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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Tight liquidity NBB
Cash and receivables cover 62 % of short-term debt in 2025; threshold 65 %.
Financials
Financial year 2025
BRUSSELS AIRPORT COMPANY from Etterbeek, company number BE0890082292, closed financial year 2025 with a result of € 83 million after tax. For that financial year BRUSSELS AIRPORT COMPANY recorded revenue of € 721.3 million and equity of € 873 million. Compared with financial year 2024, the result moved from € 63.7 million to € 83 million. Profitable, and profit is growing. The buffer is growing. Debts are under control. The most recent annual accounts were filed with the National Bank of Belgium on June 23, 2026.
€ 873 million
▲ 3% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 83 million
▲ 30% vs 2024
Profit after tax over the fiscal year.
€ 24.8 million
▲ 13% vs 2024
Cash and bank balances on the last day of the fiscal year.
€ 61 million paid out
74 % of the profit went to the shareholders, mostly to Brussels Airport Investments (75 % of the shares). That is where the money ends up.
People and assets in 2025
1,150
▲ 78.5 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 138.3 million
▲ 9% vs 2024
€ 120,300 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.
€ 21.2 million
▲ 1% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 2.3 billion
▼ 6% vs 2024
€ 60 million is repaid this year. At this pace the long-term loan is gone in ≈ 38 years.
€ 175.3 million
▲ 4% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 215 days on average.
€ 79.5 million
▼ 20% vs 2024
Taxes, VAT and social contributions still to pay.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 487,366,097 | € 631,448,844 | € 691,742,577 | € 721,259,986 | ▲ 4% |
| Profit after taxes | € 11,219,779 | € 49,790,895 | € 63,710,491 | € 83,015,908 | ▲ 30% |
| Equity | € 723,784,802 | € 773,948,853 | € 848,346,476 | € 873,028,208 | ▲ 3% |
| Total debts | € 2,522,924,957 | € 2,801,926,628 | € 2,809,322,995 | € 2,670,241,419 | ▼ 5% |
| Cash | € 87,388,313 | € 21,972,709 | € 22,078,261 | € 24,849,178 | ▲ 13% |
| Land & buildings | € 1,660,813,400 | € 1,651,225,755 | € 1,615,128,167 | € 1,653,501,287 | ▲ 2% |
| Retained profit | € -97,888,321 | € -48,097,426 | € 15,613,065 | € 37,600,143 | ▲ 141% |
| Dividend | € 0 | € 0 | € 0 | € 61,028,830 | |
| Bank debt | € 2,155,207,771 | € 2,442,707,771 | € 2,422,707,771 | € 2,282,707,771 | ▼ 6% |
| Balance sheet total | € 3,250,600,737 | € 3,580,921,386 | € 3,667,229,769 | € 3,552,938,199 | ▼ 3% |
| Employees (FTE) | 907.5 | 994 | 1,071.5 | 1,150 | ▲ 78.5 |
Key figures of BRUSSELS AIRPORT COMPANY, 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 AIRPORT COMPANY?
What happened at BRUSSELS AIRPORT COMPANY in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Iulia GROSCU stepped down as director. NBB
- Michel CASSELMAN stepped down as director. NBB
- Thierry COJAN stepped down as director. NBB
- Arnaud FEIST stepped down as director. NBB
- Werner DECREM stepped down as director. NBB
- Jeroen VERGOTE stepped down as director. NBB
- Erik VARWIJK stepped down as director. NBB
- New annual accounts for financial year 2025: profit of € 83 million (▲ 30% vs 2024). Source: NBB ↗
In short
From € 11.2 million profit in 2022 to € 83 million profit in 2025.
Paid € 49.7 million in corporate taxes since 2022.
Best year ever: 2025, with € 83 million profit.
Paid out € 61 million in dividends to the owners in total.
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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
The shares are held by Brussels Airport Investments (75%) and FPIM nv (25%). It owns 100% of Distributienet Beheer Brussels Airport, 100% of Brussels Airport Real Estate and 100% of Brussels Airport Ventures itself.
Directors
According to the 2025 annual accounts
Luc HAEGEMANS
Director
Also active at: MARMO, VOLLEY VLAANDEREN, EUROVOLLEYCENTER, FAMDES, BROUWERIJ DER TRAPPISTEN VAN WESTMALLE, MARMO GROUP, Duggan Associates, TWEEPERENBOOM
since 2021 · until 2026
Iulia GROSCU
Director
since 2025 · until 2031
Michel CASSELMAN
Director
since 2025 · until 2031
David KERR
Director
since 2019 · until 2025
Thierry COJAN
Director
since 2023 · until 2031
Arnaud FEIST
Managing director
Also active at: Vlaams Netwerk van Ondernemingen, BRUSSELS AIRPORT HOTEL, DRONEPORT, Brussels Airport Real Estate, Cargo & Logistics Real Estate, AVIATO ACADEMY, Airport Intelligence, SkeyDrone +1 more
since 2019 · until 2031
Werner DECREM
Director
since 2025 · until 2031
Charles THOMAZI
Director
since 2019 · until 2025
Jeroen VERGOTE
Director
since 2025 · until 2031
Ron BOOTS
Director
since 2019 · until 2025
since 2021 · until 2026
Jolan VEREECKE
Director
since 2022 · until 2026
since 2022 · until 2025
Erik VARWIJK
Director
since 2021 · until 2031
Shareholders
Participations
Establishments
Establishment units
Physical locations of this company
Priester Cuypersstraat 3
1040 Etterbeek
Luchthaven Brussel Nationaal 1C
1930 Zaventem
Active since 14 June 2007
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0890.082.292
- VAT number
- BE 0890.082.292
- Registered office
- Priester Cuypersstraat 3, 1040 Etterbeek
- Names & denominations
- BRUSSELS AIRPORT COMPANY
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 14 June 2007
- Peppol
- Active · Active since 7 Sept 2026
- Activities · NACE
Diensten in verband met de luchtvaart
Financiële holdings
Activiteiten van holdings
Overige zakelijke dienstverlening, neg
Overige zakelijke dienstverlening, n.e.g.
Holdings