors do not hold
any paid directorships in other Fluxys group
companies.
Remuneration of the Managing Director
and CEO and the members of the
Management Team BE.
Total remuneration
The remuneration paid to the Managing Director and
CEO and to the members of the Management Team BE
pursuant to the remuneration policy comprises the
following components:
• Base salary: fixed amount
• Performance-related remuneration: based on the
degree to which the objectives set each year have
been achieved (company and individual objectives);
• Performance-related remuneration for long-term
objectives: based on the degree to which the
objectives set for each regulatory period (four
years) have been achieved, with payment possible
every two years;
• a defined-contribution pension plan administered in
accordance with the rules applicable to companies
in the gas and electricity sectors; and
• other components: expenses to cover insurance,
company cars and gas and electricity sector
benefits.

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Setting remuneration
After consulting the Nomination and Remuneration
Committee, the Board of Directors has assessed the
Managing Director and CEO of Fluxys Belgium in light
of the extent to which the stipulated objectives were
achieved. The Managing Director and CEO of Fluxys
Belgium also gave the Nomination and Remuneration
Committee an explanation of the achievement of
objectives regarding the evaluation of the members of
Management Team BE in 2024.
The Board of Directors met to decide on the
remuneration of the Managing Director and CEO and
the members of Management Team BE. The Board of
Directors:
• approved Fluxys Belgium’s performance and
realisations for 2024;
• determined the amount of Pascal De Buck’s variable
remuneration for 2024 as Managing Director and
CEO of Fluxys Belgium in 2024, as proposed by the
Nomination and Remuneration Committee, and
determined the total amount of the variable
remuneration for 2024 of the members of Fluxys
Belgium’s Management Team BE, as proposed by
Pascal De Buck.
The grant of performance-related remuneration is
based on an assessment of the following criteria:
For the Managing Director and CEO
Short-term variable remuneration
Cycle Per year
Correlation between performance
and payment
Performance level Payment
Minimum bonus 80% or less
No minimum %, depending on the
circumstances
On-target bonus 100% 40%
Maximum bonus 120% or more 70%
Objectives Description Weighting
Company level Main company objectives including
Fluxtainable targets
50%
Personal level Individual and cross-functional 35%
Style & values Leadership and link with company values 15%
Long-term variable remuneration
Cycle Every four years / Payment possible every two years
Correlation between performance
and payment
Performance level Payment
Maximum bonus 100% or more 13%/year
Objectives Description Weighting
Company level Main long-term company objectives 100%
A new cycle 2024-2027 was launched with a first payment possible in 2025 for the 2024-2025 results.

177
For members of Management Team BE
Short-term variable remuneration
Cycle Per year
Correlation between performance
and payment
Performance level Payment
Minimum bonus 80% or less
No minimum %, depending on the
circumstances
On-target bonus 100% 30%
Maximum bonus 120% or more 45%
Objectives Description Weighting
Company level Main company objectives including
Fluxtainable targets
40%
Personal level Individual and cross-functional 30%
Style & values Leadership and link with company values 30%
Long-term variable remuneration
Cycle Every four years / Payment possible every two years
Correlation between performance
and payment
Performance level Payment
Maximum bonus 100% or more 7%/year
Objectives Description Weighting
Company level Main long-term company objectives 100%
A new cycle 2024-2027 was launched with a first payment possible in 2025 for the 2024-2025 results.
The main company objectives for 2024 can be
summarised as follows:
• Financial performance: control OPEX and achieve
Fluxys Belgium’s financial targets;
• Energy transition and profitable, sustainable growth:
become the essential partner for accelerating the
energy transition;
• Carry out the investment plan, focusing on the
energy transition;
• Safe, reliable and efficient operations focused on an
acceptable level of process incidents and attention
paid to security of supply (SOS) in the current market
situation;
• Defining and implementing the Fluxys Belgium
sustainability program based on an endorsed ESG
vision, with the aim of ensuring adequate reporting
by 2025.
Fluxys Belgium gives tangible form to its strategy and
commitment to sustainable development by means of
corporate objectives that align with “Fluxtainable”, our
sustainability path, which are translated every year into
personal objectives. For example, the emphasis on the
role of Fluxys Belgium in the transition to a sustainable
energy future is a key factor in connection with variable
remuneration, as is the Go4
Net
0 project, which aims to
achieve a company with no greenhouse gas emissions,
and active support for technologies and market models
that bolster the position of natural gas and carbon-
neutral gas in connection with the energy transition.
In addition, respect, open and reliable have been
included as key pillars in the short-term and long-term
remuneration plans.
The short-term and long-term company objectives, as
well as the respective personal objectives, together
form the framework within which the performance of
the Managing Director and CEO and the members of
Management Team BE (and in the future, the
Operational Management Team) are evaluated and
within which their corresponding variable remuneration
is assessed.
All company objectives were exceeded in 2024.
The Managing Director and CEO exceeded his
personal objectives and was also deemed to have
performed positively with regard to the objectives
concerning leadership and the promotion of company
values. The short-term variable remuneration granted
to the Managing Director and CEO is mainly paid in
cash, with the rest being paid into the group insurance
scheme. He may also request payment of part of the
bonus in the form of OTC options. The CEO also
benefits from performance-related remuneration
for long-term objectives for the period 2024-2027.

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The next payment is possible after 2 years, in 2025,
concerning the years 2024 and 2025. The variable
remuneration for achieving long-term objectives is paid
in cash.
The members of Management Team BE also exceeded
their personal objectives and were deemed to have
done well with regard to the objectives
concerning leadership and the promotion of the
company’s values. Short-term variable remuneration is
paid entirely in cash, though members can request that
part of the bonus be paid in the form of OTC options.
Regarding the achievement of long-term objectives by
the members of the Operational Management Team,
the next payment is possible in 2025 for the years
2024 and 2025. The variable remuneration for
achieving long-term objectives is paid in cash.
For the year 2024, sustainability related measures
make up at least one third of the total variable
remuneration of the CEO and members of the
Management Team BE, focusing on climate change,
building and operating a reliable and safe
infrastructure, employee engagement, learning and
development and diversity and inclusion.
Part of the sustainability targets are climate-related,
more specifically linked to the transport of molecules
for a carbon-neutral future. For the CEO and members
of the Management Team BE at least 5% of the total
remuneration (base salary + short term + long term
variable salary) is directly linked to these targets.
Remuneration of the Managing Director and CEO and members of the Management Team BE in 2024
Components Managing Director and CEO
(individual)
Members of the Management Team BE
(all together)
Base remuneration 276,386.79 650,522.29
Variable remuneration 195,595 256,238
Long-term variable remuneration
(a)
0 0
Pension 105,737.86 262,867.81
Other components 14,080.21 55,870.37
Total 591,799.86 1,225,498.47
Fixed/variable ratio 67% 79%
33% 21%
(a) In accordance with the rules established for long-term remuneration, the next payment will take place in 2025.
The current remuneration policy takes into
account legislation on the distribution of variable
compensation. More than half of the performance
criteria relate to multiple years due to the context of
multi-year tariffs and the energy transition.
Share-based remuneration
The Managing Director and CEO and the members of
the Management Team BE do not receive any shares or
stock options in the company as part of their base or
performance-related remuneration.
Severance pay
The company did not grant any severance pay during
the financial year.
Use of clawback rights
The Managing Director and CEO, in this capacity, and
the members of Management Team BE have employee
status. Fluxys Belgium applies the relevant legal
provisions to their employment contracts.
If it transpires that a deliberate error has resulted in
inaccurate financial data being used as the basis for the
variable remuneration, this shall be taken into account
in the evaluation process of the individual concerned in
the year in which the error is detected.
The company did not make use of this option in the
financial year in question.
Derogations from the remuneration policy
There were no derogations from the remuneration
policy in 2024.

179
Change in company remuneration and performance
Annual change 2020 2021 2022 2023 2024
Non-executive directors
(a)
Total 464,687 469,910 442,266 437,660 429,673
Managing Director and CEO
Total 619,288 609,811 669,973 884,700 591,800
Members of the Management Team BE
(a)
Total 977,242 1,022,346 1,057,617 1,259,195 1,225,498
Performance of the Fluxys Belgium group (consolidated financial statements – in EUR thousand)
Operating revenue 560,590 573,191 912,559 592,788 608,789
EBITDA 313,623 318,905 323,167 285,809 303,632
EBIT 133,482 137,821 147,305 129,570 135,280
Net profit 73,237 75,521 83,728 77,423 83,969
Average remuneration paid to other employees (in full-time equivalent)
Total
(b)
89,292 91,112 99,140 103,191 109,162
(a) The number of members may vary from one year to the next.
(b) Total in the ‘remuneration’ segment for all employees, i.e. managerial and salaried staff, including the set group of employees who are still
remunerated in accordance with the ‘old’ working conditions, in line with the provisions of Joint Committee 326. This 'remuneration' segment
encompasses all gross components of remuneration, more specifically fixed annual salaries, as well as variable components, including payment for
on-call work, work breaks, overtime, etc. The other components of remuneration (employer contributions to group insurance, personal insurance and
the cost of certain job-related benefits) are not included.
The ratio between the highest remuneration paid to
management (the Managing Director and CEO) and
the lowest remuneration (expressed in full-time
equivalent) paid to employees was 1:12 in 2024. The
ratio has changed mainly because there was no LTI
payment in 2024.
Voting rights and special powers
The shareholders’ meeting represents all shareholders
irrespective of their share category. The valid decisions
it makes, based on the required majority, shall be
binding on all shareholders, even those who are not
present or who do not agree with said decisions.
Each share entitles the holder to one vote. In
compliance with the Royal Decree of 16 June 1994, and
with the Articles of Association within which these
statutory provisions are incorporated, special rights
shall be allocated to the golden share held by the
Belgian State in Fluxys Belgium in addition to the
ordinary rights attached to all other shares. Said special
rights are exercised by the federal Energy Minister and,
in brief, comprise the following:
• The right to oppose any transfer, assignment as
a guarantee, or change in the purpose of Fluxys
Belgium’s strategic assets (a list of which is
appended to the aforementioned Royal Decree
dated 16 June 1994) if the Federal Energy Minister
considers that such an operation would adversely
affect national interests in the field of energy;
• The right to appoint two representatives of the
federal government in an advisory capacity to
Fluxys Belgium’s Board of Directors;
• The right of representatives of the federal
government to appeal to the Federal Energy
Minister within four working days, on the basis of
objective, non-discriminatory and transparent
criteria (as defined in the Royal Decree of
5 December 2000), against any decision of Fluxys
Belgium’s Board of Directors (including the
investment and activity plan and the associated
budget) which in their view breaches national

180
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Corporate Governance Declaration
energy policy guidelines, including the
government’s national energy supply objectives –
such an appeal shall be suspensive. If the federal
Energy Minister has not annulled the decision
concerned within eight working days after this
appeal, the decision shall become definitive;
• A special voting right in the event of deadlock at the
Annual General Meeting concerning an issue
affecting the objectives of federal energy policy.
The special rights attached to the golden share held by
the Belgian State are listed in Articles 5, 10, 12 and 18 of
Fluxys Belgium’s Articles of Association. These rights
remain attached to the golden share for as long as it is
held by the Belgian State and Articles 3 to 5 of the
Royal Decree of 16 June 1994 granting the State
a golden share in Fluxys Belgium or replacement
provisions remain in force.
In addition to these statutory special rights, the golden
share also confers on its holder the right to receive
a portion 100 times greater than that associated with
each category-B and category-D share of all dividend
payments and all other payments which the company
makes to its shareholders.
Limitations on share transfers set
by law or the Articles of Association
There are no limitations on the following share
transfers:
• Transfers of shares, subscription rights or
independent rights enabling the purchase of shares
(hereafter jointly referred to as “securities”) between
a shareholder and companies associated with that
shareholder within the meaning of the Code on
Companies and Associations;
• All transfers of category-D shares.
In all other cases, any shareholder planning to transfer
securities to another shareholder or a third party, in any
manner whatsoever, shall give all other shareholders,
except holders of category-D shares and the golden
share, the option of a priority purchase (on a pro
rata basis of their shareholding) of the securities
relating to the planned transfer, as per the procedures
detailed below.
A shareholder planning to transfer shares must inform
the company in writing, requesting acknowledgement
of receipt, a) of the number of shares they plan to sell,
b) of the name of the prospective assignee(s) deemed
to be of good faith and the price irrevocably offered by
said assignee, and c) that the shares in question are
being offered to shareholders for priority purchase
under the same conditions. The Board of Directors shall
inform the other shareholders of this offer in the same
manner within two weeks. Every shareholder shall
then have 60 days as from receipt of the aforesaid
written notification to inform the transferring
shareholder and the company, in writing requesting
acknowledgement of receipt, whether or not they shall
submit a bid and, if so, of the number of shares they
wish to acquire.
If requests exceed the number of shares offered for
sale, the Board of Directors shall distribute the shares
between the applicants on a pro rata basis of the
number of shares held by said applicants and up to the
maximum number of shares stated in their request.
If, upon the expiry of the aforementioned period of 60
days, no shareholders have indicated their intention to
acquire the shares offered, or where the number of
shares requested by the shareholders is less than the
number of shares offered, the shareholder who
indicated their intention to transfer shares in
accordance with the provisions of this article shall be
able to complete the planned transfer to the third party
indicated in their notification and under the conditions
indicated therein.
Transactions and other contractual
relations
Directors and members of the Operational
Management Team must take care to comply with
all legal and ethical obligations incumbent upon them,
in particular with respect to conflicts of interest as per
Article 7:96 of the Code on Companies and
Associations.
The group’s Corporate Governance Charter lays down
a procedure for transactions and other contractual
relations between directors or members of the
Operational Management Team and the company or its
subsidiaries and which do not fall within the scope of
the aforementioned Article 7:96.
This procedure is as follows:
• Directors and members of the Operational
Management Team must take care to comply with
all legal and ethical obligations incumbent upon
them. They must organise their private and business
affairs in such a way as to avoid as far as possible
any situation in which a personal conflict of interest
may arise between themselves and the company or
its subsidiaries.

181
• In the event of any doubt on the part of a director as
to whether there is such a conflict of interest, they
must notify the Chairman of the Corporate
Governance Committee accordingly. Members of
the Operational Management Team should express
their doubts to the Managing Director.
• Where there is a personal conflict of interest, the
director concerned must, without being asked,
withdraw from the Board of Directors’ meeting while
the matter in question is being discussed and must
not take part in the voting, including by proxy, on
said matter. Reasons for this abstention must be
stated in accordance with the terms of the Code on
Companies and Associations.
• Where there is deemed to be a conflict of interest,
the purpose and conditions of the transaction or
other contractual relationship must be
communicated for information purposes to the
Board of Directors by its Chairman. The Board of
Directors is also required to approve said purpose
and conditions (or refer them to the Board of
Directors of the subsidiary concerned for approval)
where the total amount of the individual transaction
or accumulated transactions over a three-month
period is in excess of €25,000.
• If a member of the Operational Management
Team has, directly or indirectly, an interest of
a financial nature which conflicts with a decision or
a transaction falling within the remit of the
Operational Management Team, they must notify
the other members of this before the Team
deliberates. The member concerned may not
participate in the deliberations of the Operational
Management Team on that decision or transaction
or in the vote.
The Board of Directors was not required to implement
the above procedure during the 2024 financial year.
Issue or buy-back of shares
Fluxys Belgium’s Articles of Association authorise the
General Meeting to acquire the company’s own shares
in accordance with legal provisions. No such decision
was taken at the 2024 Annual General Meeting.
However, when the company acquires its own shares
with a view to distributing them to its staff, no decision
by the General Meeting is required.
In the case of a capital increase, the shares for
subscription in cash must be preferentially offered to
shareholders, in proportion to the portion of the
company’s capital their shares represent. However, the
General Meeting may, in the interests of the
company, limit or eliminate this pre-emptive right in
compliance with legal provisions.
Auditor
In 2024, EY received remuneration totalling €542,782
for its work as the Fluxys Belgium group’s auditor.
This remuneration is broken down as follows:
• Audit services as auditor for the group: €378,984
• Audit services as auditor for the group’s foreign
subsidiaries: €21,920
• The auditor provided additional services during the
year for a total of €141,878.
Subsidiaries
The Board of Directors supervises the progress of
subsidiaries’ activities at least twice a year when it
examines their consolidated accounts (annual and half-
yearly). The Board of Directors is also informed, as and
when appropriate, of major events and important
developments involving subsidiaries.
Disclosure of major holdings
The periodic disclosure pursuant to Article 74(8) of the
Act of 1 April 2007 was sent out on 13 December 2017.
As of the date of disclosure, Fluxys held 63,237,240
shares with voting rights in Fluxys Belgium. Publigas
held no shares with voting rights in Fluxys Belgium.
Publigas confirmed at that time that it had not acquired
or transferred any shares with voting rights in Fluxys
Belgium. No transfer of shares with voting rights took
place in 2024.

182
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Financial situation

Financial
situation
183183

184
Consolidated financial statements under IFRS ________ 187
General information on the company _______________________________________________ 187
Corporate name and registered office _____________________________________________ 187
Group activities ___________________________________________________________________ 187
Consolidated financial statements of the Fluxys Belgium group under IFRS ____________ 188
A. Consolidated balance sheet __________________________________________________ 188
B. Consolidated income statement _______________________________________________ 190
C. Consolidated statement of comprehensive income ____________________________ 191
D. Consolidated statement of changes in equity __________________________________ 192
E. Consolidated statement of cash flows __________________________________________ 193
Notes _____________________________________________________________________________ 195
Note 1a. Statement of compliance with IFRS ________________________________________ 195
Note 1b. Judgement and use of estimates __________________________________________ 195
Note 1c. Date of authorisation for issue _____________________________________________ 196
Note 1d. Standards, amendments and interpretations applicable on 1 January 2024 __ 196
Note 1e. Standards, amendments and interpretations applicable from 1 January 2025
and later __________________________________________________________________________ 197
Note 2. Accounting principles and policies __________________________________________ 197
Note 2.1. General principles ________________________________________________________ 197
Note 2.2. Balance sheet date ______________________________________________________ 197
Note 2.3. Events after the balance sheet date ______________________________________ 198
Note 2.4. Basis of consolidation _____________________________________________________ 198
Note 2.5. Intangible assets _________________________________________________________ 198
Note 2.6. Property, plant and equipment ___________________________________________ 200
Note 2.7. Leases ___________________________________________________________________ 202
Note 2.8. Financial instruments _____________________________________________________ 204
Note 2.9. Inventories _______________________________________________________________ 206
Note 2.10. Borrowing costs _________________________________________________________ 207
Note 2.11. Provisions _______________________________________________________________ 207
Note 2.12. Revenue recognition ____________________________________________________ 209
Note 2.13. Income taxes ___________________________________________________________ 212
Note 3. Acquisitions, disposals and restructuring _____________________________________ 212
Note 4. Income statement and operating segments _________________________________ 215
Note 4.1. Operating revenue _______________________________________________________ 219
Note 4.2. Operating expenses ______________________________________________________ 220
Note 4.3. Financial income _________________________________________________________ 226
Note 4.4. Finance costs ____________________________________________________________ 226
Note 4.5. Income tax ______________________________________________________________ 228
184
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Financial situation

185
Note 4.6. Net profit/loss for the period _______________________________________________ 231
Note 4.7. Earnings per share ________________________________________________________ 232
Note 5. Balance sheet information __________________________________________________ 234
Note 5.1. Property, plant and equipment ___________________________________________ 234
Note 5.2. Intangible assets _________________________________________________________ 240
Note 5.3. Right of use assets ________________________________________________________ 242
Note 5.4. Other financial assets _____________________________________________________ 243
Note 5.5. Other non-current assets __________________________________________________ 243
Note 5.6. Inventories _______________________________________________________________ 244
Note 5.7. Trade and other receivables ______________________________________________ 245
Note 5.8. Short-term investments, cash and cash equivalents ________________________ 246
Note 5.9. Other current assets ______________________________________________________ 247
Note 5.10. Equity ___________________________________________________________________ 248
Note 5.11. Interest-bearing liabilities _________________________________________________ 249
Note 5.12. Regulatory liabilities _____________________________________________________ 252
Note 5.13. Provisions _______________________________________________________________ 254
Note 5.14. Provisions for employee benefits _________________________________________ 257
Note 5.15. Deferred tax assets and liabilities _________________________________________ 267
Note 5.16. Trade and other payables _______________________________________________ 268
Note 6. Financial instruments _______________________________________________________ 269
Note 7. Contingent assets and liabilities – rights and liabilities of the group ____________ 274
Note 7.1. Litigation _________________________________________________________________ 274
Note 7.2. Assets and items held for third parties, in their name, but at the risk and for the
benefit of entities included in the consolidation scope _______________________________ 274
Note 7.3. Guarantees received _____________________________________________________ 274
Note 7.4. Guarantees provided by third parties on behalf of the entity ________________ 274
Note 7.5. Commitments under terminalling service contracts _________________________ 275
Note 7.6. Other commitments ______________________________________________________ 275
Note 7.7. Contingent regulatory assets ______________________________________________ 276
Note 8. Related parties ____________________________________________________________ 276
Note 9. Directors’ and senior executives’ remuneration ______________________________ 279
Statutory accounts of Fluxys Belgium SA according to Belgian GAAP _________________ 280
Balance sheet _____________________________________________________________________ 281
Income statement _________________________________________________________________ 283
Profit/loss appropriation ____________________________________________________________ 284
Capital at the end of the period ___________________________________________________ 285
Income taxes ______________________________________________________________________ 286
Workforce _________________________________________________________________________ 287
185

186
Statutory auditor’s report and declaration by responsible
persons ____________________________________________ 291
Statutory auditor’s report to the General Meeting of Fluxys Belgium NV for the financial
year ended 31 December 2024 ____________________________________________________ 291
Report on the audit of the Consolidated Financial Statements _______________________ 292
Report on other legal and regulatory requirements __________________________________ 297
25WVG0054Declaration by responsible persons _____________________________________ 299
Declaration regarding the financial year ended 31 December 2024 __________________ 300
Glossary ___________________________________________ 301
Pertinence of published financial ratios _____________________________________________ 301
Definition of indicators _____________________________________________________________ 302
Other property, plant and equipment investments outside the RAB ___________________ 302
Net finance costs __________________________________________________________________ 302
Interest expenses __________________________________________________________________ 302
EBIT _______________________________________________________________________________ 302
EBITDA ____________________________________________________________________________ 302
Net financial debt _________________________________________________________________ 302
FFO _______________________________________________________________________________ 302
RAB _______________________________________________________________________________ 303
Extended RAB _____________________________________________________________________ 303
RCF _______________________________________________________________________________ 303
WACC ____________________________________________________________________________ 303
Shareholder’s guide ________________________________ 307
Shareholder’s calendar ____________________________________________________________ 307
Payment of dividend _______________________________________________________________ 307
186
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Financial situation

187
Consolidated financial
statements under IFRS
General information on the company
Corporate name and registered office
The registered office of the parent entity Fluxys Belgium SA is
Avenue des Arts 31,
B – 1040 Brussels
, Belgium.
Group activities
The main activities of the Fluxys Belgium group are transmission and storage of natural gas
as well as terminalling services for liquefied natural gas (LNG) in Belgium
. The Fluxys
Belgium group also provides complementary services related to these main activities.
Transmission, storage and terminalling services in Belgium are subject to the Gas Act
1
.
Please refer to the specific chapters in the directors’ report for further information on the
activities of Fluxys Belgium group.
1
Act of 12 April 1965 concerning the transmission of gaseous and other products by pipelines as later
amended.
187

Consolidated financial statements of the Fluxys
Belgium group under IFRS
A. Consolidated balance sheet
Consolidated Balance Sheet In thousands of €
Notes 31-12-2024 31-12-2023
I. Non-current assets 2,006,598 2,073,059
Property, plant and equipment 5.1 1,804,302 1,873,286
Intangible assets 5.2 29,418 27,238
Right of use assets 5.3 28,428 28,580
Investments accounted for using the equity
method
50
50
Other financial assets 5.4/6 108,953 111,210
Other receivables 6 18,691 21,496
Other non-current assets 5.5 16,756 11,199
II. Current assets 1,303,498 1,285,557
Inventories 5.6 52,711 50,443
Finance lease receivables 6 0 1,644
Current tax receivables 8,357 7,071
Trade and other receivables 5.7/6 93,521 102,056
Cash investments 5.8/6 31,672 32,998
Cash and cash equivalents 5.8/6 1,091,543 1,068,227
Other current assets 5.9 25,694 23,118
Total assets 3,310,096 3,358,616
188
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Financial situation

Consolidated Balance Sheet In thousands of €
Notes 31-12-2024 31-12-2023
I. Equity 5.10 603,813 613,413
Equity attributable to the parent company’s
shareholders
603,090
612,625
Share capital and share premiums 60,310 60,310
Retained earnings and other reserves 542,780 552,315
Non-controlling interests 723 788
II. Non-current liabilities 2,318,379 2,297,633
Interest-bearing liabilities 5.11/6 1,025,275 1,070,311
Regulatory liabilities 5.12 1,119,089 1,039,716
Provisions 5.13 1,182 3,939
Provisions for employee benefits 5.14 45,779 48,455
Other non-current financial liabilities 6 2,912 4,010
Deferred tax liabilities 5.15 124,142 131,202
III. Current liabilities 387,904 447,570
Interest-bearing liabilities 5.11/6 56,346 55,336
Regulatory liabilities 5.12 170,868 219,122
Provisions 5.13 0 291
Provisions for employee benefits 5.14 3,293 3,508
Current tax payables 4,516 4,248
Trade and other payables 5.16/6 108,959 118,956
Other current liabilities
2
43,922 46,109
Total liabilities and equity 3,310,096 3,358,616
2
Mainly grants to be used in the following periods
189

B. Consolidated income statement
Consolidated income statement In thousands of €
Notes 31-12-2024 31-12-2023
Operating revenue 4.1 608,789 592,788
Sales of gas related to balancing operations and
operational needs
5.6 84,152
160,761
Other operating income 4.1 20,491 19,594
Consumables, merchandise and supplies used 4.2.1 -13,012 -8,895
Purchase of gas related to balancing of
operations and operational needs
5.6 -71,635
-157,389
Miscellaneous goods and services 4.2.2 -179,034 -179,845
Employee expenses 4.2.3 -141,877 -135,240
Other operating expenses 4.2.4 -5,591 -5,965
Depreciations 4.2.5.1 -177,533 -166,894
Provisions 4.2.5.2 2,958 -745
Impairment losses 4.2.5.3 6,223 11,400
Operational profit/loss 133,931 129,570
Change in the fair value of financial instruments -66 262
Financial income 4.3
45,808
37,606
Finance costs 4.4
-72,038
-70,777
Profit/loss before taxes 107,635 96,661
Income tax expenses 4.5 -25,574 -19,238
Net profit/loss for the period 4.6 82,061 77,423
Fluxys Belgium share 82,913 77,423
Non-controlling interests -852 0
Basic earnings per share attributable to the
parent company's shareholders in €
4.7 1.1800
1.1019
Diluted earnings per share attributable to the
parent company’s shareholders in €
4.7 1.1800
1.1019
190
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Financial situation

C. Consolidated statement of comprehensive income
Consolidated statement of comprehensive income In thousands of €
Notes 31-12-2024 31-12-2023
Net profit/loss for the period 4.6 82,061 77,423
Items that will not be reclassified subsequently
to profit or loss
Remeasurements of employee benefits 5.12 7,925 -13,394
Income tax expense on these variances 5.15 -2,006 3,348
Other comprehensive income 5,919 -10,046
Comprehensive income for the period 87,980 67,377
Fluxys Belgium share 88,832 67,377
Non-controlling interests -852 0
191

D. Consolidated statement of changes in equity
Consolidated statement of changes in equity In thousands of €
Share
capital
Share
pre-
mium
Reserves
not
available
for
distribu-
tion
Retained
earnings
Reserves
for
employee
benefits
Other
compre-
hensive
income
Equity
attributable
to the parent
company’s
share-
holders
Non-
con-
trolling
interests
Total
equity
I. BALANCE AS AT
31-12-2022
60,272
38
54,072 508,560 20,675 0 643,617 0 643,617
1. C
omprehensive
income for the
Period
77,423 -10,046 67,377 67,377
2. Dividends paid -98,369 -98,369 -98,369
3. Capital
increases
788 788
II. CLOSING
BALANCE AS
AT 31-12-2023
60,272
38
54,072 487,614 10,629 0 612,625 788 613,413
1. Comprehensive
income for the
Period
82,913 5,919 88,832 -852 87,980
2. Dividends paid
-98,367 -98,367 -98,367
3. Capital
increases
787 787
III. CLOSING
BALANCE AS AT
31-12-2024
60,272
38
54,072 472,160 16,548 0 603,090 723 603,813
192
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Financial situation

E. Consolidated statement of cash flows
Consolidated statement of cash flows (indirect method) In thousands of €
Notes 31-12-2024
31-12-2023
I. Cash and cash equivalents, opening balance A. 1,068,227 1,070,708
II. Net cash flows from operating activities 303,095 356,266
1. Cash flows from operating activities 292,095 345,568
1.1. Profit/loss from continuing operations B. 133,931 129,569
1.2. Non cash adjustments 157,991 447,983
1.2.1. Depreciations B. 177,533 166,894
1.2.2. Provisions B. -6,613 745
1.2.3. Impairment losses B. -6,223 -11,400
1.2.4. Other non-cash adjustments -135 640
1.2.5. Increase (decrease) of the regulatory liabilities 5.12 -6,571 291,104
1.3. Changes in working capital 173 -231,984
1.3.1. Decrease (increase) of inventories 5.6 4,084 23,644
1.3.2. Decrease (increase) of tax receivables A. -1,286 901
1.3.3. Decrease (increase) of trade and other
receivables
A. 13,765
62,264
1.3.4. Decrease (increase) of other current assets -1,959 -7,628
1.3.5. Increase (decrease) of tax payables 268 1,070
1.3.6. Increase (decrease) of trade and other
payables
A. -12,065
-333,230
1.3.7. Increase (decrease) of other current liabilities A. -2,634 20,995
2. Cash flows relating to other operating activities 11,000 10,698
2.1. Current tax paid -34,639 -26,600
2.2. Interests from investments, cash and cash
equivalents
4.3 45,452
36,689
2.3. Other inflows (outflows) relating to other
operating activities
4.3/4.4 187
609
III. Net cash flows relating to investment activities -102,441 -177,564
1. Acquisitions -111,834 -185,595
1.1. Payments to acquire property, plant and
equipment, and intangible assets
5.1/5.2 -103,852
-184,776
1.2. Payments to acquire other financial assets 5.4 -7,982 -819
193

Consolidated statement of cash flows (indirect method) In thousands of €
Notes 31-12-2024 31-12-2023
2. Disposals 8,067 14,916
2.1. Proceeds from disposal of property, plant and
equipment, and intangible assets
933
2,916
2.2. Proceeds from disposal of other financial assets 5.4 7,134 12,000
3. Increase (-)/ Decrease (+) of cash investments A. 1,326 -6,885
IV. Net cash flows relating to financing activities -177,338 -181,183
1. Proceeds from cash flows from financing 2,431 1,238
1.1. Proceeds from issuance of equity instruments D. 787 788
1.2. Proceeds from finance leases A. 1,644 450
2. Repayments relating to cash flows from financing -48,484 -49,411
2.1. Repayment of finance lease liabilities 5.11 -5,248 -5,048
2.2. Repayment of other financial liabilities 5.11 -43,236 -44,363
3. Interests -32,918 -34,641
3.1. Interest paid classified as financing -32,918 -34,680
3.2. Interest received classified as financing 0 39
4. Dividends paid D. -98,367 -98,369
V. Net change in cash and cash equivalents 23,316 -2,481
VI. Cash and cash equivalents, closing balance A. 1,091,543 1,068,227
194
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Financial situation

195
Notes
Note 1a. Statement of compliance with IFRS
The consolidated financial statements of the Fluxys Belgium group for the financial year
ended 31 December 2024 have been prepared in accordance with IFRS accounting
standards, as approved by the European Union and applicable on the balance sheet
date.
All amounts are stated in thousands of euros.
Note 1b. Judgement and use of estimates
The preparation of financial statements requires the use of estimates and assumptions to
determine the value of assets and liabilities, and to assess the positive and negative
consequences of unforeseen situations and events at the balance sheet date, as well as
revenues and expenses of the financial year.
Significant estimates made by the group in the preparation of the financial statements
relate mainly to the valuation of the recoverable amount of property, plant and
equipment, and intangible assets (see Notes 5.1 and 5.2), the valuation of rights of use
and lease obligations under leases (see Notes 5.3 and 5.11), the valuation of any
provisions and assets/liabilities (see Notes 5.13 and 7) and in particular the provisions for
litigation and pension and related liabilities (see Note 5.14).
Due to the uncertainties inherent in all valuation processes, the group revises its estimates
on the basis of regularly updated information. Future results may differ from these
estimates.
Other than the use of estimates, group management also uses judgement in defining the
accounting treatment for certain operations and transactions not addressed under the
IFRS standards and interpretations currently in force.
Therefore, in the balance sheet, the group records the regulatory liabilities corresponding
to the excess of regulated revenue received according to the real costs to be covered
by the authorized regulated tariffs. This difference is transferred from the income
statement to the balance sheet in the regulatory liabilities (non-current and current - See
Note 5.12). Where required, the regulatory assets are accounted for in the balance sheet
on the line for ‘regulatory assets’ when the regulated revenue received is lower than the
real costs to be covered by the authorised regulated tariffs.
These latter are recognised in as much as the group considers their recovery highly likely.
This accounting method (see Note 2.12) has been determined by the group, as no
definitive guidance on ‘rate-regulated activities’ has been published to date.
195

196
Note 1c. Date of authorisation for issue
The Board of Directors of Fluxys Belgium SA authorised these IFRS financial statements for
issue on 27 March 2025.
Note 1d. Standards, amendments and interpretations applicable on 1 January
2024
The following standards and interpretations are applicable for the annual period starting
from 1 January 2024:
• Amendments to IAS 1 Presentation of Financial Statements - Classifying liabilities as
current or non-current
• Amendments to IAS 7 – Statement of cash flows and IFRS 7 Financial instruments:
disclosures – Supplier finance arrangements
• Amendments to IFRS 16 – Leases: Lease liability in a sale and leaseback
As of the financial year starting on 1 January 2024, Publigas, including its participation
in Fluxys SA and its Belgian and foreign subsidiaries, are subject to the so-called Pillar
Two law “Wet houdende de invoering van een minimumbelasting voor
multinationale ondernemingen en omvangrijke binnenlandse groepen” of 19
December 2023. The law generally follows Council Directive (EU) 2022/2523 of 14
December 2022.
The law aims to ensure a global minimum level of taxation for Belgian multinational
enterprise groups and large-scale Belgian groups. The law includes a set of rules that
should result in the application of a minimum effective tax rate of 15% for Publigas
group, being a multinational enterprise group with a consolidated revenue
exceeding EUR 750 million for at least two of the four previous financial years.
The Publigas group aims to correctly comply with this new legislation, both in Belgium
and in the other countries in which the group is present. The group’s focus is on the
application of the ‘Transitional CbCR Safe Harbour’ rules. Based on an analysis of
historical data, the Publigas group expects to be able to apply these rules in most of
the jurisdictions in which it operates. For Pillar Two GloBE Model Rules purposes,
Publigas SC/CV (Belgian legal entity) has been identified as the UPE of the entire
group and Fluxys Belgium is a Constituent Entity (and in particular a Partially Owned
Parent Entity) of the UPE.
Fluxys Belgium has applied the exception to recognising and disclosing information
about deferred tax assets and liabilities related to Pillar two income taxes. It is
reasonable to expect Publigas group is able to rely on Transitional CbCR Safe
Harbour rules for all jurisdictions in which Fluxys Belgium is operating and hence no
Top-up-Tax exposure is expected at the level of Fluxys Belgium.
The application of these amendments didn’t have a significant impact on the
financial statements of the group.
196
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Financial situation

197
Note 1e. Standards, amendments and interpretations applicable from 1 January
2025 and later
At the date of authorization of these financial statements, the standards and
interpretations listed below have been issued but are not yet mandatory:
• Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: lack of
exchangeability, date of entry into force: 1 January 2025
• Amendments to IFRS 9 Classification and Measurement Requirements and IFRS 7
Disclosures, date of entry into force: 1 January 2026
• Amendments to IFRS 9 and IFRS 7 - Nature-Dependent Electricity Contracts, date
of entry into force: 1 January 2026
• Annual improvements Volume 11
• IFRS 18 - Presentation and Disclosure in Financial Statements, date of entry into
force: 1 January 2027
• IFRS 19 Subsidiaries without Public Accountability: Disclosures, date of entry into
force: 1 January 2027
These standards, amendments and interpretations have not been adopted early. The
application of these standards, amendments and interpretations will have no significant
impact on the financial statements of the group.
Note 2. Accounting principles and policies
The accounting principles and policies set out below were approved at the Fluxys
Belgium Board of Directors meeting of 27 March 2025.
Changes or additions compared with the previous financial year are underlined.
Note 2.1. General principles
The financial statements fairly present Fluxys Belgium group’s financial position, results of
operations and cash flows.
The group’s financial statements have been prepared on the accrual basis of
accounting, except for the cash flow statement.
Assets and liabilities have not been offset against each other, except when required or
allowed by an international accounting standard.
Current and non-current assets and liabilities have been presented separately in the
balance sheet of the Fluxys Belgium group.
The accounting policies have been applied in a consistent manner.
Note 2.2. Balance sheet date
The consolidated financial statements are prepared as of 31 December, i.e. the parent
entity’s balance sheet date.
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Note 2.3. Events after the balance sheet date
The book value of assets and liabilities at the balance sheet date is adjusted when events
after the balance sheet date provide evidence of conditions that existed at the balance
sheet date.
Adjustments can be made until the date of authorisation for issue of the financial
statements by the Board of Directors.
Other events relating to circumstances arising after balance sheet date are disclosed in
the notes to the consolidated financial statements, if significant.
Note 2.4. Basis of consolidation
The Fluxys Belgium group's consolidated financial statements have been prepared in
accordance with IFRS and in particular with IFRS 3 (Business Combinations), IFRS 10
(Consolidated Financial Statements), IFRS 11 (Joint Arrangements) and IAS 28
(Investments in Associates and Joint Ventures).
Subsidiaries
The Fluxys group’s consolidated financial statements include the financial statements of
the parent entity and the financial statements of the entities it controls and its subsidiaries.
The investor controls an investee when he is exposed—or has rights—to variable returns
from its involvement with the investee and has the ability to affect those returns through
its power over the investee.
Investments in joint ventures
A joint venture is a joint arrangement in which the parties exercising joint control over the
undertaking have rights to the net assets of the undertaking. Joint control means
contractually agreed sharing of the control exercised over an undertaking, which only
exists in the cases where the decisions on the relevant activities require the unanimous
consent of the parties sharing the control.
The results and assets and liabilities of associates or joint ventures are accounted for in the
present consolidated financial statements in accordance with the equity method, unless
the investment, or a part thereof, is classified as an asset held for sale in accordance with
IFRS 5.
An investment in an associate or joint venture is initially accounted for at cost. It then
integrates the share of the group in the net results and the other elements of the
comprehensive result of the undertaking accounted for under the equity method. Finally,
dividends distributed by this entity decrease the value of the investment.
Note 2.5. Intangible assets
An intangible asset is recognised as an asset if it is probable that future economic
benefits attributable to the asset will flow to the entity and if the cost of the asset can be
measured reliably.
Intangible assets are recognised at cost in the balance sheet (cost method), less any
accumulated depreciation and any accumulated impairment losses.
Intangible assets with a limited useful life are depreciated over their useful life.
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Computer software is depreciated at 20% per annum.
Subsequent expenditure is capitalised if it generates economic benefits exceeding the
initial standard of performance.
Intangible assets are reviewed at each balance sheet date to identify indications of
potential impairment that may have arisen during the financial year. In case such
indications are noted, an estimate of the recoverable amount of the related intangible
assets is made. The recoverable amount is defined as the higher of the fair value less
costs to sell of an asset and its value in use.
The value in use is calculated by discounting future cash inflows and outflows generated
by the continuous use of the asset and its final disposal at an appropriate discount rate.
Intangible assets are impaired when their book value exceeds the amount that can be
recovered, as a result of obsolescence of these assets or due to economic or
technological circumstances.
The useful life, the depreciation method, as well as the potential residual value of
intangible assets are reassessed at each balance sheet date and revised prospectively, if
applicable.
Emission rights for greenhouse gases
Emission rights for greenhouse gases acquired at fair value are recognised as intangible
assets at their acquisition cost. Rights granted free of charge are recognised as intangible
assets at a nil book value.
The cost associated with emission of greenhouse gases in the atmosphere is recognised
as an operating expense, the counterpart being a liability for the obligation to deliver
allowances covering the effective emission over the period concerned (other debts). This
expense is measured by reference to the weighted average cost of the acquired or
granted allowances.
This liability is derecognised on the delivery of allowances to the government by
withdrawing emission rights from intangible assets.
In case the allowances are insufficient to cover the emission of greenhouse gases during
the financial year, the group accounts for a provision. This provision is measured by
reference to the market value at the balance sheet date of the allowances yet to be
purchased.
The excess emission rights not sold on the market are valued at the balance sheet date
by reference to the weighted average cost of the acquired or granted allowances, or at
market value if lower than the weighted average cost.
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Note 2.6. Property, plant and equipment
Property, plant and equipment (PPE) is recognised as an asset if it is probable that future
economic benefits attributable to the asset will flow to the entity and if the cost of the
asset can be measured reliably.
PPE is recognised at cost in the balance sheet (cost method), less any accumulated
depreciation and any accumulated impairment losses.
Subsequent expenditure is capitalised if it generates economic benefits exceeding the
initial standard of performance.
PPE is reviewed at each balance sheet date to identify indications of potential
impairment that may have arisen during the financial year. In case such indications are
noted, an estimate of the recoverable amount of the PPE in question is established. The
recoverable amount is defined as the higher of the fair value less costs to sell of an asset
and its value in use. The value in use is calculated by discounting future cash inflows and
outflows generated by the continuous use of the asset and its final disposal at an
appropriate discount rate.
Climate-related matters have been assessed and it has been determined that there is no
impact on the useful life of assets. This assessment is in line with the regulatory framework
determined by CREG. CREG has the authority to develop the methodology for
transmission, storage and LNG terminalling tariffs, having conducted a public consultation
for this purpose. This methodology states that the pipelines and installations should be fully
depreciated by December 2049 at the latest, rule applied by the Fluxys Belgium group.
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Depreciation methods
PPE is depreciated over its useful life.
Each significant component of PPE is recognised separately and depreciated over its
useful life.
The depreciation method reflects the rate at which the group expects to consume the
future economic benefits related to the asset, taking into account the time during which
the assets may generate regulated revenue.
The regulated investments intended to increase the security of supply in Europe are
depreciated under a diminishing balance method, which more accurately reflects the
rate at which the group expects to consume the future economic benefits of these
assets. This is a specific list of regulated infrastructure investments, which are essential for
gas transmission in Europe and form an integral part of the RAB.
The methods and durations of depreciation used are as follows:
Straight-line method:
• 50 years for transmission pipelines in Belgium, terminalling facilities and tanks;
In line with the new tariff method applied since 01.01.2020, all investments (new and
existing) in gas transmission pipelines are fully depreciated by December 2049 at the
latest.
In accordance with the new pricing methodology that has been applied since
01.01.2024, all new investments in facilities will be fully amortised by December 2049
at the latest.
• 50 years for administrative buildings, staff housing and facilities;
• 40 years for storage facilities;
• 33 years for industrial buildings;
• 20 years for investments related to the extensions of the Zeebrugge LNG terminal;
• 10 years for equipment and furniture;
• 5 years for vehicles and site machinery;
• 4 years for computer hardware;
• 3 years for prototypes;
Declining-balance method:
• This method only applies for investments made to ensure security of supply: declining-
balance.
The useful life, the depreciation method, as well as the potential residual value of
property, plant and equipment are reassessed at each balance sheet date and revised
prospectively, if applicable.
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Note 2.7. Leases
Definition of ‘lease’
A contract is or contains a lease if it conveys a right to control the use of an identified
asset for a period of time in exchange for a consideration.
To determine whether a lease confers the right to control use of a determined asset for a
determined period of time, the entity must appreciate whether, throughout the period of
use, it has the right to:
• obtain substantially all of the economic benefits from the use of the asset; and
• direct the use of the asset.
To determine the duration of the lease, any options for renewal or termination are
considered, as required under IFRS 16, taking into account the probability of exercising
the option as well as whether it is under the control of the lessee.
The group as a lessee
At the start of the lease, the lessee recognises a right-of-use asset and a lease obligation.
Right-of-use assets
The group recognises right-of-use assets on the date of the start of the contract, i.e. the
date on which the asset becomes available for use. These assets are valued at the initial
cost of the lease obligation minus amortisation and any depreciation, adjusted to take
into account any revaluations of the lease obligation. The initial cost of the right-of-use
assets includes the present value of the lease obligation, the initial costs incurred by the
lessee, rent payments made on the start date or before that date, minus any incentives
obtained by the lessee. These assets are depreciated over the estimated lifetime of the
underlying asset or over the duration of the contract if this period is shorter, unless the
group is sufficiently certain of obtaining ownership of the asset at the end of the contract.
Right-of-use assets are presented separately from other assets as a different entry under
non-current assets.
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Lease obligations
The lease obligation is valued at the present value of the rent payments that have not yet
been paid. The present value of the rent payments must be calculated using the interest
rate implicit in the lease if it is possible to determine that rate. If not, the lessee must use its
incremental borrowing rate.
The incremental borrowing rate is the interest rate that the lessee would have to pay to
borrow over a similar term, and with a similar security, the funds necessary to obtain an
asset of similar value to the right-of-use asset in a similar economic environment.
Over the duration of the contract, the lessee values the lease obligation as follows:
• by increasing the book value to reflect the interest on the lease obligation;
• by reducing the book value to reflect the rent payments made;
• by revaluing the book value to reflect the new appreciation of the lease obligation
or amendments to the lease.
The services included in leases do not form part of the lease debt.
Lease obligations are presented in a separate entry under current and non-current
interest-bearing liabilities (see note 5.11).
Short-term leases and low-value leases
For short-term leases (duration of 12 months or less), the Fluxys Belgium group registers a
lease expense.
To determine the criteria for a low-value lease, a threshold has been determined, except
for vehicles, which are included in the group of vehicles leased for more than one year
without applying the value criteria.
For short-term leases, and low-value leases, the effect on profit/loss is not significant.
Presentation
In the consolidated income statement, the interest charge on the lease obligation is
presented separately from the depreciation charge that applies to the right-of-use asset.
In the cash flow statement, the cash flows will be presented as follows:
• cash outflows relating to the principal of the lease obligation and the interest paid, in
the financing activities;
• rent payments for short-term leases, low-value leases and variable rent payments that
have not been taken into account in the valuation of the lease obligations, in the
operating activities.
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Note 2.8. Financial instruments
Recognition and derecognition of financial assets and liabilities
Recognition
Financial assets and liabilities are recognised when the group becomes party to the
instrument’s contractual terms.
Derecognition of financial assets
The group has to derecognise a financial asset if and only if the contractual rights on the
cash flows of the financial asset expire, or where it transfers almost all the risks and
advantages inherent to the ownership of the financial asset to a third party.
If the group neither transfers nor retains substantially all the risks and rewards of ownership
of a transferred asset, and retains control of the transferred asset, the group continues to
recognise the financial asset to the extent of its continuing involvement and recognises a
related liability for the amount received.
If the group keeps almost all the risks and advantages inherent to the ownership of the
financial asset, it continues to recognise the whole financial asset and recognises a
financial liability for the consideration received.
When a financial asset measured at amortised cost is derecognised, the difference
between the amortised cost and the sum of the considerations received is transferred to
the income statement.
When an investment in equity instruments until now measured at fair value with changes
to other comprehensive income are derecognised, the accumulated profit/loss
recognised previously in other comprehensive income is not reclassified to net income.
Derecognition of financial liabilities
The entity derecognises a financial liability only if this liability is extinguished, i.e. once the
obligation is fulfilled, cancelled or it expires.
The difference between the book value of an extinguished financial liability and the
consideration paid, including, where applicable, the assets (non-cash) transferred and
the liabilities acquired must be recognised in the income statement.
Unconsolidated equity instruments (such as shares and equity rights)
The Fluxys Belgium group values the unconsolidated equity instruments at fair value with
changes to other comprehensive income.
However, given the materiality of certain instruments and the unavailability of recent
market values, certain equity instruments are accounted for at the initial cost.
The dividends received for these equity instruments are recognised in financial income
under the item ‘Dividends from unconsolidated entities’.
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Cash investments, cash and cash equivalents
Cash investments in the form of bonds or commercial paper, having a maturity date
exceeding three months, are reported as financial assets measured at amortised cost.
These are shown in the balance sheet under non-current ‘other financial assets’ and
under current ‘investments’.
Cash and cash equivalents held are reported as financial assets measured at amortised
cost.
The economic model used by the Fluxys Belgium group to manage financial assets aims
to hold them in order to obtain contractual cash flows. The sales of financial assets are
rare, and the group does not expect to proceed with such sales in the future, except in
the case of an increased credit risk for the assets over and above the policy advocated
by the group. A sale may also be motivated by an unexpected financing need.
Where the conditions required to be qualified as financial assets valued at amortised cost
are not met, these financial assets concerned are valued at fair value with changes to
net profit/loss.
Trade and other receivables
Trade and other receivables are stated at their face value reduced by any amounts
deemed unrecoverable.
When the time value of money is significant, trade and other receivables are discounted.
Impairment losses are recognised when the book value of these items at balance sheet
date exceeds their recoverable amount.
Expected credit losses and write-downs
Expected credit losses on financial assets accounted for at amortised cost are calculated
using an individual approach, based on the credit quality of the counterparty and the
maturity of the financial asset.
Expected credit losses are calculated using a probability of default over the useful life of
the financial asset.
A financial asset is impaired where one or more events have occurred with a negative
effect on the future estimated cash flows of this financial asset. The indications of the
impairment of a financial asset encompass data that may be observed on the following
events:
• defaults in payments for more than 90 days,
• significant financial difficulty of the issuer or debtor and
• increasing probability of bankruptcy or financial restructuring of the lender.
If the economic forecast (for example gross domestic product) deteriorates over the
course of next year, which could lead to an increase in the number of defaults, the
historical default rates are adjusted. At each balance sheet date, the historical default
rates observed are updated and the changes in the forecast estimates are analysed.
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Interest-bearing liabilities
Interest-bearing liabilities are recognised at the net amount received. Following initial
recognition, interest-bearing liabilities are recorded at amortised cost. The difference
between the amortised cost and the redemption value is recognised in the income
statement under the effective interest rate method over the term of the liabilities.
Trade payables
Trade payables are stated at face value.
When the time value of money is significant, trade payables are discounted.
Note 2.9. Inventories
Valuation
Inventories are valued at the lower of cost and net realisable value.
Inventories are written down to account for:
• a reduction in net realisable value, or
• impairment losses due to unforeseen circumstances related to the nature or use of
the assets.
This impairment on inventories is recognised in the income statement in the period in
which they arise.
Gas inventory
Gas inventory changes are valued under the weighted average cost method.
Supplies and consumables
Supplies and consumables are valued under the weighted average cost method.
Work in progress
Work in progress for third parties is valued at cost, including indirectly attributable costs.
When the outcome of a contract can be reliably estimated, contract revenue and
expenses are recognised as revenue and expenses respectively by reference to the
stage of completion of the contract at balance sheet date. Any expected loss is
recognised immediately as an expense in the income statement.
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Note 2.10. Borrowing costs
Borrowing costs directly attributable to the acquisition, building or production of assets
requiring a substantial period of time to get ready for their intended use (property, plant
and equipment, investment property, etc.) are added to the costs of the assets
concerned until they are ready for use or sale.
The amount of the borrowing costs to be capitalised is the actual cost incurred in
borrowing the funds, as reduced by income from any temporary investment of these
funds.
Note 2.11. Provisions
Provisions are recognised as a liability in the balance sheet when they meet the following
criteria:
• the group has a present (legal or constructive) obligation arising from a past event;
• it is probable (i.e. more likely than not) that the settlement of this obligation will lead
to an outflow of resources embodying economic benefits;
• the amount of the obligation can be reliably estimated.
No provision is recognised if the above conditions are not met.
The amount recognised as a provision is the best estimate of the expenditure required to
settle the present obligation at the balance sheet date, in other words the amount the
entity reasonably expects to have to pay to discharge the obligation at balance sheet
date, or to transfer it to a third party at the same date.
Employee benefits
Some companies in the Fluxys group have established supplementary ‘defined benefit’ or
‘defined contribution’ pension plans. Benefits provided under these plans are based on
the number of years of service and the employee’s salary.
‘Defined benefit’ pension plans enable employees to benefit from a capital sum
calculated on the basis of a formula which takes account of their annual salary at the
end of their career and their seniority when they retire.
‘Defined contribution’ pension plans provide employees with a capital sum accumulated
from personal and employer contributions, based on the salary.
In Belgium, the law requires that the employer guarantee a minimum return for defined
contribution, which varies based on the market rates.
The accounting method used by the group to value these ‘defined contribution pension
plans, with a guaranteed minimum return’, is identical to the method used for ‘defined
benefit’ plans.
In case of death before retirement, these plans provide a capital sum for the surviving
spouse, as well as allowances for orphans.
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Other employee benefits
Certain group companies offer their employees post-employment benefits such as the
reimbursement of medical costs and price subsidies, and other long-term benefits
(seniority bonuses).
Valuation
These liabilities are valued annually by a qualified actuary.
Regular payments made in relation to the supplementary pension plans are recognised
as expenses at the time they are incurred.
‘Defined benefit’ pension plans
Provisions for pensions and other collective agreements are reported in the balance
sheet in accordance with IAS 19 (Employee Benefits), using the projected unit credit
method (PUCM).
The current value of post-employment benefits is determined at each balance sheet
date based on the projected salary estimated at the end of the employee’s career, the
rate of inflation, life expectancy, staff turnover and the expected age of retirement. The
present value of defined benefit obligations is determined using a discount rate based on
high-quality bonds with maturity dates close to the weighted average maturity of the
plans concerned and which are denominated in the currency in which the benefits are
to be paid.
The amount accounted for in respect of post-employment liabilities corresponds to the
difference between the current value of future obligations and the fair value of assets in
the plan destined to cover them. Any deficit resulting from this valuation is subject to the
recognition of a provision to cover this risk.
In the opposite case, an asset is recognised in line with the surplus of the defined benefit
pension plan, capped at the current value of any future reimbursement from the plan or
any reduction in future contributions to the plan.
The remeasurements of the liabilities or assets in the balance sheet comprise:
• the actuarial gains or losses on the defined benefit liabilities resulting from
adjustments relating to experience and/or changes in actuarial assumptions
(including the effect of the change in the discount rate);
• the return on plan assets (excluding amounts included in net interest) and changes in
the effect of the asset ceiling (excluding amounts included in net interest).
These remeasurements are directly recognised in equity through the other items in
comprehensive income.
‘Defined contribution’ pension plans
The liabilities of the group with regard to ‘defined contribution’ plans are limited to the
employer contributions paid recorded in the results.
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Actuarial gains and losses relating to other long-term employee benefits
The other long-term benefits are accounted for in the same way as the post-employment
benefits, but revaluations are fully accounted for in the financial results in the financial
year in which they occur.
Note 2.12. Revenue recognition
The group accounts for operating revenue as it meets a service obligation by supplying
the customer with the promised good or service and as this latter obtains control thereof.
The Fluxys Belgium group uses a five-stage approach to determine whether a contract
entered into with a customer may be accounted for and the way in which revenue
should be recognised:
1. identification of the contract,
2. identification of the service obligations,
3. determination of the transaction price,
4. distribution of the transaction price between the service obligations and
5. recognition of operating revenue where the service obligations are met or where the
control of the goods or services is transferred to the customer.
Group revenues mainly come from standard regulated contracts for which both the
services to be provided and the price of the service are clearly identified.
Fluxys Belgium and its subsidiaries transfer the control of their regulated services
progressively and in doing so meet their service obligation and account for operating
revenue progressively. It should be noted that the revenue from regulated activity is
recognised based on reserved capacities.
Furthermore, the Fluxys Belgium group makes sales of gas that are necessary for
balancing operations and its operational needs. These services, fulfilled at a specific time,
are recognised in operating revenue at the time of their fulfilment. From 1 June 2020,
these balancing operations are conducted by the joint venture with Balansys. The
technical balancing, which is intended to be residual, remains with Fluxys Belgium.
Regulated income received by the group may generate a gain or a loss compared with
the target rate of return on the capital invested. Gains are reported and recognised as
regulatory liabilities, whereas losses are included in operating revenue to offset the
accounting of regulatory assets. The Group has no regulatory assets in the published
periods.
The regulatory framework is explained in further detail in the chapter on ‘Regulatory and
legal framework’ of the annual report.
In note 4 - Segment income statement, the distinction is shown between the revenue
invoiced and the revenue recognised. The latter includes the revenue invoiced, but also
the movements in regulatory assets and liabilities.
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The following table provides more detailed information on the Group’s services
(performance obligations), types of contracts, pricing, and the way in which operating
revenue is recognised. Most of this revenue is regulated.
Legal Revenue Performance obligation: nature, customer Contract type and entity stream and timing of satisfaction pricing Fluxys Transmission Nature of performance obligation: sale of Regulated Standard Belgium services capacity and related services in the Transmission pipeline infrastructure to its customers to Agreement. transmit natural gas to distribution system operators, power stations and major Regulated tariffs are industrial end-users in Belgium or to transport expressed in natural gas to a border point for transmission €/kWh/h/year to other end-user markets in Europe. Customers: gas shippers reserve capacity slots (short + long term contracts) Revenue recognition: the performance obligation consists in making these capacities available for the customers for use at the customers’ discretion (cf. IFRS 15.26 (e)). Basically, the contracts between Fluxys Belgium and their customers determine that the latter reserve a certain capacity that can be used over a certain period, at the choice of the customer. Thus, Fluxys Belgium will transfer to the customer a series of services that are substantially the same and that have the same pattern of transfer to the customer (IFRS 15.22 (b)). Each service in the series provided by Fluxys Belgium is a performance obligation satisfied over time, as described by IFRS 15.35a (the customer simultaneously receives and consumes the benefits provided by Fluxys’ performance as Fluxys performs). Therefore, the reserved capacities are invoiced and recognised monthly over the period covered by the contract related to the capacities reserved (in accordance with IFRS 15.39 and IFRS 15.B15), i.e. over time recognition. Fluxys Storage Nature of performance obligation: storage Regulated Standard Belgium capacity services enabling customers to use buffer Storage Agreement service capacity flexibly according to their needs. (in combination with a The gas is stored in the underground regulated Standard facilities in Loenhout, Belgium. Transmission Agreement to enable Most of the revenues are generated by the injecting into and sale of standard bundled packages, withdrawing from the composed of injection, storage and gas grid – see above). withdrawing capacity throughout the Regulated tariffs for storage season in fixed proportion. Such storage capacity are
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contracts can be both long term and short expressed in €/stan- term. dard bundled unit per Customers: As for transmission, the revenues year. Tariffs for are based on the reserved capacities. separately purchased storage capacity are Revenue recognition: revenue is recognised expressed in over time as these services are performed €/GWh/year. continuously throughout the contractual term. Injection or withdrawal capacity is expressed in €/m³(n)/h/year. Fluxys Terminalling Standard regulated LNG services Nature of performance obligations: LNG Terminalling Agreement, mostly Unloading services (time slots are sold in combined with a advance, the so-called ‘berthing rights’), separate standard possibly combined with related services regulated LNG Service such as storage, regasification or sending Agreement for out (i.e. transform the liquid gas into gas that ancillary services such can be injected in the grid). as storage and Loading services sending out capacity, Transhipment services, that occur in 2 forms: etc. Ship-To-Ship: unloading of LNG from one Tariffs for (un)loading LNG ship directly to another. are expressed in Ship-Storage-Ship: LNG is unloaded from an €/berthing right for the LNG ship, then stored in a tank at the capacity reservations. terminal. It can be loaded a few days later For storage and for by another LNG ship. regasification and Customers: Customers reserve berthing sending out services, rights in advance, these can be both long tariffs are expressed in term and short term contracts. €/MWh/day. Revenue recognition: revenue of these berthing rights is recognised over time Regulated standard based on the reserved capacity, LNG Transhipment independently of whether the slots are used Service Agreement. or not. Tariffs are expressed in For some additional services, such as €/berthing right for the storage, revenue is recognised over time as transhipment services. well, in accordance with IFRS 15.35(a). For For additional storage other additional services, such as services, the tariff is regasification, revenue is recognised at a expressed in point in time. €/MWh/day.
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Note 2.13. Income taxes
Current tax is determined in accordance with local tax regulations and calculated on the
income of the parent entity, subsidiaries and joint operations.
Deferred tax liabilities and assets reflect the future taxable and deductible temporary
differences, respectively, between the book base and the tax base of assets and
liabilities.
Note 3. Acquisitions, disposals and restructuring
Consolidation scope
The consolidation scope and percentage of interests in consolidated entities remained
identical to those of 31 December 2023.
Information on investments
Fully consolidated entities Name of % owner- Core Balance sheet the Registered office Entity number ship business Currency date subsidiary Fluxys LNG Rue Guimard 4 LNG SA 0426 047 853 100.00% terminalling € 31 December B - 1040 Brussels Rue de Merl 74 Flux Re SA L - 2146 - 100.00% Reinsurance € 31 December entity Luxembourg Fluxys c- Rue Guimard 4 CO2 grid SA 1002.472.828 77,50% transmission € 31 December B - 1040 Bruxelles Fluxys Rue Guimard 4 Hydrogen hydrogen 1002.472.927 100,00% transmission € 31 December SA B - 1040 Bruxelles
Entities accounted for using the equity method Name of Entity % owner- Core Balance the Registered office number ship business Currency sheet date subsidiary Balansys Rue de Strassen 105 Balancing SA - 50.00% operator € 31 December L - 2555 Luxembourg
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Nature and scope of the restrictions related to the assets and liabilities of
the group
Special rights are attached to the special share of the Belgian State in Fluxys Belgium,
other than the normal rights attached to all other shares. These special rights are
exercised by the Federal Minister in charge of Energy and can be summarised as follows:
• the right to oppose to all transfers, any assignment as security or change of the
destination of strategic assets of Fluxys Belgium of which the list is set out in an annex
to the royal decree of 16 June 1994, if the Federal Minister in charge of Energy
considers that this operation prejudices the national interests in the area of energy;
• the right to appoint two representatives of the federal government with a
consultative vote in the Board of Directors and the Strategic Committee of Fluxys
Belgium;
• the right of the representatives of the federal government, within four business days,
to appeal to the Federal Minister in charge of Energy on the basis of objective, non-
discriminatory and transparent criteria, as defined in the Royal Decree of 5
December 2000, against any decision of the Board of Directors or any advice of the
strategic Committee of Fluxys Belgium (including the investment and business plan
and related budget) which they regard as contrary to the guidelines of the country’s
energy policy, including the government's objectives concerning the country's
energy supply. The appeal is suspensive. If the Federal Minister in charge of Energy
has not cancelled the decision concerned within eight business days after this
appeal, it becomes final;
• a special voting right in case of deadlock in the General meeting on a matter
concerning the objectives of the federal energy policy.
There are no other significant restrictions that may limit the ability of the group to access
or use its assets and discharge its liabilities. However, it must be noted that the assets of
Flux Re are destined to cover the risk of the company in the scope of its reinsurance
activities. The total assets in the balance sheet of Flux Re came to €184.2 million as at 31-
12-2024 compared to €177.8 million as at 2023 year-end.
Balansys SA is a company governed by Luxembourg law in which 50% of shares are held
by Fluxys Belgium SA and 50% by Creos Luxembourg SA. The objective of this company is
to integrate the Belgian and Luxembourg natural gas markets. As part of this objective,
an agreement has been signed between the shareholders that stipulates that Balansys SA
shares may not be encumbered with any guarantees or transferred, unless for the benefit
of another transmission network operator and with the agreement of the other
shareholder.
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The key figures of Balansys are shown in the table below:
Entity accounted for using the equity method 31-12-2024 31-12-2023 In thousands of € (*) In thousands of € (*) Non-current assets 0 0 Current assets 52,523 58,340 Equity 100 100 Non-current liabilities 30,203 26,167 Current liabilities 22,220 32,073 Operating revenue 125,293 148,698 Operating expenses -124,274 -147,560 Net financial result -980 -1,099 Income tax expenses -39 -40 Net profit/loss for the period 0 0 Entities accounted for by the equity method 50 50 Result of entities accounted for by the equity method 0 0
(*) Figures before intercompany eliminations, on a 100% basis and subject to approval of
the accounts by the governing bodies and the general assembly of the entity.
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Note 4. Income statement and operating segments
Operating segments
Fluxys Belgium group carries out activities in the following operating segments:
transmission, storage, LNG terminalling activities in Belgium and other activities.
The segment information is based on a classification into these operating segments.
Transmission activities comprise all operations subject to the Gas Act related to
transmission of gas and hydrogen in Belgium.
Storage activities comprise all operations subject to the Gas Act related to storage of gas
at Loenhout in Belgium.
Terminalling activities comprise all activities subject to the Gas Act related to the LNG
terminal at Zeebrugge in Belgium..
The segment 'other activities' comprises other services rendered by Fluxys Belgium group
such as the operational support of the IZT and ZPT terminals
3
in Belgium and work for third
parties. On the balance sheet date, CO2 activities are also in this category.
The Fluxys Belgium group operates mainly in Belgium and does not therefore publish
information by geographical sector.
The Chief Operating Decision Maker (CODM) is the CEO.
Basis of accounting relating to transactions between operating segments
Transactions between operating segments mainly relate to capacity reservations by one
segment subject to the Gas Act with another. These transactions are charged at the
same regulatory tariffs as for external clients.
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Segment income statement at 31-12-2024 In thousands of € Trans- Terminal- Elimination mission Storage ling Other between Total segments Operating revenue 417,031 35,129 142,349 26,879 -12,599 608,789 Sales and services to 340,578 33,556 172,714 25,227 0 572,075 external customers Transactions with other 983 8,466 1,498 1,652 -12,599 0 segments Changes in regulatory 75,470 -6,893 -31,863 0 0 36,714 assets and liabilities Sales of gas related to balancing operations and 63,499 2,062 18,591 0 0 84,152 operational needs Sales of gas related to balancing of operations 93,960 2,297 35,683 0 0 131,940 and operational needs Changes in regulatory -30,461 -235 -17,092 0 0 -47,788 liabilities Other operating income 6,463 188 4,872 15,217 -6,249 20,491 Consumables, merchandise -1,130 -2 -40 -11,840 0 -13,012 and supplies used Purchase of gas related to balancing of operations and -63,508 -1,639 -6,488 0 0 -71,635 operational needs Miscellaneous goods and -142,316 -8,878 -40,706 -5,915 18,781 -179,034 services Employee expenses -98,432 -8,186 -26,086 -9,240 67 -141,877 Other operating expenses -4,415 -569 -545 -62 0 -5,591 Depreciations -111,885 -8,178 -54,082 -3,388 0 -177,533 Provisions for risks and charges -38 138 2,780 78 0 2,958 Impairment losses 6,165 -39 187 -90 0 6,223 Profit/loss from continuing 71,434 10,026 40,832 11,639 0 133,931 operations Change in the fair value of -66 0 -66 financial instruments Financial income 29,069 3,079 7,054 6,606 0 45,808 Finance costs -44,940 -4,761 -17,500 -4,837 0 -72,038 Profit/loss before taxes 55,559 8,344 30,322 13,410 0 107,635 Income tax expenses -25,574 Net profit/loss for the period 82,061 Investments in tangible fixed 81,718 3,560 4,576 2,268 0 92,122 assets during the period
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The operating revenue of 2024 amounted to €608,789 thousand, compared with €592,788
thousand for 2023, an increase of €16,001 thousand.
Transmission, storage and terminalling services in Belgium are subject to the Gas Act.
Revenue from these services aims to ensure an authorised return on capital invested and
to cover permitted depreciation and the operating expenses related to these services,
while integrating the efficiency efforts to be realised by the network operator. Their
accounting treatment remains identical to that of the 2023 balance sheet date.
Revenue from regulated activities
4
was €581,910 thousand (which is 95.6% of the total).
This represents an increase of €12,762 thousand as compared with the same period in
2023.
The increase in revenue from transmission activity in 2024 can be explained by a fall in
capacity sales and auction premiums, more than offset by the use of regulatory liabilities.
Revenue from storage decreased slightly but is compensated by a lower regulatory
liability charge. For the terminalling activity, there is also a decrease in sales, largely due
to fewer sales of spot slots, but this is reinforced by a higher regulatory liability charge
ensuing from the difference in costs with the tariff proposal.
Sales and purchases of gas to cover the operational balancing and operating needs are
down compared with 2023. However, any gains and losses from these transactions are
neutralised by the changes in regulatory liabilities, in accordance with the regulatory
framework.
Following the resolution of a dispute with the Flemish region, a reversal of a provision is
included in the balance sheet in the first half of this financial year, in the ‘terminalling’
section.
In 2024, new reversals of write-downs were accounted for, amounting to €6,165 thousand,
in order to align the average price of gas in stock to the market price.
Finance costs remain are increasing at €72,408 thousand in 2024 compared to €70,777
thousand in 2023. An increase in interest rates results in higher financial income on cash
investments and cash equivalents.
Income tax expenses are up €6,336 thousand following an increase in earnings before
tax. Deductions for innovation revenues have been applied based on the estimate
included in the ruling granted by the commission in 2023 for the period from 2022 to 2024.
This tax advantage is, however, fully incorporated into the regulated tariffs.
Net profit for the first half of 2024 is €82,061 thousand, compared to €77,423 thousand in
the first half of 2023, an increase of €4,638 thousand.
4
After eliminating transactions with other sectors and non-regulated activity
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Segment income statement at 31-12-2023 In thousands of € Trans- Terminal- Elimination mission Storage ling Other between Total segments Operating revenue 397,497 35,557 148,676 23,910 -12,852 592,788 Sales and services to 678,805 35,138 176,063 23,376 0 913,382 external customers Transactions with other 954 9,884 1,480 534 -12,852 0 segments Changes in regulatory -282,262 -9,465 -28,867 0 0 -320,594 assets and liabilities Sales of gas related to balancing operations and 111,563 3,255 45,943 0 0 160,761 operational needs Sales of gas related to balancing of operations 116,272 2,464 64,861 0 0 183,597 and operational needs Changes in regulatory -4,709 791 -18,918 0 0 -22,836 liabilities Other operating income 7,270 137 5,531 6,842 -186 19,594 Consumables, merchandise -3,467 -30 -36 -5,362 0 -8,895 and supplies used Purchase of gas related to balancing of operations and -111,563 -3,255 -42,556 -15 0 -157,389 operational needs Miscellaneous goods and -128,314 -10,214 -46,080 -8,225 12,988 -179,845 services Employee expenses -95,931 -7,438 -23,883 -8,038 50 -135,240 Other operating expenses -4,792 -607 -529 -37 0 -5,965 Depreciations -109,068 -8,137 -48,205 -1,484 0 -166,894 Provisions for risks and charges -518 -141 -25 -61 0 -745 Impairment losses 10,970 -54 460 24 0 11,400 Profit/loss from continuing 73,647 9,073 39,296 7,554 0 129,570 operations Change in the fair value of 262 0 262 financial instruments Financial income 23,308 2,578 4,619 7,101 0 37,606 Finance costs -42,074 -4,654 -18,042 -6,007 0 -70,777 Profit/loss before taxes 54,881 6,997 25,873 8,910 0 96,661 Income tax expenses -19,238 Net profit/loss for the period 77,423 Investments in tangible fixed 106.289 9.124 50.434 1.807 0 167.654 assets during the period
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Note 4.1. Operating revenue
Analysis of operating revenue by business segment:
Operating revenue In thousands of € Notes 31-12-2024 31-12-2023 Change Transmission in Belgium 4.1.1 416.048 396.543 19.505 Storage in Belgium 4.1.1 26.663 25.673 990 Terminalling in Belgium 4.1.1 140.851 147.196 -6.345 Other operating income 4.1.2 25.227 23.376 1.851 Total 608.789 592.788 16.001
Operating revenue in the 2024 financial year amounted to €608,789 thousand, which
represents an increase of €16,001 thousand compared with the previous year.
4.1.1
Transmission, storage and terminalling services in Belgium are subject
to the Gas Act.
Revenue from these services aims to ensure an authorised return on capital invested and
to cover the operating expenses related to these services, while integrating the efficiency
efforts to be realised by the network operator, and permitted depreciation.
The bulk of the increase in sales and regulated services relates to transmission services
(€19,505 thousand). This increase comes chiefly from the increase in costs observed for
this segment. The income invoiced in 2024 was down compared to the exceptional level
in 2023.
Revenue from storage decreased slightly in 2024 compared to the exceptional level in
2023. However, this decrease is compensated by a lower regulatory liability charge in
accordance with the tariff proposal.
For the terminalling activity, there is also a decrease in sales, largely due to lower prices of
spot slots at auctions. Moreover, the regulatory liability charge has been higher because
of the difference in costs
4.1.2. Other operating revenue
Other operating revenue relates mainly to work and services for third parties and the
provision of facilities.
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Note 4.2. Operating expenses
Operating expenses excluding depreciations, In thousands of € impairment losses and provisions Notes 31-12-2024 31-12-2023 Change Consumables, merchandise and 4.2.1 -13,012 -8,895 -4,117 supplies used Miscellaneous goods and services 4.2.2 -179,034 -179,845 811 Employee expenses 4.2.3 -141,877 -135,240 -6,637 Other operating expenses 4.2.4 -5,591 -5,965 374 Total operating expenses -339,514 -329,945 -9,569
4.2.1. Consumables, merchandise and supplies used
This item mainly includes costs for transport material taken out of inventory for
maintenance and repair projects as well as costs for work carried out on behalf of third
parties.
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4.2.2. Miscellaneous goods and services
Miscellaneous goods and services are mainly composed of:
31-12-2024 31-12-2023 Change Purchase of equipment -8,312 -10,575 2,263 Rent and rental charges (1) -10,457 -9,492 -965 Maintenance and repair expenses -27,418 -27,785 367 Goods and services supplied to the group -14,176 -20,870 6,694 Third-party remuneration -56,172 -54,705 -1,467 Royalties and contributions -47,101 -41,730 -5,371 Non-personnel related insurance costs -7,573 -7,041 -532 Other miscellaneous goods and services -7,825 -7,647 -178 Total -179,034 -179,845 811
(1) Amounts that relate mainly to services that do not meet the definition of a lease under IFRS 16.
The cost of miscellaneous goods and services remained stable between 2024 and 2023.
The decrease in goods and services supplied to the group can primarily be explained by
a decrease in the cost of energy compared to 2023 due to lower energy prices and
consumption.
The increase in third-party remuneration to the group and in royalties and contributions is
mainly attributable to an increase in external consultancy and an increase in the royalties
for water capture at the terminal.
The decrease in equipment purchases can chiefly be explained by fewer purchases of
spare parts and fewer miscellaneous operating purchases, such as nitrogen.
Insurance expenses are up following the increase in the premiums for terminal operating
insurance and an increase in the premiums for cyber risk cover due to a higher sum insured.
The increase in rent and rental charges comes from the higher prices of software.
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4.2.2.1 Auditor remuneration
Other miscellaneous goods and services (see note 4.2.2.) include the total remuneration
paid to the auditor by Fluxys Belgium NV and its consolidated subsidiaries. These fees are
presented below.
Auditor remuneration In thousands of € 31-12-2024 31-12-2023 Change Audit fees -401 -191 -210 Other non-audit services -142 -32 -110 Total remuneration -543 -223 -320
The amount of other (non-audit) services provided by the statutory auditor and persons
professionally related to him are in line with article 3:64 and 65 of the Code of companies
and associates and approved by the Audit Committee in advance. They mainly relate to
ad-hoc and limited assurance attestations.
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4.2.3. Employee expenses
Employee expenses have increased €6,637 thousand as compared with 2023, as a result
of an increase in the workforce and of indexation.
The average headcount of the Group is up, from 957 in 2023 to 978 in 2024. Expressed in
FTE (full-time equivalents), these figures convert to 944 in 2024 compared to 925 in 2023.
Workforce Financial year Preceding financial year Total number Total number Total in FTE of staff Total in FTE of staff Average number of employees 978 944 957 925.0 Fluxys Belgium 924 894,7 908 878.2 Executives 352 343,8 338 329.5 Employees 572 550,9 571 548.7 Fluxys LNG 50 48,6 47 46.3 Executives 7 6,9 3 2.5 Employees 43 41,7 45 43.8 Flux Re 1 0,5 1 0.5 Fluxys hydrogen 1 0,5 0 0 Executives 1 0,5 0 0 Employees 0 0 0 0 Headcount at balance sheet date 982 953 968 937.1 Fluxys Belgium 926 898,9 920 890.6 Executives 360 352,6 344 335.5 Employees 566 546,3 576 555.2 Fluxys LNG 52 51,0 47 46.0 Executives 8 8,0 3 2.9 Employees 44 43,0 44 43.1
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Flux Re 1 0,5 1 0.5 Fluxys hydrogen 3 3,0 0 0 Executives 3 3,0 0 0 Employees 0 0 0 0
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4.2.4. Other operating expenses
Other operating expenses include property taxes, local taxes, and losses on disposals or
retirements of property, plant and equipment.
4.2.5. Depreciations, Impairment losses and provisions
Depreciations, impairment losses and provisions In thousands of € Notes 31-12-2024 31-12-2023 Change Depreciations 4.2.5.1 -177,533 -166,894 -10,639 Intangible assets -11,053 -15,382 4,329 Property, plant and equipment -160,376 -146,760 -13,616 Right of Use Assets -6,104 -4,752 -1,352 Provisions for risks and charges 4.2.5.2 2,958 -745 3,703 Impairment losses 4.2.5.3 6,223 11,400 -5,177 Intangible assets -39 -54 15 Inventories 6,352 11,431 -5,079 Trade receivables -90 23 -113 Total depreciations, impairment -168,352 -156,239 -12,113 losses and provisions
4.2.5.1 Depreciations
Depreciation charges on property, plant and equipment over the period are up by
€13,616 thousand as compared with the previous financial year, primarily due to the
commissioning of Desteldonk – Opwijk, and the new Open Rack Vaporizers at the
terminal and the accelerated depreciation of the company headquarters in view of the
ongoing renovation.
The completion of the amortisation of the customer portfolio in 2023 largely explains the
decrease of €4,329 thousand in 2024 in amortisation of intangible assets.
4.2.5.2 Provisions for risks and charges
In 2024, the decrease in provisions comes from the cancellation of a provision for the
terminal following the resolution of a dispute with the Flemish region.
4.2.5.3 Impairment losses
In 2024, new reversals of write-downs were accounted for, amounting to €6,165
thousand, in order to align the average price of gas in stock to the market price.
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Note 4.3. Financial income
Financial income In thousands of € Notes 31-12-2024 31-12-2023 Change Dividends from unconsolidated entities 0 0 0 Financial income from leasing contracts 4.3.1 0 39 -39 Interest income on investments and 4.3.2 42,174 32,487 9,687 cash equivalents Other interest income 4.3.2 3,278 4,202 -924 Unwinding of discounts on provisions 4.4.2 0 0 0 Other financial income 356 878 -522 Total 45,808 37,606 8,202
4.3.1. Financial income from leasing contracts
Financial income from leasing contracts relates to the Interconnector Zeebrugge Terminal
(IZT) facilities. This came to an end in 2023.
4.3.2. Interest on investments and cash equivalents
Interest on investments and cash equivalents mainly come from investments recognised
at amortised cost in accordance with IFRS 9. The amount of this interest is up as
compared with 2023, following the increase in interest rates. This has a limited impact on
profit/loss because of the regulatory framework.
Note 4.4. Finance costs
Finance costs In thousands of € Notes 31-12-2024 31-12-2023 Change Borrowing interest costs 4.4.1 -69,311 -65,909 -3,402 Unwinding of discounts on provisions 4.4.2 -1,233 -2,557 1,324 Interest charges on leasing contracts -927 -827 -100 Other finance costs -567 -1,484 917 Total -72,038 -70,777 -1261
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4.4.1. Borrowing interest costs
Borrowing interest costs primarily include interest on the loans from the European
Investment Bank and Fluxys, on bonds and on regulatory liabilities. The increase observed
in 2024 can be explained by the higher level of regulatory liabilities and the increase in
interest rates. This has a limited impact on profit/loss because of the regulatory
framework.
4.4.2. Unwinding of discounts on provisions
This item almost exclusively concerns employee benefits that are recognised and valued
in accordance with IAS 19 and includes, apart from the unwinding of discounts on
provisions, returns from associated assets, and actuarial gains and losses recognised in
profit/loss. The change is mainly associated with a decrease in the discount rates.
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Note 4.5. Income tax
Income tax expense is analysed as follows:
Income tax expenses In thousands of € Notes 31-12-2024 31-12-2023 Change Current tax 4.5.1 -34,639 -28,235 -6,404 Deferred tax 4.5.2 9,065 8,998 67 Total 4.5.3 -25,574 -19,237 -6,337
Income tax expense went up by k€ 6,337 compared with the previous year. This change is
mainly due to the following factors:
• an increase in earnings before tax;
• an increase in the amount of the deduction for revenues from innovation (from
€10,201 thousand in 2024 to €9,203 thousand estimated in 2023). This increase was
partly compensated by the deduction for energy efficiency investments obtained
by Fluxys LNG. The amount of this deduction for the year 2024 is estimated at €310
thousand.
Income tax includes both current and deferred taxes, which are detailed separately
below.
4.5.1. Current tax In thousands of € 31-12-2024 31-12-2023 Change Income taxes on the result of the current -37,410 -31,665 -5,745 period Adjustments to previous years’ current 2,771 3,430 -659 taxes Total -34,639 -28,235 -6,404
Current tax increased by €6,404 thousand in 2024.
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4.5.2 Deferred tax In thousands of € 31-12-2024 31-12-2023 Change Relating to origination or reversal of 9,065 8,998 68 temporary differences Differences arising from the valuation of 9,283 9,488 -205 property, plant and equipment Changes in provisions -490 -1,113 623 Other changes 272 623 -351 Relating to tax rate changes or to new taxes 0 0 0 Relating to changes in accounting policies 0 0 0 and errors Relating to changes in fiscal status of entity or 0 0 0 shareholders Total 9,065 8,998 67
Deferred tax is primarily influenced by the difference between the book value and the
tax base of property, plant and equipment.
Deferred tax income is stable compared to 2023.
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4.5.3. Reconciliation of expected income tax rate In thousands of € and effective average income tax rate 31-12-2024 31-12-2023 Change Income tax as per applicable tax rate – -26,909 -24,165 -2,744 Financial year Profit/loss before taxes 107,635 96,661 10,974 Applicable tax rate 25,00% 25,00% Elements that justify transition to the effective -1,472 1,497 -2,969 average tax rate Income tax rate differences between 9 16 -7 jurisdictions Changes in tax rates 0 0 0 Tax-exempt income 0 0 0 Non-deductible expenses -1,600 -1,425 -175 Taxable dividend income 0 0 0 Deductible notional interest cost 0 0 0 Other (1) 119 2,906 -2,787 Income tax as per effective average tax rate – -28,382 -22,668 -5,714 Financial year Profit/loss before taxes 107,635 96,661 10,974 Average effective tax rate 26,37% 23,45% 2,92% Taxation of tax-free reserves 38 0 38 Adjustments to previous years’ current taxes (1) 2,770 3,430 -660 Total income tax expense -25,574 -19,238 -6,336
(1) In 2024 and 2023, Fluxys LNG obtained the deduction for energy efficiency investments. This tax
advantage is incorporated into the regulated tariffs.
The average effective tax rate for 2024 amounted to 26.37% compared with 23.45% the
previous year.
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Note 4.6. Net profit/loss for the period
Net profit/loss for the period In thousands of € 31-12-2024 31-12-2023 Change Non-controlling interests -852 0 -852 Group share 82.913 77.423 5.490 Total profit/loss for the period 82.061 77.423 4.638
The consolidated net profit for the financial year amounted to €82,061 thousand, an
increase of €4,638 thousand compared with 2023.
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Note 4.7. Earnings per share
In thousands of € 31-12-2024 31-12-2023 Net profit/loss from continuing operations attributable to the parent company’s 82,061 77,423 shareholders Net profit/loss 82,061 77,423 Impact of dilutive instruments 0 0 Diluted net profit/loss from continuing operations attributable to the parent company’s 82,061 77,423 shareholders Net profit/loss from discontinued operations attributable to the parent company’s 0 0 shareholders Net profit/loss 0 0 Impact of dilutive instruments 0 0 Diluted net profit/loss from discontinued operations attributable to the parent company’s 0 0 shareholders Net profit/loss attributable to the parent 82,061 77,423 company’s shareholders Net profit/loss 82,061 77,423 Impact of dilutive instruments 0 Diluted net profit/loss attributable to the parent 82,061 77,423 company’s shareholders
Denominator (in units) 31-12-2024 31-12-2023 Average number of outstanding shares 70,263,501 70,263,501 Impact of dilutive instruments 0 Diluted average number of outstanding shares 70,263,501 70,263,501
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Earnings per share (in euros) 31-12-2024 31-12-2023 Basic earnings per share from continuing operations attributable 1.1679 1.1019 to the parent company’s shareholders Diluted basic earnings per share from continuing operations 1.1679 1.1019 attributable to the parent company’s shareholders Basic earnings per share from discontinued operations 0.0000 0.0000 attributable to the parent company’s shareholders Diluted basic earnings per share from discontinued operations 0.0000 0.0000 attributable to the parent company’s shareholders Basic earnings per share 1.1679 1.1019 attributable to the parent company’s shareholders Diluted basic earnings per share 1.1679 1.1019 attributable to the parent company’s shareholders
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Note 5. Balance sheet information
Note 5.1. Property, plant and equipment
Movements in property, plant and equipment Gross book value Land Buildings Gas Gas storage * transmission* At 31-12-2022 49,585 161,259 3,506,126 387,120 Investments 218 288 44,238 966 Grants received 0 0 0 0 Disposals and retirements -1,585 -253 -14,728 0 Internal transfers 0 0 1,375 0 Changes in the consolidation scope and 0 0 0 0 assets held for sale Translation adjustments 0 0 0 0 At 31-12-2023 48,218 161,294 3,537,011 388,086 Investments 1,626 665 58,641 2,145 Grants received 0 0 0 0 Disposals and retirements -43 0 -1,233 0 Internal transfers 0 0 42,485 0 Changes in the consolidation scope and 0 0 0 0 assets held for sale Translation adjustments 0 0 0 0 At 31-12-2024 49,801 161,959 3,636,904 390,231
* subject to the Gas Act
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In thousands of € Other facilities Furniture, Assets under LNG Terminal* and machinery equipment & construction & Total vehicles instalments paid 1,461,392 43,511 58,362 81,676 5,749,031 39,712 0 14,294 67,938 167,654 0 0 0 0 0 -491 -26,252 -9,416 0 -52,725 0 0 0 -1,375 0 0 0 0 0 0 0 0 0 0 0 1,500,613 17,259 63,240 148,239 5,863,960 3,398 0 12,724 12,923 92,122 0 0 0 0 0 -71 0 -4,536 -181 -6,064 22,196 0 0 -64,681 0 0 0 0 0 0 0 0 0 0 0 1,526,136 17,259 71,428 96,300 5,950,019
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Movements in property, plant and equipment Depreciation and impairment losses Land Buildings Gas Gas transmission* storage* As at 31-12-2022 0 -106,445 -2,461,454 -268,883 Depreciation 0 -2,983 -85,305 -7,912 Disposals and retirements 0 253 13,852 0 Internal transfers 0 0 0 0 Changes in the consolidation scope 0 0 0 0 and assets held for sale Translation adjustments 0 0 0 0 As at 31-12-2023 0 -109,175 -2,532,907 -276,795 Depreciation 0 -2,226 -92,355 -7,938 Disposals and retirements 0 0 792 0 Internal transfers 0 0 0 0 Changes in the consolidation scope 0 0 0 0 and assets held for sale Translation adjustments 0 0 0 0 As at 31-12-2024 0 -111,401 -2,624,470 -284,733 Net book values as at 31-12-2024 49,801 50,558 1,012,434 105,498 Net book values as at 31-12-2023 48,218 52,119 1,004,104 111,291
* subject to the Gas Act
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In thousands of € Other facilities Furniture, Assets under LNG Terminal* and machinery equipment & construction & Total vehicles instalments paid -975,986 -43,266 -37,622 0 -3,893,656 -43,687 0 -6,873 0 -146,760 34 26,252 9,351 0 49,742 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -1,019,639 -17,014 -35,144 0 -3,990,674 -49,867 0 -7,990 0 -160,376 5 0 4,536 0 5,333 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -1,069,501 -17,014 -38,598 0 -4,145,717 456,635 245 32,830 96,300 1,804,302 480,974 245 28,096 148,239 1,873,286
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Movements in property, plant and equipment Land Buildings Gas Gas transmission* storage* Net book values as at 31-12-2024, 49,801 50,558 1,012,434 105,498 of which: At cost 49,801 50,558 1,012,434 105,498 At revaluation 0 0 0 0 Supplementary information 0 0 0 0 Net book value of assets 110 0 0 0 temporarily retired from active use
* subject to the Gas Act
Property, plant and equipment mainly comprises the group’s transmission, storage
(Loenhout) and LNG terminalling (Zeebrugge) facilities.
The Fluxys group has an indicative investment plan of €8.3 billion for the period 2025-2034.
In 2024, Fluxys Belgium group made property, plant and equipment investments in
infrastructure of €92,122 thousand. Furthermore, Fluxys Belgium group has invested €1,240
thousand in IT in the network infrastructure as well as in the computers and devices
inventory.
Of those investments, €4,575 thousand was allocated to LNG infrastructure projects
(mainly for the construction of 3 new Open Rack Vaporizers) and €85,946 thousand to
projects linked to transmission activity, the main investments of which being the
Desteldonk-Opwijk pipeline and the connection with the Les Awirs power station. The
investment for the Clean Enclosed Burner also falls into this category.
There have also been investments in storage activity to the tune of €3,560 thousand,
mainly solar panels and for the electrification of our compression facilities.
Following the commissioning of several installations, a transfer of €64,681 thousand was
made from ‘Assets under construction’ to ‘Gas transmission’ (commissioning of two
pipelines and a pressure reduction station) and to ‘LNG terminal’ (commissioning of new
truck loading bays).
In 2024, no costs for loans were activated on construction investments.
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In thousands of € Other facilities Furniture, Assets under LNG Terminal* and machinery equipment & construction & Total vehicles instalments paid 456,635 245 32,830 96,300 1,804,302 456,635 245 32,830 96,300 1,804,302 0 0 0 0 0 0 0 0 0 0 0 0 0 0 110
The depreciation charge for the period amounts to €160,376 thousand and reflects the
rhythm at which the group expects to consume the economic benefits linked to those
property, plant and equipment.
In 2024, the depreciation charge for assets amortized using the declining-balance
method is €24,005 thousand and their net book value at the closing date is €189,774
thousand.
The assets that are used within the regulated market are depreciated over their useful life,
as stated in point 6 of the accounting principles (Note 2), without taking into account a
residual value, given the specificity of the sector’s activities.
Other property, plant and equipment is depreciated over its useful life as estimated by
the group, taking into account actual and potential contracts, and considering
reasonable market assumptions, based on the principle of matching of revenues and
costs. Given the specific nature of the activities concerned, the residual value, if any, of
the facilities in question has been ignored.
At the balance sheet date, the group does not hold property, plant and equipment
assets which have been pledged as security against liabilities.
At the end of the financial year, the group has identified no signal or event that would
lead any item of property, plant and equipment to be impaired.
This assessment takes into account the regulatory framework in which the Group operates
and of the present energy transition in which the Group plays an active role. This refers,
for example, to the conversion of our low-calorific gas network to high-calorific gas, the
transport of molecules other than natural gas, and the efforts required to combat climate
change. All the investments and regulated assets of the Group ensue in a right to a
regulated authorised rate of return for their lifespan (see also accounting principles in
Note 2.6).
239

Note 5.2. Intangible assets
Movements in the book value of intangible assets In thousands of € ‘Client CO2 Emission Gross book value Software portfolios’ Total rights assets As at 31-12-2022 30,547 52,800 0 83,347 Investments 18,221 0 1,599 19,820 Disposals and retirements -2,877 0 0 -2,877 As at 31-12-2023 45,891 52,800 1,599 100,290 Investments 13,798 0 0 13,798 Disposals and retirements -1,022 -52,800 -526 -54,348 As at 31-12-2024 58,667 0 1,073 59,740
Movements in the book value of intangible assets In thousands of € Depreciation and ‘Client CO2 Emission Software portfolios’ Total impairment losses rights assets As at 31-12-2022 -14,136 -46,348 0 -60,484 Depreciation -8,930 -6,452 0 -15,382 Impairment losses 0 0 -54 -54 Disposals and retirements 2,868 0 0 2,868 As at 31-12-2023 -20,198 -52,800 -54 -73,052 Depreciation -11,053 0 0 -11,053 Impairment losses 0 0 -39 -39 Disposals and retirements 1,022 52,800 0 53,822 As at 31-12-2024 -30,229 0 -93 -30,322
240
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Financial situation

Movements in the book value of intangible assets In thousands of € Software ‘Client portfolios’ CO2 Emission Total assets rights Net book values as 28,438 0 980 29,418 at 31-12-2024 Net book values as 25,693 0 1,545 27,238 at 31-12-2023
Intangible assets include the net book value of software, the portfolio of ‘Hub’ clients and
CO
2
emission rights.
The software included in intangible assets is investment software developed or purchased
by the group. This software is depreciated over 5 years on a straight-line basis. Major
investments during the financial year concern software developed in relation to gas flow
and asset management and related administrative tools.
In 2015, Fluxys Belgium acquired all of Huberator’s business activities for €52.8 million. This
intangible asset was last amortised in 2023 (on a straight-line basis). As this activity is fully
part of the regulated business, the asset has been removed from the intangible assets.
Certain gas transmission facilities in Belgium are included in the scheme for greenhouse
gas emission allowance trading. Accordingly, Fluxys Belgium group is entitled, for 2024, to
free emission rights amounting to 26,675 tonnes of CO
2
for the compression, storage and
terminalling activity sites. In accordance with the accounting policies stated in Note 2,
the unused emission rights have been recognised at nil value in intangible assets.
On 31-12-2024, the Fluxys Belgium group has 526,742 emission rights with nil book value.
In April 2024, the Fluxys Belgium group used 6,578 purchased emission rights and 1,769 free
emission rights to cover emissions related to storage, for a total of 8,347 tonnes of CO2.
In 2023, the Fluxys Belgium group bought emission rights to cover its future needs, mainly
for its storage services. The emission rights bought are recognised at the purchase price
as intangible assets. They are then measured at fair value up to the purchase price. If the
fair value is lower than the carrying amount on the balance sheet date, the emission
rights are impaired.
241

Note 5.3. Right of use assets
The right of use assets are mainly linked to concession rights for land on which gas
transmission and terminalling facilities (Zeebrugge) have been built.
These contracts don’t have significant termination or extension options. The rent is not
variable, except for some contracts that have a clause for yearly indexation. The impact
thereof is not material.
Right of use assets In thousands of € Land & Facilities Cars Total Buildings As at 31-12-2022 24,616 1,961 3,443 30,020 Additional rights 0 0 3,401 3,401 Depreciation and impairment losses -2,406 -671 -1,675 -4,752 Disposals 0 0 -89 -89 As at 31-12-2023 22,210 1,290 5,080 28,580 Additional rights 2,330 0 3,734 6,064 Depreciation and impairment losses -3,461 -397 -2,246 -6,104 Disposals 0 0 -112 -112 As at 31-12-2024 21,079 893 6,456 28,428
242
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Note 5.4. Other financial assets
Other financial assets In thousands of € Notes 31-12-2024 31-12-2023 Shares at cost 24 24 Investment securities at amortised cost 5.4.1 58,882 66,016 Other investments at amortised cost 5.4.1 47,065 41,083 Financial instruments at fair value through profit 2,912 4,011 or loss Other financial assets at cost 70 76 Total 108,953 111,210
5.4.1. These items include cash investments with a maturity longer than one year. The
investment securities at amortised cost are bonds, while other investments are amortised
cost are mainly term deposits. They are mainly from Flux Re of which the cash is destined
to cover the risk of the entity in the scope of its reinsurance business. The maturity of these
investments is between 2026 and 2034.
The assets held by Flux Re are significantly higher than the minimum capital requirements
under Solvency II (€17.9 million).
Note 5.5. Other non-current assets
Other non-current assets In thousands of € Notes 31-12-2024 31-12-2023 Change Plan asset surpluses ‘IAS 19 5.14 16,756 11,199 5,557 Employee benefits’ Total 16,756 11,199 5,557
The value of the plan asset surpluses covering the provision for employee benefits
increased in 2024 due to an increase in expected returns.
243

Note 5.6. Inventories
Book value of inventories In thousands of € 31-12-2024 31-12-2023 Change Supplies 32,195 31,558 637 Gross book value 36,001 35,260 741 Impairment losses -3,806 -3,702 -104 Goods held for resale (gas) 19,768 18,641 1,127 Gross book value 19,768 25,097 -5,329 Impairment losses 0 -6,456 6,456 Work in progress 748 244 504 Gross book value 748 244 504 Impairment losses 0 0 0 Total 52,711 50,443 2,268
Inventories of materials connected to the transmission network are at their normal levels.
The decrease in the gross book value of goods held for resale can primarily be explained
by a fall in average gas prices. For changes in impairment of gas inventories, see 4.2.5.3.
Impact of movements on net profit/loss In thousands of € 31-12-2024 31-12-2023 Change Inventories – purchased or used -4,084 -23,644 19,560 Impairment losses 6,352 11,431 -5,079 Total 2,268 -12,213 14,481
The movements of work in progress are included in other operating income in the income
statement. The other movements of inventories are included in purchase of gas related to
balancing of operations and operational needs.
The impairment losses are relating to standard equipment with very limited possibilities for
reuse.
244
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Note 5.7. Trade and other receivables
Trade and other receivables In thousands of € Note 31-12-2024 31-12-2023 Change Gross trade receivables 72,504 82,903 -10,399 Impairment losses -1,572 -1,551 -21 Net trade receivables 5.7.1 70,932 81,352 -10,420 Other receivables 5.7.2 22,589 20,704 1,885 Total 93,521 102,056 -8,535
The decrease in trade receivables is in line with the decrease in sales and services to
external customers.
5.7.1 Fluxys Belgium group reduces its exposure to credit risk, both in terms of default
and concentration of risk, by requiring short payment terms from its customers (payment
within one month), a strict policy for the follow-up of trade receivables, and a systematic
evaluation of its counterparties' financial position. The write-downs based on credit losses
expected and accounted for in trade and other receivables are not very material for the
Fluxys Belgium group.
Trade receivables can be broken down as follows according to their ageing:
Net trade receivables according to ageing In thousands of € 31-12-2024 31-12-2023 Change Receivables not past due 70,063 79,253 -9,190 Receivables < 3 months 470 1,966 -1,496 Receivables 3 - 6 months 20 25 -5 Receivables > 6 months 0 17 -17 Receivables in litigation or doubtful (non- 379 91 288 impaired) Total 70,932 81,352 -10,420
Disputed or doubtful receivables mainly concern grid users. Those deemed irrecoverable
have been subject to impairment losses of 100%.
5.7.2 The other receivables mainly comprise amounts due from joint ventures and
from the VAT authorities.
245

Note 5.8. Short-term investments, cash and cash equivalents
Investments relate to investments in the form of bonds, commercial paper and bank
deposits over more than three months and maximum one year.
Cash and cash equivalents are mainly euro investments in commercial paper that
mature within a maximum of three months after the date of acquisition, deposits made
with Fluxys SA (cash pooling), term deposits at credit institutions, current account bank
balances and cash in hand.
Short-term investments, cash and cash equivalents In thousands of € 31-12-2024 31-12-2023 Change Short-term investments 31,672 32,998 -1,326 Cash and cash equivalents 1,091,543 1,068,227 23,316 Cash equivalents and cash pooling 1,040,611 1,012,850 27,761 Short-term deposits 20,036 19,120 916 Bank balances 30,883 36,246 -5,363 Cash in hand 13 11 2 Total 1,123,215 1,101,225 21,990
In 2024, the average rate of return on short-term investments, cash and cash equivalents
was 2.00%. The write-downs because of credit losses expected and accounted for in
investments, cash and cash equivalents are not material for the Fluxys Belgium group.
246
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Note 5.9. Other current assets
Other current assets In thousands of € Notes 31-12-2024 31-12-2023 Change Accrued income 3.163 4.425 -1.262 Prepaid expenses 20.669 17.449 3.220 Other current assets 5.9.1 1.862 1.244 618 Total 25.694 23.118 2.576
Other current assets mainly comprise prepaid expenses amounting to €20,669 thousand
(insurance, fees, rent, etc.) as well as various items of accrued income.
5.9.1 Other current assets include the short-term share of the plan asset surpluses
compared with the actuarial liability relating to the group's pension liabilities (see Notes
5.5 and 5.14).
247

Note 5.10. Equity
On 31-12-2024, equity amounted to €603,813 thousand. The €9,600 thousand
decrease since the previous year comes from dividends paid in 2024 (€98,368 thousand),
which are largely offset by the comprehensive income for the period (€87,980 thousand),
Note on parent entity shareholding Ordinary Preference Total shares shares I. Movements in number of shares 1. Number of shares, opening balance 70.263.501 0 70.263.501 2. Number of shares issued 3. Number of ordinary shares cancelled or reduced (-) 4. Number of preference shares cancelled or reduced (-) 5. Other increase (decrease) 6. Number of shares, closing balance 70.263.501 0 70.263.501 II. Other information No face 1. Face value of shares value mentioned 2. Number of shares owned by the company 0 0 0 3. Interim dividends during the financial year
The share capital of Fluxys Belgium SA is represented by 70,263,501 shares with no face
value, divided into two categories, in addition to the specific share.
Shares in category B are and remain registered. They are held by long-term shareholders.
Category D shares are registered or dematerialised and are mainly held by the general
public.
The Belgian State owns one specific registered share, namely share no. 1, which does not
belong to any of the above categories and shall be referred to hereinafter as the
'specific share'. In accordance with the Fluxys Belgium articles of association, this 'specific
share' carries specific rights. These specific rights remain attached to this share in addition
to the common rights attached to the ordinary shares of Fluxys Belgium (former
“Distrigas”), as long as this share is owned by the Belgian State, as established in Articles 3
to 5 of the Royal Decree of 16 June 1994. These specific rights are exercised by the
Federal Minister responsible for energy. In addition to these specific rights this 'specific
share' also entitles to receive 100 times the dividend or any other distribution by the entity
to its shareholders, than the ones attached to the category B or D shares.
248
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Note 5.11. Interest-bearing liabilities
Non-current interest-bearing liabilities In thousands of € Notes 31-12-2024 31-12-2023 Change Leases 5.11.1 22,312 24,354 -2,042 Bonds 5.11.2 696,781 696,412 369 Bank loans 5.11.3 166,000 186,000 -20,000 Other borrowings 5.11.4 140,182 163,545 -23,363 Total 1,025,275 1,070,311 -45,036 Of which debts guaranteed by the 0 0 0 public authorities or by sureties
Current interest-bearing liabilities In thousands of € Notes 31-12-2024 31-12-2023 Change Leases 5.11.1 3,974 2,355 1,619 Bonds 5.11.2 2,523 2,516 7 Bank loans 5.11.3 22,269 22,498 -229 Other borrowings 5.11.4 27,580 27,967 -387 Total 56,346 55,336 1,010 Of which debts guaranteed by the 0 0 0 public authorities or by sureties
5.11.1. Lease liabilities are accounted for in line with IFRS 16 and are limited to the
contractual obligations, even if the Group expects certain contracts to be extended in
the future although this option isn’t stated in the current contract.
5.11.2. In November 2014 and October 2017, Fluxys Belgium issued bonds for a total of
€700,000 thousand. These bonds offer a gross annual coupon of 1.75% and 3.25%
respectively. They will mature between 2027 and 2034.
5.11.3. A 25-year loan of €400,000 thousand at a fixed rate contracted with the EIB in
December 2008 to finance investments in developing the gas transmission
network, the balance of which was €186,269 thousand as at 31-12-2024.
5.11.4. Other borrowings include:
• A loan of €257,000 thousand at a fixed rate of 3.20% with Fluxys SA to cover
needs relating to investments necessary for the transshipment services at
the Zeebrugge LNG Terminal. The balance still due as at 31-12-2024 is
€163,545 thousand.
• Short-term loans and accrued interest amounting to €4,128 thousand
249

Changes in liabilities based on financing activities 31.12.2023 Cash Other movements 31.12.2024 flow Reclassifi- Variation in Amortisa New cation accrued -tion of lease between non- interests issuance contracts current and payable fees current Non-current interest- 1,070,312 -60 4,825 -50,231 0 429 1,025,275 bearing liabilities Leases 24,354 0 4,825 -6,867 0 0 22,312 Bonds 696,412 -60 0 0 0 429 696,781 Bank loans 186,000 0 0 -20,000 0 0 166,000 Other 163,546 0 0 -23,364 0 0 140,182 borrowings Current interest- 55,337 -48,424 0 50,231 -797 0 56,346 bearing liabilities Leases 2,355 -5,248 0 6,867 0 0 3,974 Bonds 2,516 0 0 0 7 0 2,523 Bank loans 22,498 -20,000 0 20,000 -229 0 22,269 Other 27,967 -23,176 0 23,364 -575 0 27,580 borrowings Total 1,125,648 -48,484 4,825 0 -797 429 1,081,621
Cash flows relating to interest-bearing liabilities are included in points IV.1.2, IV.2.1 and
IV.2.2 of the consolidated statement of cash flows.
The change in accrued interests payable and the amortisation of the issuance costs (in
total €-368 thousand) relates to the difference between:
- the interests paid, including leases (see point IV.3.1 of the consolidated
statement of cash flows: €32,916 thousand) and
- the sum of borrowing interest costs and interests on lease liabilities (see Note 4.4:
€70,238 thousand) minus the interest on regulatory liabilities of €37,690 thousand =
€32,548 thousand.
250
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Maturity of interest-bearing liabilities at 31-12-2024, In thousands of € non-discounted Up to one year Between one and More than five Total five years years Leases 4,613 15,870 9,924 30,407 Bonds 19,316 601,419 169,506 790,241 Bank loans 34,562 113,245 95,663 243,470 Other borrowings 32,314 104,818 47,855 184,987 Total 90,805 835,352 322,948 1,249,105
Maturity of interest-bearing liabilities at 31-12-2023, In thousands of € non-discounted Up to one year Between one and More than five Total five years years Leases 3,094 16,280 12,200 31,574 Bonds 19,355 358,621 428,727 806,703 Other borrowings 64,393 213,080 191,666 469,139 Total 86,842 587,981 632,593 1,307,416
251

Note 5.12. Regulatory liabilities
Regulatory liabilities In thousands of € Note 31-12-2024 31-12-2023 Difference Other financing – long term 858,922 888,753 -29,831 Other financing – short term 161,347 203,249 -41,902 Total of other financing (A) 5.12.1 1,020,269 1,092,002 -71,733 Other liabilities – long term 260,167 150,963 109,205 Other liabilities – short term 9,521 15,873 -6,352 Total of other liabilities (B) 5.12.2 269,688 166,836 102,852 Total of regulatory liabilities (A+B = C) 1,289,957 1,258,838 31,120 Presentation in balance sheet: Non-current regulatory liabilities 1,119,089 1,039,716 79,374 Current regulatory liabilities 170,868 219,122 -48,254 Total of regulatory liabilities (C) 1,289,957 1,258,838 31,120
5.12.1 Other financing corresponds to the specific allocations of regulatory liabilities at
the group’s disposal firstly to finance specific investments, notably in the second jetty at
Zeebrugge and secondly, the cost associated with the conversion of part of the gas
transmission network. These amounts bear interest at a 10-year OLO rate for one part and
the remainder at the average 1-year Euribor rate. Auction premiums of € 40.1 million were
realised in 2024; this amount was recorded under ‘Other financing’. This presentation is
justified by the different regulatory treatment applied to auction premiums in
accordance with the European network code.
5.12.2 The other regulatory liabilities included in ‘other liabilities’ include the positive
differences between the regulated tariffs invoiced and the regulated tariffs acquired.
These amounts bear interest at the average Euribor 1-year rate.
The regulatory liabilities are reconciled with the segment reporting and the statement of
cash flows as follows:
252
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Movements of the regulatory liabilities In thousands of € Long term + short term Other financing(A) Other liabilities (B) Total Balance as at 01-01-2024 1,092,002 166,836 1,258,838 Use -104,022 -53,313 -157,335 Additions 47,928 102,836 150,764 Interest 30,981 6,709 37,690 Transfer -46,620 46,620 0 Balance as at 31-12-2024 1,020,269 269,688 1,289,957
The sum of use and additions amounts to -€6,571 thousand.
This net increase in regulatory liabilities also corresponds with the change in regulatory
liabilities included in item 1.2.5. of the cash flow table.
The €37,690 thousand interest charge on regulatory liabilities was accounted for in the
finance costs.
253

Note 5.13. Provisions
5.13.1 Provisions for employee benefits
Provisions for employee benefits In thousands of € Provisions at 31-12-2023 51,963 Additions 8,939 Use -11,402 Release 0 Unwinding of the discount 8,752 Actuarial gains/losses recognised in the profit/loss (seniority -1,192 bonuses) Expected return on plan assets -6,239 Actuarial gains/losses recognised in equity -7,925 Reclassification to the assets 6,175 Provisions at 31-12-2024, of which: 49,072 Non-current provisions 45,779 Current provisions 3,293
Expenses relating to the effects of discounts are presented in the group financial results as
an offset against the expected return on plan assets. The expected return on plan assets
is higher than the discount rate used to determine actuarial debt.
The change in provisions for employee benefits is largely linked to
• The increase in liabilities, due mainly to the cost of services and of interest, which
are higher than the pension settlements.
• The increase in plan assets mainly due to the high returns and to the increase in
defined benefit plan contribution payments.
See Note 5.14.
254
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5.13.2. Other provisions
Provisions for: In thousands of € Litigation and Environment and Other Total other claims site restoration provisions Provisions at 31-12-2023 2,649 1,482 99 4,230 Additions 0 0 0 0 Use -2,649 -211 -99 -2,959 Release 0 0 0 0 Unwinding of the discount 0 -89 0 -89 Provisions at 31-12-2024, of which: 0 1,182 0 1,182 Non-current provisions 0 1,182 0 1,182 Current provisions 0 0 0 0
255

5.13.3 Movements in the income statement and maturity of provisions
Movements in the income statement are detailed as follows:
Impact 2024 In thousands of € Additions Use and reversals Total Operating profit (loss) 8,939 -14,361 -5,422 Financial profit (loss) 8,663 -7,430 1,233 Total 17,603 -21,792 -4,189
Maturity of provisions at 31-12-2024 In thousands of € Up to one year Between one More than Total and five years five years Litigation and claims 0 0 0 0 Environment and site restoration 0 0 1.182 1.182 Other 0 0 0 0 Subtotal 0 0 1.182 1.182 Employee benefits 3.293 13.172 32.607 49.072 Total 3.293 13.172 33.789 50.254
Maturity of provisions at 31-12-2023 In thousands of € Up to one year Between one More than Total and five years five years Litigation and claims 0 0 2,648 2,648 Environment and site restoration 192 1,291 0 1,483 Other 99 0 0 99 Subtotal 291 1,291 2,648 4,230 Employee benefits 3,508 14,032 34,423 51,963 Total 3,799 15,323 37,071 56,193
256
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Provisions for litigation and claims
The provisions for litigation concerning the construction of the Zeebrugge LNG Terminal
(1983) were reversed in 2024 following the resolution of the disputes.
Provisions for the environment and site restoration
These provisions essentially cover the costs of safety, clean-up and restoration of sites
subject to closure.
These provisions are accrued in accordance with the Belgian regional environmental
legislation and the Belgian Gas Act. These works require action plans and numerous
studies in cooperation with the various public authorities and the institutions established
for this purpose.
Note 5.14. Provisions for employee benefits
Description of the principal retirement schemes and related benefits
In Belgium collective agreements regulate the rights of entity employees in the electricity
and gas industries.
Defined benefit pension plans
These agreements cover 'salary scale' personnel recruited before 1 June 2002 and
management personnel recruited before 1 May 1999 allowing affiliates to benefit from a
capital calculated based on a formula that takes account of their final annual salary and
the number of years of service when they retire. These are called ‘defined benefit
pension plans’.
Obligations under these defined benefit pension plans are funded through a number of
pension funds for the electricity and gas industries and through insurance companies.
Employees and employers contribute to these pension plans. The employer’s contribution
is determined annually on the basis of an actuarial report. This is to ensure that the
minimum legal funding requirements have been met and that the long-term funding of
the benefits is assured.
Description of the main actuarial risks
The group is exposed, in connection with its defined benefit pension plans, to risks related
to actuarial assumptions concerning investments, interest rates, life expectancy and
salary development.
The present value of defined benefit obligations is determined using a discount rate
based on high-quality bonds.
The assumptions concerning salary increases, inflation, personnel movements and
expected average retirement age are defined based on historic entity statistics. The
mortality tables used are those published by the IABE (Institute of Actuaries in Belgium).
At the end of 2024, the defined benefit pension plans have surplus plan assets of €18,618
thousand (2023: €12,443 thousand) compared with the actuarial liability on estimated
liabilities of the group. The amount was therefore transferred to the assets in the balance
sheet under 'Other non-current assets' (note 5.5) and 'Other current assets' (note 5.9.1).
257

The financing policy was amended in 2018 to ensure that surpluses are recovered over
the duration of the pension plans. In addition, transfers between different pension plans
are possible.
Defined contribution pension plans with guaranteed minimum return
In Belgium, ‘Salary scale’ personnel recruited after 1 June 2002 and management staff
recruited after 1 May 1999 as well as the members of the management benefit from
defined contribution pension plans.
The pension plans are financed by contributions from employees and employers, the
latter corresponding to a multiple of the contributions from employees. Obligations under
these defined contribution pension plans are funded through a number of pension funds
for the electricity and gas industries and through insurance companies.
The assets of the pension funds are allocated among the various categories of the
following risks:
• Low risk: bonds in the euro zone and/or high-quality bonds.
• Medium risk: risk diversification between bonds, convertible bonds, real-estate
and equity instruments.
• High risk: equity instruments, real estate, etc.
• Dynamic Asset Allocation: rapid adjustment of the portfolio structure in case of
specific events in order to limit losses in periods of stress.
Belgian law requires that the employer guarantees a minimum return for defined
contribution plans. These minimum returns vary based on the market rates.
For the minimum returns guaranteed by the employer, the following elements apply:
• For contributions paid up until 31-12-2015, the minimum return of 3.25% for
employer contributions and 3.75% for employee contributions applies up to that
date.
• For contributions paid from 01-01-2025, the minimum guaranteed return went
from 1.75% to 2.5%.
• The accounting method used by the group to value these ‘defined contribution
pension plans, with a guaranteed minimum return’, is identical to the method
used for ‘defined benefit plans’ (see Note 2.11).
For certain defined contribution plans, the contributions increase depending on the
seniority in the Group (referred to as ‘backloaded’). For these plans, the contributions are
distributed uniformly over time.
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Description of the main risks
Defined contribution plans expose the employer to the risk of a minimum return on
pension fund assets that do not offer a sufficient guaranteed return.
Other long-term employee benefits
Fluxys Belgium group also has early pension schemes, other post-employment benefits
such as reimbursement of medical expenses and price subsidies, as well as other long-
term benefits (seniority bonuses). Not all of these benefits are funded.
Funding status of the employee benefits
In thousands of € Pensions * Other ** 2024 2023 2024 2023 Present value of funded obligations -214,252 -206,978 -34,070 -35,643 Fair value of plan assets 221,453 205,500 0 0 Funding status of plans 7,201 -1,478 -34,070 -35,643 Effect of the asset ceiling5 -3,586 -2,398 0 0 Other 0 0 0 0 Net employee benefit liability 3,615 -3,876 -34,070 -35,643 Of which assets 18,618 12,443 0 0 Of which liabilities -15,002 -16,319 -34,070 -35,643
* Pensions also include non-prefinanced early-retirement obligations. They also include,
since 2018, contributions paid to cover pension schemes with a profile that takes into
account seniority.
** The item ‘Other’ includes seniority bonuses paid over the course of the career as well
as other post-employment benefits (reimbursement of medical expenses and price
subsidies (discount on energy costs)).
5
Applicable to a limited number of plans where the plan asset surplus is not transferable
to other plans.
259

Movements in the present value of obligations
In thousands of € Pensions * Other ** 2024 2023 2024 2023 At the start of the period -206,978 -194,397 -35,643 -32,840 Service costs -8,168 -8,682 -772 -743 Early retirement costs 0 0 0 0 Financial loss (-) / profit (+) -7,673 -7,273 -1,080 -1,225 Participant’s contributions -969 -811 0 0 Change in demographic 783 -385 537 -23 assumptions Change in financial assumptions 584 2,379 285 -864 Change from experience -158 -6,678 870 -1,993 adjustments Past service costs 0 0 0 0 Benefits paid 8,327 8,869 1,733 2,045 Reclassifications 0 0 0 0 Other -214,252 -206,978 -34,070 -35,643 At the end of the period -206,978 -194,397 -35,643 -32,840
260
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Movements in the fair value of plan assets
In thousands of € Pensions * Other ** 2024 2023 2024 2023 At the start of the period 205,500 205,651 0 0 Interest income 6,314 7,088 0 0 Return on plan assets (excluding net 9,439 9,278 0 0 interest income) Employer’s contributions 9,670 5,450 1,733 2,045 Participants’ contributions 969 811 0 0 Benefits paid -8,327 -8,869 -1,733 -2,045 Change in financial assumptions -2,112 -13,909 0 0 Other 221,453 205,500 0 0 At the end of the period 15,753 16,366 0 0 Actual return on plan assets 205,500 205,651 0 0
The return on pension plan assets in 2024 remains stable compared to 2023.
261

Costs recognised in profit or loss
In thousands of € Pensions * Other ** 2024 2023 2024 2023 Cost Service costs -8,168 -8,682 -772 -743 Early retirement costs 0 0 0 0 Past service costs 0 0 0 0 Actuarial gains/(losses) on other 1,192 -1,199 0 0 long-term benefits Net interest on net liabilities/(assets) Interest expense on obligations -7,672 -7,272 -1,080 -1,225 Interest income on plan assets 6,315 7,088 0 0 Costs recognised in profit or loss -8,333 -10,065 -1,852 -1,968
Actuarial losses (gains) recognised in other comprehensive income
In thousands of € Pensions * Other** 2024 2023 2024 2023 Change in demographic assumptions 660 -410 424 -23 Change in financial assumptions -60 -10,306 -121 -864 Change from experience adjustments -500 -6,678 766 -1,993 Effect of the asset ceiling -1,121 -2,398 0 0 Return on plan assets (excluding net interest 7,756 9,278 122 0 income) Actuarial losses (gains) recognised in other 6,735 -10,514 1,190 -2,880 comprehensive income
262
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Financial situation

Allocation of obligation by type of participant to the plan
In thousands of € 2024 2023 Active plan participants -199,310 -196,014 Non-active participants with deferred benefits -26,809 -23,535 Retirees and beneficiaries -22,203 -23,072 Total -248,322 -242,621
Allocation of obligation by type of benefit
In thousands of € 2024 2023 Retirement and death benefits -214,252 -206,978 Other post-employment benefits (medical expenses -26,122 -26,748 and price subsidies) Seniority bonuses -7,948 -8,895 Total -248,322 -242,621
263

Main actuarial assumptions used
2024 2023 Discount rate between 10 to 12 years 2.99% 3.03% Discount rate between 13 to 19 years 3.23% 3.24% Discount rate over 19 years 3.26% 3.25% Expected average salary increase 2.24% 2.04% Expected inflation 2.00% 2.03% Expected increase in health expenses 3.00% 3.03% Expected increase of price subsidies 2.00% 2.03% Average assumed retirement age 63(BAR) / 63(BAR) / 65(CAD) 65(CAD) Mortality tables IABE prospective IABE prospective Life expectancy in years: For a person aged 65 at the balance sheet date: - Male 21 20 - Female 24 24 For a person aged 65 in 20 years: - Male 23 22 - Female 26 26
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Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Financial situation

The fair value of plan assets is distributed based on the following major
categories
2024 2023 Listed investments 92.24% 94.63% Shares - eurozone 12.05% 8.30% Shares - outside eurozone 13.10% 19.78% Government bonds - eurozone 5.06% 1.99% Other bonds - eurozone 33.09% 29.30% Other bonds - outside eurozone 28.93% 35.26% Non-listed investments 7.76% 5.37% Insurance contracts 0.00% 0.00% Real estate 1.82% 1.63% Cash and cash equivalents 0.25% 2.47% Other 5.70% 1.27% Total (in %) 100.00% 100.00% Total (in thousands of €) 221,453 205,500
265

Sensitivity analysis
Impact on obligations In thousands of € Increase (-) / Decrease (+) Increase in discount rate (0.25%) 3,685 Average salary increase - Excluding inflation (0.1%) -1,362 Increase in inflation rate (0.25%) -3,320 Increase in healthcare benefits (0.01%) -26 Increase in price subsidies (0.5%) -837 Increase in life expectancy of retirees (1 year) -778
Average weighted duration of obligations
2024 2023 Average weighted duration of defined benefit obligations 7 8 Average weighted duration of other post-employment obligations 16 15
Expected contribution to pay for employee benefits relating to extra-
statutory pensions
In thousands of € Expected contribution for 2024 (for all extra- statutory pensions and other obligations, 11,028 listed above)
The contributions to be paid are function of the payroll of the population concerned.
266
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Financial situation

Note 5.15. Deferred tax assets and liabilities
Recognised deferred tax liabilities In thousands of € 31-12-2024 31-12-2023 Difference Valuation of assets 86,442 95,725 -9,283 Accrued income 0 148 -148 Fair value of financial instruments 1,606 1,731 -125 Provisions for employee benefits or provisions not 36,094 33,598 2,496 accepted under IFRS Other normative differences 0 0 0 Total 124,142 131,202 -7,060
Deferred tax assets and liabilities are offset within each taxable entity. They are all fully
recognised.
The main source of deferred tax is the difference between the book value and the tax
base of property, plant and equipment. This difference arises firstly from the recognition in
the opening balance sheet of property, plant and equipment at their fair value
corresponding to their deemed cost and, secondly, from the recognition at fair value of
the assets and liabilities arising from the SEGEO and Distrigas & C° business combinations
in 2008.
Provisions accounted for in accordance with IAS 19 (Employee benefits) and provisions
recognised under local GAAP but not recognised under IFRS are another major source of
deferred tax.
267

Movement for the period In thousands of € Deferred tax As at 31-12-2023 131,202 Deferred tax expenses – Profit & loss account -9,066 Deferred tax expenses – other comprehensive 2,006 income As at 31-12-2024 124,142
Note 5.16. Trade and other payables
Trade and other liabilities In thousands of € 31-12-2024 31-12-2023 Change Trade payables 50,936 54,501 -3,565 Payroll and related items 34,283 39,341 -5,058 Other payables 23,740 25,114 -1,374 Total 108,959 118,956 -9,997
The decrease is mainly due to the reduction of trade payables mainly due to the
reduction of invoices to receive and the decrease of payroll and related items.
Other payables are mainly including guarantees received.
268
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Financial situation

Note 6. Financial instruments
Principles for managing financial risks
Fluxys Belgium Group is exposed to several financial risks arising from its underlying
activities and corporate financing activities. These financial risks consist of market risks
(including currency risks, interest rate risks and price risks), credit risks and liquidity risks.
The group's administrative organisation, controlling and financial reports ensure that these
risks are constantly monitored and managed.
The Group uses derivative financial instruments to hedge its exposure to foreign
exchange and interest rate risks arising from its operational, financing and investment
activities. The Group does not engage in speculative transactions.
Cash management policy
The Fluxys Belgium group's cash is managed as part of a general policy and cash
surpluses are invested with Fluxys SA under cash pooling agreements. By way of reminder,
Fluxys SA centralises the management of the Fluxys group’s cash funds and financing.
The objective of this policy is to optimise the group’s cash positions. These transactions are
entered into at market terms and conditions.
The group's financial policy stipulates that cash surpluses be maintained at first class
financial institutions or invested in financial instruments issued by entities with a high credit
rating or in financial instruments of issuers which are covered by a guarantee from a
European Member State or whose share capital is predominantly controlled by state-
owned entities. Cash surpluses are invested following a competitive bidding award, and
in instruments that are sufficiently diversified to limit counterparty risk concentration. These
investments are subject to constant monitoring and risk analysis on a case-by-case basis.
At 31-12-2024, current and non-current investments, cash and cash equivalents
amounted to €1,229,162 thousand compared to €1,207,537 thousand at the end of 2023.
Credit and counterparty risks
The group systematically assesses its counterparties' financial capacity and systematically
monitors receivables. Group policy regarding counterparty risks requires that the group
submits potential customers and suppliers to a detailed preliminary financial analysis
(liquidity, solvency, profitability, reputation and risks). The group uses internal and external
information, such as official analysis performed by rating agencies (Moody's, Standard &
Poor's and Fitch). These rating agencies assess entities in relation to risk and award them a
credit score (rating). The group also uses databases containing general, financial and
market information to complement its own evaluation of potential customers and
suppliers. In addition, for most of its activities the group is allowed to contractually require
guarantees (either bank guarantees or cash deposits) from counterparties. The group
thereby reduces its exposure to credit risk both in terms of default and concentration of
customers.
With regard to the concentration risk, it should be noted that one customer contributes
16% to the company's revenues, more specifically €124 million to the transport activity.
269

Interest rate risk
The group's debt mainly consists of fixed interest rate loans maturing between 2024 and
2034, the balance of which (including lease obligations) as at 31-12-2024 represents
€1,081,621 thousand compared to €1,125,647 thousand at the end of 2023.
In addition, the group's interest-bearing liabilities include other financing and liabilities to
be used within the regulatory framework. As explained in Note 5.11, part of these bear
interest at a 10-year OLO rate and the remainder at the average Euribor 1-year rate. The
group does not incur any interest rate risks related to this.
Therefore, a sensitivity analysis is not representative for the risk inherent in these financial
instruments. Consequently, the Fluxys Belgium group’s exposure to interest rate risk is very
limited.
Liquidity Risk
Liquidity risk management is one of Fluxys Belgium group’s main objectives. The amounts
invested and the investment period reflect the short- and long-term planning of cash
needs as closely as possible, taking into account operational risks.
The Fluxys Belgium group can call upon Fluxys SA in case of liquidity needs, under the
cash pooling arrangements. By way of reminder, Fluxys centralises the management of
the Fluxys group’s cash funds and financing and has unused confirmed revolving credit
facilities.
The maturity of interest-bearing liabilities is reported in Note 5.11.
Summary of financial instruments at balance sheet date
The group's main financial instruments consist of financial and trade receivables and
payables, short-term investments, cash and cash equivalents.
The following table gives an overview of financial instruments at 31 December 2024:
270
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Financial situation

Summary of financial instruments at balance sheet date In thousands of € 31-12-2024 Category Book value Fair value Level I. Non-current assets Other financial assets at amortised cost A 106,041 99,952 1 & 2 Other financial assets at fair value through B 2,912 2,912 2 profit or loss Lease receivables A 0 0 2 Other receivables A 18,691 18,691 2 II. Current assets Lease receivables A 0 0 2 Trade and other receivables A 93,521 93,521 2 Cash investments A 31,672 31,648 2 Cash and cash equivalents A 1,091,543 1,091,567 2 Total financial instruments – assets 1,344,380 1,338,291 I. Non-current liabilities Interest-bearing liabilities A 1,002,963 964,858 2 Other financial liabilities B 2,912 2,912 2 II. Current liabilities Interest-bearing liabilities A 52,371 52,371 2 Trade and other payables A 108,959 108,959 2 Total financial instruments - liabilities 1,167,205 1,129,100
The categories correspond to the following financial instruments:
A. Financial assets or financial liabilities at amortised cost.
B. Assets or liabilities at fair value through profit or loss.
271

Summary of financial instruments at balance sheet date In thousands of € 31-12-2023 Category Book value Fair value Level I. Non-current assets Other financial assets at amortised cost A 107,199 100,288 1 & 2 Other financial assets at fair value B 4,011 4,011 2 through profit or loss Other financial assets at fair value A 0 0 2 Lease receivables Other receivables A 21,496 21,496 2 II. Current assets Lease receivables A 1,644 1,644 2 Trade and other receivables A 102,056 102,056 2 Cash investments A 32,998 32,959 2 Cash and cash equivalents A 1,068,227 1,068,334 2 Total financial instruments – assets 1,337,631 1,330,788 I. Non-current liabilities Interest-bearing liabilities A 1,070,311 1,021,899 2 Other financial liabilities B 4,010 4,010 2 II. Current liabilities Interest-bearing liabilities A 55,336 55,336 2 Trade and other payables A 118,956 118,956 2 Total financial instruments - liabilities 1,248,613 1,200,201
All of the group's financial instruments fall within Levels 1 and 2 of the fair value hierarchy.
Their fair value is measured on a recurring basis.
For the fair value measurement of Level 1, only quoted prices are used (without
modification) for identical assets and liabilities in active markets. They mainly include
bonds.
For the fair value measurement of Level 2, observable prices other than the quoted prices
of Level 1 are used. The prices are observable for the asset or liability, either directly or
indirectly.
272
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Financial situation

The techniques for measuring the fair value of Level 2 financial instruments are the
following:
• The items ‘Interest-bearing liabilities’ include the fixed-rate bonds issued by Fluxys
Belgium, whose fair value is determined based on active market rates, usually
provided by financial institutions.
• The fair value of other financial assets and liabilities categorised under level 2 is
largely identical to their book value:
o because they have a short-term maturity (such as trade receivables and
payables),
o except for assets at amortised cost due to the increase in interest rates
273

Note 7. Contingent assets and liabilities – rights and liabilities of the group
Note 7.1. Litigation
Ghislenghien
As announced in 2011, Fluxys Belgium has undertaken, in agreement with insurers and
other responsible parties, to proceed with the final compensation of private victims of the
accident at Ghislenghien in 2004. All the victims who have presented themselves to date
and who were entitled to compensation have been compensated.
Compensation claim relating to the 'Open Rack Vaporiser' investment
A compensation claim for additional works was introduced by a supplier in the scope of
the 'Open Rack Vaporiser' investment made by Fluxys LNG. The latter disputes this claim
and an expert was appointed to assess the case. No reliable estimate is available at this
stage as the case is still being assessed. No provision has therefore been recognised as at
31-12-2024.
Other proceedings
Other legal proceedings related to the operation of our facilities are in progress, but their
expected impact is immaterial and/or such proceedings are being put on hold.
Note 7.2. Assets and items held for third parties, in their name, but at the risk
and for the benefit of entities included in the consolidation scope
In the ordinary course of business, the Fluxys Belgium group holds gas belonging to its
customers at its storage sites in Loenhout, in the pipelines and in the tanks at the LNG
terminal in Zeebrugge.
Note 7.3. Guarantees received
Bank securities for the benefit of the group comprise guarantees received from
contractors in respect of construction contracts as well as bank guarantees received
from customers. At 31 December 2024, these guarantees received amounted to €133,319
thousand. The expected credit losses on guarantees received are not very material for
the Fluxys Belgium group.
Note 7.4. Guarantees provided by third parties on behalf of the entity
Rental guarantees in favour of the owners of assets located in Belgium and leased by the
group amounted to €644 thousand as at 31-12-2024.
Other guarantees amounted to €265 thousand as at 31-12-2024.
274
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Financial situation

Note 7.5. Commitments under terminalling service contracts
Regasification services
The Capacity Subscription Agreements (CSA) entered into with the users of the
Zeebrugge LNG terminal provide for 110 mooring windows (slots) per contract until 2023
and 88 docking windows per contract until 2027.
In 2019, in addition to the aforementioned contracts, a new long-term contract was
entered into with Qatar Petroleum (today Qatar Energy), subsidiary of Qatar Terminal
Limited (QTL), for the remaining unloading slots until 2039 with extension option until 2044.
Following optimisation of short-term slot planning since 2022 and market demand for
long-term capacity, Fluxys has put 24 slots per year up for sale from April 2027 (pro rata)
until 2044. Two shippers each obtained 12 slots per year for the entire duration.
Consequently, the capacity of 134 slots is distributed to 3 different shippers until 2044.
During the binding window of an Open Season which was held at the end of 2020 for
additional regasification capacity at the Zeebrugge LNG terminal, the full 6 million tonnes
per year (or c. 10.5 GWh/h) capacity on offer had been subscribed. On this basis, Fluxys
LNG has taken the final investment decision to build the additional infrastructure at the
Zeebrugge LNG terminal. The additional regasification capacity will be provided in two
steps:
- as from early 2024, a total additional capacity of 4.7 million tonnes per year
has been offered,
- as from early 2025 (contractually planned and subscribed from January 2026),
the full additional capacity of 6 million tonnes has been commissioned.
The sum of these capacities (slots and regasification) is currently equivalent to a total
regasification capacity of 17 billion cubic metres per year.
Transshipment services
In 2019, with the commissioning of the fifth tank at the Zeebrugge LNG terminal and a
second jetty, Fluxys offered a transhipment service for 214 berthing rights and 180,000 m³
of storage rights. The contract has a duration of 20 years (2039) and was entered into with
Yamal Trade (a 100% subsidiary of Yamal LNG).
Note 7.6. Other commitments
Other commitments have been made and received by the Fluxys Belgium group, but
their potential impact is immaterial.
275

Note 7.7. Contingent regulatory assets
As part of the development of hydrogen transport activities, the Fluxys Belgium Group
incurred a series of costs in 2024. Although Fluxys hydrogen has been designated as the
operator of the future hydrogen network, the regulatory framework had not yet been
defined or approved at the balance sheet date. Nevertheless, it is expected that once
this regulatory framework is defined and in force, the costs in question will be recovered
via authorised revenues. Consequently, the Fluxys Belgium Group considers that it has a
contingent regulatory asset of an estimated €6,600 thousand at 31-12-2024.
Note 8. Related parties
Fluxys Belgium and its subsidiaries are controlled by Fluxys, which is itself controlled by
Publigas.
The consolidated financial statements include transactions performed by Fluxys Belgium
and its subsidiaries in the normal course of their activities with unconsolidated related
companies or associates. These transactions take place under market conditions and
mainly involve transactions realised with Fluxys SA and Fluxys Europe (administrative
services, IT and housing services and the management of cash funds and financing),
Interconnector (UK) (inspection and repair services), IZT (IZT lease and facilities operation
and maintenance services), Dunkerque LNG (IT development and other services), Gaz-
Opale (terminalling services), Balansys (balancing operator), Fluxys TENP, FluxSwiss and
Flux Re (reinsurance), Fluxys Byte IT (IT-services)
Other related parties in the following tables concern other entities of the Fluxys group, in
which Fluxys Belgium does not hold a stake.
276
Fluxys Belgium | Regulated information | Integrated Annual Report 2024 | Financial situation

Significant transactions with related parties In thousands of € as at 31-12-2024 Parent Joint Other company arrange- related Total ments parties I. Assets with related parties 1,040,766 15,102 532 1,056,400 1. Other financial assets 0 0 0 0 Loans 0 0 0 0 2. Financial lease receivables 0 0 0 0 (current and non-current) 3. Trade and other receivables 156 15,000 532 15,688 Clients 156 15,000 532 15,688 4. Cash and cash equivalents 1,040,610 0 0 1,040,610 5. Other current assets 0 102 0 102 II. Liabilities with related parties 164,796 0 1,510 166,306 1. Interest-bearing liabilities 163,733 0 0 163,733 (current and non-current) Other borrowings 163,733 0 0 163,733 2. Trade and other payables 1,054 0 853 1,907 Suppliers 960 0 835 1,795 Other payables 94 0 18 112 3. Other current liabilities 9 0 657 666 III. Transactions with related parties 34,307 2,587 20,036 56,930 1. Services rendered and goods 3,534 2,022 19,061 24,617 delivered 2. Services received (-) -2,951 0 -1,653 -4,604 3. Net financial income 33,724 565 0 34,289 4. Directors’s and senior 2,628 2,628 executives’ remuneration Of which short-term benefits 2,260 2,260 Of which post-employment 369 369 benefits
277

Significant transactions with related parties In thousands of € as at 31-12-2023 Parent Joint Other related company arrange- parties Total ments I. Assets with related parties 1,013,091 13,000 2,381 1,028,472 1. Other financial assets 0 3,000 0 3,000 Loans 0 3,000 0 3,000 2. Financial lease receivables 0 0 1,644 1,644 (current and non-current) 3. Trade and other receivables 240 0 737 977 Clients 240 10,000 737 977 4. Cash and cash equivalents 1,012,851 0 0 1,012,851 5. Other current assets 0 0 0 0 II. Liabilities with related parties 188,322 0 674 188,996 1. Interest-bearing liabilities 186,909 0 0 186,909 (current and non-current) Other borrowings 186,909 0 0 186,909 2. Trade and other payables 1,406 0 12 1,418 Suppliers 37 0 0 37 Other payables 1,369 0 12 1,381 3. Other current liabilities 7 0 662 669 III. Transactions with related parties 1,582 1,763 22,709 26,054 1. Services rendered and goods 3,860 1,763 22,709 28,332 delivered 2. Services received (-) -2,284 0 0 -2,284 3. Net financial income 6 0 0 6 4. Directors’s and senior executives’ 3,049 3,049 remuneration Of which short-term benefits 2,653 2,653 Of which post-employment benefits 396 396
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279
Note 9. Directors’ and senior executives’ remuneration
Pursuant to Article 10 of the Articles of Association, the Board of Directors of Fluxys
Belgium SA comprises at least three and no more than 24 non-executive directors.
Furthermore, the 'special share' grants to the Minister the right to appoint two
representatives of the federal government in the Board of Directors. Currently, two
representatives of the federal government attend the meetings of the Board of Directors
and the Strategic Committee.
The ordinary general meeting has decided to set the remuneration of the directors and
government representatives to a maximum of €360,000 (value 01-01-2007), to be
allocated by the Board of Directors amongst its members, and to grant an attendance
fee of €250 per meeting of the Board of Directors and advisory committees.
Pursuant to Article 15 of the Articles of Association of Fluxys Belgium, the Board of
Directors is authorised to pay a special remuneration to directors who carry out special
duties for the entity. The Board also has the right to reimburse travel expenses and costs
incurred by the members of the Board of Directors.
The Fluxys Belgium group has not granted any loans to directors. In addition, the directors
have not entered into unusual or abnormal transactions with the group. No shares or
share options have been granted to the directors.
For further information, the reader should refer to the Corporate Governance Declaration
in the directors' report and to Note 8 'Related parties' for the breakdown of remuneration
by category.
279

280
Statutory accounts of Fluxys Belgium SA
according to Belgian GAAP
Given the significance of the equity as well as the revenue of the parent entity in the
consolidated financial statements, the publication of the detailed version of the annual
accounts and the notes to the accounts in this brochure would, in the majority of cases,
be redundant given the explanations found in the consolidated accounts.
Pursuant to Article 3:17 of the Companies Code, the decision was made to present only
an abridged version of the Fluxys Belgium SA statutory annual accounts.
The statutory auditor issued an unqualified audit opinion on the annual accounts of Fluxys
Belgium SA.
The statutory accounts of Fluxys Belgium SA and the audit opinion have been filed with
the National Bank of Belgium. They are available on the Fluxys Belgium website
(www.fluxys.com/belgium) and can also be obtained free of charge upon request at the
following address:
Fluxys Belgium SA
Communication Department
Avenue des Arts 31, 1040 Brussels
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281
Balance sheet
Assets In thousands of €
31-12-2024 31-12-2023
Formation expenses 948 1,107
Fixed assets 1,428,584 1,447,863
Intangible assets 28,103 25,789
Property, plant and equipment 1,304,592 1,332,255
Financial fixed assets 95,889 89,819
Current assets 985,827 1,041,285
Amounts receivable after more than one year 18,691 21,496
Stock and contracts in progress 51,791 49,710
Amounts receivable within one year 90,686 93,272
Cash investments 0 0
Cash at bank and in hand 802,055 856,221
Deferred charges and accrued income 22,604 20,586
Total 2,415,358 2,490,255
281

282
Equity and liabilities In thousands of €
31-12-2024
31-12-2023
Equity 416,169 434,959
Capital 60,272 60,272
Share premium account 38 38
Revaluation surpluses 206,179 230,856
Reserves 10,700 10,814
Accumulated profits (losses) 111,852 101,654
Capital subsidies 27,128 31,325
Provisions and deferred taxes 13,087 15,716
Provisions for liabilities and charges 3,258 4,450
Deferred tax 9,829 11,266
Amounts payable 1,887,733 2,039,580
Amounts payable after more than one year 877,258 896,932
Amounts payable within one year 141,118 244,804
Accrued charges and deferred income 869,357 897,844
Total 2,415,358 2,490,255
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283
Income statement
Income statement In thousands of €
31-12-2024 31-12-2023
Operating income 598,879 653,561
Operating charges 509,691 579,348
Operating profit 89,187 74,213
Financial income 69,818 72,111
Finance costs 51,919 48,709
Net financial income 17,899 23,402
Earnings before taxes 107,086 97,616
Transfer from deferred taxes 1,171 1,184
Income tax expenses -24,227 -19,444
Net profit/loss for the period 84,029 79,356
Transfer to untaxed reserves 114 114
Profit for the period available for appropriation 84,143 79,470
283

284
Profit/loss appropriation
Appropriation account In thousands of €
31-12-2024
31-12-2023
Profit to be appropriated 185,797 172,554
Profit for the period available for appropriation 84,143 79,470
Profit carried forward from the previous period 101,654 93,084
Transfer from equity 24,424 27,470
From reserves 24,424 27,470
Transfer to equity 0 0
To the legal reserve 0 0
To the other reserves 0 0
Result to be carried forward 111,852 101,654
Profit to be carried forward 111,852 101,654
Profit to be distributed 98,369 98,369
Dividends 98,369 98,369
If the above proposal is accepted and taking tax
requirements into account, the annual dividend,
net of withholding tax, could be set at:
€ 0.980
€ 0.980
In 2024, no advance on the dividend was paid. The gross unit dividend to be paid out for
fiscal year 2024 is €1.40 per share (€0.980 net). It will be payable from 21 May 2025.
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285
Capital at the end of the period
Capital at the end of the period
31-12-2024
Subscribed capital
At the end of the previous period
60,272
At the end of the period 60,272
Capital represented by
Registered shares 62,351,236
Dematerialised shares 7,912,265
Structure of shareholders
Declarant
Date of
declaration
Type
Number of
voting rights
declared
%
Fluxys 13-12-2017 B/D 63,237,240 90,00
The Belgian State holds one specific share.
285

286
Income taxes
Income taxes In thousands of €
31-12-2023
Breakdown of heading 670/3
Income taxes on the result of the current period
25,077
Taxes and withholding taxes due or paid 26,000
Excess of income tax prepayments -923
Estimated additional taxes 0
Income taxes on previous periods 23
Additional taxes due or paid 23
Additional taxes (estimated or provided for) 0
Reconciliation between profit before taxes and estimated taxable profit
Profit before taxes 107,086
Permanent differences: -6,777
Definitively taxed income -32,837
Non-deductible expenses and hidden reserves 6,200
Notional interest 0
Taxable reserves 28,932
Depreciation of financial fixed assets 0
Transfer from untaxed reserves 114
Transfer from deferred taxes 1,171
Deductible innovation revenue -10,201
Non-deductible provisions 0
Hidden reserves -154
Total 100,309
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287
Workforce
ONSS N°: 030012851238
Joint Commission N°: 326
Headcount
A. Employees recorded in the personnel register
1a. During the current period
Total
Men Women
Average number of employees
Full time
796,8
678,4 118,4
Part-time 127,6 79,8 47,8
Total in full-time equivalents (FTE) 894,7 740,0 154,7
Number of hours actually worked
Full time 1,210,881 1,037,937 172,943
Part-time 146,618 92,007 54,611
Total 1,357,498 1,129,944 227,554
Employee expenses
Full time 117,952,727 103,422,121 14,530,605
Part-time 18,025,239 12,159,150 5,866,089
Total 135,977,966 115,581,271 20,396,695
Advantages in addition to wages 1,757,465 1,493,845 263,620
1b. During the previous period
Total
Men Women
Average number of employees (FTE) 878,2 727,10 151,10
Number of hours actually worked 1,325,855 1,095,590 230,265
Employee expenses 129,599,931 110,159,941 19,439,990
Advantages in addition to wages 2,104,288 1,788,645 315,643
287

288
2. At the closing of the period
Full time
Part-time Total FTE*
a. Employees recorded in the personnel register 806 120 898,9
b. By nature of the employment contract
Contract for an indefinite period 793 119 885,30
Contract for a definite period 13 1 13,6
Contract for execution of specifically assigned work 0 0 0.0
Replacement contract 0 0 0.0
c. According to gender and study level
Men 690 74 748,5
Primary education 0 0 0.0
Secondary education 266 43 299,7
Higher non-university education 165 12 174,8
University education 259 19 274,0
Women 116 46 150,4
Primary education 0 0 0.0
Secondary education 22 7 27,0
Higher non-university education 44 22 60,2
University education 50 17 63,1
d. By professional category
Management 326 34 352,6
Employees 480 86 546,30
Workers 0 0 0.0
Other 0 0 0.0
*full-time equivalent
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B. Hired temporary staff and personnel placed at the enterprise’s disposal
During the current period
Hired temporary
staff
Personnel placed at
disposal of the entity
Average number of persons employed
4.5
0
Number of hours actually worked 8,776
0
Costs for the enterprise 402,631
0
Table of movements in personnel during the period
Full time
Part time
Total FTE*
Entries
a. Employees recorded in the personnel register
78
3
79.6
b. By nature of the employment contract
Contract for an indefinite period 68
2
69.0
Contract for a definite period 10
1
10.6
Contract for execution of specifically assigned work 0
0
0.0
Replacement contract 0
0
0.0
Exits
a. Employees whose contract end-date has been
recorded in the personnel register in this financial year
65
10
71.0
b. By nature of the employment contract
Contract for an indefinite period
53
10
59.0
Contract for a definite period
12
0
12.0
Contract for execution of specifically assigned work
0
0
0.0
Replacement contract
0
0
0.0
c. By reason of termination of contract
Retirement
10
4
12.6
Early retirement
0
0
0.0
Dismissal
3
0
3.0
Other reason
52
6
55.4
Of which: the number of persons who continue to
render services to the company at least part-
time on a
self-employed basis
0
0
0.0
*full-time equivalent
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Information on training provided to employees during the period
Men
Women
Initiatives in formal continued professional development at the
expense of the employer
Number of employees involved
778
180
Number of actual training hours 25,716
4,385
Net costs for the enterprise 4,201,391
710,355
Of which gross costs directly linked to training 4,201,391
710,355
Of which fees paid and payments to collective funds 0
0
Of which subsidies and other financial advantages received (to
deduct)
0
0
Total of initiatives of less formal or informal professional training at the
expense of the employer
Number of employees involved 773
181
Number of actual training hours 23,711
5,395
Net costs for the enterprise 1,881,774
396,535
Total of initiatives of initial professional training at the expense of the
employer
Number of employees involved 0
0
Number of actual training hours 0
0
Net costs for the enterprise 0
0
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Statutory auditor’s report and
declaration by responsible
persons
Statutory auditor’s report to the General
Meeting of Fluxys Belgium NV for the financial
year ended 31 December 2024
In the context of the statutory audit of the Consolidated Financial Statements of Fluxys
Belgium NV (the “Company”) and its subsidiaries (together the “Group”), we report to
you as statutory auditor. This report includes our opinion the consolidated balance sheet
as at 31 December 2024, the consolidated income statement, the consolidated
statement of comprehensive income, the consolidated statement of changes in equity
and the consolidated statement of cash flows for the year ended 31 December 2024 and
the disclosures including material accounting policy information (all elements together
the “Consolidated Financial Statements”) as well as our report on other legal and
regulatory requirements. These two reports are considered one report and are
inseparable.
We have been appointed as statutory auditor by the shareholders’ meeting of 10 May
2022, in accordance with the proposition by the Board of Directors following
recommendation of the Audit Committee and following recommendation of the workers’
council. Our mandate expires at the shareholders’ meeting that will deliberate on the
Consolidated Financial Statements for the year ending 31 December 2024. We
performed the audit of the Consolidated Financial Statements of the Group during 6
consecutive years.
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292
Report on the audit of the Consolidated Financial Statements
Unqualified opinion
We have audited the Consolidated Financial Statements of Fluxys Belgium NV, that
comprise of the consolidated balance sheet as at 31 December 2024, the consolidated
income statement, the consolidated statement of comprehensive income, the
consolidated statement of changes in equity and the consolidated statement of cash
flows of the year and the disclosures including, material accounting policy information,
which show a consolidated balance sheet total of € 3.310,1 million and of which the
consolidated income statement shows a profit for the year (share of the group) of € 82,9
million.
In our opinion, the Consolidated Financial Statements give a true and fair view of the
consolidated net equity and financial position as at 31 December 2024, and of its
consolidated results for the year then ended, prepared in accordance with the IFRS
Accounting Standards as adopted by the European Union and with applicable legal and
regulatory requirements in Belgium.
Basis for the unqualified opinion
We conducted our audit in accordance with International Standards on Auditing
(“ISA’s”) applicable in Belgium. In addition, we have applied the ISA's approved by the
International Auditing and Assurance Standards Board (“IAASB”) that apply at the current
year-end date and have not yet been approved at national level. Our responsibilities
under those standards are further described in the “Our responsibilities for the audit of the
Consolidated Financial Statements” section of our report.
We have complied with all ethical requirements that are relevant to our audit of the
Consolidated Financial Statements in Belgium, including those with respect to
independence.
We have obtained from the Board of Directors and the officials of the Company the
explanations and information necessary for the performance of our audit and we believe
that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the Consolidated Financial Statements of the current reporting
period.
These matters were addressed in the context of our audit of the Consolidated Financial
Statements as a whole and in forming our opinion thereon, and consequently we do not
provide a separate opinion on these matters.
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Calculation of the net profit under the regulatory framework
Description
As described in chapter ‘Legal and regulatory framework’ of the annual report and note
5.12 of the Consolidated Financial Statements, a regulated tariff mechanism is applied to
the transportation of gas (gas flows within Belgium and border-to-border flows), the
storage of gas and for LNG terminalling activities. For these activities, the net result is
determined by applying calculation methods imposed by the Belgian regulator, the
Commission for Electricity and Gas Regulation (the “CREG”) (together the “Tariff
Mechanism”).
The Tariff Mechanism is based on calculation methods that are complex and that require
the use of parameters (the Beta of the regulated activity of the Group, return on equity,
...), and of accounting data of the regulated activities (the Regulated Asset Base, the
regulated equity, capital expenditures (“CAPEX”) and subsidies received). In addition, for
extension investments on LNG installations performed since 2004, the Tariff Mechanism
provides in a specific calculation method whereby the return is determined following an
IRR formula (Internal Rate of Return) as determined by the CREG.
The Tariff Mechanism makes a distinction between manageable and non-manageable
costs. Deviations from the estimated value of non-manageable costs are fully allocated
to the regulatory assets or liabilities (future tariffs). The manageable costs are costs over
which the Group has control, and whereby deviations are distributed between the
shareholders of the Group and future tariffs.
Therefore, the calculation methods of the Group’s net result are complex and require
judgements from management, more particularly with respect to the use of correct
accounting data and parameters as imposed by the regulator. The use of incorrect
accounting data, and deviations in assumptions, can have a material impact on the
Group’s net result.
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294
How the matter was addressed in our audit
Amongst others, we have performed the following procedures:
• Assessing the design and implementation of key internal controls relating to the
calculation of the net result, including those related to (i) the completeness and
accuracy of the underlying data used in the calculation and (ii) management
review controls;
• Evaluating the adequate and consistent classification of operating costs by
nature (manageable and non-manageable) as described in the Tariff
Mechanism;
• Performing independent recalculations of the net results for the respective
regulated activities based on underlying internal documentation and externally
available information, and taking into account the formulas as described in the
Tariff Mechanism;
• Evaluating communication with the CREG, including assessment of the
accounting implications of communications and decisions taken by the CREG;
• Assessing the adequacy of the disclosures (chapter ‘Legal and regulatory
framework’ of the annual report and note 5.12 in the Consolidated Financial
Statements).
Capitalisation and useful life of property, plant and equipment
Description
Property, plant and equipment amounts to 55% of the consolidated balance sheet of the
Group, with a total capital expenditure (‘CAPEX’) of € 92,1 million in 2024 and a net book
value of € 1.804,3 million as at 31 December 2024. Property, plant and equipment form
the most important basis for the Regulated Asset Base (“RAB”). Depreciations are
classified as non-manageable operating cost and thus have an important impact on the
tariffs. The economical useful life, as accepted by the regulator CREG, impacts the
depreciations.
As a result of the importance of property, plant and equipment on the total balance
sheet and on the regulated result, and given its relevance to the users of the
Consolidated Financial Statements, this topic is considered a key audit matter.
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How the matter was addressed in our audit
Amongst others, we have performed the following procedures:
• Assessing the design and the implementation of key internal controls, including
management assessment over the appropriate authorization of the investment,
the compliance of the investment with the capitalization criteria in the accounting
policies, and the correct classification of expenditures either as CAPEX or as
operating expenses (‘OPEX’).
• Performing substantive analytical procedures on CAPEX and OPEX by comparing
current year figures with the budgeted figures as approved by the regulator at the
level of asset classes and projects;
• Testing a selection of additions to property, plant and equipment, assessing
whether the expenditure meets the criteria for capitalization under IFRS as
adopted by the European Union and under the Group’s accounting policies,
recalculation of depreciation charges, analyzing whether the investments are
allocated to the correct activity, and reconciling the net book value of property,
plant and equipment to the RAB;
• Evaluation, based on communication with the regulator, whether there have been
changes in the useful life of assets during the period which should be included in
the accounts.
• Assessing the adequacy of the disclosures in notes 2.6 and 5.1 of the Consolidated
Financial Statements.
Responsibilities of the Board of Directors for the preparation of the
Consolidated Financial Statements
The Board of Directors is responsible for the preparation of the Consolidated Financial
Statements that give a true and fair view in accordance with the IFRS Accounting
Standards and with applicable legal and regulatory requirements in Belgium and for such
internal controls relevant to the preparation of the Consolidated Financial Statements
that are free from material misstatement, whether due to fraud or error.
As part of the preparation of Consolidated Financial Statements, the Board of Directors is
responsible for assessing the Company’s ability to continue as a going concern, and
provide, if applicable, information on matters impacting going concern, The Board of
Directors should prepare the financial statements using the going concern basis of
accounting, unless the Board of Directors either intends to liquidate the Company or to
cease business operations, or has no realistic alternative but to do so.
Our responsibilities for the audit of the Consolidated Financial Statements
Our objectives are to obtain reasonable assurance whether the Consolidated Financial
Statements are free from material misstatement, whether due to fraud or error, and to
express an opinion on these Consolidated Financial Statements based on our audit.
Reasonable assurance is a high level of assurance, but not a guarantee that an audit
conducted in accordance with the ISA’s will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and considered material if,
individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these Consolidated Financial
Statements.
In performing our audit, we comply with the legal, regulatory and normative framework
that applies to the audit of the Consolidated Financial Statements in Belgium. However, a
statutory audit does not provide assurance about the future viability of the Company and
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296
the Group, nor about the efficiency or effectiveness with which the board of directors has
taken or will undertake the Company's and the Group’s business operations. Our
responsibilities with regards to the going concern assumption used by the board of
directors are described below.
As part of an audit in accordance with ISA’s, we exercise professional judgment and we
maintain professional skepticism throughout the audit. We also perform the following
tasks:
• identification and assessment of the risks of material misstatement of the Consolidated
Financial Statements, whether due to fraud or error, the planning and execution of
audit procedures to respond to these risks and obtain audit evidence which is sufficient
and appropriate to provide a basis for our opinion. The risk of not detecting material
misstatements resulting from fraud is higher than when such misstatements result from
errors, since fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control;
• obtaining insight in the system of internal controls that are relevant for the audit and
with the objective to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness
of the Company’s internal control;
• evaluating the selected and applied accounting policies, and evaluating the
reasonability of the accounting estimates and related disclosures made by the Board
of Directors as well as the underlying information given by the Board of Directors;
• conclude on the appropriateness of the Board of Directors’ use of the going-concern
basis of accounting, and based on the audit evidence obtained, whether or not a
material uncertainty exists related to events or conditions that may cast significant
doubt on the Company’s or Group’s ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our
auditor’s report to the related disclosures in the Consolidated Financial Statements or,
if such disclosures are inadequate, to modify our opinion. Our conclusions are based
on audit evidence obtained up to the date of the auditor’s report. However, future
events or conditions may cause the Company to cease to continue as a going-
concern;
• evaluating the overall presentation, structure and content of the Consolidated
Financial Statements, and evaluating whether the Consolidated Financial Statements
reflect a true and fair view of the underlying transactions and events
We communicate with the Audit Committee within the Board of Directors regarding,
among other matters, the planned scope and timing of the audit and significant audit
findings, including any significant deficiencies in internal control that we identify during
our audit.
Because we are ultimately responsible for the opinion, we are also responsible for
directing, supervising and performing the audits of the subsidiaries. In this respect we
have determined the nature and extent of the audit procedures to be carried out for
group entities.
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We provide the Audit Committee within the Board of Directors with a statement that we
have complied with relevant ethical requirements regarding independence, and to
communicate with them all relationships and other matters that may reasonably be
thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with the Audit Committee within the Board of Directors,
we determine those matters that were of most significance in the audit of the
Consolidated Financial Statements of the current period and are therefore the key audit
matters. We describe these matters in our report, unless the law or regulations prohibit
this.
Report on other legal and regulatory requirements
Responsibilities of the Board of Directors
The Board of Directors is responsible for the preparation and the content of the Board of
Directors’ report on the Consolidated Financial Statements, and other information
included in the annual report.
Responsibilities of the auditor
In the context of our mandate and in accordance with the additional standard to the
ISA’s applicable in Belgium, it is our responsibility to verify, in all material respects, the
Board of Directors’ report on the Consolidated Financial Statements, and other
information included in the annual report, as well as to report on these matters.
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298
Aspects relating to Board of Directors’ report and other information
included in the annual report
The Board of Directors’ report on the Consolidated Financial Statements contains the
consolidated sustainability information that is subject to our separate limited assurance
report. This section does not cover the assurance on the consolidated sustainability
information included in the annual report.
In our opinion, after carrying out specific procedures on the Board of Directors’ report, the
Board of Directors’ report is consistent with the Consolidated Financial Statements and
has been prepared in accordance with article 3:32 of the Code of companies and
associations.
In the context of our audit of the Consolidated Financial Statements, we are also
responsible to consider whether, based on the information that we became aware of
during the performance of our audit, the Board of Directors’ report and other information
included in the annual report, being:
• Chapter ‘Legal and regulatory framework’
• Financial situation: consolidated key financial data
contain any material inconsistencies or contains information that is inaccurate or
otherwise misleading. In light of the work performed, there are no material inconsistencies
to be reported.
Independence matters
Our audit firm and our network have not performed any services that are not compatible
with the audit of the Consolidated Financial Statements and have remained
independent of the Company during the course of our mandate.
The fees related to additional services which are compatible with the audit of the
Consolidated Financial Statements as referred to in article 3:65 of the Code of companies
and associations were duly itemized and valued in the notes to the Consolidated
Financial Statements.
European single electronic format (“ESEF”)
In accordance with the standard on the audit of the conformity of the financial
statements with the European single electronic format (hereinafter "ESEF"), we have
carried out the audit of the compliance of the ESEF format with the regulatory technical
standards set by the European Delegated Regulation No 2019/815 of 17 December 2018
(hereinafter: "Delegated Regulation").
The board of directors is responsible for the preparation, in accordance with the ESEF
requirements, of the consolidated financial statements in the form of an electronic file in
ESEF format (hereinafter 'the digital consolidated financial statements') included in the
annual financial report available on the portal of the FSMA
(https://www.fsma.be/en/stori).
It is our responsibility to obtain sufficient and appropriate supporting evidence to
conclude that the format and markup language of the digital consolidated financial
statements comply in all material respects with the ESEF requirements under the
Delegated Regulation.
Based on the work performed by us, we conclude that the format and tagging of
information in the digital consolidated financial statements of Fluxys Belgium NV per 31
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December 2024 included in the annual financial report available on the portal of the
FSMA (https://www.fsma.be/en/stori) are, in all material respects, in accordance with the
ESEF requirements under the Delegated Regulation.
Other communications
This report is consistent with our supplementary declaration to the Audit Committee as
specified in article 11 of the regulation (EU) nr. 537/2014.
Diegem, 27 March 2025
EY Bedrijfsrevisoren BV
Statutory auditor
Represented by
Wim Van Gasse *
Partner
*Acting on behalf of a BV/SRL
25WVG0054
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300
Declaration by responsible persons
Declaration regarding the financial year ended 31 December 2024
We hereby attest that to our knowledge:
• Fluxys Belgium’ financial statements, drawn up in accordance with the applicable
accounting standards, give a true and fair view of the company's assets, liabilities,
financial position and profit or loss as well as those of the companies included in the
consolidation scope;
• the annual report gives a true and fair view of the development and performance of
the business and of the position of the company itself and of the companies included
in the consolidation scope, together with a description of the principal risks and
uncertainties that they face.
Brussels, 27 March 2025
Christian Leclercq Pascal De Buck
Member of the Executive Board Managing Director
Chief Financial Officer Chief Executive Officer
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Glossary
Pertinence of published financial ratios
The Fluxys Belgium group continually evaluates its financial solidity, in particular using the
following financial ratios:
• Solvency: The ratio between net financial debt and the sum of equity and net financial
debt indicates the solidity of the Fluxys group’s financial structure.
• Interest coverage: The ratio between the FFO, before interest expenses, and interest
expenses represents the group’s capacity to cover its interest expenses thanks to its
operating activities.
• Net financial debt/extended RAB: This ratio expresses the share of the extended RAB
financed by external debt.
• FFO/Net financial debt: This ratio is used to determine the group’s capacity to pay off
its debts based on cash generated by its operating activities.
• RCF/Net financial debt: This ratio is used to determine the group’s capacity to pay off
its debts based on cash generated by its operating activities after payment of
dividends.
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302
Definition of indicators
Other property, plant and equipment investments outside the RAB
Average combined investments in property, plant and equipment linked to the
extensions to the Zeebrugge LNG terminal and in unregulated activities.
Net finance costs
Interest charges less financial income from lease contracts, interest on investments and
cash equivalents and other interest received, excluding interest on regulatory assets and
liabilities.
Interest expenses
Interest expenses on debts (including interest charges on leasing debts), less interest on
regulatory liabilities.
EBIT
Earnings Before Interests and Taxes or operating profit/loss from continuing operations
plus the result of investments accounted for by the equity method and the dividends
received from unconsolidated entities. EBIT is used to monitor the operational
performance of the group over time.
EBITDA
Earnings Before Interests, Taxes, Depreciation and Amortisation or operating profit/loss
from continuing operations, before depreciation, amortisation, impairment and
provisions, plus the result of investments accounted for by the equity method and the
dividends received from unconsolidated entities. EBITDA is used to monitor the
operational performance of the group over time, without considering non-cash expenses.
Net financial debt
Interest-bearing liabilities (including leases), less regulatory liabilities, cash linked to early
refinancing transactions and 75% of the balance of cash, cash equivalents and short-
and long-term cash investments (the other 25% is considered as reserve for operational
needs and therefore not available for investments). This indicator gives an idea about the
amount of interest bearing debt that would remain if all available cash would be used to
reimburse loans. In order to reflect reality more accurately, the exceptional solidarity
contribution of €300 million has been removed from the cash position when calculating
net financial debt. Indeed, this debt was recognised on 31 December whereas it was
paid in January 2023, which has a significant influence on the calculation.
FFO
Funds from Operations or profit/loss from continuing operations, excluding changes in
regulatory assets and liabilities, before depreciation, amortisation, impairment and
provisions, to which dividends received from associates and joint ventures and
unconsolidated entities are added, and from which net financial expenses and current
tax are deducted. This ratio indicates the cash generated by operational activities and
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303
thus the capacity of the group to reimburse its debts and to invest but also to pay
dividends.
RAB
Average Regulatory Asset Base, or average value of the regulated asset base for the
year. The RAB is a regulatory concept which contains the assets on which a regulatory
return is granted, as regulated by the CREG.
Extended RAB
Total of the RAB and other property, plant and equipment investments outside the RAB.
RCF
Retained Cash-Flow or FFO, less dividends paid. This ratio indicates the cash generated
by operational activities, but after payment of the dividends. It thus shows the remaining
net capacity of the group to reimburse its debts and to invest.
WACC
Weighted Average Cost of Capital, which reflects the authorised return on RAB under the
regulation.
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304
Fluxys Belgium consolidated income
statement in thousands of €
31-12-2024
31-12-2023
Notes
Operating profit/loss 133,931
129,570
Depreciations 177,533
166,894
Provisions -2,958
745
Impairment losses -6,223
-11,400
Earnings from associates and joint ventures 0
0
Dividends from unconsolidated entities 0
0
EBITDA in thousands of € 302,
283
285,809
Fluxys Belgium consolidated income
statement in thousands of €
31-12-2024
31-12-2023
Notes
Operating profit/loss 133,931
129,570
Earnings from associates and joint ventures 0
0
Dividends from unconsolidated entities 0
0
EBIT in thousands of € 133,
931
129,570
Fluxys Belgium consolidated income
statement in thousands of €
31-12-2024
31-12-2023
Notes
Financial income from lease contracts 0
39
Interest income on investments, cash and
cash equivalents
42,174
32,487
Other interest income 3,278
4,202
Borrowing interest costs -69,311
-65,909
Borrowing interest cost on leasing -927
-827
Interest on regulatory assets and liabilities 37,690
32,441
Net financial expenses in thousands of € 12,
904
2,433
Fluxys Belgium consolidated income statement
in thousands of €
31-12-2024
31-12-2023
Notes
Borrowing interest costs
-69,311
-65,909
Borrowing interest costs on leasing
37,690
-827
Interest on regulatory liabilities
-927
32,441
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305
Interest expenses in thousands of €
-32,
548
-34,295
Fluxys Belgium consolidated income statement
in thousands of €
31-12-2024
31-12-2023
Notes
Operating profit/loss 133,931
129,570
Operating revenue - Movements in regulatory
assets and liabilities
11,074
291,104
Depreciations 177,533
166,894
Provisions -2,958
745
Impairment losses -6,223
-11,400
Inflows related to associates and joint ventures 0
0
Dividends from unconsolidated entities 0
0
Net financial expenses 12,904
2,433
Current tax -34,639
-28,235
FFO in thousands of € 291,
622
551,111
Fluxys Belgium consolidated income
statement in thousands of €
31-12-2024
31-12-2023
Notes
FFO 291,622
551,110
Dividends paid -98,367
-98,369
E – consolidated statement
of cash flows
RCF in thousands of 193,
255
452,741
Fluxys Belgium consolidated balance
sheet in thousands of €
31-12-2024
31-12-2023
Non-current interest-bearing liabilities 1,025,275
1,070,311
Current interest-bearing liabilities 56,346
55,336
Cash investments (75%) -23,754
-24,749
Cash and cash equivalents (75%) -818,657
-801,170
Other financial assets (75%) -79,460
-80.324
Net financial debt in thousands of € 159,
750
219,404
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306
Fluxys Belgium consolidated balance
sheet in millions of €
31-12-2024
31-12-2023
Transmission
2,044.3
2,046.6
Storage
216.3
228.0
LNG terminalling
313.0
311,0
RAB in millions of € 2,574.7
2,585.6
Other tangible investments outside RAB 426.2
432.9
Extended RAB in millions of € 2,999.8
3,018.6
In Belgium, the Regulated Asset Base (RAB) is determined based on the average book
value of the fixed assets for the period, plus essentially the accounting amortisations
accumulated on the revaluation surpluses. The calculation is in line with the tariff
methodology published by the CREG.
Welfare contribution in thousands of € 31-12-2024 31-12-2023 Notes
Dividends paid 98,367 98,369
D. Consolidated
statement
of changes in equity
Financial income -45,808 -37,606 4.3
Financial expenses 71,111 69,950 4.4
Goods & consumables 13,012 8,895 4.2.1
Services & miscellaneous goods 179,034 179,845 4.2.2
Employee benefits 141,877 135,240 4.2.3
Taxes and duties paid 30,318 31,100 4.5.1
Lease agreements 7,031 5,579 4.2.5 & 4.4
Welfare contribution in thousands of € 494.942 491,372
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307
Shareholder’s guide
Shareholder’s calendar
13.05.2025 General Meeting
21.05.2025 Payment of dividend
25.09.2025
Press release from the Board of Directors on the half-yearly results in
accordance with IFRS
Payment of dividend
The gross dividend per share amounts to €1.40 for the 2024 financial year (€0.980 net),
unchanged compared to 2023. The recurring dividend is primarily determined on the
basis of equity invested, the financial structure, the risk-free interest rates.
Evolution of Fluxys Belgium share price – BEL 20
(Share price 13-12-2001 = base 100%)
0
50
100
150
200
250
300
350
400
450
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Bel-20 Fluxys Belgium share
307

Questions about accounting data
Filip De Boeck
+32 2 282 79 89 – filip.deboeck@fluxys.com
Press service
+32 282 74 44 – press@fluxys.com
Creation and realisation
www.chriscom.eu
Photos
Will Anderson, Jasper Leonard, Renaud Coppens,
Nicolas Lobet, Benoit Doppagne, Emmanuel
Manderlier, Happy Day, L’Univers
Fluxys Belgium
Avenue des Arts 31 – 1040 Brussels
+32 2.282.74.44 – www.fluxys.com/belgium
VAT BE 0402.954.628 – RPM Brussels
D/2025/9484/11
Responsible publisher
Leen Vanhamme
Avenue des Arts 31 – 1040 Brussels
This integrated annual report is also available in
Dutch and French. Contact our communication
service to obtain a copy: communication@fluxys.com
https ://be.linkedin.com/company/fluxys
@fluxys
@fluxysGroup
https://www.facebook.com/FluxysCareers/

shaping together
a bright energy
future