The financial situation of Antwerp Airport is so dire that the so-called "alarm bell procedure" has been activated, despite the fact that the airport is receiving government support, De Standaard and VRT report.
In addition to a €5.4 million cash injection from the Flemish Government last year, the Federal Government is also contributing €8.1 million to keep the airport – located in Deurne, just outside Antwerp city – running. That amounts to €65 in government support for every passenger who lands at or departs from Antwerp Airport.
The small airport is virtually bankrupt: it posted a net loss of €658,000 last year, is carrying €10 million in debt and is seeing its cash reserves dwindle rapidly.
At the same time, the number of passengers and flight movements has been declining for several years in a row. On average, the airport now receives barely 570 passengers per day.
'Alarm bell procedure'
The red figures were already clear in August, when operator Luchthaven Exploitatie Maatschappij Antwerpen (LEM Antwerpen) published its annual report.
Research by De Standaard and VRT NWS now shows that the financial situation is so bad that any creditor can ask the court to dissolve the company: what is known as "the alarm bell procedure".
The company's auditor warned of this in a report, in which they point out that the airport is subject to Article 7:229 of company law. "We do not have enough activity to at least break even. We cannot go on like this for another ten years," acknowledged CEO Nathan De Valck.
For Flemish Mobility Minister Annick De Ridder (N-VA), the Flemish support is not up for discussion, De Standaard reports.
