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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Board fully replaced NBB
No director from three years ago is still active according to annual account 2025.
Financials
Financial year 2025
Air Products from Machelen (Brab.), company number BE0402052330, closed financial year 2025 with a result of € 27.2 million after tax. For that financial year Air Products recorded revenue of € 220.8 million and equity of € 631.3 million. Compared with financial year 2024, the result moved from € 27.3 million to € 27.2 million. The company is profitable. The buffer is growing. A strong own buffer against the debts. The most recent annual accounts were filed with the National Bank of Belgium on April 8, 2026.
€ 631.3 million
▲ 4% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 27.2 million
▼ 1% vs 2024
Profit after tax over the fiscal year.
€ 0
Cash and bank balances on the last day of the fiscal year.
Stays in the company
No dividend for 2025. Retained profit grew to € 321.3 million.
People and assets in 2025
258.3
▲ 1.3 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 39.7 million
▲ 6% vs 2024
€ 153,700 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.
€ 9.1 million
▲ 45% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 16.8 million
▲ € 16 million vs 2024
€ 188,640 is repaid this year. At this pace the long-term loan is gone in ≈ 55 years.
€ 29.5 million
▲ 8% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 60 days on average.
€ 16.4 million
▲ 15% vs 2024
Taxes, VAT and social contributions still to pay.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 194,278,392 | € 257,687,291 | € 226,003,617 | € 220,803,415 | ▼ 2% |
| Profit after taxes | € -3,994,552 | € 16,377,708 | € 27,321,418 | € 27,150,325 | ▼ 1% |
| Equity | € 560,461,846 | € 576,839,554 | € 604,160,972 | € 631,311,297 | ▲ 4% |
| Total debts | € 56,496,496 | € 63,800,796 | € 53,401,586 | € 73,125,782 | ▲ 37% |
| Land & buildings | € 5,142,198 | € 5,537,955 | € 5,604,106 | € 5,601,536 | |
| Retained profit | € 250,411,846 | € 266,789,554 | € 294,110,972 | € 321,261,297 | ▲ 9% |
| Bank debt | € 947,910 | € 900,467 | € 808,214 | € 16,809,131 | ▲ € 16 million |
| Balance sheet total | € 617,630,608 | € 640,640,350 | € 657,562,559 | € 704,437,079 | ▲ 7% |
| Employees (FTE) | 258.9 | 259.3 | 257 | 258.3 | ▲ 1.3 |
Key figures of Air Products, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 30 April 2027.
What happened to Air Products?
What happened at Air Products in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Erik De Vos stepped down as director. NBB
- Sonia Araujo stepped down as director. NBB
- New annual accounts for financial year 2025: profit of € 27.2 million (▼ 1% vs 2024). Source: NBB ↗
- New establishment in Turnhout. KBO
- Miquel Lope became a director. NBB
- Jan De Ridder became a director. NBB
- New establishment in Heusden-Zolder. KBO
- New establishment in Saint-Ghislain. KBO
In short
From € 4 million loss in 2022 to € 27.2 million profit in 2025.
Paid € 27.4 million in corporate taxes since 2022.
Best year ever: 2024, with € 27.3 million profit.
Pays suppliers within 60 days on average.
Management
Behind Air Products are Miquel Lope and Jan De Ridder . The shares are held by Air Products Iberica (100%) and Air Products International, LLC (0%). It owns 100% of PQ Amonia LLC, 100% of Ijsfabriek Stroombeek, 59.1% of Air Products Management and 50% of Napro itself.
Directors
According to the 2025 annual accounts
Miquel Lope
Managing director
since 2024
Jan De Ridder
Director
since 2024
since 2019 · until 2031
since 2019 · until 2031
Shareholders
Air Products Iberica
100%
Air Products International, LLC
0%
Participations
Establishments
Establishment units
Physical locations of this company
Leonardo da Vincilaan 19C box 4
1831 Machelen (Brab.)
Leonardo da Vincilaan 19
1831 Machelen (Brab.)
Active since 1 October 1976
Willemsstraat (Jan Frans) 100
1800 Vilvoorde
Active since 1 October 1976
Houtemsesteenweg 20
1800 Vilvoorde
Active since 23 December 1985
Arbedkaai ZN
9042 Gent
Active since 1 April 1967
Rue de la Spinette, Boig. 37
5140 Sombreffe
Active since 1 October 1976
Dellestraat 55
3550 Heusden-Zolder
Active since 25 July 2019
Rue de la Carbo(T) 10
7333 Saint-Ghislain
Active since 25 July 2019
Veedijk 35
2300 Turnhout
Active since 7 July 2025
Broekstraat 70
1860 Meise
Active since 1 September 1952
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 5 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.
Website
Technologies
Hosting & Email
Email provider
Microsoft 365
Hosting
AMAZON-02 - Amazon.com, Inc., US
Domain
Domain
airproducts.com
Registered
1995-07-06
Registrar
CSC Corporate Domains, Inc.
Expires
2026-07-05
Website info
Features
Security
Details
- Company number
- 0402.052.330
- VAT number
- BE 0402.052.330
- Registered office
- Leonardo da Vincilaan 19C bus 4, 1831 Machelen (Brab.)
- Names & denominations
- Air Products
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 18 December 1964
- Peppol
- Active · Active since 25 Mar 2026
- Contact
- airproducts.com
- Activities · NACE
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