ACTIVE

BRUSSELS AIRLINES

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Financial year 2025 · closed on 31/12/2025

Net result

-18,9 M €

-157.8% YoY

Revenue

1,7 Md €

+6.7% YoY

Equity

-156,9 M €

-13.7% YoY

Workforce

2 831,9 ETP

+5.4% YoY

What does BRUSSELS AIRLINES do?

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

Activities (NACE)

51100Passenger air transport· main 51100Passenger air transport 62100Computer programming, consultancy and related activities

Joint committees (1)

31502

Signals

Positive cashflowPositive EBITDAHealthy social debtsHigh revenue

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 17 financial years

	2025		2024		2023		2022		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2007
Income statement
Revenue	1,7 Md €	+6.7%	1,6 Md €	+0.6%	1,6 Md €	+28.7%	1,2 Md €	+165%	462,4 M €	-70.4%	1,6 Md €	+2.5%	1,5 Md €	+12.3%	1,4 Md €	+65.1%	820,6 M €	-1.1%	830,1 M €	+8.9%	762,1 M €	+1.8%	748,8 M €	-3.6%	777 M €	+3.3%	752 M €	+8.4%	693,8 M €	+10.2%	629,5 M €	-16.7%	755,5 M €
EBITDA	49,3 M €	+6.8%	46,2 M €	-22.5%	59,6 M €	+187%	-68,8 M €	+77.9%	-311,5 M €	-106665%	-291,8 k €	-101%	33,3 M €	+65.1%	20,2 M €	+14.6%	17,6 M €	-70.2%	59,1 M €	+438%	11 M €	+180%	-13,7 M €	+81.2%	-73 M €	+7.5%	-78,9 M €	-2375%	-3,2 M €	+94.9%	-62,7 M €	-266%	37,9 M €
Operating result	-717,1 k €	-103%	27,2 M €	-6.0%	29 M €	+131%	-94,8 M €	+72.2%	-341,4 M €	-829%	-36,7 M €	-582%	7,6 M €	+94.5%	3,9 M €	-78.1%	17,9 M €	-58.5%	43,1 M €	+579%	-9 M €	+68.1%	-28,2 M €	+69.3%	-91,8 M €	-5.6%	-86,8 M €	-602%	-12,4 M €	+83.1%	-73,1 M €	-446%	21,1 M €
Net result	-18,9 M €	-158%	32,7 M €	+0.0%	32,6 M €	+140%	-80,8 M €	+79.1%	-386,1 M €	-991%	-35,4 M €	-377%	12,8 M €	+121%	-61,9 M €	-512%	15 M €	-63.6%	41,3 M €	+1094%	-4,2 M €	+81.1%	-22 M €	+63.8%	-60,7 M €	+23.9%	-79,8 M €	-1620%	5,2 M €	+113%	-39,8 M €	-255%	25,6 M €
Balance sheet
Equity	-156,9 M €	-13.7%	-138 M €	+19.1%	-170,7 M €	+1.5%	-173,3 M €	+16.8%	-208,3 M €	-4293%	5 M €	-87.7%	40,4 M €	+46.3%	27,6 M €	-69.2%	89,5 M €	+20.2%	74,4 M €	+125%	33,1 M €	+91.6%	17,3 M €	+21.4%	14,3 M €	-71.5%	49,9 M €	-33.2%	74,7 M €	+7.6%	69,5 M €	-30.2%	99,6 M €
Total assets	598,4 M €	+24.2%	481,7 M €	+12.2%	429,2 M €	+0.2%	428,5 M €	-2.3%	438,7 M €	-34.7%	672,2 M €	-3.9%	699,6 M €	+13.3%	617,7 M €	+5.9%	583,5 M €	-0.5%	586,6 M €	+9.8%	534,3 M €	+19.5%	447,1 M €	-2.2%	457 M €	+20.9%	378 M €	+1.7%	371,7 M €	+14.2%	325,6 M €	-27.5%	449 M €
Cash	39,8 M €	-16.3%	47,6 M €	+8.7%	43,8 M €	-57.2%	102,2 M €	+50.6%	67,9 M €	-20.2%	85,1 M €	+142%	35,2 M €	-62.4%	93,7 M €	-28.0%	130,1 M €	+58.4%	82,1 M €	+128%	36,1 M €	+15.9%	31,1 M €	-55.7%	70,2 M €	+417%	13,6 M €	-15.3%	16 M €	-26.6%	21,9 M €	+49.4%	14,6 M €
Debts	531,9 M €	+9.5%	485,6 M €	-2.0%	495,7 M €	-2.0%	506 M €	-5.5%	535,4 M €	+5.1%	509,4 M €	+8.6%	469 M €	+4.8%	447,6 M €	+17.3%	381,5 M €	-4.1%	397,6 M €	+5.6%	376,5 M €	+11.1%	338,9 M €	-2.9%	349,1 M €	+45.5%	239,9 M €	+6.6%	225 M €	+35.2%	166,5 M €	-41.7%	285,9 M €
Other
Workforce	2 831,9 ETP	+5.4%	2 686,0 ETP	+5.8%	2 539,3 ETP	+4.5%	2 430,4 ETP	-17.7%	2 953,4 ETP	-7.5%	3 192,9 ETP	+5.3%	3 032,8 ETP	+13.6%	2 670,6 ETP	+5.4%	2 534,0 ETP	+4.4%	2 426,9 ETP	+1.3%	2 394,7 ETP	+0.1%	2 392,8 ETP	-3.5%	2 479,3 ETP	+2.5%	2 417,9 ETP	+8.5%	2 227,9 ETP	+2.9%	2 164,2 ETP	+30.7%	1 656,1 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 250 M€ and 500 M€

See the valuation

Governance

Board of directors

Seen on filing of 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

At this address

Other companies at this address

Company	CBE no.
SN AIRHOLDING● Active	0419.468.778

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	Full model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	17/07/2026	09/02/2026	21/06/2024	05/07/2023	14/06/2022	10/06/2021
General meeting	10/06/2026	11/06/2025	12/06/2024	14/06/2023	08/06/2022	09/06/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

25 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	10/06/2026	17/07/2026	Dutch	PDF
Full model	31/12/2025	10/06/2026	16/07/2026	French	PDF
Full modelCorrection	31/12/2024	11/06/2025	09/02/2026	Dutch	PDF
Full model	31/12/2024	11/06/2025	23/06/2025	Dutch	PDF
Full model	31/12/2023	12/06/2024	21/06/2024	Dutch	PDF
Full model	31/12/2022	14/06/2023	05/07/2023	Dutch	PDF
Full model	31/12/2021	08/06/2022	14/06/2022	Dutch	PDF
Full model	31/12/2020	09/06/2021	10/06/2021	Dutch	PDF
Full model	31/12/2019	01/10/2020	15/10/2020	Dutch	PDF
Full model	31/12/2018	09/05/2019	21/06/2019	French	PDF
Full model	31/12/2018	09/05/2019	21/06/2019	Dutch	PDF
Full model	31/12/2017	11/05/2018	22/06/2018	Dutch	PDF
Full model	31/12/2017	11/05/2018	22/06/2018	French	PDF
Full model	31/12/2016	11/05/2017	28/06/2017	French	PDF
Full model	31/12/2016	11/05/2017	28/06/2017	Dutch	PDF
Full model	31/12/2015	12/05/2016	28/06/2016	Dutch	PDF
Full model	31/12/2014	15/05/2015	26/06/2015	Dutch	PDF
Full model	31/12/2013	08/05/2014	27/06/2014	Dutch	PDF
Full model	31/12/2012	10/05/2013	14/06/2013	Dutch	PDF
Full model	31/12/2011	30/05/2012	19/06/2012	Dutch	PDF
Full model	31/12/2010	12/05/2011	10/06/2011	Dutch	PDF
Full model	31/12/2009	14/05/2010	19/05/2010	Dutch	PDF
Full model	31/12/2008	14/05/2009	26/06/2009	Dutch	PDF
Full model	31/12/2007	08/05/2008	22/05/2008	Dutch	PDF

View all 25 filings

Estimate

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.

Governance

Board of directors

Seen on filing of 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

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

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

Source: Belgian Official Gazette

Competition

Similar companies

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

See the Business plan

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

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

BRUSSELS AIRLINES

Overview

What does BRUSSELS AIRLINES do?

Trend over 17 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline