Orange Belgium Cash Flow Statement

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

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	41.31	22.15	0.04	58.16	39.72
Depreciation & Amortization	463.35	455.64	381.58	281.36	279.89
Loss (Gain) From Sale of Assets	-2.25	-1.05	-1	-1.09	-1.73
Asset Writedown & Restructuring Costs	11.48	17.88	12.62	42.4	69.98
Loss (Gain) on Equity Investments	-0.13	-0.44	-0.41	-0.39	-0.28
Stock-Based Compensation	0.22	0.2	0.15	0.1	0.69
Provision & Write-off of Bad Debts	5.65	11.57	-2.16	6.91	8.67
Other Operating Activities	-5.74	5.77	-0.63	27.39	-7.89
Change in Accounts Receivable	-38.81	-32.59	23.67	4.83	12.27
Change in Inventory	-1.47	4.11	-2.65	-2.2	3
Change in Accounts Payable	47.96	1.73	-39.6	-35.09	-37.72
Change in Unearned Revenue	4.88	-1.95	3.25	5.06	-2.95
Change in Other Net Operating Assets	-0.77	19.77	2.42	2.05	4.2
Operating Cash Flow	525.68	502.79	377.28	389.5	367.85
Operating Cash Flow Growth	4.55%	33.27%	-3.14%	5.89%	6.80%
Capital Expenditures	-302.84	-289.93	-240.24	-161.89	-146.54
Sale of Property, Plant & Equipment	0.47	0.53	-	-	-
Sale (Purchase) of Intangibles	-73.53	-78.59	-63.85	-615.03	-79.34
Investment in Securities	0.15	-2.15	-1,372	0.43	-0.1
Other Investing Activities	-4.31	-35.98	-198.77	323.85	14.66
Investing Cash Flow	-380.05	-406.12	-1,875	-452.64	-211.32
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	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	-142.83	-97.92	-241.84	-533.16	-646.65
Net Debt Issued (Repaid)	-123.26	-86.15	1,510	45.3	-133.72
Common Dividends Paid	-0	-	-0.4	-0	-30.01
Other Financing Activities	-	0	0	0	0.11
Financing Cash Flow	-123.26	-86.14	1,509	45.3	-163.62
Miscellaneous Cash Flow Adjustments	-	-	-	-0	-
Net Cash Flow	22.38	10.53	11.82	-17.84	-7.08
Free Cash Flow	222.85	212.86	137.04	227.61	221.31
Free Cash Flow Growth	4.69%	55.33%	-39.79%	2.85%	-0.74%
Free Cash Flow Margin	11.35%	10.68%	7.83%	16.36%	16.23%
Free Cash Flow Per Share	3.31	3.28	2.29	3.80	3.69
Cash Interest Paid	89.25	106.02	78.19	5.11	-
Cash Income Tax Paid	19.76	18.99	18.47	30.71	44.8
Levered Free Cash Flow	155.81	116.13	-48.74	-223.74	134.62
Unlevered Free Cash Flow	216.43	187.73	1.86	-214.9	136.64
Change in Working Capital	11.8	-8.93	-12.92	-25.34	-21.2

Source: S&P Global Market Intelligence. Standard template. Financial Sources.