Antwerp Airport in serious financial trouble

Antwerp Airport’s financial health has worsened, with net losses climbing to 658,000 euros in 2024, up sharply from 81,000 euros the previous year. The figures, revealed in the airport’s latest annual accounts, highlight growing dependence on government backing and its French shareholder, Egis.

Although turnover remained stable, the airport posted an operating loss of almost 900,000 euros, which is nearly triple that of 2023. Wouter Dewulf, an aviation economist at the University of Antwerp, pointed to falling efficiency or external shocks as possible causes. “The annual accounts are not good,” he said.

Some costs, including those for an environmental permit, were capitalised and spread over the 15-year concession. “That’s not illogical,” said Dewulf, “but the result would otherwise have been even worse.”

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9.9 million euros in debt

Despite receiving 2.16 million euros in capital subsidies, the airport’s equity now stands at minus 55,000 euros. Dewulf noted that while negative equity is not catastrophic if liquidity remains stable, “it’s not a good sign”.

“Liquidity pressure is very high”

The company’s debts total 9.9 million euros, with 8.9 million due short-term. These are covered by just under one million euros in cash and 3.9 million euros in receivables. “Liquidity pressure is very high,” Dewulf said.

'Crisis after crisis'

Located in Deurne, the airport remains heavily reliant on the Flemish government and Egis. Its annual report states that continued public support is essential to cope with “crisis after crisis”.

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Uncertainty also surrounds the extension of the airport’s environmental permit, which is facing legal appeals. Another year of losses is expected in 2025. Meanwhile, new investment remains limited and cash reserves continue to decline.

The airport was unavailable for comment on Wednesday. Flemish Mobility minister Annick De Ridder is expected to respond after her leave.

^{#FlandersNewsService | Antwerp Airport in Deurne, Belgium © BELGA PHOTO ROBBE VANDEGEHUCHTE}