I don't think this is over yet. The press release from BALPA says that the company have issued a 'full and final' pay offer. As yet, no one knows what that offer contains, though the Times is suggesting that the headline numbers haven't changed, and there's nothing in that press release to suggest that BALPA is flushed with its own success in the negotiations. It looks, rather, as if the company has issued some kind of ultimatum which BALPA cannot fight, and they've thrown in the towel - hence the withdrawal of the threat of strike action.
I have a feeling the Virgin pilots may have been sold down the river.