Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Negative equity NBB
More debt than assets in 3 of the last 3 fiscal years.
-
Two loss years in a row NBB
Negative result in 2022 and 2023.
-
Tight liquidity NBB
Cash and receivables cover 35 % of short-term debt in 2023; threshold 65 %.
-
Legal situation KBO
Opening faillissement according to the CBE.
Financials
Financial year 2023
Air Belgium from Mont-Saint-Guibert, company number BE0648801623, closed financial year 2023 with a result of € -27.5 million after tax. For that financial year Air Belgium recorded revenue of € 134.4 million and equity of € -68.5 million. Compared with financial year 2022, the result moved from € -44.6 million to € -27.5 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 24, 2024.
€ -68.5 million
▼ € 27.5 million vs 2022
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -27.5 million
▲ 38 % less loss than in 2022
Profit after tax over the fiscal year.
€ 3.3 million
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -119.1 million.
People and assets in 2023
451.2
▲ 32.2 vs 2022
Average over the fiscal year, from the social balance sheet.
€ 36.3 million
▲ 16% vs 2022
€ 80,600 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.
€ 142,423
▲ 61% vs 2022
Book value of vehicles, furniture and equipment.
Debts at end 2023
€ 16.5 million
▲ 65% vs 2022
Loans from banks and other lenders, long and short.
€ 46.5 million
▼ 34% vs 2022
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 127 days on average.
€ 17.2 million
▲ 225% vs 2022
Taxes, VAT and social contributions still to pay.
| 2021 | 2022 | 2023 | Change 2022 → 2023 | |
|---|---|---|---|---|
| Revenue | € 131,539,197 | € 228,782,168 | € 134,407,749 | ▼ 41% |
| Profit after taxes | € -11,988,428 | € -44,605,756 | € -27,503,276 | ▲ € 17.1 million |
| Equity | € -15,776,411 | € -41,010,167 | € -68,513,442 | ▼ € 27.5 million |
| Total debts | € 83,972,971 | € 114,117,115 | € 109,203,949 | ▼ 4% |
| Cash | € 22,149,604 | € 3,337,953 | € 3,337,226 | |
| Land & buildings | € 44,609 | € 368,048 | € 750,353 | ▲ 104% |
| Retained profit | € -47,014,082 | € -91,619,837 | € -119,123,112 | ▼ € 27.5 million |
| Bank debt | € 14,118,195 | € 10,000,000 | € 16,478,821 | ▲ 65% |
| Balance sheet total | € 68,322,039 | € 73,668,577 | € 41,984,518 | ▼ 43% |
| Employees (FTE) | 345 | 419 | 451.2 | ▲ 32.2 |
Key figures of Air Belgium, fiscal years 2021 to 2023, from the annual accounts filed with the National Bank of Belgium.The annual account for fiscal year 2024 has not been filed yet; it was expected before 31 July 2025.
What happened to Air Belgium?
What happened at Air Belgium in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
Air Belgium is active according to the CBE. Legal situation: Opening faillissement.
- Li PIN stepped down as director. NBB
- Ming LUN stepped down as director. NBB
- Shuang YAN stepped down as director. NBB
- Yuan CHEN stepped down as director. NBB
- Sparaxis SA stepped down as director. NBB
- Jean-Marie Charles Léon Ghislain Focant stepped down as director. NBB
- Shuo WANG stepped down as director. NBB
- CATIVI SRL stepped down as director. NBB
In short
From € 12 million loss in 2021 to € 27.5 million loss in 2023.
Paid € 56,007 in corporate taxes since 2021.
Pays suppliers within 127 days on average.
Management
The stake of Wallonie Entreprendre, FEDERALE PARTICIPATIE- EN INVESTERINGSMAATSCHAPPIJ, 3T Management & Associates comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
Air BelgiumThe shares are held by Wallonie Entreprendre (34%), FEDERALE PARTICIPATIE- EN INVESTERINGSMAATSCHAPPIJ (12.2%) and 3T Management & Associates (3.2%). It owns 100% of Air Belgium Asia LTD Hong-Kong itself.
Directors
According to the 2023 annual accounts
Li PIN
Director
since 2023 · until 2029
Yuan CHEN
Director
since 2022 · until 2028
Ming LUN
Director
since 2022 · until 2028
Jianjizng GUO
Director
since 2022 · until 2023
Director · represented by Jean-Luc NONDONFAZ
Also active at: C.P. Bourg, A.M.B., Jean Goldschmidt International, Ateliers Pierre Cerfontaine, Floridienne, Fonderies J. Marichal Ketin et Cie, JUNGLING, MEBF +224 more
since 2022 · until 2028
Jean-Marie Charles Léon Ghislain Focant
Director
since 2022 · until 2028
Shuo WANG
Director
since 2022 · until 2028
Shuang YAN
Director
since 2022 · until 2028
Director · represented by Prete YVES CHRISTIAN EUGÈNE
Also active at: FLYEUROP, PROTECTION UNIT GROUP
since 2022 · until 2028
since 2022 · until 2028
Managing director · represented by Terzakis NIKY
since 2022 · until 2028
Director · represented by Burton STÉPHANE EL CECIL PAUL
Also active at: AANNEMINGSMAATSCHAPPIJ CFE, SOPARTEC, Société Anonyme Belge de Constructions Aéronautiques, Sabena Aerospace Technologies, Sabena Engineering Brussels, Sabena Aerospace Engineering, IMMO SECO, SECO GROUP +5 more
since 2022 · until 2028
Shareholders
Participations
Air Belgium Asia LTD Hong-Kong
100%
Establishments
Establishment units
Physical locations of this company
Rue Emile Francqui 2
1435 Mont-Saint-Guibert
Rue Emile Francqui 7
1435 Mont-Saint-Guibert
Active since 18 February 2016
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0648.801.623
- VAT number
- BE 0648.801.623
- Registered office
- Rue Emile Francqui 2, 1435 Mont-Saint-Guibert
- Names & denominations
- Air Belgium
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Opening faillissement
- Start date
- 18 February 2016
- Peppol
- Not registered
- Activities · NACE
Personenvervoer door de lucht
Handelsbemiddeling in de niet-gespecialiseerde groothandel
Diensten in verband met de luchtvaart