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Air Belgium

Active
Public limited companyfounded 2025active for 1 yearRue André Dumont 12, 1435 Mont-Saint-Guibert, BelgiumKBO/BCE: BE 1021.263.708

Financials · financial year 2025, full format

Annual accounts 2025 filed on 02-07-2026 PDF

Turnover
€94.2m
EBIT margin
-22.7%
Net result
-€22.2m
Working capital
-€4.8m
Balance-sheet composition
Assets €33.9m
Fixed assets €5.4m
Current assets €28.5m
Equity and liabilities
Equity-€22.1m
Debt€48.1m
Equity is negative. Debt (€48.1m) exceeds the balance-sheet total (€33.9m).
Key figures and ratios
2025 value
EBITDA
-€21.0m
Cash flow
-€21.8m
Solvency
-65.2%
Current ratio
0.86
ROA
-65.4%
Interest coverage
-89.79
Debt
€48.1m
Debt ≤ 1 year
€33.3m
Debt > 1 year
€1.9m
Customer credit
92 days
Supplier credit
81 days
Staff costs
€10.0m
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.

Staff

social balance sheet
Item31-12-2025
Employees at the balance-sheet date107
full-time99
part-time8
in full-time equivalents104.5
Average over the year, in full-time equivalents114.1
On a permanent contract107
Joined133
Left26
Agency workers, average number0.3

Source: social balance sheet in the 2025 annual accounts

Investments

fixed assets acquired
Item2025
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

fees

The auditor is Forvis Mazars Réviseurs d’Entreprises.

Item2025
Fee for the audit€26,000

Source: notes to the 2025 annual accounts (relations with the auditor)

Annual accounts
Filed annual accounts As filed with the NBB · 2025 · 64 lines
Balance sheet Code2025
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
Income statement Code2025
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
Appropriation of the result
Profit (loss) to be appropriated9906-€22.2m
Social balance sheet
Average headcount (FTE)9087114.1

The notes to these accounts have 64 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).

Source: Annual accounts 2025 (PDF), filed on 02-07-2026.

Line2025
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
Line2025
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
Line2025
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.

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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
85.3% was still going
6.7% stopped otherwise
7.1% went bankrupt

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.

The companies in ten equal groups, from the lowest to the highest expected share
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 PDF

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