Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Shrinking team NBB
FTE fell two years in a row, from 535 to 409.4.
Financials
Financial year 2025
ASL Airlines Belgium from Grâce-Hollogne, company number BE0466467258, closed financial year 2025 with a result of € 4.3 million after tax. For that financial year ASL Airlines Belgium recorded revenue of € 665.5 million and equity of € 43 million. Compared with financial year 2024, the result moved from € 7.3 million to € 4.3 million. The company is profitable. The buffer is growing. Debts are under control. The most recent annual accounts were filed with the National Bank of Belgium on May 20, 2026.
€ 43 million
▲ 11% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 4.3 million
▼ 41% vs 2024
Profit after tax over the fiscal year.
€ 16.7 million
▼ 44% vs 2024
Cash and bank balances on the last day of the fiscal year.
Stays in the company
No dividend for 2025. Retained profit grew to € 32.7 million.
People and assets in 2025
409.4
▼ 68.5 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 81 million
▼ 11% vs 2024
€ 197,900 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.
€ 9.9 million
▲ 52% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 6.5 million
▼ 76% vs 2024
Loans from banks and other lenders, long and short.
€ 74.7 million
▼ 29% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 47 days on average.
€ 21.4 million
▼ 32% vs 2024
Taxes, VAT and social contributions still to pay.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 802,380,878 | € 660,784,684 | € 681,833,289 | € 665,534,124 | ▼ 2% |
| Profit after taxes | € 7,537,539 | € 3,863,390 | € 7,259,444 | € 4,296,539 | ▼ 41% |
| Equity | € 28,414,953 | € 31,738,357 | € 38,804,948 | € 42,988,137 | ▲ 11% |
| Total debts | € 349,093,347 | € 196,449,537 | € 163,999,832 | € 102,893,877 | ▼ 37% |
| Cash | € 41,504,361 | € 42,021,144 | € 30,067,373 | € 16,706,895 | ▼ 44% |
| Land & buildings | € 3,469,026 | € 2,938,982 | € 2,860,919 | € 2,398,479 | ▼ 16% |
| Retained profit | € 17,242,171 | € 21,102,561 | € 28,362,004 | € 32,658,544 | ▲ 15% |
| Bank debt | € 192,972,841 | € 32,166,685 | € 27,198,273 | € 6,457,163 | ▼ 76% |
| Balance sheet total | € 413,123,548 | € 253,398,270 | € 231,186,234 | € 176,411,330 | ▼ 24% |
| Employees (FTE) | 491.8 | 535 | 477.9 | 409.4 | ▼ 68.5 |
Key figures of ASL Airlines Belgium, 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 ASL Airlines Belgium?
What happened at ASL Airlines Belgium in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Marc Bollinne stepped down as director. NBB
- Mary Townsend stepped down as director. NBB
- Colin Grant stepped down as director. NBB
- Mark O'Kelly stepped down as director. NBB
- New annual accounts for financial year 2025: profit of € 4.3 million (▼ 41% vs 2024). Source: NBB ↗
- David Andrew stepped down as director. NBB
- Mary Townsend became a director. NBB
- David Andrew became a director. NBB
In short
From € 7.5 million profit in 2022 to € 4.3 million profit in 2025.
Paid € 11.1 million in corporate taxes since 2022.
Best year ever: 2022, with € 7.5 million profit.
Pays suppliers within 47 days on average.
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De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Management
It owns 100% of ASL Gallia itself.
Directors
According to the 2025 annual accounts
since 2013 · until 2028
Mary Townsend
Director
since 2022 · until 2028
Colin Grant
Director
since 2016 · until 2028
David Andrew
Director
since 2020 · until 2026
Mark O'Kelly
Director
since 2016 · until 2028
Establishments
Establishment units
Physical locations of this company
Rue de l'Aéroport 101
4460 Grâce-Hollogne
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 2 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
- 0466.467.258
- VAT number
- BE 0466.467.258
- Registered office
- Rue de l'Aéroport 101, 4460 Grâce-Hollogne
- Names & denominations
- ASL Airlines Belgium
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 7 July 1999
- Peppol
- Active · Active since 1 Dec 2025
- Activities · NACE
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