Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
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Negative equity NBB
More debt than assets in 4 of the last 4 fiscal years.
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Tight liquidity NBB
Cash and receivables cover 48 % of short-term debt in 2025; threshold 65 %.
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Figures corrected NBB
Corrected annual account filed for 2024.
Financials
Financial year 2025
BRUSSELS AIRLINES from Machelen (Brab.), company number BE0400853488, closed financial year 2025 with a result of € -18.9 million after tax. For that financial year BRUSSELS AIRLINES recorded revenue of € 1.7 billion and equity of € -156.9 million. Compared with financial year 2024, the result moved from € 32.7 million to € -18.9 million. The company made a loss. More debts than assets. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on July 17, 2026.
€ -156.9 million
▼ € 18.9 million vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -18.9 million
▼ still € 32.7 million profit in 2024
Profit after tax over the fiscal year.
€ 39.8 million
▼ 16% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -423.5 million.
People and assets in 2025
2,831.9
▲ 145.9 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 272.5 million
▲ 5% vs 2024
€ 96,200 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 30.6 million
▲ 32% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
None
No bank loans on the last day of the fiscal year.
€ 188.7 million
▲ 19% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 47 days on average.
€ 45.5 million
▼ 6% vs 2024
Taxes, VAT and social contributions still to pay.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 1,227,470,911 | € 1,580,311,716 | € 1,590,471,903 | € 1,696,538,700 | ▲ 7% |
| Profit after taxes | € -80,755,760 | € 32,648,765 | € 32,661,349 | € -18,881,691 | ▼ € 51.5 million |
| Equity | € -173,335,131 | € -170,686,366 | € -138,025,017 | € -156,906,707 | ▼ € 18.9 million |
| Total debts | € 515,942,807 | € 511,170,187 | € 543,792,912 | € 607,179,160 | ▲ 12% |
| Cash | € 102,246,084 | € 43,799,686 | € 47,605,089 | € 39,834,592 | ▼ 16% |
| Land & buildings | € 196,202 | € 182,199 | € 7,626 | € 7,293 | ▼ 4% |
| Retained profit | € -769,933,035 | € -437,284,270 | € -404,622,921 | € -423,504,612 | ▼ € 18.9 million |
| Balance sheet total | € 428,523,004 | € 429,231,952 | € 481,685,213 | € 598,412,601 | ▲ 24% |
| Employees (FTE) | 2,430.4 | 2,539.3 | 2,686 | 2,831.9 | ▲ 145.9 |
Key figures of BRUSSELS AIRLINES, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to BRUSSELS AIRLINES?
What happened at BRUSSELS AIRLINES in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Dorothea VON BOXBERG stepped down as director. NBB
- Filip AERTS stepped down as director. NBB
- Nina OEWERDIECK stepped down as director. NBB
- New annual accounts for financial year 2025: loss of € 18.9 million (▼ € 51.5 million vs 2024). Source: NBB ↗
- Filip AERTS became a director. NBB
- Tilman REINSHAGEN stepped down as director. NBB
- Nina OEWERDIECK became a director. NBB
- Dorothea VON BOXBERG became a director. NBB
In short
From € 80.8 million loss in 2022 to € 18.9 million loss in 2025.
Paid € 8.9 million in corporate taxes since 2022.
Best year ever: 2024, with € 32.7 million profit.
Pays suppliers within 47 days on average.
Management
The shares are held by SN AIRHOLDING NV (100%). It owns 5.1% of ENTEBBE HANDLING SERVICES LTD itself.
Directors
According to the 2025 annual accounts
Nina OEWERDIECK
Director
since 2023 · until 2028
Dorothea VON BOXBERG
Chairman of the board
since 2023 · until 2031
Filip AERTS
Administrator-manager
since 2025 · until 2028
Tilman REINSHAGEN
Director
since 2022 · until 2025
Shareholders
100%
Participations
ENTEBBE HANDLING SERVICES LTD
5.1%
Establishments
Establishment units
Physical locations of this company
Kompaslaan 26
1831 Machelen (Brab.)
Luchthaven Brussel Nationaal 32
1930 Zaventem
Active since 21 August 1998
Luchthaven Brussel Nationaal ZN
1930 Zaventem
Active since 20 February 2007
Luchthaven Brussel Nationaal 41
1930 Zaventem
Active since 1 January 2011
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 1 companies are registered at this address.
All companies at this address →What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0400.853.488
- VAT number
- BE 0400.853.488
- Registered office
- Kompaslaan 26, 1831 Machelen (Brab.)
- Names & denominations
- BRUSSELS AIRLINES
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 16 May 1966
- Peppol
- Active · Active since 20 Nov 2020
- Activities · NACE
Personenvervoer door de lucht
Luchtvaart volgens dienstregeling