Fluxys Belgium reported consolidated net profit of EUR 74.9 million for 2025, down from EUR 82.1 million in 2024, as the Belgian oil and gas infrastructure operator increased spending on hydrogen and CO₂ activities ahead of a finalised regulatory framework.

The company’s board will propose maintaining a gross dividend of EUR 1.40 per share at the annual general meeting on 12 May 2026, unchanged from the previous year.

Consolidated revenue rose to EUR 650.5 million from EUR 608.8 million. Fluxys Belgium said the increase was mainly linked to changes in the components covered by regulated tariffs, with the tariff methodology for 2024-2027 providing for reasonable operating costs to be covered by revenue.

The company explained that the decline in net profit was chiefly due to expenditure on hydrogen and CO₂ business activities, for which the regulatory framework is still being developed. Once that framework is in place, the related latent asset is expected to become a regulated asset, with a positive effect on results.

Investment surge

Investments in property, plant and equipment rose to EUR 261.8 million in 2025 from EUR 92.1 million in 2024. Of the total, EUR 246.2 million was allocated to transmission projects, including EUR 68.5 million for the Knokke-Evergem pipeline, which is designed to carry natural gas and, when the market is ready, hydrogen or CO₂.

Fluxys Belgium said EUR 4.1 million was invested in LNG infrastructure and EUR 11.5 million in storage-related projects.

Record LNG activity

The LNG terminal in Zeebrugge received a record number of ships in 2025, with 480 TWh of natural gas fed into the grid for Belgium and neighbouring markets. Fluxys Belgium said flows to Germany and the Netherlands through its Zeebrugge-area infrastructure were nearly 40% higher than in 2024, accounting for a quarter of consumption in Germany.

The number of LNG truck loading operations in Zeebrugge increased by more than 10% to 8,440 after four new loading bays entered service on 1 January 2025.

Demand for bio-LNG at the Zeebrugge terminal climbed by 73% to more than 2.5 TWh. Bio-LNG accounted for almost 40% of small shiploads and almost 70% of loaded LNG trucks, which mainly supply LNG filling stations.

Hydrogen and CO₂ infrastructure

In early 2025, Fluxys Hydrogen began laying the first hydrogen pipelines in the Antwerp port area, together with a connection between Kallo and Zelzate. Construction also began on the first CO₂ pipeline in the Antwerp port area for industrial use.

In July and October, Fluxys c-grid was appointed operator for the development and operation of a CO₂ transmission network in Wallonia and Flanders, respectively. Fluxys c-grid is 77.5% owned by Fluxys Belgium, with partners Pipelink, Socofe and SFPIM.

At the end of March 2026, Fluxys c-grid Antwerp was also appointed local operator for the CO₂ network in the Antwerp port area.

Fluxys c-grid, German transmission system operator OGE and Norwegian energy company Equinor are working on infrastructure that would allow industry in Belgium and western Germany to move captured CO₂ via Belgium for permanent storage in the North Sea.

Geopolitical risks

Fluxys Belgium said it is closely monitoring developments linked to sanctions and other measures aimed at restricting European imports of Russian gas. The company noted that Regulation (EU) 2026/261 on the gradual phase-out of imports of Russian natural gas has now been adopted, while also stressing that Fluxys LNG is not itself an importer.

The company also pointed to possible consequences from the conflict in the Middle East, noting that passage through the Strait of Hormuz is currently blocked for LNG vessels. It added that several LNG export facilities, including those at Ras Laffan, have been damaged, which could reduce Qatari LNG exports to Europe.

Budget uncertainty

Fluxys Belgium said it had learned that the Belgian federal government, in its November 2025 budget agreement, intends to withdraw EUR 300 million from the positive balances of its regulatory accounts. The company said it would continue to monitor the matter closely and assess its position, taking into account the legality of such a move and its financial consequences.

The terminal, storage and pipeline specialist also said it avoided 215,000 tonnes of CO₂ in 2025 and reduced its carbon intensity by using open-rack vaporisers at the Zeebrugge LNG terminal. A solar park at Loenhout was commissioned during the year.

Bunkering

Fluxys provides LNG bunkering facilities in the port of Antwerp, centered on Quay 526/528. Its setup includes truck-to-ship bunkering, a permanent bunkering facility with LNG storage, and the FlexFueler 002 bunkering pontoon serving inland waterway vessels and small coasters.

Fluxys supports LNG bunkering in Zeebrugge through its LNG terminal and a co-owned bunkering vessel, ENGIE Zeebrugge, which provides ship-to-ship transfers.

In Dunkirk, Fluxys, via its stake in Dunkerque LNG, offers truck loading facilities suitable for supplying small ships with LNG.