Orange Belgium S.A. (EBR:OBEL)

Orange Belgium Cash Flow Statement

Financials in millions EUR. Fiscal year is January - December.

Operating Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	56.41	41.31	22.15	0.04	58.16	39.72
Depreciation & Amortization	467.95	463.35	455.64	381.58	281.36	279.89
Loss (Gain) From Sale of Assets	-3.75	-2.25	-1.05	-1	-1.09	-1.73
Asset Writedown & Restructuring Costs	11.28	11.48	17.88	12.62	42.4	69.98
Loss (Gain) on Equity Investments	-0.33	-0.13	-0.44	-0.41	-0.39	-0.28
Stock-Based Compensation	0.32	0.22	0.2	0.15	0.1	0.69
Provision & Write-off of Bad Debts	11.65	5.65	11.57	-2.16	6.91	8.67
Other Operating Activities	-10.54	-5.74	5.77	-0.63	27.39	-7.89
Change in Accounts Receivable	-32.71	-38.81	-32.59	23.67	4.83	12.27
Change in Inventory	2.53	-1.47	4.11	-2.65	-2.2	3
Change in Accounts Payable	34.86	47.96	1.73	-39.6	-35.09	-37.72
Change in Unearned Revenue	7.78	4.88	-1.95	3.25	5.06	-2.95
Change in Other Net Operating Assets	2.04	-0.77	19.77	2.42	2.05	4.2
Operating Cash Flow	547.48	525.68	502.79	377.28	389.5	367.85
Operating Cash Flow Growth	4.15%	4.55%	33.27%	-3.14%	5.89%	6.80%

Investing Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Capital Expenditures	-305.04	-302.84	-289.93	-240.24	-161.89	-146.54
Sale of Property, Plant & Equipment	1.87	0.47	0.53	-	-	-
Sale (Purchase) of Intangibles	-73.53	-73.53	-78.59	-63.85	-615.03	-79.34
Investment in Securities	0.35	0.15	-2.15	-1,372	0.43	-0.1
Other Investing Activities	-5.11	-4.31	-35.98	-198.77	323.85	14.66
Investing Cash Flow	-381.45	-380.05	-406.12	-1,875	-452.64	-211.32

Financing Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Short-Term Debt Issued	-	13.57	11.78	-	98.4	0.01
Long-Term Debt Issued	-	6	-	1,752	480.05	512.92
Total Debt Issued	19.57	19.57	11.78	1,752	578.45	512.93
Short-Term Debt Repaid	-	-	-	-170.64	-	-
Long-Term Debt Repaid	-	-142.83	-97.92	-71.2	-533.16	-646.65
Total Debt Repaid	-176.03	-142.83	-97.92	-241.84	-533.16	-646.65
Net Debt Issued (Repaid)	-156.46	-123.26	-86.15	1,510	45.3	-133.72
Common Dividends Paid	-0	-0	-	-0.4	-0	-30.01
Other Financing Activities	-	-	0	0	0	0.11
Financing Cash Flow	-156.46	-123.26	-86.14	1,509	45.3	-163.62

Net Cash Flow

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Miscellaneous Cash Flow Adjustments	-	-	-	-	-0	-
Net Cash Flow	9.58	22.38	10.53	11.82	-17.84	-7.08

Free Cash Flow

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Free Cash Flow	242.45	222.85	212.86	137.04	227.61	221.31
Free Cash Flow Growth	8.79%	4.69%	55.33%	-39.79%	2.85%	-0.74%
Free Cash Flow Margin	12.32%	11.35%	10.68%	7.83%	16.36%	16.23%
Free Cash Flow Per Share	3.60	3.31	3.28	2.29	3.80	3.69
Levered Free Cash Flow	175.09	155.81	116.13	-48.74	-223.74	134.62
Unlevered Free Cash Flow	233.64	216.43	187.73	1.86	-214.9	136.64

Additional Metrics

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash Interest Paid	84.15	89.25	106.02	78.19	5.11	-
Cash Income Tax Paid	26.26	19.76	18.99	18.47	30.71	44.8
Change in Working Capital	14.5	11.8	-8.93	-12.92	-25.34	-21.2

Data Source: S&P Global Market Intelligence Last updated: Jun 30, 2026

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every six months for this company.

Update frequency:

Semi-annually

Last checked:

Aug 9, 2026

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