Air Belgium, a Belgian airline, faces financial difficulties with heavy losses. In 2022, it achieved a 39.3% increase in turnover compared to the previous year, but expenses, including fuel and salaries, nearly doubled, leading to a loss of approximately 45 million euros. The cumulative loss over the years amounts to nearly 92 million euros. To stay afloat, the airline stopped operating unprofitable routes to the Caribbean and received a loan of 7 million euros from some shareholders.
According to the news website L-Post, a new investor has made a firm offer to inject a maximum of 14.4 million euros into the airline to acquire a 49% stake. However, the offer is subject to the approval of a new common strategy and the competent authorities. Meanwhile, development plans, such as launching flights to the USA and Asia, are on hold. The management expects the airline to return to profitability by the third quarter of 2023.
Despite facing challenges, the management remains optimistic and continues to focus on cargo and passenger transport and ACMI operations. They aim to maintain operations and implement accounting rules for business continuity. The company’s financial recovery is expected, and the injection of new private capital will support route and fleet development.