Passenger air transport
220 Belgian companies whose main activity falls under NACE code 5110 have filed annual accounts. Their median solvency is 42.4% for financial year 2024.
Sector medians
Computed by IdonisDistribution across the sector's companies for financial year 2024: a quarter of companies sit below the 1st quartile, half below the median, three quarters below the 3rd quartile.
| Indicator | 1st quartile | Median | 3rd quartile | Companies |
|---|---|---|---|---|
| Solvency | 3.8% | 42.4% | 77.2% | 196 |
| Current ratio | 0.39 | 1.27 | 3.46 | 188 |
| ROE | -0.6% | 9.3% | 34.3% | 149 |
| Equity | 3,172 € | 62,889 € | 216,337 € | 198 |
| Total assets | 54,399 € | 162,822 € | 620,724 € | 197 |
| Net result | −6,531 € | 5,547 € | 29,288 € | 197 |
| Headcount (avg FTE) | 0.8 | 3.3 | 29.9 | 32 |
Medians computed by Idonis from annual accounts filed with the National Bank, all sizes combined. The same panel is the sector benchmark on every company page. Method
Largest companies: Passenger air transport
Ranked by total assets in the latest filed accounts. This is a size criterion, not an assessment.
| # | Company | Total assets | Revenue | Equity | FTE | Year |
|---|---|---|---|---|---|---|
| 1 | Air Europa Lineas Aereas | €4.08bn | — | €386.4m | 2.8 | 2025 |
| 2 | SN Airholding 1831 Machelen (Brab.) | €693.0m | €21.5m | €689.3m | 166.5 | 2025 |
| 3 | Brussels Airlines 1831 Machelen (Brab.) | €598.4m | €1.70bn | −€156.9m | 2,831.9 | 2025 |
| 4 | TUI Airlines Belgium 1930 Zaventem | €482.4m | €732.1m | −€340.8m | 1,073.0 | 2025 |
| 5 | Noordzee Helikopters Vlaanderen 8400 Ostend | €91.1m | €27.7m | €18.1m | 129.2 | 2025 |
| 6 | Federal Express Corporation | €61.1m | €572.8m | €27.4m | 23.6 | 2025 |
| 7 | Abelag Aviation 8560 Wevelgem | €47.2m | €77.0m | €13.1m | 59.8 | 2024 |
| 8 | Air Belgium 1435 Mont-Saint-Guibert | €42.0m | €134.4m | −€68.5m | 451.2 | 2023 |
| 9 | Flying Service 2100 Antwerp | €35.4m | €93.0m | €3.25m | 75.0 | 2025 |
| 10 | Sobelair 1050 Ixelles | €30.8m | — | −€42.4m | — | 2025 |
| 11 | Air Service Liege 3500 Hasselt | €24.6m | €47.8m | €11.6m | 37.7 | 2025 |
| 12 | Sporting Lokeren Academy 9160 Lokeren | €19.2m | — | €17.2m | 2.3 | 2025 |
| 13 | European Aircraft Private Club 6040 Charleroi | €15.0m | €22.9m | €3.50m | 34.1 | 2025 |
| 14 | Abelag Handling 1930 Zaventem | €10.5m | €10.5m | −€1.71m | 28.6 | 2025 |
| 15 | Internationale Luchthaven Kortrijk-Wevelgem 8560 Wevelgem | €9.62m | — | €6.32m | 16.1 | 2025 |
| 16 | The Aviation Factory 2100 Antwerp | €6.95m | €37.6m | €1.72m | 6.8 | 2025 |
| 17 | Sea-Air 9042 Ghent | €6.48m | — | 134,928 € | — | 2025 |
| 18 | H.W.P. 3500 Hasselt | €6.38m | 83,121 € | €6.15m | — | 2025 |
| 19 | JWB Aviation 3540 Herk-de-Stad | €5.69m | — | €2.63m | — | 2025 |
| 20 | Dureval Corp 1180 Uccle | €5.17m | — | −651,360 € | — | 2025 |
“—”: not published. Small companies (micro and abridged accounts) do not have to publish their revenue.
See all 220 companies, full list →
Where are they based?
Municipalities with the most
- 2100 Antwerp (Deurne)7
- 3500 Hasselt (Sint-Lambrechts-Herk)6
- 2000 Antwerp5
- 8400 Ostend (Stene, Zandvoorde)4
- 9100 Sint-Niklaas (Nieuwkerken-Waas)4
- 9220 Hamme (Vl.) (Hamme, Moerzeke)4
- 1040 Etterbeek3
- 1050 Ixelles3
- 1831 Machelen (Brab.) (Diegem)3
- 1930 Zaventem (Nossegem)3
- 2970 Schilde ('s Gravenwezel)3
- 8560 Wevelgem (Gullegem, Moorsele)3
Related sectors
Frequently asked questions
How many Passenger air transport companies are there in Belgium?
220 Belgian companies whose main activity falls under NACE code 5110 (Passenger air transport) have filed annual accounts with the National Bank.
What is the median solvency in Passenger air transport?
For financial year 2024, median solvency (equity over total assets) is 42.4%. The middle half of companies lies between 3.8% and 77.2% (196 companies).
What is the largest company in Passenger air transport?
By total assets, it is Air Europa Lineas Aereas (€4.08bn, financial year 2025).
Where are Passenger air transport companies based?
The municipalities with the most: Antwerp (7), Hasselt (6), Antwerp (5).
Analyse companies in Passenger air transport
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Open the full file →Active companies (legal entities) that have filed at least one set of annual accounts, based on the Crossroads Bank for Enterprises and the National Bank of Belgium. The sector is the main activity in the register; the municipality is that of the registered office. Data updated on 11 Nov 2026.