A more sensible comparison would be to look at front line strength in service, and also whether they can be deployed or not. You can make up anything with statistics, and it looks like the Sunday Times has ignored the Typhoon in its calculations, which adds another 140, to take us up to 260, or just above Italy.
I'd be dubious about the article anyway as it lists 72 F16s in 2005 for Belgium, but thats the entire fleet strength (which according to Wikipedia is cutting to 60 in 2-3 years time anyway), and not the front line strength (which is apparently 2 squadrons totalling 16 aircraft designated to NATO).
I can't be bothered to trawl through the other stats, but if we're listed as having 120 jets, when it should read 200 plus, and if the author can't tell the difference between total fleet size and available fleet, then I wouldnt rate it too highly.