Air Belgium
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 02-07-2026 PDF
Staff
| Item | 31-12-2025 |
|---|---|
| Employees at the balance-sheet date | 107 |
| full-time | 99 |
| part-time | 8 |
| in full-time equivalents | 104.5 |
| Average over the year, in full-time equivalents | 114.1 |
| On a permanent contract | 107 |
| Joined | 133 |
| Left | 26 |
| Agency workers, average number | 0.3 |
Source: social balance sheet in the 2025 annual accounts
Investments
| Item | 2025 |
|---|---|
| Tangible fixed assets | €1.6m |
| Intangible fixed assets | €158,890 |
| Depreciation and write-downs of the year | €369,330 |
Source: notes to the 2025 annual accounts (statement of fixed assets)
Auditor
The auditor is Forvis Mazars Réviseurs d’Entreprises.
| Item | 2025 |
|---|---|
| Fee for the audit | €26,000 |
Source: notes to the 2025 annual accounts (relations with the auditor)
| Line | 2025 |
|---|---|
| Operating income70/76A | €111.2m |
| Turnover70 | €94.2m |
| Other operating income74 | €15.1m |
| Non-recurring operating income76A | €1.9m |
| Operating charges60/66A | €132.5m |
| Goods for resale, raw materials and consumables60 | €89.5m |
| Purchases600/8 | €89.5m |
| Services and other goods61 | €5.6m |
| Remuneration, social security and pensions62 | €10.0m |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.4m |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €1.3m |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | €8.0m |
| Other operating charges640/8 | €0.4m |
| Non-recurring operating charges66A | €17.2m |
| Operating profit (loss)9901 | -€21.3m |
| Financial income75/76B | €1.8m |
| Recurring financial income75 | €1.8m |
| Other financial income752/9 | €1.8m |
| Financial charges65/66B | €2.7m |
| Recurring financial charges65 | €2.7m |
| Debt charges650 | €0.2m |
| Other financial charges652/9 | €2.4m |
| Profit (loss) for the period before taxes9903 | -€22.2m |
| Profit (loss) for the period9904 | -€22.2m |
| Profit (loss) for the period to be appropriated9905 | -€22.2m |
| Line | 2025 | |
|---|---|---|
| Assets | ||
| Total assets20/58 | €33.9m | |
| Fixed assets21/28 | €5.4m | |
| Intangible fixed assets21 | €0.1m | |
| Tangible fixed assets22/27 | €0.9m | |
| Plant, machinery and equipment23 | €0.8m | |
| Furniture and vehicles24 | €0.05m | |
| Financial fixed assets28 | €4.4m | |
| Other financial fixed assets284/8 | €4.4m | |
| Amounts receivable and cash guarantees285/8 | €4.4m | |
| Current assets29/58 | €28.5m | |
| Stocks and contracts in progress3 | €0 | |
| Amounts receivable within one year40/41 | €23.9m | |
| Trade receivables40 | €23.7m | |
| Other amounts receivable41 | €0.1m | |
| Cash at bank and in hand54/58 | €1.3m | |
| Deferred charges and accrued income490/1 | €3.3m | |
| Equity and liabilities | ||
| Total equity and liabilities10/49 | €33.9m | |
| Equity10/15 | -€22.1m | |
| Contributions10/11 | €0.06m | |
| Capital10 | €0.06m | |
| Issued capital100 | €0.06m | |
| Profit (loss) carried forward14 | -€22.2m | |
| Provisions and deferred taxes16 | €8.0m | |
| Provisions for liabilities and charges160/5 | €8.0m | |
| Major repairs and maintenance162 | €3.1m | |
| Other liabilities and charges164/5 | €4.9m | |
| Amounts payable17/49 | €48.1m | |
| Amounts payable after more than one year17 | €1.9m | |
| Other amounts payable178/9 | €1.9m | |
| Amounts payable within one year42/48 | €33.3m | |
| Trade debts44 | €19.8m | |
| Suppliers440/4 | €19.8m | |
| Taxes, remuneration and social security45 | €5.0m | |
| Taxes450/3 | €1.5m | |
| Remuneration and social security454/9 | €3.5m | |
| Other amounts payable47/48 | €8.5m | |
| Accrued charges and deferred income492/3 | €12.9m | |
| Line | 2025 |
|---|---|
| Profit (loss) for the period9904 | -€22.2m |
| + Depreciation and write-downs630 | €0.4m |
| Operating cash flow (approximation) | -€21.8m |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 252 companies had the same profile as Air Belgium has now. Two years later, 85.3% were still going and 7.1% had gone bankrupt.
- Medium-sized
- negative equity
- a loss of 10% of the balance sheet or more
- without age
Another 0.8% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Air Belgium itself: 3.2% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 252 companies, not a prediction for Air Belgium. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Filings with the National Bank (1)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 02-07-2026 | 2026-00245385 |