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.
Financials
Financial year 2024
Challenge Airlines (BE) S.A from Grâce-Hollogne, company number BE0669921491, closed financial year 2024 with a result of € -6.9 million after tax. For that financial year Challenge Airlines (BE) S.A recorded revenue of € 70.1 million and equity of € -14.3 million. Compared with financial year 2023, the result moved from € 21,871 to € -6.9 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 3, 2025.
€ -14.3 million
▼ € 6.9 million vs 2023
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -6.9 million
▼ still € 21,871 profit in 2023
Profit after tax over the fiscal year.
€ 3 million
▼ 9% vs 2023
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -14.4 million.
People and assets in 2024
93.5
▲ 4.6 vs 2023
Average over the fiscal year, from the social balance sheet.
€ 14.8 million
▲ 15% vs 2023
€ 158,600 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.
€ 94,994
▲ 2% vs 2023
Book value of vehicles, furniture and equipment.
Debts at end 2024
€ 7.9 million
▲ 2% vs 2023
Loans from banks and other lenders, long and short.
€ 50.8 million
▲ 36% vs 2023
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 111 days on average.
€ 1.5 million
▲ 12% vs 2023
Taxes, VAT and social contributions still to pay.
| 2021 | 2022 | 2023 | 2024 | Change 2023 → 2024 | |
|---|---|---|---|---|---|
| Revenue | € 42,334,434 | € 52,806,274 | € 69,906,022 | € 70,081,723 | |
| Profit after taxes | € -969,793 | € -258,729 | € 21,871 | € -6,899,752 | ▼ € 6.9 million |
| Equity | € -7,181,472 | € -7,440,201 | € -7,418,330 | € -14,318,082 | ▼ € 6.9 million |
| Total debts | € 24,021,876 | € 34,138,279 | € 46,877,268 | € 60,995,838 | ▲ 30% |
| Cash | € 4,455,076 | € 1,733,698 | € 3,299,247 | € 3,011,135 | ▼ 9% |
| Retained profit | € -7,245,472 | € -7,504,201 | € -7,482,330 | € -14,382,082 | ▼ € 6.9 million |
| Bank debt | € 7,661,402 | € 7,661,402 | € 7,795,652 | € 7,920,875 | ▲ 2% |
| Balance sheet total | € 16,840,405 | € 26,698,079 | € 71,871,892 | € 78,446,703 | ▲ 9% |
| Employees (FTE) | 55.3 | 70.2 | 88.9 | 93.5 | ▲ 4.6 |
Key figures of Challenge Airlines (BE) S.A, fiscal years 2021 to 2024, from the annual accounts filed with the National Bank of Belgium.The annual account for fiscal year 2025 has not been filed yet; it was expected before 31 July 2026.
What happened to Challenge Airlines (BE) S.A?
What happened at Challenge Airlines (BE) S.A in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Francine Wouters stepped down as director. NBB
- Didier Henet stepped down as director. NBB
- Correct III SRL stepped down as director. NBB
- Yossi Shoukroun stepped down as director. NBB
- New annual accounts for financial year 2024: loss of € 6.9 million (▼ € 6.9 million vs 2023). Source: NBB ↗
- Correct III SRL became a director. NBB
- Francine Wouters became a director. NBB
- Didier Henet became a director. NBB
In short
From € 969,793 loss in 2021 to € 6.9 million loss in 2024.
Paid € 75,391 in corporate taxes since 2021.
Best year ever: 2023, with € 21,871 profit.
Pays suppliers within 111 days on average.
Management
Directors
According to the 2024 annual accounts
Francine Wouters
Director
since 2023 · until 2029
Yossi Shoukroun
Director
since 2021 · until 2027
Didier Henet
Director
since 2023 · until 2029
Managing director · represented by Eshel Heffetz
since 2024 · until 2029
Establishments
Establishment units
Physical locations of this company
Rue du Fort 3
4460 Grâce-Hollogne
Rue de l'Aéroport Building 84
4460 Grâce-Hollogne
Active since 24 January 2017
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.
Details
- Company number
- 0669.921.491
- VAT number
- BE 0669.921.491
- Registered office
- Rue du Fort 3, 4460 Grâce-Hollogne
- Names & denominations
- Challenge Airlines (BE) S.A · ACE - Cargo
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 24 January 2017
- Peppol
- Active · Active since 13 Jan 2026
- Activities · NACE
Logistieke diensten
Handelsbemiddeling in de groothandel in machines, apparaten en werktuigen voor de industrie en in schepen en luchtvaartuigen
Overige vervoerondersteunende activiteiten
Ruimtevaart
Reparatie en onderhoud van civiele lucht- en ruimtevaartuigen
Vlieg- en vaaronderricht
Verhuur en lease van luchtvaartuigen
Goederenvervoer door de lucht