EURONAV LUXEMBOURG S.A.
Société Anonyme
Annual accounts and report of the réviseur d’entreprises agréé
as at and for the year ended 31 December 2024
Registered Office: L-1724 LUXEMBOURG
25, Boulevard Prince Henri
RCS Nr. B51212
Index
Chapter
Management Report 
Balance Sheet
Profit and Loss account
Notes to the Annual Accounts
Report of the Réviseur d’ Entreprises agréé
Euronav Luxembourg S.A.
Société Anonyme
25, Boulevard Prince Henri
RCS B 51.212
STATUTORY MANAGEMENT REPORT
FROM THE BOARD OF DIRECTORS
Dated 21 March 2025
The Board of Directors (the “Board”) of Euronav Luxembourg S.A. (the ''Company'') presents to the sole shareholder
its management report together with the annual accounts of the Company for the year ended 31 December 2024
(attached in the Annex to this management report).
Principal Activity
The activity of the Company as stated under Article 3 of its articles of incorporation (the “Articles”), is:
– the purchase, the sale, the chartering and the nautical management of sea-going vessels.
– performance of any financial or commercial activities related thereto, be it directly or indirectly.
Financial Results
The Company presents a profit for the financial year 2024 of USD 17,087,557 (2023: profit of USD 29,099,274)
mainly due to the capital gain of the sale of the vessel NEWTON to Korea Tonnage No.108 Shipping Company
amounting to USD 22,085,169. Other operating income of the sale of the vessel NEWTON amounts to USD 385,827
which contains CAP 1 Rating Works (2023: USD 2,000,000).
The depreciation of the year 2024 was USD 1,243,401 (2023: USD 1,242,693) related to NEWTON which was
acquired in January and sold in June.
The Net Turnover of 2024 was USD 3,109,957 (2023: USD 37,466,916) generated by the Time Charter contract with
Tankers International for the vessel NEWTON while in 2023 the Net Turnover was also generated by 3 other vessels
NOBLE, NECTAR and NAUTICA as well.
A miscellaneous operating income was obtained for a total amount of USD 1,040,000 (2023: USD 7,099,199) for
liquidated damages of the sale of the vessel NEWTON.
The bareboat hire expenses of the vessel NEWTON of USD 472,500 (2023: USD 23,261,400) and the operating
expenses mainly in relation to the vessel NEWTON of USD 2,316,660 (2023: USD 11,582,384) are the main items of
the other external expenses and raw materials for an amount of USD 5,282,528 (2023: USD 39,724,372). The figures
of 2023 are not only related to NEWTON but also to the 3 other vessels (NOBLE, NECTAR and NAUTICA).
In 2024 the company paid a total amount of USD 12,500,000 (2023: 12,500,000) as interest in relation to the Nordic
bond.
At the end of the year 2024, the Company has outstanding interest-bearing loans to CMB.TECH NV (former Euronav
NV) for USD 185,000,000 (2023: USD 177,000,000), to Euronav Hong Kong Ltd for USD 0 (2023: USD 5,000,000) and
to Euronav Shipping NV for USD 15,000,000 (2023: 18,000,000). The Company received interest in an amount of
USD 13,826,667 (2023: USD 13,340,542) in relation to the loans.
As consequence of the profit for the year 2024 an accrual of payable income tax was taken for an amount of USD
3,929,038 (2023: USD 1,587,633).
Examination of the Development, Position and
Performance of the Activities of the Company
The current financial position as presented in the annual accounts (attached in the Annex), which reflects the results,
the performance and the position of the Company is considered satisfactory.
Our governance
Approach
The Code of Business Conduct and Ethics (the ‘Code’) has been adopted by the Supervisory Board (the ‘Board’) of
CMB.TECH NV (former Euronav NV) (together with its subsidiaries, the ‘Group’) for all of the Group’s employees,
directors and officers (‘Relevant Persons’).
The conduct of individuals in these guidelines relate to the relationship with colleagues, customers, suppliers and
government agencies with equal importance. As a starting point, CMB.TECH (Euronav) should present itself as a
professional and responsible organization. This Code sets out a set of basic principles to guide Relevant Persons
regarding the minimum requirements expected of them.
Third party risk policy and anti-corruption policy
CMB.TECH (Euronav) is committed to conduct all of its business operations around the world in an honest, fair,
transparent and ethical manner. The Anti-Corruption Policy is applicable to employees and persons who act on behalf
of CMB.TECH (Euronav). CMB.TECH (Euronav) has also become a member of the Maritime Anti-Corruption Network
(MACN).
In general, any third parties who intend to trade with CMB.TECH (Euronav) are subject to detailed scrutiny by the
Internal Control department. This also considers the appropriateness of the business relationship in view of the
Company’s Anti-Corruption Policy, in addition to the Third-Party Risk Policy. Any concerns in relation to the Anti-
Corruption Policy may be raised through the Company’s Whistleblower Hotline Platform via https://
www.speakupfeedback.eu/web/euronav.
Transparency and accountability
Capital markets have existing structures and controls. These provide a robust and sustainable framework for
investors to have confidence that executive management teams and boards conduct themselves and execute
strategy correctly and in a measurable way. Several agencies play a role when a company is listed as a publicly
traded company. Stock exchanges require high standards of accounting discipline and regulatory compliance.
Investors will also demand a consistent application of best practice in terms of presentation and detail of financial
performance.
Third party specialist agencies measuring outputs on governance, ethical standards and other non-financial items
provide additional visibility. The Poseidon Principles is a transparent body that brings together industry participants
and practitioners directly, alongside the financiers of shipping, in developing a core code of standards to comply with
shipping’s decarbonisation. The self-regulatory mechanism behind this collective group provides full transparency for
all capital providers to the shipping sector.
CMB.TECH (Euronav), along with other responsible tanker operators, has an obligation and duty to defend and
promote our business model and wider corporate reputation. CMB.TECH (Euronav) believes that by joining bodies
such as the Poseidon Principles and the Global Maritime Forum, along with initiatives such as the Getting to Zero
Coalition, the Company is contributing actively and positively to improving shipping and crude tanker shipping’s
reputation by engaging with a diverse base of stakeholders.
Internal Control & Risk Management
Internal control can be defined as a system developed and implemented by management that contributes to the
oversight of the activities of the Company, its efficiency and use of resources in a manner that is, appropriate to the
objectives, size and complexity of its activities.
Risk management can be defined as a structured, consistent and continuous process aimed at identifying, assessing,
deciding on responses to, and reporting on the opportunities and threats that may affect the achievement of the
Company's objectives.
A Risk Management Charter has been created and approved by the Supervisory Board in furtherance of the
Company's commitment to building a strong risk management culture. Clear roles and responsibilities have been
drafted as well as risk management procedures.
The risk register identifies an individual risk owner for each risk. Risk owners review and certify their risks on a
quarterly basis. The results of this quarterly certification are being reported to the Audit and Risk Committee by the
Chief Risk Officer who is responsible for the effective operation of the risk management framework.
CMB.TECH (Euronav) has also developed a ‘Health, Safety, Quality and Environmental (HSQE) Management System’
which integrates HSQE management into a system that fully complies with the ISM Code for the ‘Safe Operation of
Ships and Pollution Prevention’.
To support the financial reporting, CMB.TECH (Euronav) has a system of internal control over financial reporting
including policies and procedures to accurately reflect the transactions and dispositions of assets of the Company.
The goal is to provide reasonable assurance that transactions are recorded in accordance with generally accepted
accounting principles and that unauthorised acquisition or use or disposition of the Company’s assets are timely
detected. Compliance is monitored by means of annual assessments performed by the internal audit function. Their
outcome is reported to the corporate finance function, which presents a consolidated report to the Audit and Risk
Committee.
CMB.TECH (Euronav) has established an internal audit function for the purpose of reviewing and analysing strategic,
operational, financial and IT risks, to conduct specific assignment in accordance with the annual internal audit plan, to
conduct investigations as needed and to report and discuss the findings with the Audit and Risk Committee. The
scope of the internal audit is both on operations and on internal control over financial reporting. The Internal Audit
Department is staffed with designated resources, resources from other departments and external service providers
for competencies that are not available within the Company. Part of the internal audit work on internal control over
financial reporting is outsourced to a qualified service provider (EY). The Internal Audit Manager reports both to the
CEO and to the Audit and Risk Committee.
CMB.TECH (Euronav) has appointed BDO as its external auditor to audit its annual accounts as at and for the year
ended 31 December 2024. The external auditor issues for Euronav Luxembourg a report once a year, at year-end,
which they present to the Audit and Risk Committee. The Audit and Risk Committee has regular interactions with
BDO, including closed sessions without management present.
Risk factors
Risks relating to the industry and our business
In addition to important factors and matters discussed elsewhere in this report, and in the documents incorporated
by reference herein, important factors that, in our view, could cause our actual results and developments to differ
materially include:
• The strength of world economies and currencies, including the central banks policies intended to combat
overall inflation and rising interest and adverse fluctuations of foreign exchange rates.;
• General market conditions, including the market for crude oil and for our vessels, fluctuations in charter rates
and vessel values;
• Availability of financing and refinancing at rates and on terms acceptable to us as well as our ability to comply
with the restrictive and other covenants in our financing arrangements;
• Our ability to secure available and future grants and subsidies;
• Our business strategy and other plans and objectives for growth and future operations, including planned and
unplanned capital expenditures;
• Our ability to generate cash to meet our debt service and other obligations;
• Our levels of operating and maintenance costs, including fuel and bunker costs, drydocking and insurance
costs;
• Potential liability from pending or future litigations, including potential liability from future litigations related to
claims raised by public-interest organizations or activism with regard to failure to adapt to or mitigate climate
impact;
• Significant decreases in spot charter rates that could impact our profitability;
• Environmental, Social and Governance (ESG) expectations of investors, banks and other stakeholders and
related costs of compliance with ESG measures;
• Our dependence on key personnel and the availability of skilled workers, including seafarers and the related
labor costs;
• Any failure to protect our information systems against security breaches, or the failure or unavailability of
these systems for a significant period of time for reasons such as a cyber-attack which may disrupt our
business operations, and our inability to secure cyber-insurance at reasonable costs;
• Any failure to protect our information systems against security breaches, or the failure or unavailability of
these systems for a significant period of time for reasons such as a cyber-attack which may disrupt our
business operations, and our inability to secure cyber-insurance at reasonable costs;
• The state of the global financial markets which may adversely impact our ability to obtain replacement or
additional financing;
• The market values of our vessels are volatile and may decline;
• A pandemic (such as the coronavirus, COVID-19) and governmental response thereto, including its impacts
across our business on demand for our vessels, our global operations, counterparty risk as well as its
disruption to the global economy;
• The central bank policies intended to combat overall inflation and rising interest rates and foreign exchange
rates;
• Trade tensions between China and the United States;
• The shift from oil towards other energy sources such as electricity, natural gas, liquefied natural gas,
hydrogen, ammonia or other fuels;
• Technology and product risk including those associated with energy transition and fleet/systems rejuvenation 
to alternative propulsion including technological advances in vessel design, capacity, propulsion technology
and fuel consumption efficiency;       
• International sanctions, embargoes, import and export restrictions, nationalizations, piracy, terrorist attacks
and armed conflicts, including the conflict between Russia and Ukraine, and Israel and Hamas;
• Any non-compliance with the U.S. Foreign Corrupt Practices Act of 1977 or FCPA, or other applicable
regulations relating to bribery;
• General domestic and international political conditions, including trade wars and disagreements between oil
producing countries, including illicit crude oil trades;
• Potential disruption of shipping routes due to war including the developments in the Red Sea, accidents,
environmental factors, political events, public health threats, international hostilities including the ongoing
developments in the Ukraine and Gaza regions, acts by terrorists or acts of piracy on ocean-going vessels;
• Vessel breakdowns and instances of off-hire;
• The supply of and demand for vessels comparable to ours, including against the background of possibly
accelerated climate change transition worldwide which would have an accelerated negative effect on the
demand for oil and thus transportation of crude oil;
• Reputational risks, including related to public perceptions in regards to climate change;
• Compliance with governmental, tax (including carbon related), environmental and safety regulations and
regimes and related costs;
• Potential liability from future litigations related to claims raised by public-interest organizations or activism with
regard to failure to adapt to or mitigate climate impact;
• Increased cost of capital or limiting access to funding due to EU Taxonomy or relevant territorial taxonomy
regulations;
• Any non-compliance with existing environmental regulations such as but not limited to (i) the amendments by
the International Maritime Organization, the United Nations agency for maritime safety and the prevention of
pollution by vessels, or IMO, (the amendments hereinafter referred to as IMO 2020), to Annex VI to the
International Convention for the Prevention of Pollution from Ships, 1973, as modified by the Protocol of 1978
relating thereto, collectively referred to as MARPOL 73/78 and herein as MARPOL, which reduced the
maximum amount of sulfur that vessels may emit into the air as from January 1, 2020; (ii) the International
Convention for the Control and Management of Ships' Ballast Water and Sediments or BWM which applies to
us as of September 2019; (iii) the EC Fit-for-55 regulation and specifically with EU Emission Trading Schemes
Maritime and FuelEU Maritime; (iv) the European Ship Recycling regulation for large commercial seagoing
vessels flying the flag of a European Union or EU, Member State which forces shipowners to recycle their
vessels only in safe and sound vessel recycling facilities included in the European List of ship recycling
facilities which is applicable as of January 1, 2019;
• Changes in laws, treaties or regulations, including but not limited to any new environmental regulations and
restrictions, whether at a global level stipulated by the International Maritime Organization, and/or imposed by
regional or national authorities such as the European Union or individual countries;
• Our incorporation under the laws of Luxembourg and the different rights to relief that may be available
compared to other countries, including the United States;
• The failure of counterparties to fully perform their contracts with us;
• Adequacy of insurance coverage;
• Our ability to obtain indemnities from customers;
• Changes in laws, treaties or regulations;
• The inability of our subsidiaries to declare or pay dividends, if any;
• The losses from derivative instruments.
• The war between Russia and Ukraine and the war between Israel and Hamas has and will continue to impact
our business in the following areas: 
◦ Freight rates – Structural ton mile enhancement from Russian dislocation has positively impacted the freight
rates. The Company has suspended its operations with Russian customers which represented in the past an
insignificant portion of the Company’s turnover.
◦ Bunker Fuel Cost – due to the risk within the market, and the self-sanctioning of Russian oil flows, the price
of marine fuels has increased and will continue to be high for the foreseeable future. This is due to Russia
supplying bunker markets with 20% of the global fuel demand in HSFO, VLSFO and MGO markets. These
price increases will negatively impact the cost structure of the vessels making it more expensive to ship
freight on long haul voyages. The spread between HSFO and VLSFO was at a high level pre-invasion but has
begun to correct as the removal of Russian origin HSFO from the market has begun to tighten up supplies in
Europe and in the Mediterranean.
◦ The Company acknowledges that Cybersecurity risks have increased by taking appropriate mitigating actions.
◦ Crew issues – as we do have officers and crew that are from Russia and Ukraine, we could have imagined
challenging crew changes however impact was very limited.
◦ Vessel routes – mostly the war between Israel and Hamas is seriously disrupting the Red Sea area with
numerous attacks. We have until further notices decided to avoid this area with our vessels.
Going forward, it remains difficult to estimate the future impact of these wars in the economies where we are
active, and hence difficult to quantify the impact these factors might have on our financial results. The impact for
Euronav Luxembourg will be very restricted as at year end 2024 because the vessel Newton was sold in June 2024.
• The re-election of President Donald Trump in 2024 introduces several geopolitical risks for European
companies. Key concerns include:
◦ Trade Policy Uncertainty: The Trump administration has announced reciprocal tariffs targeting countries with
protectionist trade policies.
◦ Hydrogen Industry Support: The administration's stance on clean energy, including hydrogen, remains
uncertain. While some hydrogen projects have received support, there is apprehension about potential shifts
in policy that could affect funding and regulatory frameworks.
◦ Economic Implications: increased concern about the financial repercussions of a potential trade war with the
US, prompted by President Donald Trump’s tariff threats.
Use of Financial Instruments and Main Risks and Uncertainties
The Company is exposed to the following risks from its use of financial instruments:
• Credit risk
• Liquidity risk
• Market risk
The Board of Directors has overall responsibility for the establishment and oversight of the Company’s risk
management framework. The Company’s risk management policies are established to identify and analyze the risks
faced by the Company, to set appropriate risk limits and controls, and monitor risks and adherence to limits.
a.Credit risk
Credit risk arises when a failure by counterparties to discharge their obligations could reduce the amount of future
cash inflows from financial assets on hand at the reporting date.
No material receivable was overdue as at 31 December 2024. No indication of impairment of receivables existed on
each presented date thus no provision of impairment was established.
b. Liquidity risk
Liquidity risk is the risk that arises when the maturity of assets and liabilities do not match. An unmatched position
potentially enhances profitability but can also increase the risk of losses. The Company has procedures with the
object of minimizing such losses such as maintaining an adequate level of amount of cash at bank and in hand.
c.Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates will affect the
Company’s profitability or the value of its holding of financial instruments.
Interest rate risk
Interest rate risk is the risk that the value of financial instruments will fluctuate due to changes in market interest
rates. Borrowings issued at variable rates expose the Company to cash flow interest rate risk. Borrowings issued at
fixed rates expose the Company to fair value interest rate risks. The Company’s management monitors the interest
rate fluctuations on a continuous basis and acts accordingly. 
As at 31 December 2024, the Company has a senior secured bond issue of USD 200,000,000 with a coupon of
6.25% and maturity in September 2026.
Currency risk
Currency risk is the risk that the value of financial instruments will fluctuate due to changes in foreign exchange
rates. Currency risk arises when future commercial transactions and recognized assets and liabilities are
denominated in a currency that is not the Company’s measurement currency.
The Company’s exposure to currency risk is limited as the main trade occurs in USD and the monetary assets and
liabilities of the Company as of 31 December 2024 are greatly denominated in USD.
Future Developments
The Board of Directors does not expect major changes in the principal activities of the Company in the foreseable
future, however the Board regularly discusses the strategy going forward and is always open to pursue these
opportunities if and when they would arise also on the shipping market.
Share Capital
As at 31 December 2024, the sole shareholder of the Company is CMB.TECH NV (former name Euronav NV).
The immediate ownership of registered shares in the Company as at 31 of December 2024 was as follows:
CMB.TECH NV – 1 544 704 shares
The amount of the issued share capital of the Company remains unchanged.
Acquisition of Own Shares
The Company has not acquired own shares during the 2024 financial year.
Capital Contribution without issue of shares
During the year 2024, the Company has repaid the capital contribution without issue of shares to its sole
shareholder, no outstanding balance at the end of the year 2024 (2023: USD 27,500,000). A positive equity at year
end remains of USD 5,280,657 (2023: USD 37,993,100).
Branches
During the year ended 31 December 2024, the Company did not operate any branches.
Board of Directors
The members of the Board as at 31 December 2024 are the following persons /companies:
Name
Office
Date of appointment
Lut Laget Audit & Accountancy S.à r.l.,
Lutgard Laget
Director
28 May 2019
Ahlmar SA, Patrick Steenacker
Director
11 February 2022
Maxime Van Eecke
Director
31 December 2023
Mrs. Sofie Lemlijn has resigned as director of the Company as of 31 March 2024.
The Members of the Board received a total remuneration of USD 18,919 (2023: USD 378,326).
Research and Development
The Company has no activities in the field of research and development.
Events after the Reporting Period
There are no material subsequent events after the reporting period to mention.
Independent Auditors
The independent auditor of the Company, BDO Audit Société Anonyme (R.C.S. Luxembourg: B147570), has been
appointed by the Annual Ordinary General Meeting of the Sole Shareholder held on 13 April 2023 for 3 years until the
end of the Annual Ordinary General Meeting of the Shareholders to be held in 2026.
On behalf of the Board,
________________________
Director
________________________
Director
Annex: Annual accounts of the Company for the year ended 31 December 2024.
BALANCE SHEET
Financial year from 01/01/2024 to 31/12/2024 (in USD)
ASSETS
References
Current year
Previous year
A. Subscribed capital
unpaid
1101
101
102
I.Subscribed capital not called
1103
103
104
II. Subscribed capital called but
unpaid
1105
105
106
B. Formation expenses
1107
107
108
C. Fixed assets
1109
3
109
200,000,000.00
110
200,000,000.00
I.Intangible assets
1111
111
112
1. Costs of development
1113
113
114
2. Concessions, patents,
licences, trade marks and similar
rights and assets, if they were
consideration and need not be
1115
115
116
a) acquired for valuable
consideration and need not be
shown under C.I.3
1117
117
118
b) created by the undertaking
itself
1119
119
120
3. Goodwill, to the extent that it
was acquired for valuable
consideration
1121
121
122
4. Payments on account and
intangible assets under
development
1123
123
124
II. Tangible assets
1125
3.1
125
126
1. Land and buildings
1127
127
128
2. Plant and machinery
1129
129
130
3. Other fixtures and fittings,
tools and equipment
1131
131
132
4. Payments on account and
tangible assets in the course of
construction
1133
133
134
III. Financial assets.
1135
3.2
135
200,000,000.00
136
200,000,000.00
1.Shares in affiliated undertakings
1137
137
138
2.Loans to affiliated undertakings
1139
3.2
139
200,000,000.00
140
200,000,000.00
3.Participating interests
1141
141
142
4. Loans to undertakings with
which the undertaking is linked
by virtue of participating interests
1143
143
144
5. Investments held as fixed
assets
1145
145
146
6. Other loans
1147
147
148
D. Current assets
1151
151
13.522.194,18
152
43.243.828,07
I.Stocks
1153
153
154
1. Raw materials and
consumables
1155
155
156
2. Work in progress
1157
157
158
3. Finished goods and goods for
resale
1159
159
160
4. Payments on account
1161
161
162
II.Debtors
1163
4
163
11.992.884,92
164
13.894.097,64
1.Trade debtors
1165
4.1
165
758.372,30
166
5.919.726,24
a) becoming due and payable
within one year
1167
4.1
167
758.372,30
168
5.919.726,24
b) becoming due and payable
after more than one year
1169
169
170
2. Amounts owed by affiliated
undertakings
1171
4.2
171
11.201.058,54
172
7.922.370,19
a) becoming due and payable
within one year
1173
4.2
173
11.201.058,54
174
7.922.370,19
b) becoming due and payable
after more than one year
1175
175
176
3. Amounts owed by
undertakings with which the
undertaking is linked by virtue of
participating interests
1177
177
178
a) becoming due and payable
within one year
1179
179
180
b) becoming due and payable
after more than one year
1181
181
182
4. Other debtors
1183
183
33.454,08
184
52.001,21
a) becoming due and payable
within one year
1185
185
33.454,08
186
52.001,21
b) becoming due and payable
after more than one year
1187
187
188
III.  Investments
1189
189
190
1. Shares in affiliated
undertakings
1191
191
192
2. Own shares
1209
209
210
3. Other investments
1195
195
196
IV.  Cash at bank and in hand
1197
197
1.529.309,26
198
29.349.730,43
E.  Prepayments
1199
5
199
1.124.817,19
200
2.696.252,09
TOTAL (ASSETS)
201
214,647,011.37
202
245.940.080,16
The notes in the annex form an integral part of the annual  accounts
CAPITAL, RESERVES AND LIABILITIES
References
Current year
Previous year
A.Capital and reserves
1301
6
301
5.280.657,26
302
37.993.100,23
I. Subscribed capital
1303
6.1
303
1,000,000.00
304
1,000,000.00
II. Share premium account
1305
6.2
305
306
27,500,000.00
III. Revaluation reserve
1307
307
308
IV. Reserves
1309
6.3
309
100,000.00
310
100,000.00
1. Legal reserve
1311
6.3
311
100,000.00
312
100,000.00
2. Reserve for own shares
1313
313
314
3. Reserves provided for by the
articles of association
1315
316
4. Other reserves, including the
fair value reserve
1429
429
430
a) other available reserves
1431
431
432
b) other non available reserves:
1433
433
434
V. Profit or loss brought forward
1319
6.4
319
93.100,23
320
(19.706.173,38)
VI. Profit or loss for the financial
year
1321
6.4
321
17.087.557,03
322
29.099.273,61
VII. Interim dividends
1323
323
(13.000.000,00)
324
VIII. Capital investment subsidies
1325
325
326
B. Provisions
1331
331
332
1. Provisions for pensions and 
similar obligations
1333
333
334
2. Provisions for taxation
1335
335
336
3. Other provisions
1337
337
338
C. Creditors
1435
7
435
209.366.354,11
436
207.946.979,93
1. Debenture loans
1437
7.1
437
200,000,000.00
438
200,000,000.00
a) Convertible loans
1439
439
440
i) becoming due and payable
within one year
1441
441
442
ii) becoming due and payable
after more than one year
1443
443
444
b) Non convertible loans
1445
7.1
445
200,000,000.00
446
200,000,000.00
i) becoming due and payable
within one year
1447
447
448
ii) becoming due and payable
after more than one year
1449
7.1
449
200,000,000.00
450
200,000,000.00
2. Amounts owed to credit
institutions
1355
355
356
i) becoming due and payable
within one year
1357
357
358
ii) becoming due and payable
after more than one year
1359
359
360
3. Payments received on account
of orders in so far as they are not
shown separately as deductions
from stocks
1361
361
362
i) becoming due and payable
within one year
1363
363
364
ii) becoming due and payable
after more than one year
1365
365
366
4. Trade creditors
1367
7.2
367
116.806,46
368
1.609.617,32
i) becoming due and payable
within one year
1369
7.2
369
116.806,46
370
1.609.617,32
ii) becoming due and payable
after more than one year
1371
371
372
5. Bills of exchange payable
1373
373
374
i) becoming due and payable
within one year
1375
375
376
ii) becoming due and payable
after more than one year
1377
377
378
6. Amounts owed to affiliated
undertakings
1379
7.3
379
380
1.011.410,65
i) becoming due and payable
within one year
1381
7.3
381
382
1.011.410,65
ii) becoming due and payable
after more than one year
1383
383
384
7.  Amounts owed to
undertakings with which the
undertaking is linked by virtue of
participating interests
1385
385
386
a) becoming due and payable
within one year
1387
387
388
b) becoming due and payable
after more than one year
1389
389
390
8. Other creditors
1451
7.3
451
9.249.547,65
452
5.325.951,96
a) Tax authorities
1393
7.3
393
5.516.670,94
394
1.587.633,10
b) Social security authorities
1395
395
396
5,442.15
c) Other creditors
1397
7.3
397
3.732.876,71
398
3.732.876,71
i) becoming due and payable
within one year
1399
7.3
399
3.732.876,71
400
3.732.876,71
ii) becoming due and payable
after more than one year
1401
401
402
D. Deferred income
1403
403
404
TOTAL (CAPITAL,
RESERVES AND
LIABILITIES)
405
214.647.011,37
406
245.940.080,16
The notes in the annex form an integral part of the annual accounts.
PROFIT AND LOSS ACCOUNT
Financial year from 01/01/2024 to 31/12/2024 (in USD)
References
Current year
Previous year
1. Net turnover
1701
8
701
3.109.956,72
702
37.466.915,93
2. Variation in stocks of
finished goods and in work
in progress
1703
703
704
3. Work performed by the
undertaking for its own
purposes and capitalised
1705
705
706
4. Other operating income
1713
9
713
23.510.995,75
714
34.293.535,03
5. Raw materials and
consumables and other
external expenses
1671
10
671
(5.282.527,62)
672
(39.724.371,73)
a) Raw materials and
consumables
1601
10.1
601
(512.176,07)
602
(1.169.436,19)
b) Other external expenses
1603
10.2
603
(4.770.351,55)
604
(38.554.935,54)
6. Staff costs
1605
605
606
a) Wages and salaries
1607
607
608
b) Social security costs
1609
609
610
i) relating to pensions
1653
653
654
ii) other social security costs
1655
655
656
c) Other staff costs
1613
613
614
7. Value adjustments
1657
11
657
(1.243.401,25)
658
(1.242.692,58)
a) in respect of formation
expenses and of tangible and
intangible fixed assets
1659
11.1
659
(1.243.401,25)
660
(1.242.692,58)
b) in respect of current assets
1661
661
662
8. Other operating expenses
1621
12
621
(58.775,92)
622
(436.507,88)
9. Income from
participating interests
1715
715
716
a) derived from affiliated
undertakings
1717
717
718
b) other income from
participating interests
1719
719
720
10. Income from other
investments and loans
forming part of the fixed
assets
1721
13
721
13.826.666,66
722
13,340,542.23
a) derived from affiliated
undertakings
1723
13.1
723
13.826.666,66
724
13,340,542.23
b) other income not included
under a)
1725
725
726
11. Other interest
receivable and similar
income
1727
14
727
471.826,66
728
641,521.78
a) derived from affiliated
undertakings
1729
14.1
729
286.731,36
730
b) other interest and similar
income
1731
14.2
731
185.095,30
732
641,521.78
of undertakings accounted
for under the equity
method
1663
663
664
13. Value adjustments in
respect of financial assets
and of investments held as
current assets
1665
665
666
14. Interest payable and
similar expenses
1627
15
627
(13.331.743,63)
628
(13,584,254.94)
a) concerning affiliated
undertakings
1629
629
630
b) other interest and similar
expenses
1631
15.1
631
(13.331.743,63)
632
(13,584,254.94)
15. Tax on profit or loss
1635
16
635
(3.886.856,01)
636
(1,650,145.66)
16. Profit or loss after
taxation
1667
667
17.116.141,36
668
29,104,542.18
17. Other taxes not shown
under items 1 to 16
1637
637
(28.584,33)
638
(5,268.57)
18. Profit or loss for the
financial year
1669
669
17.087.557,03
670
29,099,273.61
The notes in the annex form an integral part of the annual accounts
Notes to the Annual Accounts
for the year ended 31 December
2024
1      General                                                                                                   
EURONAV LUXEMBOURG S.A. (“the Company”) was incorporated in the Grand Duchy of Luxembourg on 10 May
1995 as a limited liability company ("société anonyme"), for an unlimited duration.
The financial year covers the period from 1 January until 31 December.
The principal object of the Company is the purchase, sale, chartering and nautical management of sea-going vessels.
The Company is also authorized to perform any financial or commercial activities related thereto, be it directly or
indirectly.
The Company is included in the consolidated accounts of CMB.TECH NV (former Euronav NV), forming the smallest
and the largest body of undertakings of which the company forms part as a subsidiary undertaking, with its
registered office at De Gerlachekaai 20, 2000 Antwerp, Belgium.
2      Significant accounting policies and valuation
methods
2.1            Basis of preparation
The annual accounts have been prepared in accordance with Luxembourg legal and regulatory requirements under
the historical cost convention.
Accounting policies and valuation rules are, besides the ones laid down by the Law of 19 December 2002, as
subsequently amended, determined and applied by the Board of Directors and are in conformity with the going
concern principle.
The Company is required to prepare ESEF Financial Statements starting from 2022.
2.2        Foreign currency transactions
The Company maintains its accounting records in United States Dollars (“USD”) and the balance sheet and profit and
loss account are expressed in this currency.
Income and charges in foreign currencies are translated at monthly average exchange rates ruling at the transaction
date.
Cash at bank in foreign currency is translated at the exchange rate effective at the balance sheet date. Exchange
losses and gains are recorded in the profit and loss account of the year.
Fixed assets in foreign currencies are valued using the historical exchange rates.
Other current assets and liabilities expressed in foreign currencies are translated into USD at the rates of exchange
in effect at the balance sheet date. Unrealized exchange losses and realized exchange gains and losses are
recognized in the profit and loss account.
2.3        Tangible assets
Tangible assets are stated at purchase price less accumulated value adjustments.  Value adjustments are calculated
on a straight-line basis over the estimated useful lives of vessels and other items of equipment. The estimated
useful lives for vessels and drydocks are as follows:
Vessel VLCC: 20 years
Drydock costs: 2,5 to 5 years
Vessels are estimated to have a residual value. Methods of value adjustments, useful lives and residual values are
reviewed at each reporting date and adjusted if appropriate.
Where an item of tangible assets comprises major components having different useful lives, such as drydocks, they
are accounted as separate items of tangible assets. Costs associated with routine repairs are expenses as incurred.
2.4        Financial assets
Financial assets such as shares in affiliated undertakings, loans to these undertakings, participating interests, loans to
undertakings with which the undertaking is linked by virtue of participating interests, investments held as fixed
assets and other loans are valued at their historical cost.
If the Board of Directors determines that a durable loss has occurred in the value of a financial asset a value
adjustment is made in order to reflect that loss. These value adjustments are not continued if the reasons for which
they were made have ceased to apply.
2.5        Debtors
Debtors are valued at their nominal value. Value adjustments are recorded if the receivable has become doubtful.
These value adjustments are not continued if the reasons for which they were made have ceased to apply.
2.6        Prepayments
This asset item includes expenditures incurred during the financial year but relating to the subsequent financial years.
2.7        Non convertible loans and Creditors
Non convertible loans and creditors are valued at their reimbursement value.
2.8        Deferred income
This liability item includes income received during the financial year but relating to the subsequent financial years.
2.9        Turnover
Turnover comprises the chartering-out of Time Charter-in vessels apportioned to the year-end.
3          Fixed assets
3.1        Tangible assets
On 22 January 2024, the Company acquired the vessel Newton from Taiping & Sinopec TJ11 Shipping Leasing Co.,
Ltd. by lifting the purchase option according to the terms and conditions of the bareboat contract. The vessel
Newton was acquired for an acquisition value of USD 30,000,000.00. During drydocking ballast water treat system
for an amount of USD 815,415.46 was installed and activated as additional value of the vessel as at 23 April 2024
(total value vessel USD 30,815,415.46). The vessel was built on 23 February 2009 and had a remaining useful life of
approximately 5 years at the time of the purchase.
On 23 April 2024, the vessel Newton left dry docking and the Company activated a total amount of USD
2,842,817.04 which is depreciated over 2.5 years. Vessels older than 15 years needs a drydock each 2.5 years
instead of the usual 5 years.
On 20 March 2024, the Company signed a Memorandum of Agreement to sell the vessel for an amount of USD
54,500,000.00.  The vessel was delivered to its new owners on 19 June 2024.
The Company has made a capital gain for an amount of USD  22,085,168.75 USD on the disposal of the tangible
fixed asset of the vessel Newton.
Vessel
Dry-dock
Total
Gross book value
Opening balance as at 01/01/24
0,00
0,00
0,00
Addition Newton
30,815,415.46
2,842,817.04
33,658,232.50
Disposal Newton
(30,815,415.46)
(2,842,817.04)
(33,658,232.50)
Closing balance as at 31/12/24
0,0
0,0
0,0
Accumulated value adjustments
Opening balance as at 01/01/24
0,00
0,00
0,00
Addition Newton
1,062,806.08
180,595.17
1,243,401.25
Disposal Newton
(1,062,806.08)
(180,595.17)
(1,243,401.25)
Closing balance as at 31/12/24
0,00
0,00
0,00
Net book value - opening balance
01/01/24
0.00
0.00
0.00
Net book value - closing balance 31/12/24
0.00
0.00
0.00
3.2        Financial assets
  Loans to affiliated undertakings
The movements for the year are as follows:
Loans to affiliated undertakings
USD
Gross book value - opening balance
200,000,000.00
Additions
57,000,000.00
Repayments
(57,000,000.00)
Gross book value - closing balance
200,000,000.00
Accumulated value adjustment - opening
balance
-
Additions
-
Reversal
-
Accumulated value adjustment - closing balance
-
Net book value – closing balance
200,000,000.00
Net book value – opening balance
200,000,000.00
During the year, CMB.TECH NV (former Euronav NV) has repaid USD 23,000,000.00, Euronav Hong Kong Ltd has
repaid a total amount of USD 11,000,000.00, Euronav Shipping NV has repaid USD 3,000,000.00 and CMB.TECH
Enterprises NV (former CMB.TECH NV) has repaid USD 20,000,000.00 to the Company (total amount of USD
57,000,000.00). 
        Movements for the year as per affiliated undertakings are as follows:
Date
CMB.TECH NV (former
Euronav NV)
Euronav Hong
Kong
Euronav
Shipping
CMB.TECH Enterprises (former
CMB.TECH NV)
25/01/2024
-
3,000,000.00
(3,000,000.00)
-
08/02/2024
(20,000,000.00)
-
-
20,000,000.00
14/03/2024
20,000,000.00
-
-
(20,000,000.00)
26/03/2024
(3,000,000.00)
3,000,000.00
-
-
26/06/2024
11,000,000.00
(11,000,000.00)
-
-
Total additions
31,000,000.00
6,000,000.00
-
20,000,000.00
Total
Repayments
(23,000,000.00)
(11,000,000.00)
(3,000,000.00)
20,000,000.00
Total
Movements
8,000,000.00
(5,000,000.00)
(3,000,000.00)
0.00
Loan to CMB.TECH NV (former Euronav NV)
On 23 November 2021, Euronav Luxembourg S.A. provided a 6.80% fixed rate interest-bearing loan to its direct
shareholder Euronav NV (renamed to CMB.TECH NV as from 1st of October 2024) with maturity date 14 September
2026. The amount outstanding as at 31 December 2024 is USD 185,000,000.00 (2023: USD 177,000,000.00).
Loan to Euronav Hong Kong Ltd
On 23 November 2021, Euronav Luxembourg S.A. provided a 6.80% fixed rate interest-bearing loan to Euronav Hong
Kong Ltd with maturity date 14 September 2026. On 25 January and 26 March 2024 the Company has lend Euronav
Hong Kong additional USD 3,000,000.00 each. The outstanding amount of USD 11,000,000.00 has been fully repaid
to the Company as at 31 December 2024 (2023: USD 5,000,000.00).
Loan to Euronav Shipping NV
On 27 December 2023, Euronav Luxembourg S.A provided a 6,80% fixed rate interest-bearing loan to Euronav
Shipping NV with maturity date 14 September 2026. The amount outstanding as at 31 December 2024 is USD
15,000,000.00 (2023: USD 18,000,000.00).
Loan to CMB.TECH Enterprises NV
On 8 February 2024, Euronav Luxembourg S.A provided a 6,80% fixed rate interest-bearing loan to CMB.TECH
Enterprises NV (former CMB.TECH NV) with maturity date 14 September 2026. The loan amount of USD
20,000,000.00 was fully repaid to the Company within 5 weeks.
CMB.TECH NV (former Euronav NV) and Euronav Shipping NV may at any time prepay the whole or part of the loans
and are obliged to repay the loans with an interest rate of 6.80% at the maturity date 14 September 2026. Interest is
due on 14 September and 14 March of each year.
As at 31 December 2024, the Board of Directors is of the opinion that no permanent diminution in value has
occurred and hence has not booked any value adjustment.
4      Debtors
4.1        Trade debtors
– Becoming due and payable within one year:
As at 31 December 2024, the trade debtors include an outstanding amount of USD 758,372.30 (2023: USD
5,919,726.24) and is mainly related to the outstanding balance of USD 584,485.99 (2023: USD 5,671,660.48) to
receive from Tankers International for vessel Newton and for an amount of USD 98,245.46 (2023: USD 126,603.65)
advances are done to the supplier Anglo Eastern for operational expenses which needs to be refunded to the
Company. The remaining USD 75,640.85 (2023: USD 121,462.11) relates to payments to receive from invoices made
to Tankers International (other costs Newton) and to United Nations Development Programme (other cost Nautica).
4.2        Amounts owed by affiliated undertakings
– Becoming due and payable within one year:
As at 31 December 2024, the amount of USD 11,201,058.54 (2023: USD 7,922,370.19) is mainly related to a short
term intercompany deposit agreement of USD 7,000,000.00.
On 3 July 2024 the Company closed a deposit agreement with its sole shareholder CMB.TECH NV (former Euronav
NV) of USD 20,000,000.00 with interest rate of 5% which was repaid on its maturity date 3 September 2024. An
new deposit agreement was closed for an amount of USD 7,000,000.00 as at 4 September 2024 with maturity date
4 October 2024 with a fixed interest rate of 5% and a deposit agreement of USD 7,000,000.00 as at 4 October 2024
with maturity date 4 January 2025 with an interest rate of 4.45%. As at 4 January 2025, the deposit agreement has
been extended until 4 March 2025 at an interest rate of 4.15%. As from 4 March 2025 until 12 March 2025 the
deposit agreement for an amount of USD 7,047,609.20 has been closed at an interest rate of 4.12 %. The deposit
has been repaid to the Company as at 12 March 2025.
The remaining amount consists of an accrued interest receivable from CMB.TECH NV (former Euronav NV) for an
amount of USD 3,774,000.00 (2023: USD 3,883,895.56) and from Euronav Shipping NV for an amount of USD
306,000.00 (2023: 17,000.00 ) in relation to the loans to affiliated undertakings (see note 3) from 15 September 2024
until 31 December 2024 and accrued interest receivable from CMB.TECH NV for an amount of USD 85,342.47 in
relation to the deposit agreement to affiliated undertakings from 4 October 2024 until 31 December 2024.
The other part of USD 35,716.07 (2023: USD 3,804,592.41) is related to a repayment of a credit note of service level
agreement from CMB.TECH NV for an amount of USD 14,480.00 and a repayment to receive from a credit note from
Euronav Shipping NV related to operational expenses of the vessel Newton.
5          Prepayments
Prepayments are mainly composed by the following:
The standard fee, of the Nordic Bond of 14 September 2021, has been amortized over the duration until 14
September 2026 and has a net amount of prepaid expense of USD 1,113,410.38 (2023: USD 1,780,662.95) at year
end (See note 7.1.1). The remaining amount of USD 11,406.81 of the Nordic annual fee has been deferred from 1
January 2025 until 1 September 2025.
6          Capital and Reserves
Movement in capital and reserves relates to allocation of the profit of 2023 and the distribution of the dividend to the
financial year 2024. The full amount of contribution without issue of new shares and an interim dividend are repaid to
its sole shareholder during the year 2024.
6.1        Subscribed capital
At the end of the year 2024, the corporate capital of the Company amounted to USD 1,000,000.00 (2023: USD
1,000,000.00) which is represented by 1,544,704 shares with no nominal value and par value of USD 0.65 and having
each a vote at the General Meeting of Shareholders.
6.2        Share premium account
The capital of the Company without issue of new shares is repaid during the year 2024 for an amount of USD
27,500,000.00; outstanding amount at year end USD 0,00 (2023: USD 27,500,000.00).
6.3        Reserves
Under Luxembourg Law, the Company must allocate annually at least 5% of its statutory net profits to the legal
reserves until the aggregate reserve equals 10% of the subscribed share capital. This reserve may not be distributed.
The available reserves remained unchanged compared to previous year.     
6.4      Interim dividends
The Company has paid an interim dividend of USD 13,000,000.00 on base of the profit of 2024 to its sole mother
during the year 2024.   
                                                     
6.5        Reconciliation of capital and reserves
Movements in capital and reserves are as follows:
USD
As at 1
January
2024
Allocation of
2023 result
Dividend
distribution
Share
Premium
Repayment
Interim
Dividends
Distribution
Result of the
year 2024
As at 31
December
2024
Subscribed
Capital
1,000,000.00
0
0
0
0
0
1,000,000.00
Legal
Reserve
100,000.00
0
0
0
0
0
100,000.00
Share
Premium
27,500,000.00
0
0
(27,500,000.00)
0
0
0
Profit/loss
Brought
forward
(19,706,173.38)
29,099,273.61
(9,300,000.00)
0
0
0
93,100.23
Profit/loss of
the year
29,099,273.61
(29,099,273.61)
0
0
0
17,087,557.03
17,087,557.03
Interim
Dividends
0
0
0
0
(13,000,000.00)
0
(13,000,000.00)
Total
37,993,100.23
0
(9,300,000.00)
(27,500,000.00)
(13,000,000.00)
17,087,557.03
5,280,657.26
On 11 April 2024, the Annual General Meeting of Shareholders resolved to carry forward the profit of the year 2023
of USD 29,099,273.61 and to distribute a dividend of USD 9,300,000.00 in 2024. On 24 June 2024, the Company has
repaid the share premium of USD 27,500,000.00 to its sole shareholder CMB.Tech NV (former Euronav NV). On 4
September 2024 the Company has paid an interim dividend of USD 13,000,000.00 to its sole shareholder.
7          Creditors
7.1        Debenture loans
7.1.1    Non-convertible loans
– Becoming due and payable after more than one year:
On 14 September 2021, Euronav Luxembourg S.A. has completed a senior unsecured bond issue of USD
200,000,000.00 with a coupon of 6.25% and maturity date on 14 September 2026. These bonds are payable on
maturity.
The interest is payable at a fixed rate of 6,25 per cent p.a. (on the basis of a 30/360-days) to be paid on 14 March and
14 September of each year on the outstanding amount of the Nordic Bond.
The costs related to the new senior unsecured bond of USD 3,300,000.00 are capitalized and amortized over the
remaining duration of the loan.
The net proceeds from the bond issue is used for general corporate purposes. 
The joint lead managers in connection with the placement of the bond issue are DNB Markets ASA, Nordea Bank
Abp, filial i Norge, Arctic Securities AS and Skandinaviska Enskilda Banken AB.
The Nordic Bond is guaranteed by Euronav NV and is listed on the Oslo Stock Exchange since 22 March 2022 with
ISIN code NO0011091290.
The Nordic Bond stipulates certain covenants calculated based on consolidated figures of CMB.TECH NV (former
Euronav NV). As at 31 December 2024 there was no breach of these covenants.
7.2        Trade creditors
– Becoming due and payable within one year:
The outstanding amount of USD 116,806.46 (2023: USD 1,609,617.34) reflects the amounts outstanding toward
suppliers in relation to operational expenses related to the vessel Newton and accruals of various services like audit
and tax compliance for 2024.
7.3        Other creditors
– Becoming due and payable within one year:
Other creditors consist of an outstanding amount of USD 9,249,547.65 (2023: USD  5,325,951.96) mainly related to
accrued calculated income tax for an amount of USD 5,516,670.94 (2023: USD 1,587,633.10) for the financial years
2023 and 2024 due to profit made in both years.
The amount of USD 3,732,876.71 (2023: USD 3,732,876.71) is related to accrued payable interest on the outstanding
amount of the Nordic Bond of 2021 which is payable on 14 March and 14 September of each year. 
8          Net turnover
Net turnover is mainly composed of USD 3,109,956.72 (2023: USD 22,543,092.37) income from Tankers
International for the vessel Newton which operates on the spot market. The figures of the net turnover of 2023
contains 4 vessels while 2024 is only 1 vessel Newton.
9          Other operating income
  The Company realised a total of other operating income of USD  23,510,995.75 (2023: USD 34,293,535.03) which is
mainly composed by the capital gain of the sale of the vessel Newton for an amount of USD 22,085,168.75 and to
bear the cost of CAP 1 Rating Works for an amount of USD 385,827.00.
A miscellaneous operating income was obtained for a total amount of USD 1,040,000.00 (2023: USD 7,099,199.30)
according to liquidated damages (stipulated in clause 23 of the MOA).
10        Raw materials and consumables and other external
expenses
10.1      Raw materials and consumables
In 2024, a cost of USD 512,176.07 (2023: USD 1,169,436.19) has been booked as bunker consumption of the vessel
Newton between the redelivery from Tankers International Pool and the sale of the vessel.
10.2      Other external expenses
The Company has USD 4,770,351.55 (2023: USD 38,554,935.50) other external expenses including the following
costs:
31 December 2024
31 December 2023
Bareboat hire Newton
472,500.00
8,212,500.00
Bareboat hire Noble, Nectar and Nautica
0
15,048,900.00
Operating expenses Noble, Nectar, Nautica,
Newton
2,316,660.12
11,582,383.56
Insurances
154,846.11
895,848.80
Commission and agency fees
947,852.39
1,385,649.91
Audit and other fees and administration
expenses
271,944.20
204,131.12
Port expenses
0
306,286.33
Other expenses
4,651.61
1,635.23
Final voyage charges Newton TI Pool
601,897.12
917,600.59
Total other external expenses
4,770,351.55
38,554,935.54
11          Value adjustments
11.1      a) in respect of formation expenses and tangible and
intangible fixed assets
Pursuant to the terms and conditions of the bareboat charter of Taiping & Sinopec J11 Shipping Leasing Co., Ltd. the
vessel Newton has been purchased, on 22 January 2024 for an amount of USD 30,000,000.00 under lifting of the
purchase option. Residual value of USD 17,160,000.00  has been determined and reduced from the purchase value
in order to depreciate over the remaining lifetime of the vessel. Depreciation has been done from 22 January until
sale of vessel Nautica to Korea Tonnage No.108 Shipping Company on 19 June 2024 for an amount of  USD
1,036,040.88.
Ballast water treat system costs (BWTS) and dry dock costs (DD) which are invoiced from Euronav Shipping and
from the 3rd party ship manager Anglo Eastern for an amount of USD 815,415.46 (BWTS) and USD 2,842,817.04
(DD) were activated and depreciated as from the date the vessel left drydock on 23 April 2024. The ballast water
treat system has been depreciated over the remaining lifetime of the vessel and the drydock over 2.5 years for
vessels older than 15 years.
Depreciation amounts for Newton to USD 26,765.19 (BWTS) and to USD 180,595.17.
12          Other operating expenses
The other operating expenses for an amount of USD 58,775.92 (2023: USD 436,507.88) mainly consist of Liberian
services, registration cost and tonnage tax for the vessel Newton for an amount of USD 39,856.67 and the
emoluments granted in respect of the financial year to the members of the Board of Directors for an amount of USD
18,919.25 (2023: USD 378,325.96).
13        Income from other investments and loans forming
part of the fixed assets
13.1      a) derived from affiliated undertakings
This amount of USD 13,826,666.66 (2023: USD 13,340,542.23) relates to the interest income derived from the loans
provided to CMB.TECH NV (former Euronav NV), CMB.TECH Enterprises NV (former CMB.TECH NV), Euronav Hong
Kong and Euronav Shipping NV (see note 3.2).
14          Other interest receivable and similar income
14.1    a) derived from affiliated undertakings
The amount of USD 471,826.66 (2023: USD 641,521.78) consists mainly of the interest received on the deposit
agreements to CMB.TECH NV (former Euronav NV) for an amount of USD 286,731.66 (see note 4.2).
14.1        b) other interest receivable and similar income
The other interest receivable is composed by the interest received on the current bank account by the Company for
an amount of USD 171,399.17 (2023: USD 634,629.43).
15          Interest payable and similar expenses
15.1      b) other interest and similar expenses
The amount of USD 13,331,743.63 (2023: USD 13,584,254.94) consists mainly of the interest paid concerning the
Nordic Bond for an amount of USD 12,500,000.00 (2023: USD 12,500,000.00) and USD 667,252.59 (2023: USD
663,200.25) in relation to the amortization of the transaction costs of the Nordic Bond. The setup fee of the vessel
Newton, which was spread in 2023 over the duration of its Bareboat hire agreement until 22 February 2026, has
been taken full in cost for an amount of USD 115,777.65 (2023: USD 367,820.80) due to purchase and sale of the
vessel Newton in 2024.
16        Taxation
The Company is subject to normal taxation under the Luxembourg tax regulations. An accrual for income tax has
been made for an amount USD 3,929,037.84 (2023: USD 1,587,633.10) due to the profit of the year 2024 of USD
17,087,557.03.
17 Subsequent events
There are no material subsequent events after the balance sheet date that require disclosure in the annual accounts.
18                      Statement of cash flows
For the year ended 31
December 2024
For the year ended
31 December 2023
Cash flows from operating activities
Profit for the year
17,087,557.00
29,099,274.00
Adjustments for:
(17,860,314.00)
(22,699,307.00)
Depreciation of tangible assets
1,243,401.00
1,242,693.00
Income tax expense
3,948,203.00
1,650,146.00
Capital gains on disposal of vessels
(22,085,169.00)
(25,194,336.00)
Net finance costs (income)
(966,750.00)
(397,809.00)
Change in working capital requirements
343,296.00
(7,034,353.00)
Change in receivables
1,930,230.00
(2,293,648.00)
Change in prepayments
904,352.00
2,848,586.00
Change in other debtors
18,547.00
3,302.00
Change in trade creditors
(1,492,981.00)
(541,676.00)
Change in payables affiliated companies
(1,011,411.00)
(4,167,917.00
Change in payables to social security authorities
(5,442.00)
-
Change in deferred income
-
(2,883,000.00)
Income taxes paid during the year
(19,165.00)
(62,513.00)
Interest paid
(12,652,192.00)
(12,914,816.00)
Interest received
14,237,233.00
13,975,172.00
Net cash used in operating activities
1,136,414.00
363,457.00
Net cash used in investing activities
20,841,768.00
23,951,643.00
Purchase of vessels
(33,658,233.00)
(87,067,750.00)
Sale of vessels
54,500,000.00
111,019,393.00
Loans granted to related parties
(57,000,000.00)
(58,000,000.00)
Repayments of loans to related parties
57,000,000.00
58,000,000.00
Net cash from financing activities
(49,800,000.00)
-
Reimbursement of capital contribution without issuance of
shares
(27,500,000.00)
-
Dividends paid
(22,300,000.00)
-
Net increase (decrease) in cash and cash equivalents
(27,821,818.00)
24,315,100.00
Net cash and cash equivalents at the beginning of the period
29,349,730.00
5,033,977.00
Effect of changes in exchange rates
1,397.00
654.00
Net cash and cash equivalents at the end of the period
1,529,309.00
29,349,730.00
The Luxembourg Company Law does not require the preparation of the statement of cash flows and does not define
how to prepare such statement. Consequently, the Company has prepared the statement of cash flows by analogy
with IFRS using the indirect method. The statement of cash flows shows how cash and cash equivalents have
changed during the year as a result of inflows and outflows of funds. The statement classifies cash flows during the
year into cash flows from operating activities, from investing activities and from financing activities. The effects of
changes in exchange rates on cash and cash equivalents are shown separately under the line-item Effect of changes
in exchange rates.
REPORT OF THE REVISEUR
D’ENTREPRISES AGREE
Report on the audit of the annual accounts
To the Sole Shareholder of
EURONAV LUXEMBOURG S.A.
25, Boulevard Prince Henri
L - 1724 Luxembourg
Opinion
We have audited the annual accounts of EURONAV LUXEMBOURG S.A. (the “Company”), which comprise the
balance sheet as at 31 December 2024, and the profit and loss account for the year then ended, and notes to the
annual accounts, including a summary of significant accounting policies.
In our opinion, the accompanying annual accounts give a true and fair view of the financial position of the Company
as at 31 December 2024, and of the results of its operations for the year then ended in accordance with Luxembourg
legal and regulatory requirements relating to the preparation and presentation of the annual accounts.
Basis for opinion
We conducted our audit in accordance with the EU Regulation N° 537/2014, the Law of 23 July 2016 on the audit
profession (“Law of 23 July 2016”) and with International Standards on Auditing (“ISAs”) as adopted for
Luxembourg by the “Commission de Surveillance du Secteur Financier” (“CSSF”). Our responsibilities under the EU
regulation N° 537/2014, the Law of 23 July 2016 and ISAs as adopted for Luxembourg by the CSSF are further
described in the « Responsibilities of the “réviseur d’entreprises agréé” for the audit of the annual accounts »
section of our report. We are also independent of the Company in accordance with the International Code of Ethics
for Professional Accountants, including International Independence Standards, issued by the International Ethics
Standards Board for Accountants (IESBA Code) as adopted for Luxembourg by the CSSF together with the ethical
requirements that are relevant to our audit of the annual accounts, and have fulfilled our other ethical responsibilities
under those ethical requirements. We believe that the audit evidence we have obtained is sufficient and appropriate
to provide a basis for our opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
annual accounts of the current period. These matters were addressed in the context of the audit of the annual
accounts as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters
Recoverability of loans to affiliated undertakings and amounts owed by affiliated undertakings
a. Why the matter was considered to be one of most significant in the audit ?
We refer to the accounting policies in Notes 2.4 “Financial assets” and 2.5 “Debtors” and Notes 3.2 “Financial
assets” and 4.2 “Amounts owed by affiliated undertakings” to the annual accounts.
The Company issued bonds, presented under Non-convertible loans caption, for an amount of USD 200 million as at
31 December 2024, which are listed on the Oslo stock exchange. The funds generated from these bonds have been
lent to other entities of CMB.TECH (former Euronav) Group. Such Loans to affiliated undertakings (including accrued
interest) and amounts owed by affiliated undertakings amount to USD 211,2 million as at 31 December 2024 (2023:
EUR 207,9 million) representing together 98,4% (2023: 84,5%) of the total assets of the Company at year end.
The ability of the Company to repay the bonds issued as well as interest when they fall due depends mostly on the
recoverability of loans to affiliated undertakings and amounts owed by affiliated undertakings. Since they are the
Company’s principal assets, the recoverability of loans to affiliated undertakings and amounts owed to affiliated
undertakings is considered to be one of the most significant matter in our audit of the annual accounts.
b. How the matter was addressed during the audit?
Our audit procedures over the recoverability of loans to affiliated undertakings and amounts owed by affiliated
undertakings included, but were not limited to:
– Evaluating the appropriateness of the accounting policy and valuation methods and gaining an understanding of
the management’s process and controls related to the identification of the impairment indicators and the
impairment test of loans to affiliated undertakings and amounts owed by affiliated undertakings;
– Obtaining the information and documentation used by the Board of Directors in their assessment
(“Management’s Assessment”);
– Obtaining the most recent financial information available on the borrowers to corroborate the Management’s
Assessment of their financial performance and of the recoverability of the loans to affiliated undertakings and
amounts owed by affiliated undertakings;
– Assessing the completeness, accuracy and relevance of the disclosures in respect of recoverability of loans to
affiliated undertakings and amounts owed by affiliated undertakings
Other information
The Board of Directors is responsible for the other information. The other information comprises the information
stated in the management report and the Corporate Governance Statement but does not include the annual accounts
and our report of the “réviseur d’entreprises agréé” thereon.
Our opinion on the annual accounts does not cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the annual accounts, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the annual accounts or our knowledge
obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we
conclude that there is a material misstatement of this other information, we are required to report this fact. We have
nothing to report in this regard.
Responsibilities of the Board of Directors for the annual accounts
The Board of Directors is responsible for the preparation and fair presentation of these annual accounts in
accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the
annual accounts, and for such internal control as the Board of Directors determines is necessary to enable the
preparation of annual accounts that are free from material misstatement, whether due to fraud or error.
The Board of Directors is responsible for presenting the annual accounts in compliance with the requirements set
out in the Delegated Regulation 2019/815 on European Single Electronic Format (“ESEF Regulation”).
In preparing the annual accounts, the Board of Directors is responsible for assessing the Company’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern
basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or
has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company’s financial reporting process.
Responsibilities of the “réviseur d'entreprises agréé” for the audit of
the annual accounts
The objectives of our audit are to obtain reasonable assurance about whether the annual accounts as a whole are
free from material misstatement, whether due to fraud or error, and to issue a report of “réviseur d’entreprises
agréé” that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with the EU Regulation N° 537/2014, the Law of 23 July 2016 and with ISAs as
adopted for Luxembourg by the CSSF will always detect a material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these annual accounts.
Our responsibility is to assess whether the annual accounts have been prepared in all material respects in
accordance with the requirements laid down in the ESEF Regulation.
As part of an audit in accordance with the EU Regulation N° 537/2014, the Law of 23 July 2016 and with ISAs as
adopted for Luxembourg by the CSSF, we exercise professional judgment and maintain professional skepticism
throughout the audit. We also:
—
Identify and assess the risks of material misstatement of the annual accounts, whether
due to fraud or error, design and perform audit procedures responsive to those risks,
and obtain audit evidence that is sufficient and appropriate to provide a basis for our
opinion. The risk of not detecting a material misstatement resulting from fraud is higher
than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.
—
Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Company’s internal control.
—
Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by the Board of Directors.
—
Conclude on the appropriateness of Board of Directors’ use of the going concern basis
of accounting and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on the
Company’s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our report of the “réviseur
d’entreprises agréé” to the related disclosures in the annual accounts or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the
audit evidence obtained up to the date of our report of the “réviseur d’entreprises
agréé”. However, future events or conditions may cause the Company to cease to
continue as a going concern.
—
Evaluate the overall presentation, structure and content of the annual accounts,
including the disclosures, and whether the annual accounts represent the underlying
transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and communicate to them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, action taken to eliminate threats or
safeguards applied.
From the matters communicated with those charged with governance, we determine those matters that were of
most significance in the audit of the annual accounts of the current period and are therefore the key audit matters.
We describe these matters in our report unless law or regulation precludes public disclosure about the matter.
Report on other legal and regulatory requirements
We have been appointed as “réviseur d’entreprises agréé” by the Annual Ordinary General Meeting of the Sole
Shareholder held on 13 April 2023 and the duration of our uninterrupted engagement, including previous renewals
and reappointments, is two years.
The management report is consistent with the annual accounts and has been prepared in accordance with applicable
legal requirements.
The Corporate Governance Statement is included in the management report. The information required by Article
68ter paragraph (1) letters c) and d) of the law of 19 December 2002 on the commercial and companies register and
on the accounting records and annual accounts of undertakings, as amended, is consistent with the annual accounts
and has been prepared in accordance with applicable legal requirements.
We confirm that the audit opinion is consistent with the additional report to the audit committee or equivalent.
We confirm that the prohibited non-audit services referred to in the EU Regulation N° 537/2014 were not provided
and that we remained independent of the Company in conducting the audit.
We have checked the compliance of the annual accounts of the Company as at 31 December 2024 with relevant
statutory requirements set out in the ESEF Regulation that are applicable to annual accounts.
For the Company it relates to the requirement that annual accounts are prepared in a valid xHTML format.
In our opinion, the annual accounts of the Company as at 31 December 2024, have been prepared, in all material
respects, in compliance with the requirements laid down in the ESEF Regulation.
Luxembourg, 4 April 2025
BDO Audit
Cabinet de révision agréé
represented by
Damien Appasamy
THIS DECLARATION is made on 21 March 2025,
BY:
• Lut Laget Tax, Audit & Accountancy Sarl represented by Lut Laget, Director
• Ahlmar SA, with Mr. Patrick Steenacker as permanent representative
• Mr. Maxime Van Eecke, Director
WHEREBY IT IS DECLARED as follows:
1 to the best of our knowledge, the financial statements have been prepared in accordance with applicable
accounting standards (Luxembourg GAAP) and give a true and fair view of the assets, liabilities, financial
position and profit or loss of Euronav Luxembourg S.A. and the group taken as a whole and that;
2 the management report includes a fair review of the development and performance of the business and the
position of Euronav Luxembourg S.A. and the group taken as a whole, together with a description of the
principal risks and uncertainties that they face.
_______________________                                                                        ______________________
Lut Laget Tax Advisor & Accountancy                                                        Maxime Van Eecke
(Represented by Mrs Laget who signed in person)                               
_______________________                                                                       
Ahlmar SA                                                                                                       
(Represented by Mr Patrick Steenacker
who signed in person)