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I think that Balrogs may or may not have had wings. They were still Ainur after all, and could change thier forms at will. In the Fellowship of the Ring, we are told that the shadow about the Balrog was LIKE wings. Later the wings are refered to as if they actually exist. This has been debated constantly among Pro wingers and Anti wingers. Keep in mind though, we are never told the nature of the Ainur's shape shifting. It may be that the Balrog of Moria didn't have wings at first, but on the Bridge of Khazad-Dum, it may have formed the shadow about it into wing like shapes, and later the shadow solidified into actual wings. So the Balrog basically adds wings to it's form. My theory is based on my belief that the Balrogs retained their ability to change shape, though. If someone can prove that they lost this ability, my point is voided.
As for whether or not they fly, I have no clue. Tolkien makes a point to say that Morgoth never learned the secret of flight, but remember in the story of Beren and Luthien, Sauron took a winged form and flew away. Not to mention Morgoth also managed to breed winged dragons too. However, being that Balrogs are Maiar, if they could fly, they certainly wouldn't need wings to do it. God I have no life.
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