Financials
- Fiscal year
- 2024
- Total assets
- €237,757
- Loss
- -€113,502
- Solvency
- -28.8%
Total assets▼ 71.5%
Net result
20182024
FIRST AIRLINES
ActiveSummary
The computed 12-month bankruptcy probability of FIRST AIRLINES is 6.9% (elevated). The 2024 annual accounts show negative equity (-€68,439) and a net result of -€113,502. Equity is shrinking by ~31.6% per year across the filed fiscal years. The company has been active since 1999 and the Belgian State Gazette contains no insolvency or warning signals.
Overview
What they do
Activity not known1 site
How big
€237,757total assets 2024
- Equity
- -€68,439
- Loss
- -€113,502
Turnover not published (abridged schema)
Who decides
Accounts 63 d overdue0 of 7 deeds read
Why 32- 1 change of registered office in 24 months- Loss of €113,502, the second in a row (FY 2024)- Figures for FY 2024 (filed 02-09-2025)+ Size: total assets €237,757Show the evidence
Checked score
Score 2024
32
/ 100
Weak
Probability in this band: 4.2% to 15.0%
Better than 4% of its sector peers (no NACE code, micro)
Performance against the sector, not lower risk
Financial strength · tick = 2023
Weak
Solvency
0-30
equity -28.8% of total assets
Liquidity
3-24
short-term debt 128.8% · cash 2.7%
Profitability
0-11
return on assets -47.7%
Bankruptcy probability, 12 months
6.9%
Elevated
0%0.5%1.5%4%10%≥ 25%
About 7 in 100 comparable companies go bankrupt within 12 months (an estimate).
- Size: total assets €237,757 lowers the probability for this profile
- 1 change of registered office in 24 months raises the probability
- Loss of €113,502, the second in a row (FY 2024) raises the probability
- Figures for FY 2024 (filed 02-09-2025) raises the probability
No credit on open account
Liquidity short (current ratio 0.3 against 0.92 in 2023; short-term debt: 128.8% and cash: 2.7% of total assets), and equity is negative.
How it is calculated
The band comes from the bankruptcy probability on a scale of 0 to 100: every 10 points more double the odds of getting through the year without bankruptcy.
| 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% |
Place inside the band: half the bankruptcy probability, half how the company does against its sector peers (no NACE code, micro). Better than this share of them on solvency 5%, liquidity 6%, profitability 4%, growth against the median 1%. That is performance, not lower risk; the band itself always comes from the probability.
Bankruptcy probability: model pd-v3.202610021621, computed on 02-10-2026. The model learns from Belgian bankruptcies and reads the registers, the annual accounts and the gazette.
Ceilings: negative or zero equity, a heavy loss, a special KBO legal situation and a missing filing 59 (two missing 44), an ongoing judicial reorganisation or an ending 24. Financial strength does not count in the score.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Negative equity
The 2024 annual accounts show negative equity and a net loss.
NBB · annual accounts 2024Equity per financial year
182021222324
2018 to 2024 · latest year -€68,439
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 25-08-2025, 25 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
25 d late
2023
390 d late
2022
31 d late
2021
46 d early
2020
61 d late
2018
30 d late
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 6 accounts on average 82 days after the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Checked, nothing found (1)
- Annual accounts filedfiscal year 2024 · micro…
- Annual accounts filedfiscal year 2023 · micro…
- Weakest financial yearnet -€113,502
Key points
By topic
Timeline
- Events
- 12
- Since
- 2013
- 25-08-2025Annual accounts filed
- 25-08-2025Annual accounts filed
- 31-12-2024Weakest financial year
Company details
- Sites
- 1
- Legal form
- Public limited company
- Founded
- 05-07-1999
- Year ends
- 31-12
- Peppol
- Not found in the Peppol directory
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