Equity
-€156.9m
Debts exceed assets in financial year 2025.
BRUSSELS AIRLINES
Lifetime
18 annual accounts with figures on one time axis, 49 filings since 1977peak €1.70bn (2025)
€1.70bn▲ 6.7%
lowest -€386.1m (2020)
-€18.9m▼ €51.5m
peak €99.6m (2007)
-€156.9m▼ €18.9m
€607.2m▲ 11.7%
peak 3,192.9 FTE (2019)
2,831.9 FTE▲ 5.4%
Board37 names since 2005all names
3 directorsNina Oewerdieck and 2 others
Owners4 names in the annual accounts
100%SN AIRHOLDING and 1 other
Documentsfilings and deeds
17-07-202614 days before the deadline
2025financial year
Loss of €18.9mResignations & appointments 04-07Resignation: Tilman Reinshagen (director) 04-07Board composition: Dorothea von Boxberg (director) 11-03Equity from -€138.0m to -€156.9mInvestments €38.1m
Key points
from the 2025 annual accountsResult
-€18.9m -€18.9m
From profit to loss in 2025, after a profit of €32.7m in 2024.
Debts
€607.2m 101% of the balance sheet
Suppliers 31%Taxes and wages 7%Other 61%
Of this, €528.1m falls due within a year.
Investments
€60.1m 3.6 × depreciation
Green is investment, beige is depreciation.
Filings
49 annual accounts 50 filings since 1977
Two of the last ten came late. The 2024 accounts came latest: 193 days after the end of the period.
Position in the sector
-€18.9m
Lower net result than 95% of companies in air transport. Sector median €5,963 · 221 companies.
Checked score
53
Fair
Financially stronger than 23% of all companies
Probability in this band: 1.5% to 4.2%
Bankruptcy probability within 12 months
1.7% Moderate
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 1.7% across 3 companies (NACE 51, large).
About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.5%
01-2025: 0.5%● unchanged vs 12-2024
02-2025: 0.5%● unchanged vs 01-2025
03-2025: 0.5%● unchanged vs 02-2025
04-2025: 0.5%● unchanged vs 03-2025lowest value
05-2025: 0.5%● unchanged vs 04-2025
06-2025: 0.5%● unchanged vs 05-2025
07-2025: 0.8%▲ +0.3 percentage points vs 06-2025
08-2025: 0.8%● unchanged vs 07-2025
09-2025: 0.8%● unchanged vs 08-2025
10-2025: 0.8%● unchanged vs 09-2025
11-2025: 0.8%● unchanged vs 10-2025
12-2025: 0.8%● unchanged vs 11-2025
01-2026: 0.8%● unchanged vs 12-2025
02-2026: 0.8%● unchanged vs 01-2026
03-2026: 0.8%● unchanged vs 02-2026
04-2026: 0.8%● unchanged vs 03-2026
05-2026: 0.8%● unchanged vs 04-2026
06-2026: 0.8%● unchanged vs 05-2026
07-2026: 0.9%▲ +0.1 percentage points vs 06-2026
08-2026: 1.4%▲ +0.5 percentage points vs 07-2026
09-2026: 1.4%● unchanged vs 08-2026
10-2026: 1.7%▲ +0.3 percentage points vs 09-2026highest value
11-2026: 1.7%● unchanged vs 10-2026highest value
Financial strengthWeak
Score breakdown
raises risk
Negative equity -€156.9m
Liquidity: current ratio 0.91, cash €39.8m
lowers risk
Size: turnover €1.70bn, 2,831.9 FTE, total assets €598.4m
Figures for financial year 2025 (filed on 17-07-2026)
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (all companies). It does better than 3% of them on solvency, 8% on liquidity, 37% on profitability and 43% on growth.
The bankruptcy probability was computed on 07-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the moderate class on 30-06-2025, 2.4% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 4,192 companies had the same profile as BRUSSELS AIRLINES has now. Each dot stands for 11 companies, two years later.
91.2%
were still trading
5.3%
stopped another way
2.1%
went bankrupt
Another 1.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BRUSSELS AIRLINES itself: 1.7% within 12 months.
Test of the method
The method was tested on the 497,447 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 4,192 companies, not a prediction for BRUSSELS AIRLINES. 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.
Credit verdict
No credit on open account
Liquidity is insufficient, with a current ratio of 0.91 (0.79 in 2024), below 1. Short-term debt is 88.3% and cash 6.7% of total assets. Equity is negative.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises riskneutral
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year -€156.9m
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 17-07-2026, 14 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
14 days early
2024
193 days late
2023
40 days early
2022
26 days early
2021
47 days early
2020
51 days early
2019
76 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 13 days after the deadline. In the sector (NACE 51), the median for financial year 2024 was 10 days before the deadline, and 35% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 5 July (4 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
08-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- SN AIRHOLDING 100%score 90equity €689.3m (2025) · annual accounts 2025
- Deutsche Lufthansa AG consolidatesannual accounts 2025
Shares in 1 company, ENTEBBE HANDLING SERVICES LTD
Board & ownershipRecent changes
Registered office moved from Brussels to Machelen
New registered office: Kompaslaan 26, 1831 Machelen · Previous registered office: Elsene (1050 Brussel), Jaargetijdenlaan 100 - 102, bus 30 · General meeting of 31-08-2026 · Gazette deed
Resignations & appointments
Director in office: Dorothea von Boxberg · Director in office: Nina Öwerdieck · Director in office: Filip Aerts · Board meeting of 25-08-2026 · Gazette deed
Resignation: Dorothea von Boxberg (director)
Gazette deed
Reappointment: EY Bedrijfsrevisoren BV (statutory auditor)
General meeting of 10-06-2026 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| BRUSSELS AIRLINES Machelen (Brab.) | €1,696.5m | 0.0% | -26.2% | 2,831.9 |
| TUI AIRLINES BELGIUM Zaventem | €732.1m | -10.2% | -70.6% | 1,073 |
| NOORDZEE HELIKOPTERS VLAANDEREN Ostend | €27.7m | 20.1% | 19.8% | 129.2 |
| Federal Express Corporation Wilmington | €572.8m | 0.4% | 44.8% | 23.6 |
Grey: the largest companies of the sector (air transport (NACE 51)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as BRUSSELS AIRLINES: passenger air transport (NACE 51100). They are comparable in size and age: total assets between €61m and €482m, founded between 1989 and 2003.
Official details
Source: KBO- Status
- Active since 16-05-1966Normal situation
- Activity
- Passenger air transportNACE 51100
- Joint committee
- 315.02Commercial aviation · annual accounts 2023
- Establishment units
- 2.000.982.3161930 Zaventem, since 21-08-1998
- 2.161.228.9871831 Machelen (Brab.), since 20-02-2007and 2 others
- Financial year end
- 31 December
- Peppol
- Reachable since 20-11-2020
Annual accounts 2025
- €598.4m▲ 24.2%
- Employeeson 31-12-2025
- 3,101▼ 2.1%
- Filing
- Filed on 17-07-2026, 14 days before the end of the filing period
Insights on BRUSSELS AIRLINES
BRUSSELS AIRLINES has existed since 1966. Turnover fell from €1.56bn in 2019 to €462.4m in 2020.
Turnover has grown every year since 2020.
SN AIRHOLDING holds all the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about BRUSSELS AIRLINES
- What is the company number of BRUSSELS AIRLINES?
- The company number of BRUSSELS AIRLINES is 0400.853.488. The VAT number is the same number with BE in front: BE 0400.853.488.
- Where is BRUSSELS AIRLINES based?
- The registered office is at Kompaslaan 26, 1831 Machelen (Brab.).Company details
- What does BRUSSELS AIRLINES do?
- According to the KBO register, the main activity is passenger air transport (NACE 51100).
- What is the legal form of BRUSSELS AIRLINES?
- BRUSSELS AIRLINES is a public limited company (NV).
- When was BRUSSELS AIRLINES founded?
- BRUSSELS AIRLINES was founded on 16-05-1966.
- Is BRUSSELS AIRLINES still active?
- Yes, BRUSSELS AIRLINES is an active enterprise in the KBO register.
- How many employees does BRUSSELS AIRLINES have?
- BRUSSELS AIRLINES had an average of 2,831.9 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does BRUSSELS AIRLINES fall under?
- In its 2023 annual accounts, BRUSSELS AIRLINES states joint committee 315.02 (Commercial aviation).
- What is the turnover of BRUSSELS AIRLINES?
- The turnover of BRUSSELS AIRLINES was €1.70bn in financial year 2025, according to the filed annual accounts.
- Is BRUSSELS AIRLINES profitable?
- In financial year 2025, BRUSSELS AIRLINES made a loss of €18.9m.
- Where can I find the annual accounts of BRUSSELS AIRLINES?
- BRUSSELS AIRLINES filed 50 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of BRUSSELS AIRLINES due?
- BRUSSELS AIRLINES must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
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