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Employee benefits
 12 Months Ended
Dec. 31, 2019
Employee Benefits [Abstract]  
Employee benefits
Employee benefits
The amounts recognized in the balance sheet are as follows:
(in thousands of USD)
 
December 31, 2019
 
December 31, 2018
 
December 31, 2017
NET LIABILITY AT BEGINNING OF PERIOD
 
(4,336
)
 
(3,984
)
 
(2,846
)
Recognized in profit or loss
 
(2,589
)
 
(616
)
 
(827
)
Recognized in other comprehensive income
 
(1,223
)
 
120

 
64

Foreign currency translation differences
 
54

 
144

 
(375
)
NET LIABILITY AT END OF PERIOD
 
(8,094
)
 
(4,336
)
 
(3,984
)
 
 
 
 
 
 
 
Present value of funded obligation
 
(4,298
)
 
(3,538
)
 
(3,537
)
Fair value of plan assets
 
3,241

 
2,970

 
2,760

 
 
(1,057
)
 
(568
)
 
(777
)
Present value of unfunded obligations
 
(7,037
)
 
(3,768
)
 
(3,207
)
NET LIABILITY
 
(8,094
)
 
(4,336
)
 
(3,984
)
 
 
 
 
 
 
 
Amounts in the balance sheet:
 
 
 
 
 
 
Liabilities
 
(8,094
)
 
(4,336
)
 
(3,984
)
Assets
 
—

 
—

 
—

NET LIABILITY
 
(8,094
)
 
(4,336
)
 
(3,984
)

Liability for defined benefit obligations
The Group makes contributions to three defined benefit plans that provide pension benefits for employees upon retirement.
One plan - the Belgian plan - is fully insured through an insurance company. The second and third - French and Greek plans - are uninsured and unfunded. The unfunded obligations include provisions in respect of LTIP 2016, LTIP 2017, LTIP 2018 and TBIP 2019 (see Note 14).
The Group expects to contribute the following amount to its defined benefit pension plans in 2020: $49,596.
The valuation used for the defined contribution plans is the Projected Unit Credit Cost as prescribed by IAS 19 R.

The Group expects to contribute the following amount to its defined contribution pension plans in 2020: $355,511.