ACTIVE

BRUSSELS AIRLINES

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Financial year 2025 · Closed on 31/12/2025

Net result-18,9 M €-157,8 %over 1 year
Revenue1,7 Md €+6,7 %over 1 year
Equity-156,9 M €-13,7 %over 1 year
Workforce2 831,9 ETP+5,4 %over 1 year

Identity

Source · BCE/KBO

BRUSSELS AIRLINES is a Public limited company incorporated in 1966. Its main activity is: Passenger air transport. Its registered office is in Machelen (Brab.). It employs on average 2 831,9 ETP workers (FTE).

Legal situation
Normal situation
BCE/KBO no. / VAT
BE 0400.853.488
Incorporation
16/05/1966
Legal form
Public limited company
Registered office
Kompaslaan 26
1831 Machelen (Brab.) · FlandreSee on map
Contributed capital
266 597 904,50 €
Latest accounts
31/12/2025
Average workforce
2 831,9 ETP
Joint committees (1)
  • 31502
Signals
Positive cashflowPositive EBITDAHealthy social debtsHigh revenue

Financials

Source · NBB, 25 filings

Trend over 17 financial years

20252024202320222020
Income statement
Revenue1,7 Md €1,6 Md €1,6 Md €1,2 Md €462,4 M €
EBITDA49,3 M €46,2 M €59,6 M €-68,8 M €-311,5 M €
Operating result-717,1 k €27,2 M €29 M €-94,8 M €-341,4 M €
Net result-18,9 M €32,7 M €32,6 M €-80,8 M €-386,1 M €
Balance sheet
Equity-156,9 M €-138 M €-170,7 M €-173,3 M €-208,3 M €
Total assets598,4 M €481,7 M €429,2 M €428,5 M €438,7 M €
Cash39,8 M €47,6 M €43,8 M €102,2 M €67,9 M €
Debts531,9 M €485,6 M €495,7 M €506 M €535,4 M €
Other
Workforce2 831,9 ETP2 686,0 ETP2 539,3 ETP2 430,4 ETP2 953,4 ETP

Valuation

Indicative valuation

As an indication, this company is worth

between 250 M€ and 500 M€
See the valuation

Board of directors

Source · NBB, accounts to 31/12/2025

5 active · 37 ended

Active mandates

Filip AERTS

Administrator - manager · since 01 août 2025 · until 31 juillet 2028

Active
Nina OEWERDIECK

Director · since 14 juin 2023 · until 31 mai 2028

Active
Nina OEWERDIECK

Administrator - manager · since 14 juin 2023 · until 31 mai 2028

Active
Dorothea VON BOXBERG

Chairman of the board of directors · since 15 avril 2023 · until 14 avril 2031

Active
Tilman REINSHAGEN

Director · since 01 juillet 2022 · until 11 juin 2025

Active

Ended mandates

Dorothea VON BOXBERG

Administrator - manager · since 15 avril 2023 · until 14 avril 2026

Ended
Peter Gerber

Director · since 01 mars 2021 · until 29 février 2024

Ended
Peter GERBER

Director · since 01 mars 2021 · until 31 janvier 2023

Ended
Dieter VRANCKX

Director · since 02 octobre 2020 · until 31 décembre 2020

Ended

Other companies at this address

Kompaslaan 26 1831 Machelen (Brab.)
CompanyCBE no.
SN AIRHOLDING● Active
0419.468.778

Full financial information

Source · NBB
202520242023202220212020
Type of accountFull modelFull modelFull modelFull modelFull modelFull model
Start of the financial year01/01/202501/01/202401/01/202301/01/202201/01/202101/01/2020
Closing of the financial year31/12/202531/12/202431/12/202331/12/202231/12/202131/12/2020
Length of the financial year12 months12 months12 months12 months12 months12 months
Filing date17/07/202609/02/202621/06/202405/07/202314/06/202210/06/2021
General meeting10/06/202611/06/202512/06/202414/06/202308/06/202209/06/2021
Currency of the financial yearEUREUREUREUREUREUR
NBB quality labelSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controls

Financial ratios

Source · NBB

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Annual accounts filings

Source · NBB, 25 filings
ModelClosingGeneral meetingFiledLanguageDocument
Full model31/12/202510/06/202617/07/2026DutchPDF
Full model31/12/202510/06/202616/07/2026FrenchPDF
Full modelCorrection31/12/202411/06/202509/02/2026DutchPDF
Full model31/12/202411/06/202523/06/2025DutchPDF
Full model31/12/202312/06/202421/06/2024DutchPDF
Full model31/12/202214/06/202305/07/2023DutchPDF
Full model31/12/202108/06/202214/06/2022DutchPDF
Full model31/12/202009/06/202110/06/2021DutchPDF
Full model31/12/201901/10/202015/10/2020DutchPDF
Full model31/12/201809/05/201921/06/2019FrenchPDF
Full model31/12/201809/05/201921/06/2019DutchPDF
Full model31/12/201711/05/201822/06/2018DutchPDF
Full model31/12/201711/05/201822/06/2018FrenchPDF
Full model31/12/201611/05/201728/06/2017FrenchPDF
Full model31/12/201611/05/201728/06/2017DutchPDF
Full model31/12/201512/05/201628/06/2016DutchPDF
Full model31/12/201415/05/201526/06/2015DutchPDF
Full model31/12/201308/05/201427/06/2014DutchPDF
Full model31/12/201210/05/201314/06/2013DutchPDF
Full model31/12/201130/05/201219/06/2012DutchPDF
Full model31/12/201012/05/201110/06/2011DutchPDF
Full model31/12/200914/05/201019/05/2010DutchPDF
Full model31/12/200814/05/200926/06/2009DutchPDF
Full model31/12/200708/05/200822/05/2008DutchPDF

View all 25 filings

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 250 M€ and 500 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan
Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Board of directors

Source · NBB, accounts to 31/12/2025

5 active · 37 ended

Active mandates

Filip AERTS

Administrator - manager · since 01 août 2025 · until 31 juillet 2028

Active
Nina OEWERDIECK

Director · since 14 juin 2023 · until 31 mai 2028

Active
Nina OEWERDIECK

Administrator - manager · since 14 juin 2023 · until 31 mai 2028

Active
Dorothea VON BOXBERG

Chairman of the board of directors · since 15 avril 2023 · until 14 avril 2031

Active
Tilman REINSHAGEN

Director · since 01 juillet 2022 · until 11 juin 2025

Active

Ended mandates

Dorothea VON BOXBERG

Administrator - manager · since 15 avril 2023 · until 14 avril 2026

Ended
Peter Gerber

Director · since 01 mars 2021 · until 29 février 2024

Ended
Peter GERBER

Director · since 01 mars 2021 · until 31 janvier 2023

Ended
Dieter VRANCKX

Director · since 02 octobre 2020 · until 31 décembre 2020

Ended

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette
  • Registered office15/09/2026
    VERPLAATSING ZETEL - STATUTENWIJZIGING
    PDF
  • Other08/09/2026
    Uittreksel uit de besluiten van de raad van bestuur van 25 augustus 2026 - :
    PDF
  • Mandates02/09/2026
    Schriftelijke besluiten van de bestuurders van 13 augustus 2026 — Ontslag
    PDF
  • Mandates07/07/2026
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates12/05/2026
    KAPITAAL - AANDELEN - ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates08/05/2026
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates13/02/2026
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates04/07/2025
    ONTSLAGEN - BENOEMINGEN
    PDF

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

Timeline

  1. 15/04/2026
    reconductionDorothea von Boxberg — bestuurder
  2. 2025
    Annual accounts 2025-18,9 M €↓
  3. 01/08/2025
    nominationFilip Aerts — bestuurder
  4. 2024
    Annual accounts 202432,7 M €↑
  5. 2023
    Annual accounts 202332,6 M €↑
  6. 29/11/2023
    reduction_capital
  7. 14/06/2023
    reconductionNina Oewerdieck — bestuurder
  8. 14/06/2023
    reconductionEY Bedrijfsrevisoren BV — Commissaris
  9. 15/04/2023
    nominationDorothea von Boxberg — bestuurder
  10. 2022
    Annual accounts 2022-80,8 M €↑
  11. 15/12/2022
    augmentation_capital
  12. 01/07/2022
    nominationTilman Reinshagen — bestuurder
  13. 2020
    Annual accounts 2020-386,1 M €↓
  14. 2019
    Annual accounts 2019-35,4 M €↓
  15. 2018
    Annual accounts 201812,8 M €↑
  16. 2017
    Annual accounts 2017-61,9 M €↓
  17. 2016
    Annual accounts 201615 M €↓
  18. 2015
    Annual accounts 201541,3 M €↑
  19. 2014
    Annual accounts 2014-4,2 M €↑
  20. 2013
    Annual accounts 2013-22 M €↑
  21. 2012
    Annual accounts 2012-60,7 M €↑
  22. 2011
    Annual accounts 2011-79,8 M €↓
  23. 2010
    Annual accounts 20105,2 M €↑
  24. 2009
    Annual accounts 2009-39,8 M €↓
  25. 2007
    Annual accounts 200725,6 M €
  26. 16/05/1966
    IncorporationPublic limited company