6

6 Financial situation

6.1 Consolidated financial statements under IFRS

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6Financial situation

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6 Financial situation

6.1 Consolidated financial statements under IFRS

6.1.1 General information on the company

6.1.1.1 Corporate name and registered office

6.1.1.2 Group activities

6.1.2 Consolidated financial statements of the Fluxys Belgium group under IFRS

6.1.2.1 Consolidated balance sheet

6.1.2.2 Consolidated income statement

6.1.2.3 Consolidated statement of comprehensive income

6.1.2.4 Consolidated statement of changes in equity

6.1.2.5 Consolidated statement of cash flows

6.1.3 Notes

6.1.4 Statutory accounts of Fluxys Belgium SA according to Belgian GAAP

6.1.4.1 Balance sheet

6.1.4.2 Income statement

6.1.4.3 Profit/loss appropriation

6.1.4.4 Capital at the end of the period

6.1.4.5 Income taxes

6.1.4.6 Workforce

6.1Consolidated financial statements under IFRS

6.1.1General 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 Act1.

The Fluxys Belgium group has also started developing a network of hydrogen and CO2 pipelines.

Please refer to the specific chapters in the directors’ report for further information on the activities of Fluxys Belgium group.

6.1.2Consolidated financial statements of the Fluxys Belgium group under IFRS

A.Consolidated balance sheet

Consolidated balance sheet			In thousands of €
	Notes	31/12/2025	31/12/2024
I. Non-current assets		2,062,973	2,006,598
Property, plant and equipment	5.1	1,862,241	1,804,302
Intangible assets	5.2	28,422	29,418
Goodwill		0	0
Right-of-use assets	5.3	32,456	28,428
Investments accounted for using the equity method		50	50
Other financial assets	5.4/6	102,294	108,953
Financial lease receivables		0	0
Other receivables	6	14,571	18,691
Regulatory assets		0	0
Deferred tax assets		0	0
Other non-current assets	5.5	22,939	16,756
II. Current assets		1,110,712	1,303,498
Inventories	5.6	89,300	52,711
Other current financial assets		0	0
Financial lease receivables	6	0	0
Current tax receivables		5,646	8,357
Trade and other receivables	5.7/6	117,413	93,521
Cash investments	5.8/6	72,293	31,672
Cash and cash equivalents	5.8/6	785,654	1,091,543
Other current assets	5.9	40,406	25,694
Assets held for sale		0	0
Total assets		3,173,685	3,310,096

	Notes	31/12/2025	31/12/2024
I. Equity	5.10	592,792	603,813
Equity attributable to the parent company’s shareholders		589,784	603,090
Share capital and share premiums		60,310	60,310
Retained earnings and other reserves		529,474	542,780
Translation adjustments		0	0
Non-controlling interests		3,008	723
II. Non-current liabilities		2,181,782	2,318,379
Interest-bearing liabilities	5.11/6	986,336	1,025,275
Regulatory liabilities	5.12	1,031,620	1,119,089
Provisions	5.13	1,283	1,182
Provisions for employee benefits	5.14	41,094	45,779
Other non-current financial liabilities	6	4,741	2,912
Deferred tax liabilities	5.15	116,708	124,142
III. Current liabilities		399,111	387,904
Interest-bearing liabilities	5.11/6	57,124	56,346
Regulatory liabilities	5.12	219,058	170,868
Provisions	5.13	164	0
Provisions for employee benefits	5.14	2,964	3,293
Other current financial liabilities		0	0
Current tax payables		122	4,516
Current trade and other payables	5.16/6	102,567	108,959
Other current liabilities (*)		17,112	43,922
Total equity and liabilities		3,173,685	3,310,096

(*) The decrease is explained by the reclass of assets related grants to PPE.

B.Consolidated income statement

Consolidated income statement			In thousands of €
	Notes	31/12/2025	31/12/2024
Sales and services	4.1	650,453	608,789
Sales of gas related to balancing operations and operational needs	5.6	118,568	84,152
Other operating income		17,200	20,491
Consumables, merchandise and supplies used	4.2.1	-8,973	-13,012
Purchase of gas related to balancing of operations and operational needs	5.6	-106,365	-71,635
Miscellaneous goods and services	4.2.2	-192,464	-179,034
Employee expenses	4.2.3	-151,600	-141,877
Other operating expenses	4.2.4	-6,708	-5,591
Depreciation	4.2.5.1	-184,894	-177,533
Provisions	4.2.5.2	-163	2,958
Impairment losses	4.2.5.3	-1,138	6,223
Operating profit/loss		133,916	133,931
Gains and Losses on disposal of assets		0	0
Change in the fair value of financial instruments		1,153	-66
Financial income	4.3	26,013	45,808
Finance costs	4.4	-59,855	-72,038
Profit/loss from investments accounted for using the equity method		0	0
Earnings before tax		101,227	107,635
Income tax expenses	4.5	-26,330	-25,574
Net profit/loss for the period	4.6	74,897	82,061
Fluxys Belgium share		76,767	82,913
Non-controlling interests		-1,870	-852
Basic earnings per share attributable to the parent company's shareholders in €	4.7	1.0926	1.1800
Diluted earnings per share attributable to the parent company’s shareholders in €	4.7	1.0926	1.1800

C.Consolidated statement of comprehensive income

Consolidated statement of comprehensive income			In thousands of €
	Notes	31/12/2025	31/12/2024
Net profit/loss for the period	4.6	74,897	82,061
Items that will not be reclassified subsequently in the income statement
Revaluations for defined benefit pension plans	5.12	11,049	7,925
Income tax expense on other comprehensive income	5.15	-2,753	-2,006
Other comprehensive income		8,296	5,919
Comprehensive income for the period		83,193	87,980
Fluxys Belgium share		85,063	88,832
Non-controlling interests		-1,870	-852

D.Consolidated statement of changes in equity

	Share capital	Share premium account	Reserves not available for distribution	Retained earnings	Cash flow hedge	Reserves for employee benefits	Other comprehensive income	Translation adjustments	Equity attributable to the parent entity’s shareholders	Non-controlling interests	Total equity
I. CLOSING BALANCE AS AT 31-12-2023	60,272	38	54,072	487,614	0	10,629	0	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
II. CLOSING BALANCE AS AT 31-12-2024	60,272	38	54,072	472,160	0	16,548	0	0	603,090	723	603,813
1. Comprehensive income for the period				76,767		8,296			85,063	-1,870	83,193
2. Dividends paid				-98,369					-98,369		-98,369
3. Capital increases										4,155	4,155
III. CLOSING BALANCE AS AT 31-12-2025	60,272	38	54,072	450,558	0	24,844	0	0	589,784	3,008	592,792

The increase in non-controlling interests concerns the capital increases in Fluxys c-grid and Fluxys c-grid Antwerp.

E.Consolidated statement of cash flows

Consolidated statement of cash flows (indirect method)			In thousands of €
	Notes	31/12/2025	31/12/2024
I. Cash and cash equivalents, opening balance	A.	1,091,543	1,068,227
II. Net cash flows from operating activities		136,472	303,095
1. Cash flows from operating activities		147,460	292,095
1.1. Operating profit/loss	B.	133,916	133,931
1.2. Non cash adjustments		119,256	157,991
1.2.1. Depreciation	B.	184,894	177,533
1.2.2. Provisions	B.	-2,129	-6,613
1.2.3. Impairment losses	B.	1,138	-6,223
1.2.4. Non cash adjustments		1,731	-135
1.2.5. Increase/decrease in regulatory liabilities	5.12	-66,378	-6,571
1.3. Changes in working capital		-105,712	173
1.3.1. Increase/decrease of inventory	5.6	-39,029	4,084
1.3.2. Increase/decrease of current tax receivables	A.	2,711	-1,286
1.3.3. Increase/decrease in trade and other receivables	A.	-22,683	13,765
1.3.4. Decrease (increase) of other current assets		-14,025	-1,959
1.3.5. Increase (decrease) of current tax payables		-4,394	268
1.3.6. Increase (decrease) of trade and other payables	A.	-1,482	-12,065
1.3.7. Increase (decrease) of other current liabilities	A.	-26,810	-2,634
1.3.8. Other changes in working capital		0	0
2. Cash flows relating to other operating activities		-10,988	11,000
2.1. Current tax paid		-36,517	-34,639
2.2. Interest from short-term investments, cash and cash equivalents	4.3	25,838	45,452
2.3. Other inflows/outflows relating to other operating activities	4.3/4.4	-309	187
III. Net cash flows relating to investment activities		-280,164	-102,441
1. Acquisitions		-273,648	-111,834
1.1. Payments to acquire property, plant and equipment, and intangible assets	5.1/5.2	-252,109	-103,852
1.2. Payments to acquire other financial assets	5.4	-21,539	-7,982
2. Disposals		34,105	8,067
2.1. Proceeds from disposal of property, plant and equipment, and intangible assets		12,079	933
2.2. Proceeds from disposal of other financial assets	5.4	22,026	7,134
3. Increase (-) / Decrease (+) of cash investments	A.	-40,621	1,326
IV. Net cash flows relating to financing activities		-162,198	-177,338
1. Cash flows from financing		16,275	2,431
1.1. Proceeds from issuance of equity instruments	D.	4,155	787
1.2. Proceeds from finance leases	A.	0	1,644
1.4. Proceeds other nion-current assets		12,120	0
2. Repayments relating to cash flows from financing		-49,013	-48,484
2.1. Repayment of lease liabilities	5.11	-7,158	-5,248
2.2. Repayment of other financial liabilities	5.11	-41,855	-43,236
3. Interest		-31,091	-32,918
3.1. Interest paid classified as financing		-31,091	-32,918
3.2. Interest received classified as financing	4.3	0	0
4. Dividends paid	D.	-98,369	-98,367
V. Net change in cash and cash equivalents		-305,889	23,316
VI. Cash and cash equivalents, closing balance	A.	785,654	1,091,543

Notes

Note 1a.Statement of compliance with IFRS

The consolidated financial statements of the Fluxys Belgium group for the financial year ended 31 December 2025 have been prepared in accordance with IFRS, as approved by the European Union and applicable on the balance sheet date.

All amounts are stated in thousands of euro.

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 authorised regulated tariffs. This difference is transferred from the income statement to the balance sheet under regulatory liabilities (current and non-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 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.

Geopolitical risks and uncertainties, as well as climate change, may have an impact on the overall economy, on energy markets and on the company's activities. The resulting effects, such as inflation, price fluctuations and interest rate changes, are mitigated given the regulated nature of the activities of the Fluxys Belgium group. For more information on these topics, we refer the reader to the section “Our main risks and opportunities” regarding geopolitics and the sections “Transition plan for climate change mitigation and adaptation” and “Reduction of our own greenhouse gas emissions” regarding climate change.

Note 1c.Date of authorisation for issue

The Board of Directors of Fluxys Belgium SA authorised these IFRS financial statements for issue on 31 March 2026.

Note 1d.Standards, amendments and interpretations applicable on 1 January 2025

The following standards and interpretations are applicable for the annual period starting from 1 January 2025:

•Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: lack of exchangeability, date of entry into force: 1 January 2025

•Disclosures about Uncertainties in the Financial Statements

The application of these amendments has not had a significant impact on the financial statements of the group.

Note 1e.Standards, amendments and interpretations applicable from 1 January 2026

At the date of authorisation of these financial statements, the standards and interpretations listed below have been issued but are not yet mandatory:

•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: 1st of January 2026

•Annual improvements Volume 11

•IFRS 18 - Presentation and Disclosure in Financial Statements, date of entry into force: 1st of January 2027

•IFRS 19 Subsidiaries without Public Accountability: Disclosures, date of entry into force: 1st of January 2027

These standards, amendments and interpretations have not been adopted early. Except IFRS 18, the application of these standards, amendments and interpretations will have no significant impact on the financial statements of the group.

IFRS 18 replaces IAS 1 and introduces new requirements aimed at improving the comparability of financial data and enhancing the transparency of information provided to users. These new requirements can be summarised as follows:

- present specified categories, with the introduction of new categories (operating, investing and financing), and predefined subtotals in the statement of profit or loss;

- provide information on management-defined performance measures (MPMs) in the notes to the financial statements;

- strengthen the principles of aggregation and disaggregation in the financial statements and accompanying notes.

The Fluxys Belgium group expects that the adoption of this standard will mainly affect the presentation of the statement of profit or loss and the statement of cash flows, the information concerning management-defined performance measures, and the structure of the related notes.

IFRS 18 becomes effective for financial periods beginning on or after 1 January 2027, with early application permitted. The standard must be applied retrospectively.

The Fluxys Belgium group does not intend to adopt IFRS 18 early and is currently analysing the impact on its consolidated financial statements. The preliminary phase of this analysis indicates that the main changes would relate to the presentation of financial income in the “investing” category. Certain notes may also evolve.

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 31 March 2026.

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 coherent 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.

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 it 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 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 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.

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 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.

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.

Any capital subsidies are deducted from the cost of the property, plant and equipment that they finance. They are then spread over the useful life of the assets concerned, as a deduction from depreciation. If capital subsidies are received before an asset is accounted for, they are temporarily recorded as deferred income.

PPE is reviewed at each balance sheet date to identify indications of potential impairment that may have arisen during the financial year.

In the event that 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 factors have been assessed and it has been determined that there is no impact on the useful life of the assets. This assessment is in line with the regulatory framework set out by the CREG. The CREG is also responsible for developing the tariff methodology for transmission, storage and LNG terminalling, after having undertaken a public consultation on the subject. This methodology stipulates that pipelines and facilities must be fully depreciated by December 2049 at the latest, which is the rule that the Fluxys Belgium group applies.

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 tariff method applied since 01.01.2024, all new investments in facilities are fully depreciated 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.

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 were considered 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.

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, with the exception of 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.

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 is 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 doesn’t transfer, or keep almost all the risks and advantages inherent to the ownership of the financial asset and it keeps control of the asset transferred, the group continues to recognise the financial asset to the degree that its implication in it continues and an associated liability for the amount owed.

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 and 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 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’.

Short-term 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 the depreciated 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 depreciated 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 determined using the general approach applicable to assets with low credit risk, while the simplified approach is applied to trade receivables and contract assets.

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 restructure 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.

Interest-bearing liabilities

Interest-bearing liabilities are recognised at the net amount received. Following initial recognition, interest-bearing liabilities are recorded at depreciated cost. The difference between the depreciated 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.

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 need 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 their 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.

Other employee benefits

Certain group companies offer their employees post-employment benefits such as the reimbursement of medical costs and tariff reductions, and other long-term benefits (seniority premiums).

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 commitments 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.

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 fair margin for return on the capital invested. Gains are reported and recognised as regulatory liabilities, whereas revenues acquired corresponding to a loss 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 not only the revenue invoiced, but also the movements in regulatory assets and liabilities.

The following table provides more detailed information on the Group’s services (performance obligations), types of contract, pricing, and the way in which operating revenue is recognised. The large majority of this revenue is regulated.

Legal entity	Revenue stream	Performance obligation: nature, customer and timing of satisfaction	Contract type and pricing
Fluxys Belgium	Transmission	Nature of performance obligation: Sale of capacity and related services in the pipeline infrastructure to its customers to transmit natural gas to distribution system operators, power stations and major industrial end-users in Belgium, or to transport natural gas to a border point for transmission 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 Belgium). Therefore, the reserved capacities are invoiced and recognised monthly over the contractual period (in accordance with IFRS 15.39 and IFRS 15.B15), i.e. over-time recognition.	Regulated Standard Transmission Agreement. Regulated tariffs are expressed in €/kWh/h/year
Fluxys Belgium	Storage	Nature of performance obligation: storage services enabling customers to use buffer capacity flexibly according to their needs. The gas is stored in the underground facilities in Loenhout, Belgium. Most of the revenues are generated by the sale of standard bundled packages. These are composed of injection, storage and withdrawing capacity throughout the storage season in fixed proportion. Such contracts can be both long term and short term. Customers: as is the case for transmission, the revenues are based on the reserved capacities. Revenue recognition: revenue is recognised over time as these services are performed continuously throughout the contractual term.	Regulated Standard Storage Agreement (in combination with a regulated Standard Transmission Agreement to enable injecting into and withdrawing from the gas grid – see above). Regulated tariffs for storage capacity are expressed in €/standard bundled unit per year. Tariffs for separately purchased storage capacity are expressed in €/GWh/year. Injection or withdrawal capacity is expressed in €/m³(n)/h/year.
Fluxys LNG	Terminalling	Nature of performance obligation: •Unloading services: (time slots are sold in advance, the so-called ‘berthing rights’), possibly combined with related services such as storage, regasification or sending out (i.e. transform the liquid gas into gas that can be injected in the grid). •Loading services •Transshipment, these services have 2 forms: 1.Ship-To-Ship: unloading of LNG from one LNG ship directly to another. 2.Ship-Storage-Ship: LNG is unloaded from an LNG ship, then stored in a tank at the terminal. It can be loaded a few days later by another LNG ship. Customers: Customers reserve berthing rights in advance, these can be both long term and short term contracts. Revenue recognition: revenue of these berthing rights is recognized over time based on the reserved capacity, independently of whether the slots are used or not. For some additional services, such as storage, revenue is recognized over time as well, in accordance with IFRS 15.35(a). For other additional services, such as regasification, revenue is recognized at a point in time.	Standard (regulated) LNG Terminalling Agreement, mostly combined with a separate standard regulated LNG Service Agreement for ancillary services such as storage and sending out capacity, etc. Tariffs for (un)loading are expressed in €/berthing right for the capacity reservations. For storage and for regasification and sending out services, tariffs are expressed in €/MWh/day. Regulated standard Transshipment Service Agreement. Tariffs are expressed in €/berthing right for the transshipment services. For additional storage services, the tariff is expressed in €/MWh/day.

Note 2.13.Tax

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, respectively, the future taxable and deductible temporary differences between the book value and the tax base of assets and liabilities.

As of the financial year started 1 January 2024, Publigas, including its stake in Fluxys SA and its Belgian and foreign subsidiaries, is subject to the new law referred to as the “Pillar Two” (Law introducing a minimum tax for multinational companies and large domestic groups) Law of 19 December 2023. This Law is generally in line with Council Directive (EU) 2022/2523 of 14 December 2022.

The law aims to guarantee a global minimum effective tax rate for Belgian multinational and large-scale groups.The law includes a set of rules that should incur a 15% minimum effective tax rate for the Publigas Group, as it is a multinational group of companies with consolidated revenue exceeding 750 million euros for at least two of the past four 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 the group operates. For the purposes of the Pillar-Two rules under the GloBE model, Publigaz SC (Belgian legal entity) has been identified as the ultimate parent entity of the group as a whole and Fluxys Belgium as an entity that forms part of the ultimate parent entity (and specifically as a partially-owned parent entity).

Fluxys Belgium has applied the exception relating to the recognition and disclosure of deferred tax assets and liabilities associated with Pillar Two income taxes. The Publigas Group can reasonably be expected to be able to make use of the transitional rules of exemption from Country-by-Country Reporting for all the jurisdictions in which Fluxys Belgium operates and consequently, no additional taxation is expected for Fluxys Belgium.

Note 3.Acquisitions, disposals and restructures

Consolidation scope

The consolidation scope has changed as follows in 2025: creation of Fluxys c-grid Antwerp SA.

Fully consolidated entities
Name of the subsidiary	Registered office	Co. reg. no.	% ownership	Core business	Currency	Balance sheet date
FLUXYS LNG SA	Rue Guimard 4	0426 047 853	100.00%	LNG terminalling	EUR	31 December
	B - 1040 Brussels
Flux Re SA	Rue de Merl 74	-	100.00%	Reinsurance entity	EUR	31 December
	L - 2146 Luxembourg
Fluxys c-grid SA	Rue Guimard 4	1002.472.828	77.50%	CO2 transmission	EUR	31 December
	B - 1040 Brussels
Fluxys hydrogen SA	Rue Guimard 4	1002.472.927	100.00%	Hydrogen transmission	EUR	31 December
	B - 1040 Brussels
Fluxys c-grid Antwerp SA	Rue Guimard 4	1023.471.150	70.00%	CO2 transmission	EUR	31 December
	B - 1040 Brussels

Companies accounted for using the equity method
Name of the company	Registered office	Co. reg. no.	% ownership	Core business	Currency	Balance sheet date
Balansys SA	Rue de Strassen 105	-	50.00%	Balancing operator	EUR	31 December
	L-2555 Luxembourg

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 €185.7 million as at 31-12-2025 compared to €184.2 million as at 31-12-2024.

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 system operator and with the agreement of the other shareholder.

The key figures of Balansys are shown in the table below:

Entity accounted for using the equity method	31-12-2025	31-12-2024
		In thousands of € (*)
Non-current assets	0	0
Current assets	45 346	52 523
Equity	100	100
Non-current liabilities	30 390	30 203
Current liabilities	14 856	22 220
Operating revenue	125 808	125 293
Operating expenses	-124 644	-124 274
Net financial result	-1 163	-980
Income tax expenses	-1	-39
Net profit/loss for the period	0	0
Investments accounted for using the equity method	50	50
Profit/loss from investments accounted for using the equity method	0	0

Note 4.Income statement and operating segments

Operating segments

The 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 gasat 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 and its subsidiaries such as participating in the IZT and ZPT terminals in Belgium, as well as work for third parties. On the balance sheet date, the CO2 activities also form part of 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.

Segment information as at 31-12-2025							In thousands of €
		Transmission	Storage	Terminalling	Other	Elimination between segments	Total
Sales and services		441 407	37 477	156 503	27 405	-12 339	650 453
Sales and services to external customers		341 196	31 848	184 117	26 447	0	583 608
Transactions with other sectors		1 000	8 867	1 514	958	-12 339	0
Changes in regulatory liabilities		99 211	-3 238	-29 128	0	0	66 845
Sales of gas related to balancing operations and operational needs		76 427	3 184	38 957	0	0	118 568
Sales		120 160	4 344	68 838	0	0	193 342
Changes in regulatory liabilities		-43 733	-1 160	-29 881	0	0	-74 774
Other operating income		7 039	221	3 806	7 734	-1 600	17 200
Consumables, merchandise and supplies used		-567	-10	-32	-8 364	0	-8 973
Purchase of gas related to balancing of operations and operational needs		-76 431	-3 075	-26 853	-6	0	-106 365
Miscellaneous goods and services		-139 749	-9 764	-47 259	-9 540	13 848	-192 464
Employee expenses		-103 177	-8 869	-29 342	-10 302	90	-151 600
Other operating expenses		-4 857	-691	-1 116	-44	0	-6 708
Depreciation		-115 074	-8 467	-56 262	-5 091	0	-184 894
Provisions		-149	-139	77	47	1	-163
Impairment losses		-886	93	-316	-29	0	-1 138
Operating profit/loss		83 983	9 960	38 163	1 810	0	133 916
Change in the fair value of financial instruments					1 153		1 153
Financial income		15 143	1 583	7 054	2 233		26 013
Finance costs		-35 885	-3 763	-15 660	-4 547		-59 855
Earnings before tax		63 241	7 780	29 557	649	0	101 227
Income tax expenses							-26 330
Net profit/loss for the period							74 897
Investments in property, plant and equipment for the period		214 913	11 446	4 086	31 306		261 751

Revenue from sales and services in 2025 totalled €650,453 thousand compared to €608,789 thousand in 2024, representing an increase of €41,664 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 2024 balance sheet date.

Revenue from regulated activities2 totalled €623,048 thousand (representing 95.8% of the total), up €41,138 thousand as compared with 2024.

The increase in revenue from transmission activity in 2025 can be explained by a slight rise in capacity sales and an increased use of reserves arising from regulatory obligations.

Revenue from storage decreased slightly but is compensated by a lower regulatory liability charge.

Terminalling has seen an increase in sales, which leads to a higher regulatory liability charge.

Sales and purchases of gas to cover the operational balancing and operating needs are up compared with 2024. 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 2024, in the ‘terminalling’ section.

In 2025, write-downs were accounted for, in order to align the average price of gas in stock to the market price.

Finance costs decreased to €59,855 thousand in 2025 compared to €72,038 in 2024. A decrease in interest rates results in lower financial income on cash investments and cash flow.

Income tax expenses are up €756 thousand, even though pre-tax earnings were down. The deduction for innovation revenue is down compared to 2024. This tax advantage is, however, fully incorporated into the regulated tariffs.

Net profit for 2025 totalled €74,897 thousand compared to €82,061 thousand in 2024, down €7,164 thousand. This change can primarily be explained by the expenditure for the hydrogen and CO2 business, for which the regulatory framework is currently being developed. The latent asset will become a regulated asset once the regulatory framework is set out, and will have a positive impact on results.

Segment information as at 31-12-2024							In thousands of €
		Transmission	Storage	Terminalling	Other	Elimination between segments	Total
Sales and services		417 031	35 129	142 349	26 879	-12 599	608 789
Sales and services to external customers		340 578	33 556	172 714	25 227	0	572 075
Transactions with other sectors		983	8 466	1 498	1 652	-12 599	0
Changes in regulatory liabilities		75 470	-6 893	-31 863	0	0	36 714
Sales of gas related to balancing operations and operational needs		63 499	2 062	18 591	0	0	84 152
Sales		93 960	2 297	35 683	0	0	131 940
Changes in regulatory liabilities		-30 461	-235	-17 092	0	0	-47 788
Other operating income		6 463	188	4 872	15 217	-6 249	20 491
Consumables, merchandise and supplies used		-1 130	-2	-40	-11 840	0	-13 012
Purchase of gas related to balancing of operations and operational needs		-63 508	-1 639	-6 488	0	0	-71 635
Miscellaneous goods and services		-142 316	-8 878	-40 706	-5 915	18 781	-179 034
Employee expenses		-98 432	-8 186	-26 086	-9 240	67	-141 877
Other operating expenses		-4 415	-569	-545	-62	0	-5 591
Depreciation		-111 885	-8 178	-54 082	-3 388	0	-177 533
Provisions		-38	138	2 780	78	0	2 958
Impairment losses		6 165	-39	187	-90	0	6 223
Operating profit/loss		71 434	10 026	40 832	11 639	0	133 931
Change in the fair value of financial instruments					-66		-66
Financial income		29 069	3 079	7 054	6 606		45 808
Finance costs		-44 940	-4 761	-17 500	-4 837		-72 038
Earnings before tax		55 563	8 344	30 386	13 342	0	107 635
Income tax expenses							-25 574
Net profit/loss for the period							82 061
Investments in property, plant and equipment for the period		81 718	3 560	4 576	2 268		92 122

Note 4.1.Operating revenue

Breakdown of operating revenue by business segment:

Sales and services				In thousands of €
	Notes	31-12-2025	31-12-2024	Change
Transmission in Belgium	4.1.1	440 407	416 048	24 359
Storage in Belgium	4.1.1	28 610	26 663	1 947
Terminalling in Belgium	4.1.1	154 989	140 851	14 138
Other operating revenue	4.1.2	26 447	25 227	1 220
Total		650 453	608 789	41 664

Operating revenues for the 2025 financial year amount to k€ 650,453, representing an increase of k€ 41,664 compared to the previous financial 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 authorized return on capital invested and to cover the operating expenses related to these services, while integrating the productivity efforts to be accomplished by the network operator, as well as permitted depreciation.

The bulk of the increase in sales and regulated services relates to transmission services (€24,359 thousand). For this activity, costs increased in 2025 compared with 2024.

Storage income invoiced is down in 2025 compared to the exceptional levels in 2024. However, this decrease is offset by a lower regulatory liability charge, in accordance with the tariff proposal.

Terminalling revenue has seen an increase in the sale of spot slots, which has led to a higher allocation to regulatory liabilities. In addition, for this activity as well, costs have increased compared with 2024.

4.1.2.Other operating revenue

Other operating revenue relates mainly to work and services for third parties and the provision of facilities.

Note 4.2.Operating expenses

Operating expenses excluding depreciation, impairment losses and provisions				In thousands of €
	Notes	31-12-2025	31-12-2024	Change
Consumables, merchandise and supplies used	4.2.1	-8 973	-13 012	4 039
Miscellaneous goods and services	4.2.2	-192 464	-179 034	-13 430
Employee expenses	4.2.3	-151 600	-141 877	-9 723
Other operating expenses	4.2.4	-6 708	-5 591	-1 117
Total		-359 745	-339 514	-20 231

4.2.1.Consumables, merchandise and supplies used

Consumables, merchandise and supplies used mainly include 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.

4.2.2.Miscellaneous goods and services

Miscellaneous goods and services are mainly composed of:

Miscellaneous goods and services				In thousands of €
		31-12-2025	31-12-2024	Change
Purchase of equipment		-9 122	-8 312	-810
Rent and rental charges		-10 782	-10 457	-325
Maintenance and repair expenses		-27 714	-27 418	-296
Goods and services supplied to the group		-16 884	-14 176	-2 708
Third-party remuneration		-64 141	-56 172	-7 969
Royalties and contributions		-47 306	-47 101	-205
Non-personnel related insurance costs		-7 773	-7 573	-200
Other miscellaneous goods and services		-8 742	-7 825	-917
Total		-192 464	-179 034	-13 430

The cost of miscellaneous goods and services increased between 2024 and 2025.

The increase in goods and services supplied to the group can primarily be explained by a higher cost of energy compared to 2024, following rising consumption.

The increase in third-party remuneration to the group and in royalties and contributions is mainly attributable to an increase in external consultancy, chiefly for hydrogen and CO2.

4.2.2.1.Statutory auditor remuneration

Other miscellaneous goods and services (see note 4.2.2.) are mostly made up of the remuneration paid by Fluxys Belgium SA and its consolidated subsidiaries to the statutory auditor. This remuneration is shown below.

Statutory auditor remuneration				In thousands of €
		31-12-2025	31-12-2024	Change
Audit tasks		-346	-401	55
Other services (non-audit)		-14	-142	128
Total remuneration		-360	-543	183

The total for the other (non-audit) services provided by the statutory auditor and professional associates thereof complies with Articles 3:64 and 65 of the Belgian Code of Companies and Associations and approved in advance by the Audit Committee.These entail, on the whole, ad hoc certifications and limited insurance certifications.

4.2.3.Employee expenses

Employee expenses have increased €9,723 thousand as compared with 2024, due to an increased headcount, and indexation. The average headcount of the Group is up, from 978 in 2024 to 1003 in 2025. Expressed in FTE (full-time equivalents), these figures convert to 944 in 2024 compared to 974 in 2025.

		Financial year		Preceding financial year
		Total number of staff	Total in FTE	Total number of staff	Total in FTE
Average number of employees		1 003	974.0	976	944.3
Fluxys Belgium		946	918.5	924	894.7
Executives		373	365.8	352	343.8
Employees		573	552.8	572	550.9
Fluxys LNG		53	51.5	50	48.6
Executives		8	7.5	7	6.9
Employees		45	44.0	43	41.7
Flux Re		1	0.5	1	0.5
Fluxys hydrogen		4	3.5	1	0.5
Executives		4	3.5	1	0.5
Employees		0	0.0	0	0.0
Number of employees at the end of the financial year		1 018	993	982	953
Fluxys Belgium		961	937	926	898.9
Executives		385	379	360	352.6
Employees		576	559	566	546.3
Fluxys LNG		53	52	52	51.0
Executives		7	7	8	8.0
Employees		46	45	44	43.0
Flux Re		1	1	1	0.5
Fluxys hydrogen		3	3	3	3.0
Executives		3	3	3	3.0
Employees		0	0	0	0.0

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.Depreciation, impairment losses et provisions

Depreciation, impairment losses et provisions				In thousands of €
	Notes	31-12-2025	31-12-2024	Change
Depreciation	4.2.5.1	-184 894	-177 533	-7 361
Intangible assets		-12 323	-11 053	-1 270
Property, plant and equipment		-165 677	-160 376	-5 301
Right-of-use assets		-6 894	-6 104	-790
Provisions for risks and charges	4.2.5.2	-163	2 958	-3 121
Impairment losses	4.2.5.3	-1 138	6 223	-7 361
Intangible assets		93	-39	132
Inventories		-2 440	6 352	-8 792
Trade receivables		1 209	-90	1 299
Total		-186 195	-168 352	-17 843

4.2.5.1.Depreciation

Depreciation charges on property, plant and equipment over the period are up €5,301 thousand year on year, primarily due to the commissioning of the pipeline Desteldonk-Opwijk.

4.2.5.2.Provisions for risks and charges

In 2024, we cancelled a provision at the terminal following the resolution of a dispute with the Flemish region.

4.2.5.3.Impairment losses

New write-downs on inventory were accounted for in 2025 in order to align the average price of gas in stock to the market price. Following the same principle, reversals of write-downs were accounted for in 2024.

Note 4.3.Financial income

Financial income				In thousands of €
	Notes	31-12-2025	31-12-2024	Change
Dividends from unconsolidated entities		0	0	0
Financial income from lease contracts	4.3.1	0	0	0
Interest from short-term investments and cash equivalents	4.3.2	20 911	42 174	-21 263
Other interest income	4.3.2	4 927	3 278	1 649
Unwinding of discounts on provisions	4.4.2	0	0	0
Other financial income		174	356	-182
Total		26 012	45 808	-19 796

4.3.1.Interest from short-term investments and cash equivalents

Interest on investments and cash equivalents mainly come from investments recognised at depreciated cost in accordance with IFRS 9. This interest is significantly down as compared with 2024, following the reduced cash position and the fall in interest rates. This has a limited impact on profit/loss in view of the regulatory framework.

Note 4.4.Finance costs

Finance costs				In thousands of €
	Notes	31-12-2025	31-12-2024	Change
Borrowing interest costs	4.4.1	-56 616	-69 311	12 695
Unwinding of discounts on provisions	4.4.2	-1 560	-1 233	-327
Interest charges on leasing contracts		-1 196	-927	-269
Other finance costs		-483	-567	84
Total		-59 855	-72 038	12 183

4.4.1.Borrowing interest costs

Borrowing interest costs primarily include interest on the loans from the European Investment Bank and Fluxys, bonds, and regulatory liabilities. The decrease observed in 2025 can primarily be explained by the fall in interest rates. This has a limited impact on profit/loss in view 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 linked to an increase in discount rates.

Note 4.5.Income taxes

Taxes can be broken down as follows:

Income taxes				In thousands of €
	Notes	31-12-2025	31-12-2024	Change
Current tax	4.5.1	-36 517	-34 639	-1 878
Deferred tax	4.5.2	10 187	9 065	1 122
Total	4.5.3	-26 330	-25 574	-756

Income tax expenses increased slightly, by €756 thousand year on year. This change can essentially be explained by the following factors:

•a decrease in earnings before tax;

•a downward revision of the deduction for revenues from innovation (€4,421 thousand estimated in 2025 compared to €10,201 thousand in 2024).

•a positive effect on deferred taxes resulting in particular from a downward revision of the tax rate applicable in Luxembourg.

Income tax includes both current and deferred taxes, which are detailed separately below.

4.5.1. Current tax				In thousands of €
		31-12-2025	31-12-2024	Change
Income taxes on the result of the current period		-37 624	-37 410	-214
Adjustments to previous years’ current taxes		1 107	2 771	-1 664
Total		-36 517	-34 639	-1 878

Current tax increased by €1,878 thousand in 2025.

4.5.2. Deferred tax				In thousands of €
		31-12-2025	31-12-2024	Change
Relating to origination or reversal of temporary differences		8 426	9 065	-639
Differences arising from the valuation of property, plant and equipment		8 908	9 283	-375
Changes in provisions		-448	-490	42
Other changes		-34	272	-306
Relating to tax rate changes or to new taxes		1 761	0	1 761
Relating to changes in accounting policies and errors		0	0	0
Relating to changes in fiscal status of entity or shareholders		0	0	0
Total		10 187	9 065	1 122

Deferred tax is primarily influenced by the difference between the book value and the tax base of property, plant and equipment.

The recurring deferred tax asset is stable compared to 2024. The downward revision of the tax rate in Luxembourg will generate a non-recurring deferred tax asset in 2025.

4.5.3 Reconciliation of expected income tax rate and effective average income tax rate				In thousands of €
		31-12-2025	31-12-2024	Change
Expected income tax based on applicable tax rate – Financial year		-25 307	-26 909	1 602
Earnings before tax		101 227	107 635	-6 408
Applicable tax rate		25.00%	25.00%
Justifications for the transition to the Average Effective Tax Rate		-2 130	-1 472	-658
Income tax rate differences between jurisdictions		55	9	46
Changes in tax rates		1 879	0	1 879
Tax-exempt income		0	0	0
Non-deductible expenses		-1 613	-1 600	-13
Taxable dividend income		0	0	0
Deductible notional interest cost		0	0	0
Other		-2 451	119	-2 570
Income tax as per the average effective tax rate – Financial year		-27 437	-28 382	944
Earnings before tax		101 227	107 635	-6 408
Average effective tax rate		27.10%	26.37%
Taxes on tax-exempt reserves		0	38	-38
Adjustments to previous years’ current taxes (1)		1 107	2 770	-1 663
Total income tax expense		-26 330	-25 574	-756

The average effective tax rate for 2025 totalled 27.10% compared to 26.37% the previous year.

Note 4.6.Net profit/loss for the period

Net profit/loss for the period				In thousands of €
		31-12-2025	31-12-2024	Change
Non-controlling interests		-1 870	-852	-1 018
Group share		76 767	82 913	-6 146
Total net profit/loss for the period		74 897	82 061	-7 164

Net profit for the financial year totalled €74,897 thousand, down €7,164 thousand year on year.

Note 4.7.Earnings per share

(In thousands of €)		31-12-2025	31-12-2024
Net income from continuing operations attributable to the parent company’s shareholders		74 897	82 061
Net profit		74 897	82 061
Impact of dilutive instruments		0	0
Diluted net profit/loss from continuing operations attributable to the parent company’s shareholders		74 897	82 061
Net profit/loss from discontinued operations attributable to the parent company’s shareholders		0	0
Net profit		0	0
Impact of dilutive instruments		0	0
Diluted net profit/loss from discontinued operations attributable to the parent company’s shareholders		0	0
Net profit/loss attributable to the parent company’s shareholders		74 897	82 061
Net profit		74 897	82 061
Impact of dilutive instruments		0	0
Diluted net profit/loss attributable to the parent company’s shareholders		74 897	82 061

Denominator (in units)		31-12-2025	31-12-2024
Average number of outstanding shares		70 263 501	70 263 501
Impact of dilutive instruments		0	0
Diluted average number of outstanding shares		70 263 501	70 263 501

Earnings per share (in euros)		31-12-2025	31-12-2024
Basic earnings per share from continuing operations attributable to the parent company’s shareholders		1.0659	1.1679
Diluted basic earnings per share from continuing operations attributable to the parent company’s shareholders		1.0659	1.1679
Basic earnings per share from discontinued operations attributable to the parent company’s shareholders		0.0000	0.0000
Diluted basic earnings per share from discontinued operations attributable to the parent company’s shareholders		0.0000	0.0000
Basic earnings per share attributable to the parent company’s shareholders		1.0659	1.1679
Diluted basic earnings per share attributable to the parent company’s shareholders		1.0659	1.1679

Note 5.Balance sheet information

Note 5.1.Property, plant and equipment

Movements in property, plant and equipment									In thousands of €
Gross book value	Land	Buildings	Gas transmission networks*	Storage facilities*	LNG terminal*	Other facilities and machinery	Furniture, equipment & vehicles	Assets under construction & instalments paid	Total
As at 31-12-2023	48 218	161 294	3 537 011	388 086	1 500 613	17 259	63 240	148 239	5 863 960
Investments	1 626	665	58 641	2 145	3 398	0	12 724	12 923	92 122
Subsidies	0	0	0	0	0	0	0	0	0
Disposals and retirements	-43	0	-1 233	0	-71	0	-4 536	-181	-6 063
Internal transfers	0	0	42 485	0	22 196	0	0	-64 681	0
Changes in the consolidation scope and assets held for sale	0	0	0	0	0	0	0	0	0
Translation adjustments	0	0	0	0	0	0	0	0	0
As at 31-12-2024	49 801	161 959	3 636 904	390 231	1 526 136	17 259	71 429	96 300	5 950 019
Investments	319	1 607	24 915	5 878	3 478	0	13 919	211 635	261 751
Subsidies	0	0	0	0	0	0	0	-26 231	-26 231
Disposals and retirements	-11	0	-16 936	-2 044	-13 454	0	-3 403	0	-35 848
Internal transfers	0	1 186	7 097	2 699	206	0	2 000	-13 188	0
Changes in the consolidation scope and assets held for sale	0	0	0	0	0	0	0	0	0
Translation adjustments	0	0	0	0	0	0	0	0	0
As at 31-12-2025	50 109	164 752	3 651 980	396 764	1 516 366	17 259	83 945	268 516	6 149 691
* installations subject to the Gas Act
Movements in property, plant and equipment									In thousands of €
Depreciation and write-downs	Land	Buildings	Gas transmission networks*	Storage facilities*	LNG terminal*	Other facilities and machinery	Furniture, equipment & vehicles	Assets under construction & instalments paid	Total
As at 31-12-2023	0	-109 175	-2 532 907	-276 795	-1 019 639	-17 014	-35 144	0	-3 990 674
Depreciation	0	-2 226	-92 355	-7 938	-49 867	0	-7 990	0	-160 376
Disposals and retirements	0	0	792		5	0	4 536	0	5 333
Internal transfers	0	0	0	0	0	0	0	0	0
Changes in the consolidation scope and assets held for sale	0	0	0	0	0	0	0	0	0
Translation adjustments	0	0	0	0	0	0	0	0	0
As at 31-12-2024	0	-111 401	-2 624 470	-284 733	-1 069 501	-17 014	-38 598	0	-4 145 717
Depreciation	0	-7 077	-88 778	-8 209	-52 086	0	-9 527	0	-165 677
Disposals and retirements	0	0	5 708	2 044	12 891	0	3 301	0	23 944
Internal transfers	0	0	0	0	0	0	0	0	0
Changes in the consolidation scope and assets held for sale	0	0	0	0	0	0	0	0	0
Translation adjustments	0	0	0	0	0	0	0	0	0
As at 31-12-2025	0	-118 478	-2 707 540	-290 898	-1 108 696	-17 014	-44 824	0	-4 287 450
Net book values as at 31-12-2025	50 109	46 274	944 440	105 866	407 670	245	39 121	268 516	1 862 241
Net book values as at 31-12-2024	49 801	50 558	1 012 434	105 498	456 635	245	32 831	96 300	1 804 302
* installations subject to the Gas Act
Movements in property, plant and equipment									In thousands of €
	Land	Buildings	Gas transmission networks*	Storage facilities*	LNG terminal*	Other facilities and machinery	Furniture, equipment & vehicles	Assets under construction & instalments paid	Total
Net book values as at 31-12-2025 of which:	50 109	46 274	944 440	105 866	407 670	245	39 121	268 516	1 862 241
Property, plant and equipment at cost	50 109	46 274	944 440	105 866	407 670	245	39 121	268 516	1 862 241
Property, plant and equipment at revaluation	0	0	0	0	0	0	0	0	0
Supplementary information	0	0	0	0	0	0	0	0	0
*Net book value of assets temporarily retired from active use	110	0	0	0	0	0	0	0	110

Property, plant and equipment mainly comprises the group’s transmission, storage (Loenhout) and LNG terminalling (Zeebrugge) facilities.

In 2025, Fluxys Belgium group made investments in property, plant and equipment and infrastructure of €261,751 thousand.

Of these investments, €4,086 thousand was allocated to LNG infrastructure projects and €246,218 thousand to transmission-related projects, the main investment of which is the Knokke-Evergem pipeline, totalling €68,455 thousand. Investments in the development of the hydrogen and CO2 network are growing rapidly. In 2025, these investments totalled €110,584 thousand. These investments are also included in Chapter 4, ‘European Taxonomy of Sustainable Economic Activities’.

There were also investments in storage activities, totalling €11,446 thousand, mainly for the replacement of the compressors at Loenhout, and the installation of solar panels.

A transfer of €13,167 thousand was made from ‘assets under construction’ to ‘gas storage’ (mainly the commissioning of the solar panels at Loenhout), and to the ‘gas transmission network’ (Ville-sur-Haine installations).

In 2025 no costs for loans were activated on construction investments.

The depreciation charge for the period amounts to €169,868 thousand and reflects the rate at which the group expects to consume the economic benefits of the property, plant and equipment.

In 2025, the depreciation charge for depreciated assets through the declining-balance method was €24,587 thousand and their net carrying amount at balance sheet date came to €180,264 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 indications or event that would lead any item of property, plant and equipment to be considered impaired. This valuation 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 transport of molecules other than natural gas and the efforts required to combat climate change.

Note 5.2.Intangible assets

Movements in the book value of intangible assets					In thousands of €
Gross book value		Software	‘Client portfolios’ assets	CO2 emission rights	Total
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
Investments		11 679	0	0	11 679
Disposals and retirements		-6 458	0	-444	-6 902
As at 31-12-2025		63 888	0	629	64 517

Movements in the book value of intangible assets					In thousands of €
Depreciation and write-downs		Software	‘Client portfolios’ assets	CO2 emission rights	Total
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		53 822
As at 31-12-2024		-30 229	0	-93	-30 322
Depreciation		-12 323	0	0	-12 323
Impairment losses		0	0	93	93
Disposals and retirements		6 457	0	0	6 457
As at 31-12-2025		-36 095	0	0	-36 095

Movements in the book value of intangible assets					In thousands of €
		Software	‘Client portfolios’ assets	CO2 emission rights	Total
Net book values as at 31-12-2025		27 793	0	629	28 422
Net book values as at 31-12-2024		28 438	0	980	29 418

Intangible assets comprise the net carrying amount of software and of CO2 emission rights.

The software included in intangible assets is software developed or purchased by the group which bears characteristics of an investment. 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.

Certain gas transmission facilities in Belgium are included in the scheme for greenhouse gas emission allowance trading. The volume of free allocation for 2026 for compression, storage and terminalling sites is currently being assessed by the authorities. In accordance with the accounting policies stated in Note 2, the unused emission rights have been recognised at nil value under intangible assets.

As at 31-12-2025, the Fluxys Belgium group has 511,783 emission rights at nil book value.

In April 2025, the Fluxys Belgium group used 5,557 purchased emission rights and 1,592 free emission rights to cover the emissions linked to storage, totalling 7,149 tonnes of CO2.

As at 31 December 2025, Fluxys Belgium had a portfolio of 7,865 purchased emission rights. A total of 1,851 emission rights will be used to cover the emissions for the year 2025.

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, with the carrying amount not exceeding the purchase price. If the fair value is lower than the carrying amount on the balance sheet date, the emission rights are impaired. 

Note 5.3.Right-of-use assets

The right of use assets are mainly linked to long-term concession rights for land on which gas transmission and terminalling facilities (Zeebrugge) have been built.

The increase in 2025 can primarily be explained by the entry into new concession contracts for land.

There are no significant extension or termination options in these lease contracts. 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 & Buildings	Facilities	Cars	Total
As at 31-12-2023	22 210	1 290	5 080	28 580
Increases	2 330	0	3 734	6 064
Depreciation and write-downs	-3 461	-397	-2 246	-6 104
Disposals	0	0	-112	-112
As at 31-12-2024	21 079	893	6 456	28 428
Increases	7 488	0	3 733	11 221
Depreciation and write-downs	-4 013	-397	-2 484	-6 894
Disposals	0	0	-299	-299
As at 31-12-2025	24 554	496	7 406	32 456

Note 5.4.Other financial assets

Other financial assets			In thousands of €
	Notes	31-12-2025	31-12-2024
Shares at cost		24	24
Amortised investment securities	5.4.1	72 421	58 882
Other amortised/depreciated investments	5.4.1	25 039	47 065
Financial instruments at fair value through profit or loss		4 741	2 912
Other financial assets at cost		69	70
Total		102 294	108 953

5.4.1.

These items include cash investments with a maturity longer than one year. Investment securities at amortised cost correspond to bonds, while other investments at amortised cost correspond mainly to 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 2036.

The assets held by Flux Re are significantly higher than the minimum capital requirements under Solvency II (€ 19.3 million).

Note 5.5.Other non-current assets

Other non-current assets				In thousands of €
	Notes	31-12-2025	31-12-2024	Change
Plan asset surpluses ‘IAS 19 Employee benefits’	5.14	22 939	16 756	6 183
Total		22 939	16 756	6 183

The value of surplus plan assets in the provision for employee benefits increased in 2025, in particular because of the expected returns.

Note 5.6.Inventories

Book value of inventories			In thousands of €
	31-12-2025	31-12-2024	Change
Supplies	73 008	32 195	40 813
Gross book value	76 712	36 001	40 711
Impairment losses	-3 704	-3 806	102
Goods held for resale (gas)	16 029	19 768	-3 739
Gross book value	18 571	19 768	-1 197
Impairment losses	-2 542	0	-2 542
Work in progress	263	748	-485
Gross book value	263	748	-485
Impairment losses	0	0	0
Total	89 300	52 711	36 589

Because of the many investments planned, in the natural gas and hydrogen & CO₂ networks, inventories of materials for the transmission network are above 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 the changes in impairment losses on gas stocks, see 4.2.5.3.

Impact of movements on net profit/loss			In thousands of €
	31-12-2025	31-12-2024	Change
Inventories – purchased or used	39 029	-4 084	43 113
Impairment losses	-2 440	6 352	-8 792
Total	36 589	2 268	34 321

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 relate to standard equipment with limited possibilities for reuse.

Note 5.7.Trade and other receivables

Trade and other receivables				In thousands of €
	Notes	31-12-2025	31-12-2024	Change
Gross trade receivables		83 049	72 504	10 545
Impairment losses		-363	-1 572	1 209
Net trade receivables	5.7.1	82 686	70 932	11 754
Other receivables	5.7.2	34 727	22 589	12 138
Total		117 413	93 521	23 892

The increase in trade receivables is in line with the increase in sales and services to external customers.

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 of little material significance to 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 €
		31-12-2025	31-12-2024	Change
Receivables not past due		81 223	70 063	11 160
Receivables < 3 months		574	470	104
Receivables 3 - 6 months		40	20	20
Receivables > 6 months		118	0	118
Disputed or doubtful receivables that are not yet impaired		731	379	352
Total		82 686	70 932	11 754

Disputed or doubtful receivables mainly concern grid users. Those deemed irrecoverable have been subject to impairment losses of 100%.

Other receivables primarily include joint venture receivables and VAT administration receivables.

Note 5.8.Short-term investments, cash and cash equivalents

Short-term investments are investments with a maturity of more than three months and maximum one year in bonds, commercial paper and bank deposits.

Cash and cash equivalents are mainly euro investments in commercial paper that have a maximum maturity of 11 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 €
	31-12-2025	31-12-2024	Change
Cash investments	72 293	31 672	40 621
Cash and cash equivalents	785 654	1 091 543	-305 889
Cash equivalents and cash pooling	764 098	1 040 611	-276 513
Short-term deposits	7 093	20 036	-12 943
Bank balances	14 451	30 883	-16 432
Cash in hand	12	13	-1
Total	857 947	1 123 215	-265 268

In 2025, the average rate of return on short-term investments, cash and cash equivalents was 1.67%. The credit losses expected and accounted for in investments, cash and cash equivalents are of little material significance to the Fluxys Belgium group.

Note 5.9.Other current assets

Other current assets				In thousands of €
	Notes	31-12-2025	31-12-2024	Change
Accrued income		2 432	3 163	-731
Prepaid expenses		35 424	20 669	14 755
Other current assets	5.9.1	2 550	1 862	688
Total		40 406	25 694	14 712

Other current assets mainly comprise prepaid expenses amounting to €35,424 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 debt relating to the group's pension liabilities (see Notes 5.5 and 5.14).

Note 5.10.Equity

On 31-12-2025, equity amounted to €592,792 thousand. The €11,021 thousand decrease since the previous year comes essentially from dividends distributed in 2025 (€98,369 thousand), a decrease partially offset by the overall result for the period (€83,193 thousand).

Note on parent entity shareholding
	Ordinary Shares	Preferential shares	Total
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 ordinary shares cancelled or reduced (-)
5.Other increase (/ decrease)
6.Number of shares, closing balance	70,263,501	0	70,263,501

Note on parent entity shareholding
II.Other information
1.Face value of shares	No face 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 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.

Note 5.11.Interest-bearing liabilities

Non-current interest-bearing liabilities				In thousands of €
	Notes	31-12-2025	31-12-2024	Change
Leases	5.11.1	26 310	22 312	3 998
Bonds	5.11.2	697 208	696 781	427
Bank borrowings	5.11.3	146 000	166 000	-20 000
Other borrowings	5.11.4	116 818	140 182	-23 364
Total		986 336	1 025 275	-38 939
Of which debts guaranteed by the public authorities or by actual sureties		0	0	0

Current interest-bearing liabilities				In thousands of €
	Notes	31-12-2025	31-12-2024	Change
Leases	5.11.1	4 049	3 974	75
Bonds	5.11.2	2 523	2 523	0
Bank borrowings	5.11.3	22 039	22 269	-230
Other borrowings	5.11.4	28 513	27 580	933
Total		57 124	56 346	778
Of which debts guaranteed by the public authorities or by actual sureties		0	0	0

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, but 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 €166,000 thousand as at 31-12-2025.

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 31-12-2025 is €140,181 thousand.

•Short-term loans and accrued interest amounting to € 5.150 thousand.

Changes in liabilities based on financing activities
		31-12-2024	Cash flow	Other movements				31-12-2025
				New rental contracts	Reclassification between non-current and current	Variation in accrued interest payable	Amortisation of issuance costs
Non-current interest-bearing liabilities		1 025 275	0	11 232	-50 598	427	0	986 336
Leases		22 312		11 232	-7 234			26 310
Bonds		696 781				427		697 208
Bank borrowings		166 000			-20 000			146 000
Other borrowings		140 182			-23 364			116 818
Current interest-bearing liabilities		56 346	-49 013	0	50 598	-806	0	57 124
Leases		3 974	-7 158		7 234			4 049
Bonds		2 523						2 523
Bank borrowings		22 269	-20 000		20 000	-230		22 039
Other borrowings		27 580	-21 855		23 364	-576		28 513
Total		1 081 621	-49 013	11 232	0	-379	0	1 043 460

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 depreciation of issuance costs (in total €-379 thousand) correspond with the difference between:

•the interests paid, including leases (see note IV.3.1 of the statement of cash flows: €31,091 thousand) and

•the sum of borrowing interest costs and interests on lease liabilities (see Note 4.4: €57,812 thousand) minus the interest on regulatory liabilities (€27,099 thousand) hence €30,713 thousand.

Maturity of interest-bearing liabilities at 31-12-2025, non-discounted				In thousands of €
	Up to one year	Between one and five years	More than 5 years	Total
Leases	4 807	18 569	15 639	39 015
Bonds	19 085	594 192	164 792	778 069
Bank borrowings	28 669	98 280	71 090	198 039
Other borrowings	32 435	101 670	23 546	157 651
Total	84 996	812 711	275 067	1 172 774

Maturity of interest-bearing liabilities at 31-12-2024, non-discounted				In thousands of €
	Up to one year	Between one and five years	More than 5 years	Total
Leases	4 613	15 870	9 924	30 407
Bonds	19 316	601 419	169 506	790 241
Bank borrowings	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

Note 5.12.Regulatory liabilities

Regulatory liabilities				In thousands of €
	Note	31-12-2025	31-12-2024	Change
Other borrowings (long-term)		658 490	858 922	-200 432
Other borrowings (short-term)		167 549	161 347	6 202
Total of other borrowings (A)	5.12.1	826 039	1 020 269	-194 230
Other borrowings (long-term)		373 130	260 167	112 963
Other borrowings (short-term)		51 509	9 521	41 988
Total of other debts (B)	5.12.2	424 639	269 688	154 951
Total of regulatory liabilities (A+B=C)		1 250 678	1 289 957	-39 279
Presentation in the balance sheet:
Non-current regulatory liabilities		1 031 620	1 119 089	-87 469
Other current regulatory liabilities		219 058	170 868	48 190
Total of regulatory liabilities (C)		1 250 678	1 289 957	-39 279

5.12.1.

'Other financing' corresponds to the specific allocations of regulatory liabilities that are at the group’s disposal to finance specific investments, notably for the second jetty at Zeebrugge, and for the cost associated with the conversion of part of the gas transmission network.Part of these amounts bears interest at a 10-year OLO rate and the remainder at the average 1-year Euribor rate. Auction premiums of EUR 26.3 million were realised in 2025 and 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 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:

Changes in regulatory liabilities				In thousands of €
Long term + short term		Other financing (A)	Other debts (B)	Total
Opening balance as at 01.01.2025		1 020 269	269 688	1 289 957
Use		-214 885	-5 321	-220 206
Additions		31 136	122 692	153 828
Interest		20 464	6 635	27 099
Transfer		-30 945	30 945	0
Closing balance as at 31-12-2025		826 039	424 639	1 250 678

The sum of use and additions amounts to -€66,378 thousand. The difference compared to the movement shown in the segment information corresponds to the amount used for investments.

This net increase in regulatory liabilities corresponds with the change in regulatory liabilities included in item 1.2.5. of the cash flow table.

The €27,099 thousand interest charge on regulatory liabilities was accounted for in the finance costs.

Note 5.13.Provisions

5.13.1.Provisions for employee benefits

Provisions for employee benefits			In thousands of €
Provisions at 31-12-2024			49 072
Additions			9 888
Use			-11 752
Surpluses			0
Discounting charges/(income)			7 808
Actuarial gains/losses recognised in the profit/loss (seniority bonuses)			-428
Expected return			-6 350
Actuarial gains/losses recognised in equity			-11 049
Reclassification to assets			6 869
Provisions at 31-12-2025, of which:			44 058
Non-current provisions			41 094
Current provisions			2 964

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 decrease in obligations mainly due to the significant increase in discount rates;

- the increase in plan assets mainly due to the high return from these assets.

See Note 5.14.

5.13.2.Other provisions

Provisions for:				In thousands of €
	Litigation and claims	Environment and site restoration	Other	Total other provisions
Provisions at 31-12-2024	0	1 182	0	1 182
Additions		164		164
Use		-1		-1
Surpluses				0
Discounting charges/(income)		102		102
Provisions at 31-12-2025, of which:	0	1 447	0	1 447
Non-current provisions	0	1 283		1 283
Current provisions		164		164

5.13.3.Movements in the income statement and maturity of provisions

Movements in the income statement and maturity of provisions are distributed as follows:

Impact 2025				In thousands of €
		Additions	Use and reversals	Total
Operating profit/loss		10 052	-12 181	-2 129
Financial profit/loss		7 910	-6 350	1 560
Total		17 962	-18 531	-569

Maturity of provisions at 31-12-2025				In thousands of €
	Up to one year	Between one and five years	More than 5 years	Total
Litigation and claims	0	0	0	0
Environment and site restoration	164	0	1 283	1 447
Other	0	0	0	0
Sub-total	164	0	1 283	1 447
Employee benefits	2964	11 856	29 238	44 058
Total	3128	11 856	30 521	45 505

Maturity of provisions at 31-12-2024				In thousands of €
	Up to one year	Between one and five years	More than 5 years	Total
Litigation and claims	0	0	0	0
Environment and site restoration	0	0	1 182	1 182
Other	0	0	0	0
Sub-total	0	0	1182	1 182
Employee benefits	3 293	13 172	32 607	49 072
Total	3293	13172	33789	50 254

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 leave or retire. These are called ‘defined benefit pension plans’.

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.

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 2025 year-end, the defined benefit pension plans have surplus plan assets of €25,488 thousand (2024: €18,618 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).

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 specific events in order to limit losses in periods of stress.

Belgian law requires that the employer guarantees a minimum return for defined contribution, which varies based on the market rates.

Specifications relating to minimum returns guaranteed by the employer:

•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 since 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 schemes, the contributions increase depending on the seniority in the Group (referred to as ‘backloaded’). For these schemes, the contributions are distributed uniformly over time.

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 payments). Not all of these benefits are funded.

Financial status of the employee benefits

In thousands of €	Pensions *		Other**
	2025	2024	2025	2024
Present value of funded obligations	-215 650	-214 252	-30 447	-34 070
Fair value of plan assets	231 639	221 453	0	0
Funded status of plans	15 989	7 201	-30 447	-34 070
Effect of the asset ceiling***	-4 112	-3 586	0	0
Other	0	0	0	0
Net employee benefit liability	11 877	3 615	-30 447	-34 070
Of which assets	25 489	18 618	0	0
Of which liabilities	-13 612	-15 002	-30 447	-34 070

* 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 (discounted energy prices)).

*** Applicable to a limited number of plans for which surplus plan assets cannot be transferred to other plans.

Movements in the present value of obligations

In thousands of €	Pensions *		Other**
	2025	2024	2025	2024
At the start of the period	-214 252	-206 978	-34 070	-35 643
Service costs	-9 134	-8 168	-756	-772
Early retirement costs	-125	0	0	0
Financial loss (-) / profit (+)	-6 747	-7 673	-1 060	-1 080
Participants’ contributions	-973	-969	0	0
Change in demographic assumptions	779	783	470	537
Change in financial assumptions	4 013	584	3 288	285
Change from experience adjustments	-1 255	-158	-1	870
Past service costs	0	0	0	0
Benefits paid	11 966	8 327	1 669	1 733
Other	78	0	13	0
At the end of the period	-215 650	-214 252	-30 447	-34 070

Movements in the fair value of plan assets

In thousands of €	Pensions *		Other**
	2025	2024	2025	2024
At the start of the period	221 453	205 500	0	0
Interest income	6 498	6 314	0	0
Return on plan assets (excluding net interest income)	7 147	9 439	0	0
Employer’s contributions	10 085	9 670	1 669	1 733
Participants’ contributions	973	969	0	0
Benefits paid	-11 966	-8 327	-1 669	-1 733
Change in financial assumptions	-2 471	-2 112	0	0
Other	-80	0	0	0
At the end of the period	231 639	221 453	0	0
Actual return on plan assets	13 645	15 753	0	0

Cost transferred to the income statement

In thousands of €	Pensions *		Other**
	2025	2024	2025	2024
Cost
Service costs	-9 134	-8 168	-756	-772
Early retirement costs	-125	0	0	0
Past service costs	0	0	0	0
Actuarial gains/(losses) on other long-term benefits	428	1 192	0	0
Net interest on net liabilities/(assets)
Interest expense on obligations	-6 748	-7 672	-1 060	-1 080
Interest income on plan assets	6 500	6 315	0	0
Cost transferred to the income statement	-9 079	-8 333	-1 816	-1 852

Actuarial losses (gains) recognised in other comprehensive income

In thousands of €	Pensions *		Other**
	2025	2024	2025	2024
Change in demographic assumptions	486	660	554	424
Change in financial assumptions	4 139	-60	2 952	-121
Change from experience adjustments	-501	-500	-713	766
Effect of the asset ceiling	-413	-1 121	0	0
Return on plan assets (excluding net interest income)	4 335	7 756	211	122
Actuarial losses (gains) recognised in other comprehensive income	8 046	6 735	3 003	1 190

Allocation of obligation by type of participant to the plan

In thousands of €	2025	2024
Active plan participants	-197 559	-199 310
Non-active participants with deferred benefits	-29 471	-26 809
Retirees and beneficiaries	-19 067	-22 203
Total	-246 097	-248 322

Allocation of obligation by type of benefit

In thousands of €	2025	2024
Retirement and death benefits	-215 650	-214 252
Other post-employment benefits (medical expenses and tariff reductions)	-23 141	-26 122
Seniority bonuses	-7 306	-7 948
Total	-246 097	-248 322

Main actuarial assumptions used

	2025	2024
Discount rate between 10 to 12 years	3.53%	2.99%
Discount rate between 13 to 19 years	4.07%	3.23%
Discount rate over 19 years	4.11%	3.26%
Expected average salary increase	2.24%	2.24%
Expected inflation	2.00%	2.00%
Expected increase in health expenses *	3.00%	3.00%
Expected increase of tariff advantages	2.00%	2.00%
Average assumed retirement age	63(BAR) / 65(CAD)	63(BAR) / 65(CAD)
Mortality tables	Prospective IABE	Prospective IABE
Life expectancy in years:
•For a person aged 65 at the balance sheet date:
- Male	21	21
- Female	24	24
For a person aged 65 in 20 years:
- Male	23	23
- Female	26	26

The fair value of plan assets is distributed based on the following major categories

	2025	2024
Listed investments	92.07%	92.24%
Shares - eurozone	9.16%	12.05%
Shares - outside eurozone	13.26%	13.10%
Government bonds - eurozone	14.66%	5.06%
Other bonds - eurozone	22.82%	33.09%
Other bonds - outside eurozone	32.17%	28.93%
Non-listed investments	7.93%	7.76%
Insurance contracts	0.00%	0.00%
Real estate	0.00%	1.82%
Cash and cash equivalents	5.83%	0.25%
Other	2.11%	5.70%
Total (in %)	100.00%	100.00%
Total (In thousands of €)	231 639	221 453

Sensitivity analysis

Impact on obligation	In thousands of €
	Increase (-) / Decrease (+)
Increase in discount rate (0.25%)	3 683
Average salary increase - excluding inflation (0.1%)	-1 362
Increase in inflation rate (0.25%)	-3 319
Increase in healthcare benefits (0.01%)	-26
Increase in tariff benefits (0.5%)	-837
Increase in life expectancy of retirees (1 year)	-778

Average weighted duration of obligations

	2025	2024
Average weighted duration of defined benefit obligations	7	7
Average weighted duration of other post-employment obligations	15	16

Expected contribution to pay for employee benefits relating to extra-statutory pensions

	In thousands of €
Expected contribution for 2026 (for all pension and other obligations, listed above)	12 117

The contributions to be paid are based on the payroll of the population concerned.

Note 5.15.Deferred tax assets and liabilities

Deferred tax liabilities accounted on the balance sheet				In thousands of €
		31-12-2025	31-12-2024	Change
Valuation of assets		77 522	86 442	-8 920
Accrued income		0	0	0
Fair value of financial instruments		1 653	1 606	47
Provisions for employee benefits or provisions not accounted for under IFRS		37 533	36 094	1 439
Other normative differences		0	0	0
Total		116 708	124 142	-7 434

Deferred tax assets and liabilities are offset within each taxable entity. They are all fully recognised.

Deferred tax is primarily influenced by the difference between the book value and the tax base of property, plant and equipment and intangible assets. This difference arises firstly from the accounting in the opening balance sheet of property, plant and equipment at their fair value corresponding to their deemed cost and, secondly, from the accounting at fair value of the assets and liabilities arising from the SEGEO and Distrigas & C° business combinations in 2008.

Provisions made 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.

Movement for the period			In thousands of €
			Deferred tax
As at 31-12-2024			124 142
Deferred tax expenses – Profit & loss account			-10 187
Deferred tax expenses – other comprehensive income			2 753
As at 31-12-2025			116 708

Note 5.16.Current trade and other payables

Current trade and other payables				In thousands of €
		31-12-2025	31-12-2024	Change
Suppliers		48 360	50 936	-2 576
Payroll and related items		37 116	34 283	2 833
Other liabilities		17 091	23 740	-6 649
Total		102 567	108 959	-6 392

The decrease is mainly due to the decrease in other liabilities.

Other liabilities primarily contain the guarantees received and the subsidies to be redistributed to the entities concerned. The decrease is therefore explained by a partial reimbursement of guarantees and the elimination of intercompany movements related to subsidies.

Note 6.Financial instruments

Principles for managing financial risks

The Fluxys Belgium group is exposed to several financial risks ensuing from its underlying operations and its business financing operations. 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 exchange and interest rate risks arising from its operating, 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 that cash surpluses are invested with Fluxys SA under cash pooling agreements.As a 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 31-12-2025, current and non-current investments, cash and cash equivalents amounted to €955,407 thousand compared to €1,229,162 thousand at the end of 2024.

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 submit potential customers and suppliers to a detailed preliminary financial analysis (liquidity, solvency, profitability, reputation and risks).The group uses internal and external information sources, 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 specialist services or 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.

In view of the concentration risk it must be noted that three clients contribute 18%, 13% and 12% of the operating revenue.

Interest rate risk

The group's debt mainly consists of fixed interest rate loans maturing between 2026 and 2034, the balance of which (including lease obligations) as at 31-12-2025 represents €1,043,460 thousand compared to €1,081,621 thousand at the end of 2024.

In addition, the group's interest-bearing liabilities include other financing and liabilities to be used within the regulatory framework.
As further explained in Note 5.12, 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 Fluxys Belgium group can call upon Fluxys SA in case of liquidity needs, under the cash pooling arrangements. As a reminder, Fluxys SA centralises the management of the Fluxys group’s cash funds and financing, and has some unused, confirmed and renewable lines of credit.

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 2025:

Summary of financial instruments at balance sheet date				In thousands of €
31-12-2025	Categories	Book value	Fair value	Level
I. Non-current assets
Other financial assets at amortised cost	A	97 553	91 253	1 & 2
Other financial assets at fair value through profit or loss	B	4 741	4 741	2
Financial lease receivables	A	0	0	2
Other receivables	A	14 571	14 571	2
II. Current assets
Financial lease receivables	A	0	0	2
Trade and other receivables	A	117 413	117 413	2
Cash investments	A	72 293	71 725	2
Cash and cash equivalents	A	785 654	785 655	2
Total financial instruments – assets		1 092 225	1 085 358
I. Non-current liabilities
Interest-bearing liabilities	A	960 026	933 529	2
Other financial assets	B	4 741	4 741	2
II. Current liabilities
Interest-bearing liabilities	A	53 074	53 074	2
Trade and other payables	A	102 567	102 567	2
Total financial instruments - liabilities		1 120 409	1 093 911

The categories correspond to the following financial instruments:

A.Financial assets or financial liabilities at depreciated cost.

B.Assets or liabilities at fair value through net profit or loss.

Summary of financial instruments at balance sheet date				In thousands of €
31-12-2024	Categories	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 profit or loss	B	2 912	2 912	2
Financial lease receivables	A	0	0	2
Other receivables	A	18 691	18 691	2
II. Current assets
Financial 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 assets	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 instruments:
1. Financial assets (including loans and receivables) or financial liabilities at depreciated cost.
2. Assets or liabilities at fair value through profit or loss.
3. Assets or liabilities at fair value through equity.

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.

Level 1 of the fair value hierarchy includes short-term investments and cash equivalents whose fair value is based on quoted prices. They consist mainly of bonds.

Level 2 of the fair value hierarchy includes other financial assets and liabilities whose fair value is based on other inputs that are observable for the asset or liability, either directly or indirectly.

The techniques for measuring the fair value of Level 2 financial instruments are as follows:

•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 level-2 financial assets and liabilities remains close to the book value

-because they have a short-term maturity (such as trade receivables and payables).

-except for assets depreciated due to the increase in interest rates

Note 7.Contingent assets and liabilities – rights and commitments of the group

Note 7.1.Litigation

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. Taking into account the expert evaluation that took place, the invoices to be received have been accounted for about €1.400 thousand.

Other claims

Other claims arising from the operation of our facilities are in progress but their potential impact is immaterial and/or the proceedings have been suspended.

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 2025, the guarantees received amounted to €162,331 thousand. The expected credit losses on guarantees received are of little material significance to 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 31-12-2025.

Other guarantees amounted to €258 thousand as at 31-12-2025.

Note 7.5.Commitments under terminalling service contracts

Regasification services

The Capacity Subscription Agreements (CSA) entered into with the terminal users of the Zeebrugge LNG terminal provide for 110 slots to be available per contractual year until 2023 and 88 mooring slots per contractual year until 2027.

In 2019, in addition to the aforementioned contracts, a new long-term contract was entered into with Qatar Petroleum (now Qatar Energy), a subsidiary of Qatar Terminal Limited (QTL), for the remaining unloading slots until 2039 with extension option until 2044.

Following an optimisation of short-term slot planning since 2022, and market demand for long-term capacity, Fluxys has offered 24 slots per year from April 2027 (pro rata) until 2044. Two shippers obtain 12 slots per year each for the entire duration (corresponding to 1 billion cubic metres per year).

As a consequence, the capacity of 134 slots is distributed to 3 different shippers up until 2044.

During the binding window of the Open Season held at the end of 2020 for additional regasification capacity at the Zeebrugge LNG terminal, the full 6 million tonnes per year offered (or close to 10.5 GWh/h) was subscribed to. On this basis, Fluxys LNG took the final investment decision in February 2021 to build the additional necessary infrastructure at the Zeebrugge LNG terminal. The additional regasification capacity will be provided in two steps:

•as of early 2024, a total of 4.7 million tonnes have been supplied.

•as of early 2025 (contractually subscribed to from January 2026), the full additional capacity of 6 million tonnes (8 billion cubic metres per year) was commissioned.

The sum of the capacities, slots and regasification, is now equivalent to a total regasification capacity of 19 billion cubic metres per year.

Transshipment services

In 2019, along with the commissioning of the fifth tank at the Zeebrugge tanker terminal and of a second jetty, Fluxys offered a transshipment service relating to 214 berthing rights and 180,000 m³ of storage rights. This contract is for 20 years (2039) and was entered into with Yamal Trade (100% subsidiary of Yamal LNG).

Note 7.6.Other

Other commitments have been made and received by the Fluxys Belgium group, but their potential impact is immaterial.

Note 7.7.Latent regulatory assets

As part of the development of hydrogen and CO₂ transmission activity, the Fluxys Belgium group has incurred a series of expenses in 2025. Although the entities Fluxys hydrogen, Fluxys c-grid and Fluxys c-grid Antwerp are designated respectively as the operators of the future hydrogen and CO₂ network, as well as operator of the CO₂ transport network for the local cluster in the Antwerp port area, the regulatory framework has neither been defined nor approved as yet on the balance sheet date. However, it is expected that once the regulatory framework defined enters into play, the expenses in question will be recovered through the authorised revenue. As a consequence, the Fluxys Belgium group considers itself to have estimated latent regulatory assets of €12,700 thousand in Fluxys hydrogen, €2,900 thousand in Fluxys c-grid and €4,000 thousand in Fluxys c-grid Antwerp as at 31.12.2025.

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 (admin services, IT and housing services and the management of cash funds and financing), Interconnector (inspection and repair services), IZT (facilities operation and maintenance services), Dunkerque LNG (IT development and other services), Gaz-Opale (terminalling services), Balansys (balancing operator), Fluxys TENP, FluxSwiss, Flux Re (reinsurance) and 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.

Significant transactions with related parties as at 31-12-2025				In thousands of €
	Parent company	Joint ventures	Other related parties	Total
I. Assets with related parties	765 407	15 195	520	781 122
1. Other financial assets	0	8 000	0	8 000
Loans	0	8 000	0	8 000
2. Finance lease receivables (current and non-current)	0	0	0	0
3. Trade and other receivables	0	7 000	520	7 520
Clients	0	7 000	520	7 520
4. Net variation in cash and cash equivalents	764 097	0	0	764 097
5. Other current assets	1 310	195	0	1 505
II. Liabilities with related parties	145 551	0	1 064	146 615
1. Interest-bearing liabilities (current and non-current)	145 331	0	0	145 331
Other borrowings	145 331	0	0	145 331
2. Trade and other payables	219	0	434	653
Suppliers	140	0	416	555
Other payables	79	0	19	98
3. Other current liabilities	2	0	630	631
III. Transactions with related parties	16 177	2 474	14 789	33 441
1. Services rendered and goods delivered	4 391	1 849	18 489	24 729
2. Services received ( - )	-4 392	0	-3 700	-8 092
3. Financial profit/loss	16 178	625	0	16 804
4. Directors' and senior executives' remuneration	0	0	3 037	3 037
of which short-term employee benefits	0	0	2 621	2 621
of which post-employment benefits	0	0	416	416

Significant transactions with related parties as at 31-12-2024				In thousands of €
	Parent company	Joint ventures	Other related parties	Total
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. Finance lease receivables (current and non-current)	0	0	0	0
3. Trade and other receivables	156	15 000	532	15 688
Clients	156	15 000	532	15 688
4. Net variation in 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 (current and non-current)	163 733	0	0	163 733
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	17 408	54 302
1. Services rendered and goods delivered	3 534	2 022	19 061	24 617
2. Services received ( - )	-2 951	0	-1 653	-4 604
3. Financial profit/loss	33 724	565	0	34 289
4. Directors' and senior executives' remuneration	0	0	2 629	2 629
of which short-term employee benefits	0	0	2 260	2 260
of which post-employment benefits	0	0	369	369

Note 9.Directors’ 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.

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 €350 per meeting (in person) or €175 (online) of the Board of Directors and the 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.

Note 10. Events after the balance sheet date

Conflict in the Middle East

In the context of the conflict in the Middle East, passage through the Strait of Hormuz is currently blocked for LNG vessels, and several LNG export facilities have been damaged, notably at the Ras Laffan terminal. This could lead to a decrease in Qatari LNG exports to Europe due to the reduced availability of natural gas molecules.

This may in particular have consequences for the LNG terminal in Zeebrugge, which has clients that import LNG from Qatar under long-term contracts of the type “ship or pay” for terminalling services. In the current state of affairs and subject to an analysis of each individual case that may arise, these contracts and the associated payment obligations remain fully in force and unchanged.

The extent and duration of the consequences of this conflict are currently difficult to assess.

Sanctions

Fluxys LNG will comply with the service ban and will continue to closely monitor the potential impact of the 19th sanctions package on its activities and existing contracts (more information on the services in Note 7.5).

6.1.4Statutory 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

Balance sheet

Assets			In thousands of €
		31-12-2025	31-12-2024
Formation expenses		790	948
Fixed assets		1 478 759	1 428 583
Intangible assets		27 225	28 103
Property, plant and equipment		1 324 202	1 304 592
Financial fixed assets		127 333	95 889
Current assets		792 397	985 827
Amounts receivable after more than one year		59 348	18 691
Stock and contracts in progress		87 874	51 791
Amounts receivable within one year		169 925	90 686
Cash investments		0	0
Cash at bank and in hand		439 055	802 055
Accrued charges and deferred income		36 195	22 604
Total		2 271 945	2 415 358

Liabilities			In thousands of €
		31-12-2025	31-12-2024
Equity		399 687	416 169
Capital		60 272	60 272
Share premium account		38	38
Revaluation surpluses		183 317	206 179
Reserves		10 587	10 700
Result carried forward		121 745	111 852
Capital subsidies		23 730	27 128
Provisions and deferred taxes		11 228	13 087
Provisions for risks and charges		2 569	3 258
Deferred tax		8 658	9 829
Amounts payable		1 861 030	1 986 102
Amounts payable after more than one year		847 931	877 258
Amounts payable within one year		269 689	239 487
Accrued charges and deferred income		743 410	869 357
Total		2 271 945	2 415 358

Income statement

Income statement			In thousands of €
		31-12-2025	31-12-2024
Sales and services		787 911	598 878
Operating charges		692 531	509 691
Operating profit		95 380	89 187
Financial income		56 043	69 818
Finance costs		41 747	51 919
Financial profit/loss		14 296	17 899
Earnings before taxes		109 676	107 086
Transfer from deferred taxes		1 170	1 170
Income taxes		25 435	24 227
Net profit/loss for the period		85 411	84 029
Transfer from untaxed reserves		113	113
Profit for the period available for appropriation		85 524	84 143

Profit/loss appropriation

Appropriation account			In thousands of €
		31-12-2025	31-12-2024
Profit to be appropriated		197 376	185 797
Profit for the period available for appropriation		85 524	84 143
Profit carried forward from the previous period		111 852	101 654
Transfer from equity		22 738	24 424
From reserves		22 738	24 424
Transfer to equity		0	0
To the legal reserve			0
To the other reserves		0	0
Result to be carried forward		121 745	111 852
Profit to be carried forward		121 745	111 852
Profit to be distributed		98 369	98 369
Dividend		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 2025, no advance on the dividend was paid. The gross unit dividend to be paid out for fiscal year 2025 is €1.40 per share (€0.980 net). That amount will be payable as of 20 May 2026.

Capital at the end of the period

Capital at the end of the period
				31-12-2025
Subscribed capital (in thousands of €)
At the end of the previous period				60,272
At the end of the period				60,272
Capital represented by
Registered shares				62,354,435
Dematerialised shares				7,909,065
Structure of shareholders
Tax payer	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.

Income taxes

Income taxes	In thousands of €
	31-12-2025
Breakdown of heading 670/3*
Income taxes on the result of the current period	26,524
Taxes and withholding taxes due or paid	27,650
Excess of income tax prepayments	-1,126
Estimated additional taxes	0
Income taxes on previous periods	0
Additional taxes due or paid	0
Additional taxes (estimated or provided for)	0
Reconciliation between profit before taxes and estimated taxable profit
Profit before taxes	109,676
Permanent differences:	-3,580
Definitively taxed income	-35,042
Non-deductible expenses	6,200
Notional interest	0
Taxable reserves	27,223
Depreciation of financial fixed assets	0
Transfer from untaxed reserves	114
Transfer from deferred taxes	1,170
Deductible innovation revenue	-4,421
Non-deductible expenses	0
Hidden reserves	1,176
Total	106,095

Workforce

ONSS Nº: 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	821.4	691.3	130.1
Part-time	124.4	82.1	42.3
Total in full-time equivalents (FTE)*	918.5	756.0	162.5
Numbers of hours actually worked
Full time	1,226,972	1,035,488	191,484
Part-time	142,109	92,765	49,344
Total	1,369,081	1,128,253	240,828
Employee expenses
Full time	127,266,809	109,636,067	17,630,742
Part-time	18,760,409	13,026,796	5,733,613
Total	146,027,218	122,662,863	23,364,355
Advantages in addition to wages	2,581,779	2,168,694	413,085

1b during the previous period
	Total	Men	Women
Total in full-time equivalents (FTE)*	894.7	740.0	154.7
Numbers of hours actually worked	1,357,498	1,129,944	227,554
Employee expenses	135,977,966	115,581,272	20,396,694
Total fringe benefits	1,757,465	1,493,845	263,620

2. At balance sheet date
	Full time	Part-time	Total FTE*
a. Employees recorded in the personnel register	850	111	937.1
b. By nature of the employment contract
Permanent contracts	835	110	921.5
Temporary contracts	15	1	15.6
Project-based contracts	0	0	0.0
Replacement contract	0	0	0.0
c According to gender and level of studies
Men	705	74	763.5
Primary education	0	0	0.0
Secondary education	265	37	293.8
Higher non-university education	163	16	176.0
University education	277	21	293.7
Women	145	37	173.6
Primary education	0	0	0.0
Secondary education	23	6	27.5
Higher non-university education	57	17	70.1
University education	65	14	76.0
d. By professional category
Management	355	30	378.5
Employees	495	81	558.6
Employees	0	0	0.0
Other	0	0	0.0
* full-time equivalent

B.Hired temporary staff and staff placed with the company

During the current period	Hired temporary staff	Staff placed with the company
Average number of persons employed	2.6	0
Numbers of hours actually worked	5,202	0
Costs to the company	267,672	0

Table of movements in personnel during the period

	Full time	Part-time	Total FTE*
Entries
a. Employees recorded in the personnel register	101	2	102.7
b. By nature of the employment contract
Permanent contracts	87	2	88.7
Temporary contracts	14	0	14.0
Project-based contracts	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	56	12	65.0
b. By nature of the employment contract
Permanent contracts	47	12	56.0
Temporary contracts	9	0	9.0
Project-based contracts	0	0	0.0
Replacement contract	0	0	0.0
c By type
Retirement	20	7	25.0
Early retirement	0	0	0.0
Dismissal	10	0	10.0
Other reason	26	5	30.0
Of which: the number of persons who continue to render services to the company at least half-time on a self-employed basis	0	0	0.0

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	787	186
Numbers of actual training hours	26,760	4,833
Net costs for the company	5,348,794	974,493
Of which gross costs directly linked to training	5,348,794	974,493
Of which fees paid and payments to collective funds	0	0
Of which fees paid and payments to collective funds	0	0
Less formal or informal continuing professional development training initiatives funded by the employer
Number of employees involved	797	198
Numbers of actual training hours	23,487	5,913
Net costs for the company	1,962,717	440,838
Employer-funded introductory professional training initiatives
Number of employees involved	0	0
Numbers of actual training hours	0	0
Net costs for the company	0	0

1Act of 12 April 1965 concerning the transmission of gaseous and other products by pipelines as later amended.

2After eliminating transactions with other sectors and non-regulated activity