Overview of 2025 annual results
- Consolidated net profit was EUR 74.9 million (EUR 82.1 million in 2024)
- Allocation of profit proposal to the Annual General Meeting of 12 May 2026: gross dividend of EUR 1.40 per share (2025: EUR 1.40 per share)
- Large flows to Germany and the Netherlands continue
- Additional transmission capacity from the west under construction
- The number of loaded LNG trucks in Zeebrugge is growing
- 73% more bio-LNG at the Zeebrugge terminal
- Start of construction on initial hydrogen and CO2 infrastructure
- Fluxys c-grid appointed as CO2 network operator in Wallonia and Flanders
- Boosting Belgium as a CO2 hub in North-West Europe
- Strong results across multiple ESG objectives
- 102 new colleagues hired
Key financial data
| Income statement | (in thousands of EUR) | 31/12/2025 | 31/12/2024 |
| Operating revenue | 650,453 | 608,789 | |
| EBITDA* | 320,111 | 302,283 | |
| EBIT* | 133,916 | 133,931 | |
| Net profit | 74,897 | 82,061 | |
| Balance sheet | (in thousands of EUR) | 31/12/2025 | 31/12/2024 |
| Investments in property, plant and equipment for the period | 261,751 | 92,122 | |
| Total property, plant and equipment | 1,862,241 | 1,804,302 | |
| Equity | 592,792 | 603,813 | |
| Net financial debt* | 326,904 | 159,750 | |
| Total consolidated balance sheet | 3,173,685 | 3,310,096 | |
* For definitions and reasons for using these indicators, see the annex p. 1.
Consolidated revenue and net profit/loss
The Fluxys Belgium group generated a revenue of EUR 650.5 million in 2025, up EUR 41.7 million year on year (EUR 608.8 million).
This change can chiefly be explained by the change in the components covered by the regulated tariffs. The tariff methodology for 2024-2027 stipulates that reasonable operating costs should be covered by revenue.
The consolidated net profit went from EUR 82.1 million in 2024 to EUR 74.9 million in 2025, down EUR 7.2 million. 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.
Efficiency efforts in line with the regulated tariff model
The tariff methodology for 2024-2027 (set by the regulator, the CREG) applies the principle that all reasonable costs, including interest and fair compensation, are covered by the regulated income. In addition, there are various incentives to control costs, and guide and control aspects of company performance. By strictly controlling its operating costs, combined with significant efforts to improve efficiency, the Fluxys Belgium group has managed to achieve most regulatory objectives and to book those incentives in a period of major operational challenges.
EUR 261.8 million in investments
In 2025, investments in property, plant and equipment totalled EUR 261.8 million compared to EUR 92.1 million in 2024. Of this amount, EUR 4.1 million was spent on LNG infrastructure projects, EUR 11.5 million on storage-related projects, and EUR 246.2 million on transmission-related projects, including EUR 68.5 million for the Knokke-Evergem pipeline which, in addition to transporting natural gas, will also be able to serve for the transport of hydrogen or CO2 as soon as the market is ready.
Key events
Large flows to Germany and the Netherlands continue
Since the outbreak of the war in Ukraine, pipeline gas flows that previously entered Europe from Russia in the east have fallen dramatically. Replacement volumes for North-West Europe now come largely from the west - and the Fluxys Belgium network plays a key role here. The LNG terminal in Zeebrugge received a record number of ships, and a total of 480 TWh of natural gas was fed into the grid to supply Belgium and its neighbouring countries. Nearly 40% more natural gas flowed to Germany and the Netherlands via our infrastructure in the Zeebrugge area compared to 2024, accounting for a quarter of consumption in Germany. The underground storage facility in Loenhout was also completely filled by early August, which was crucial for entering the winter with fully stocked buffers.
Additional transmission capacity from the west under construction
Additional capacity is needed on the Belgian network to supply new end users and maintain substantial flows to Germany.
Accordingly, we are laying a new pipeline on the Zeebrugge-Brussels axis that is fully future-proof in light of the energy transition. It can be used to carry hydrogen or CO2 as soon as the market is ready for it. The pipeline under construction will run from Zeebrugge (Knokke) to Ghent (Evergem).
The number of loaded LNG trucks in Zeebrugge is growing
The terminal in Zeebrugge has been using four new loading bays to load LNG trucks since 1 January 2025. The number of loading operations was up more than 10% to 8,440.
73% more bio-LNG at the Zeebrugge terminal
Demand for bio-LNG at the Zeebrugge terminal rose in 2025 by 73% to over 2.5 TWh. The main customers are the heavy road and maritime transport sectors, which are committed to greening. Bio-LNG accounted for almost 40% of small shiploads and almost 70% of loaded LNG trucks, which primarily supply LNG truck filling stations. Following the spectacular growth in 2024, when the volume of bio-LNG increased ninefold compared to 2023, the upward trend is clearly continuing.
Start of construction on initial hydrogen and CO2 infrastructure
In early 2025, Fluxys hydrogen began laying the first hydrogen pipelines in the Antwerp port area as well as a connection between Kallo and Zelzate. The pipes feature multi-purpose technology so they can also be used to carry other molecules if necessary. In the Antwerp port area, construction also began on the first CO2 pipeline that industry can use to carry away captured CO2 for storage. Construction and operation is handled by Fluxys c-grid Antwerp, a collaboration between Fluxys Belgium, Pipelink and Air Liquide.
Our hydrogen and CO2 infrastructure will gradually expand in the years ahead in line with market demand and in so far as the investment risk in the start-up phase of the market is brought to an acceptable level via support mechanisms.
Fluxys c-grid appointed as CO2 network operator in Wallonia and Flanders
In July and October, Fluxys c-grid was appointed as the operator for developing and operating a CO2 transmission network in Wallonia and Flanders respectively. Fluxys c-grid is a 77.5% subsidiary of Fluxys Belgium, with partners Pipelink, Socofe and SFPIM. Fluxys c-grid Antwerp (a collaboration between Fluxys Belgium, Pipelink and Air Liquide) was founded in early 2025 to develop and operate a CO2 pipeline network in the Antwerp port area in line with Flemish regulations. At the end of March 2026, Fluxys c-grid Antwerp was appointed as the local operator for the CO2 network in the Antwerp port area.
Boosting Belgium as a CO2 hub in North-West Europe
Fluxys c-grid, German transmission system operator OGE and Norwegian energy company Equinor want to jointly develop the infrastructure that will enable industry in Belgium and western Germany to transport captured CO2 via Belgium to permanent storage in the North Sea. This collaboration received the support of the Minister-Presidents of Flanders and North Rhine-Westphalia in June. The Minister-Presidents of Flanders and Wallonia also fully supported the commitment made by Fluxys c-grid and energy-intensive industry in Belgium to accelerate the development of the infrastructure chain for capturing, transporting and storing CO2-
Strong results across multiple ESG objectives
In 2025, we achieved strong results across multiple ESG domains, including diversity and inclusion, safe and reliable infrastructure.
In terms of reducing our own greenhouse gas emissions, in 2025 we avoided 215,000 tonnes of CO2 and significantly reduced our carbon intensity thanks to the open rack vaporisers (regasifiers with seawater) at the LNG terminal in Zeebrugge.
We remain on track to achieve our long-term goals, including climate neutrality by 2050, and we are continuing to work on reducing our own emissions. In this context we commissioned our solar park in Loenhout in 2025. On sunny days, this facility has already been able to cover the site's entire electricity needs for several hours on multiple occasions.
102 new colleagues hired
Fluxys Belgium continues to grow. In 2025, we welcomed 102 new colleagues, bringing our total headcount at Fluxys Belgium to 994 active employees. In addition, 57 colleagues are taking the next step in their careers thanks to internal mobility, which we strongly encourage.
Fluxys Belgium SA - 2025 results (Belgian GAAP): proposed allocation of profit
The net profit of Fluxys Belgium SA totalled EUR 85.5 million, compared to EUR 84.1 million in 2024.
Fluxys Belgium will propose a gross dividend of EUR 1.40 per share to the Annual General Meeting on 12 May 2026.
Factoring in a profit of EUR 111.9 million carried over from the previous financial year and a EUR 22.7 million withdrawal from reserves, the Board of Directors will propose the following allocation of profits to the Annual General Meeting:
- EUR 98.4 million as a dividend payout and
- EUR 121.7 million as profit to be carried forward.
If the proposed allocation of profits is accepted, the total gross dividend per share for the 2025 financial year will be EUR 1.40. That amount will be payable as of 20 May 2026.
Outlook 2026
Since the start of the war in Ukraine, the Council of the European Union has approved several sanctions packages against Russia. Fluxys LNG, which through long-term contracts has the greatest exposure to counterparties under Russian control, applies these sanctions strictly. Recently, Regulation (EU) 2026/261 on the gradual phase-out of imports of Russian natural gas was also adopted. However, Fluxys LNG is not an importer, as the company neither supplies nor imports natural gas.
Fluxys Belgium closely monitors developments regarding the sanctions and other measures intended to restrict European imports of Russian gas. The company follows on a daily basis the potential impact of geopolitical developments on its activities and ongoing contracts and acts fully in accordance with the applicable regulations.
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.
In accordance with the tariff methodology, net profit/loss from Belgian regulated activities is primarily determined based on several regulatory parameters: equity invested, financial structure, OLO interest rates and incentives. The regulated profit/loss will continue to evolve based on these four parameters. The current financial markets do not allow for accurate projections regarding changes to interest rates and, therefore, the return on regulated activities.
Fluxys Belgium has learned that the Belgian federal government, in its November 2025 budget agreement, announced its intention to withdraw €300 million from the positive balances of Fluxys Belgium's regulatory accounts. Fluxys Belgium will closely monitor this issue and determine its position, taking into account, in particular, the legality of such a measure and the financial consequences during this period marked by significant uncertainty in the natural gas market (including the LNG market).
In 2025, based on the information available and certain assumptions, Fluxys Belgium and its subsidiaries made the decision to invest in some of the first infrastructure for hydrogen and CO2 transmission. The decrease in the net profit for the period 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.
External audit of the accounting information
The auditor confirmed that its audit work, which has been substantially completed, has not revealed any significant correction that should be made to the accounting information included in this press release.
External audit of the sustainability information and taxonomy
The auditor responsible for auditing the sustainability information has carried out a limited assurance review of the sustainability information (CSRD) and the information regarding environmentally sustainable economic activities (taxonomy) and has not identified any irregularities.
Contact
Financial and accounting data: Filip De Boeck
+32 2 282 79 89 - filip.deboeck@fluxys.com
Press Office: +32 282 74 44 • press@fluxys.com
About Fluxys Belgium
Fluxys Belgium is a Euronext-listed subsidiary of energy infrastructure group Fluxys. The company is headquartered in Belgium, has about 1,000 employees and operates 4,000 kilometres of pipelines, a liquefied natural gas terminal with an annual regasification capacity of 197 TWh and an underground storage facility.
As a purpose-led company, Fluxys Belgium together with its stakeholders contributes to a better society by shaping a bright energy future. Building on the unique assets of its infrastructure and its commercial and technical expertise, Fluxys Belgium is committed to transporting hydrogen, biomethane or any other carbon-neutral energy carrier as well as CO2, accommodating the capture, usage and storage of the latter.
