20. Contract liabilities
Contract liabilities relate to recognition of our revenue from contracts with customers. The payment schedule for certain contracts is not synchronous with the way in which we are required to allocate revenues to the financial years. This happens in the case of, for instance, contracts in which customers have made a financial contribution to an investment in specific transport capacity. We attribute these contributions to the contract with the customer, which we assume has a term equal to the useful life of the asset to which the customer contribution relates. We have included a contract liability for such customer contributions, taking account of the financing element in these contracts.
Movements in contract liabilities were as follows:
| In millions of euros | 2024 | 2023 |
|---|---|---|
| Balance as at 1 January | 91.8 | 70.8 |
| Recorded as net revenue | -6.0 | -3.7 |
| Accrued interest | 3.5 | 2.6 |
| New contract liabilities | 1.1 | 44.1 |
| Disposal of EemsEnergyTerminal | - | -22.0 |
| Total | 90.4 | 91.8 |
| Included under current liabilities | -5.3 | -4.9 |
| Balance as at 31 December | 85.1 | 86.9 |
In 2024, there were no significant movements in contract liabilities. We provide more details on the disposal of a part of our shares in EemsEnergyTerminal in note 1 ‘Significant matters and events’.
The remaining term of the contract liabilities is as follows:
| In millions of euros | 31 Dec. 2024 | 31 Dec. 2023 |
|---|---|---|
| Maturity < 1 year | 5.3 | 4.9 |
| Maturity ≥ 1 year and ≤ 5 years | 22.9 | 16.3 |
| Maturity > 5 years | 62.2 | 70.6 |
| Total contract liabilities | 90.4 | 91.8 |
We have presented the current part of the contract liabilities separately under current liabilities.