What is missing
Ryanair's accounts do not show the money owning to BAA or in escrow for Walloon authorities.
BAA said in there H1 report that ryanair have not paid £7million due to dispute. Ryanair also owe Walloon authorities 4 million euros unless they get the courts to over rule EU laws.
This means the accounts are out by up to 14,000,000 euros that we know about. What other disputed moneys have been assumed not to matter in the accounts.
The accounts seem to be produced on a best case outcome basis. For normal firms I often see provisions for such unknown outcomes that are then released if they win a case.