ACTIVE

BALTAIR

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Financial year 2025 · closed on 31/12/2025

Net result

10,9 k €

-37.2% YoY

Gross margin

6 k €

-12.0% YoY

Equity

332,3 k €

+3.4% YoY

What does BALTAIR do?

BALTAIR is a Public limited company incorporated in 2019. Its main activity is: Passenger air transport. Its registered office is in Gent.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0723.772.626

Incorporation

28/03/2019

Legal form

Public limited company

Registered office

Pauline Van Pottelsberghelaan 10
9051 Gent · FlandreSee on map

Contributed capital

300 000,00 €

Latest accounts

31/12/2025

Activities (NACE)

51100Passenger air transport· main 51100Passenger air transport 51210Freight air transport 51210Freight air transport

Signals

ProfitablePositive cashflowPositive EBITDA

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 7 financial years

	2025		2024		2023		2022		2021		2020		2019
Income statement
Gross margin	6 k €	-12.0%	6,9 k €	+33.4%	5,1 k €	+13.7%	4,5 k €	+56.2%	2,9 k €	-70.6%	9,9 k €	+1045%	-1 k €
EBITDA	4,9 k €	-15.0%	5,7 k €	+42.0%	4 k €	+14.6%	3,5 k €	+85.3%	1,9 k €	-79.9%	9,5 k €	+474%	-2,5 k €
Operating result	4,9 k €	-15.0%	5,7 k €	+42.0%	4 k €	+14.6%	3,5 k €	+85.3%	1,9 k €	-79.9%	9,5 k €	+306%	-4,6 k €
Net result	10,9 k €	-37.2%	17,3 k €	+641%	2,3 k €	+224%	-1,9 k €	-322%	851,9 €	-89.4%	8 k €	+254%	-5,2 k €
Balance sheet
Equity	332,3 k €	+3.4%	321,4 k €	+5.7%	304,1 k €	+0.8%	301,8 k €	-0.6%	303,7 k €	+0.3%	302,8 k €	+2.7%	294,8 k €
Total assets	2,9 M €	+56.7%	1,8 M €	-12.5%	2,1 M €	-3.3%	2,2 M €	+43.6%	1,5 M €	-0.8%	1,5 M €	+6.6%	1,4 M €
Cash	119,9 k €	+278%	31,7 k €	-90.8%	343,5 k €	-42.6%	598,3 k €	+47.4%	405,9 k €	-22.1%	520,9 k €	+12.8%	461,9 k €
Debts	2,6 M €	+67.9%	1,5 M €	-15.5%	1,8 M €	-3.9%	1,9 M €	+54.7%	1,2 M €	-1.0%	1,2 M €	+7.7%	1,1 M €

Estimate

Indicative valuation

As an indication, this company is worth

between 1 M€ and 2,5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 7 ended

Active mandates

Filiep Balcaen

Chairman of the board of directors · since 26 avril 2024 · until 26 avril 2030

Active

Patrick Verbrugge

Director · since 26 avril 2024 · until 26 avril 2030

Active

Heidi De Greve

Managing director · since 28 avril 2023 · until 23 avril 2027

Active

Ended mandates

Patrick Verbrugge

Director · since 23 décembre 2020 · until 26 avril 2024

Ended

Didier Ysenbaert

Director · since 27 mars 2019 · until 23 décembre 2020

Ended

Didier Ysenbaert

Director · since 27 mars 2019 · until 26 avril 2024

Ended

Dirk Decaluwé

Managing director · since 27 mars 2019 · until 26 avril 2020

Ended

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Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged 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	20/05/2026	20/05/2025	23/05/2024	24/05/2023	24/05/2022	20/05/2021
General meeting	24/04/2026	25/04/2025	26/04/2024	28/04/2023	22/04/2022	23/04/2021
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

7 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	24/04/2026	20/05/2026	Dutch	PDF
Abridged model	31/12/2024	25/04/2025	20/05/2025	Dutch	PDF
Abridged model	31/12/2023	26/04/2024	23/05/2024	Dutch	PDF
Abridged model	31/12/2022	28/04/2023	24/05/2023	Dutch	PDF
Abridged model	31/12/2021	22/04/2022	24/05/2022	Dutch	PDF
Abridged model	31/12/2020	23/04/2021	20/05/2021	Dutch	PDF
Abridged model	31/12/2019	24/04/2020	20/05/2020	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 1 M€ and 2,5 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 · 3 active · 7 ended

Active mandates

Filiep Balcaen

Chairman of the board of directors · since 26 avril 2024 · until 26 avril 2030

Active

Patrick Verbrugge

Director · since 26 avril 2024 · until 26 avril 2030

Active

Heidi De Greve

Managing director · since 28 avril 2023 · until 23 avril 2027

Active

Ended mandates

Patrick Verbrugge

Director · since 23 décembre 2020 · until 26 avril 2024

Ended

Didier Ysenbaert

Director · since 27 mars 2019 · until 23 décembre 2020

Ended

Didier Ysenbaert

Director · since 27 mars 2019 · until 26 avril 2024

Ended

Dirk Decaluwé

Managing director · since 27 mars 2019 · until 26 avril 2020

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates30/06/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates26/06/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates31/05/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates09/09/2022
ONTSLAGEN - BENOEMINGEN
PDF
Mandates28/12/2020
ONTSLAGEN - BENOEMINGEN
PDF
Other01/04/2019
RUBRIEK OPRICHTING (NIEUWE RECHTSPERSOON, OPENING BIJKANTOOR, ENZ...)
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

2025
Annual accounts 202510,9 k €↓
2024
Annual accounts 202417,3 k €↑
2023
Annual accounts 20232,3 k €↑
2022
Annual accounts 2022-1,9 k €↓
2021
Annual accounts 2021851,9 €↓
2020
Annual accounts 20208 k €↑
2019
Annual accounts 2019-5,2 k €
28/03/2019
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

BALTAIR

Overview

What does BALTAIR do?

Trend over 7 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